Ventas (VTR) 10-Q 27 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VENTAS INC
Entity Central Index Key	740,260
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		332,502,301

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate investments:
Land and improvements	$ 2,288,356	$ 1,956,128
Buildings and improvements	22,051,067	19,895,043
Construction in progress	145,873	120,123
Acquired lease intangibles	1,308,052	1,039,651
Gross real estate investments	25,793,348	23,010,945
Accumulated depreciation and amortization	(4,428,252)	(4,025,386)
Net real estate property	21,365,096	18,985,559
Secured loans receivable and investments, net	789,408	829,756
Investments in unconsolidated entities	85,461	91,872
Net real estate investments	22,239,965	19,907,187
Cash and cash equivalents	60,532	55,348
Escrow deposits and restricted cash	193,960	71,771
Deferred financing costs, net	68,284	60,328
Other assets	1,712,421	1,131,537
Total assets	24,275,162	21,226,171
Liabilities:
Senior notes payable and other debt	11,507,861	10,888,092
Accrued interest	77,631	62,097
Accounts payable and other liabilities	1,026,359	1,005,232
Deferred income taxes	370,161	344,337
Total liabilities	12,982,012	12,299,758
Redeemable OP unitholder and noncontrolling interests	$ 199,404	$ 172,016
Commitments and contingencies
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	$ 0	$ 0
Common stock, $0.25 par value; 600,000 shares authorized, 331,965 and 298,478 shares issued at June 30, 2015 and December 31, 2014, respectively	82,982	74,656
Capital in excess of par value	12,708,898	10,119,306
Accumulated other comprehensive income	10,180	13,121
Retained earnings (deficit)	(1,772,529)	(1,526,388)
Treasury stock, 28 and 7 shares at June 30, 2015 and December 31, 2014, respectively	(2,048)	(511)
Total Ventas stockholders’ equity	11,027,483	8,680,184
Noncontrolling interest	66,263	74,213
Total equity	11,093,746	8,754,397
Total liabilities and equity	$ 24,275,162	$ 21,226,171

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in usd per share)	$ 0.25	$ 0.25
Common stock, shares authorized	600,000,000	600,000,000
Common stock, shares issued	331,965,000	298,478,000
Treasury stock, shares	28,000	7,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Rental income:
Triple-net leased	$ 260,562	$ 242,726	$ 526,768	$ 480,572
Medical office buildings	140,403	114,890	277,393	230,113
Total rental income	400,965	357,616	804,161	710,685
Resident fees and services	454,645	374,473	901,559	745,534
Medical office building and other services revenue	9,408	4,367	19,951	10,667
Income from loans and investments	26,068	14,625	48,967	25,392
Interest and other income	236	173	708	446
Total revenues	891,322	751,254	1,775,346	1,492,724
Expenses:
Interest	107,591	91,501	214,181	179,342
Depreciation and amortization	249,195	190,818	496,636	384,412
Property-level operating expenses:
Senior living	299,252	249,424	597,614	497,719
Medical office buildings	43,321	39,335	85,670	78,680
Total property-level operating expenses	342,573	288,759	683,284	576,399
Medical office building services costs	5,764	1,626	12,682	4,997
General, administrative and professional fees	33,962	31,306	68,292	64,172
(Gain) loss on extinguishment of debt, net	(455)	2,924	(434)	2,665
Merger-related expenses and deal costs	14,585	9,599	49,757	20,359
Other	5,091	4,863	10,387	10,092
Total expenses	758,306	621,396	1,534,785	1,242,438
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	133,016	129,858	240,561	250,286
Income (loss) from unconsolidated entities	9	348	(242)	596
Income tax benefit (expense)	9,789	(3,274)	17,039	(6,707)
Income from continuing operations	142,814	126,932	257,358	244,175
Discontinued operations	67	(255)	(356)	2,776
Gain on real estate dispositions	7,469	11,889	14,155	12,889
Net income	150,350	138,566	271,157	259,840
Net income attributable to noncontrolling interest	529	168	894	395
Net income attributable to common stockholders	$ 149,821	$ 138,398	$ 270,263	$ 259,445
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.45	$ 0.47	$ 0.82	$ 0.87
Discontinued operations (in usd per share)	0	0	0	0.01
Net income attributable to common stockholders (in usd per share)	0.45	0.47	0.82	0.88
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.45	0.47	0.82	0.87
Discontinued operations (in usd per share)	0	0	0	0.01
Net income attributable to common stockholders (in usd per share)	$ 0.45	$ 0.47	$ 0.82	$ 0.88
Weighted average shares used in computing earnings per common share:
Basic (in shares)	330,715	293,988	327,890	293,932
Diluted (in shares)	334,026	296,504	331,424	296,369
Dividends declared per common share (in usd per share)	$ 0.79	$ 0.725	$ 1.58	$ 1.45

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 150,350	$ 138,566	$ 271,157	$ 259,840	$ 477,186
Other comprehensive income (loss):
Foreign currency translation	14,393	7,719	3,521	4,979
Change in unrealized gain on marketable securities	(6,395)	265	(5,046)	1,571
Other	(2,175)	(193)	(1,416)	46
Total other comprehensive income (loss)	5,823	7,791	(2,941)	6,596	$ (6,538)
Comprehensive income	156,173	146,357	268,216	266,436
Comprehensive income attributable to noncontrolling interest	529	168	894	395
Comprehensive income attributable to common stockholders	$ 155,644	$ 146,189	$ 267,322	$ 266,041

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Ventas Stockholders' Equity	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings (Deficit)	Treasury Stock	Noncontrolling Interest
Beginning Balance at Dec. 31, 2013	$ 8,903,811	$ 8,824,281	$ 74,488	$ 10,078,592	$ 19,659	$ (1,126,541)	$ (221,917)	$ 79,530
Increase (decrease) in stockholders' equity
Net income	477,186	475,767				475,767		1,419
Other comprehensive loss	(6,538)	(6,538)			(6,538)
Retirement of stock	0	0	(924)	(220,152)			221,076
Acquisition-related activity	10,178	10,178	37	10,141				0
Net change in noncontrolling interest	(7,499)	1,163		1,163				(8,662)
Dividends to common stockholders - ($2.965, $1.58)	(875,614)	(875,614)				(875,614)
Issuance of common stock	242,107	242,107	845	241,262
Issuance of common stock for stock plans	33,297	33,297	173	29,266			3,858
Change in redeemable noncontrolling interest	844	(1,082)		(1,082)				1,926
Adjust redeemable OP unitholder interests to current fair value	(32,993)	(32,993)		(32,993)
Purchase of OP units	(82)	(82)	1	(83)
Grant of restricted stock, net of forfeitures	9,700	9,700	36	13,192			(3,528)
Ending Balance at Dec. 31, 2014	8,754,397	8,680,184	74,656	10,119,306	13,121	(1,526,388)	(511)	74,213
Increase (decrease) in stockholders' equity
Net income	271,157	270,263				270,263		894
Other comprehensive loss	(2,941)	(2,941)			(2,941)
Acquisition-related activity	2,216,318	2,216,305	7,103	2,209,202				13
Net change in noncontrolling interest	(9,467)	0		0				(9,467)
Dividends to common stockholders - ($2.965, $1.58)	(516,404)	(516,404)				(516,404)
Issuance of common stock	352,167	352,167	1,201	350,966
Issuance of common stock for stock plans	8,577	8,577	22	4,271			4,284
Change in redeemable noncontrolling interest	571	(39)		(39)				610
Adjust redeemable OP unitholder interests to current fair value	16,314	16,314		16,314
Purchase of OP units	1,719	1,719	0	1,719
Grant of restricted stock, net of forfeitures	1,338	1,338	0	7,159			(5,821)
Ending Balance at Jun. 30, 2015	$ 11,093,746	$ 11,027,483	$ 82,982	$ 12,708,898	$ 10,180	$ (1,772,529)	$ (2,048)	$ 66,263

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 1.58	$ 2.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 271,157	$ 259,840
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)	496,660	385,940
Amortization of deferred revenue and lease intangibles, net	(13,630)	(9,879)
Other non-cash amortization	909	(2,928)
Stock-based compensation	11,192	11,411
Straight-lining of rental income, net	(16,761)	(17,231)
(Gain) loss on extinguishment of debt, net	(434)	2,665
Gain on real estate dispositions (including amounts in discontinued operations)	(14,432)	(14,142)
Gain on sale of marketable securities	(5,800)	0
Income tax (benefit) expense	(18,240)	6,407
Loss (income) from unconsolidated entities	242	(596)
Other	17,967	6,494
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(9,711)	11,208
Increase in accrued interest	16,108	2,374
Decrease in accounts payable and other liabilities	(17,503)	(45,861)
Net cash provided by operating activities	717,724	595,702
Cash flows from investing activities:
Net investment in real estate property	(1,253,910)	(271,526)
Investment in loans receivable and other	(55,659)	(44,488)
Proceeds from real estate disposals	273,191	52,350
Proceeds from loans receivable	93,275	5,980
Purchase of marketable securities	0	(46,689)
Proceeds from sale or maturity of marketable securities	57,225	0
Funds held in escrow for future development expenditures	4,003	2,602
Development project expenditures	(62,630)	(44,423)
Capital expenditures	(43,429)	(35,526)
Other	(8,813)	(3,713)
Net cash used in investing activities	(996,747)	(385,433)
Cash flows from financing activities:
Net change in borrowings under credit facility	(321,334)	(199,951)
Proceeds from debt	1,107,971	696,661
Repayment of debt	(278,442)	(272,726)
Purchase of noncontrolling interest	(3,816)	0
Payment of deferred financing costs	(14,608)	(6,846)
Issuance of common stock, net	352,167	0
Cash distribution to common stockholders	(516,404)	(426,952)
Cash distribution to redeemable OP unitholders	(4,697)	(2,762)
Purchases of redeemable OP units	(33,188)	0
Distributions to noncontrolling interest	(9,467)	(4,908)
Other	5,928	(574)
Net cash provided by (used in) financing activities	284,110	(218,058)
Net increase (decrease) in cash and cash equivalents	5,087	(7,789)
Effect of foreign currency translation on cash and cash equivalents	97	(392)
Cash and cash equivalents at beginning of period	55,348	94,816
Cash and cash equivalents at end of period	60,532	86,635
Assets and liabilities assumed from acquisitions:
Real estate investments	2,554,590	54,282
Other assets acquired	16,505	1,634
Debt assumed	177,857	51,115
Other liabilities	49,788	3,675
Deferred income tax liability	51,620	1,126
Redeemable OP unitholder interests assumed	87,245	0
Equity issued	$ 2,204,585	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of seniors housing and healthcare properties located throughout the United States, Canada and the United Kingdom. As of June 30, 2015 , we owned more than 1,600 properties (including properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), skilled nursing and other facilities, and hospitals, and we had two properties under development. Our company was originally founded in 1983 and is currently headquartered in Chicago, Illinois. We primarily invest in seniors housing and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of June 30, 2015 , we leased a total of 952 properties (excluding MOBs and properties classified as held for sale) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage a total of 305 of our seniors housing communities for us pursuant to long-term management agreements. Our two largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”) and Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”) leased from us 145 properties (excluding six properties included in investments in unconsolidated entities) and 81 properties, respectively, as of June 30, 2015 . Through our Lillibridge Healthcare Services, Inc. (“Lillibridge”) subsidiary and our ownership interest in PMB Real Estate Services LLC (“PMBRES”), we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and unsecured loans and other investments relating to seniors housing and healthcare operators or properties.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . The accompanying Consolidated Financial Statements and related notes should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 13, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our investment in a VIE when we determine that we are its primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess limited partners’ rights and their impact on the presumption of control of the limited partnership by the sole general partner when an investor becomes the sole general partner, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We also apply this guidance to managing member interests in limited liability companies. Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC. We consolidate NHP/PMB, as our wholly owned subsidiary is the general partner and exercises control of the partnership. As of June 30, 2015 , third party investors owned 2,812,318 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 28.9% of the total units then outstanding, and we owned 6,917,009 Class B limited partnership units in NHP/PMB, representing the remaining 71.1% . At any time following the first anniversary of the date of their issuance, the OP Units may be redeemed at the election of the holder for cash or, at our option, 0.7866 shares of our common stock per unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. On January 16, 2015, in connection with our acquisition of American Realty Capital Healthcare Trust, Inc. (“HCT”), each of the 7,057,271 issued and outstanding limited partnership units of American Realty Capital Healthcare Trust Operating Partnership, L.P. (subsequently renamed Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”)), a limited partnership in which HCT was the sole general partner prior to the acquisition, was converted into a newly created class of limited partnership units (“Class C Units”) at the 0.1688 exchange ratio payable to HCT stockholders in the acquisition, net of any Class C Units withheld to pay taxes. We consolidate Ventas Realty OP, as our wholly owned subsidiary is the general partner and exercises control of the partnership. The Class C Units may be redeemed at the election of the holder for one share of our common stock per unit or, at our option, an equivalent amount in cash, subject to adjustment in certain circumstances. As of June 30, 2015 , third party investors owned 672,984 Class C Units, which represented 2.3% of the total units then outstanding, and we owned 28,550,812 Class C Units and 176,374 OP units in Ventas Realty OP, representing the remaining 97.7% . In April 2015, third party investors redeemed 445,541 Class C Units for approximately $32.6 million . We are party by assumption to a registration rights agreement with the holders of the Class C Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of Class C Units. As redemption rights are outside of our control, the redeemable OP unitholder interests are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP unitholder interests at the greater of cost or fair value. As of June 30, 2015 and December 31, 2014 , the fair value of the redeemable OP unitholder interests was $190.5 million and $159.1 million , respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units or Class C Units. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Units or Class C Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at June 30, 2015 and December 31, 2014 . Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interest’s share of net income or loss and distributions) or the redemption value. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the hypothetical liquidation at book value method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. In addition, we include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income. Business Combinations We account for acquisitions using the acquisition method and record the cost of the businesses acquired among tangible and recognized intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Recognized intangibles primarily include the value of in-place leases, acquired lease contracts, tenant and customer relationships, trade names/trademarks and goodwill. We do not amortize goodwill, which represents the excess of the purchase price paid over the fair value of the net assets of the acquired business and is included in other assets on our Consolidated Balance Sheets. We estimate the fair value of buildings acquired on an as-if-vacant basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize interest expense until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above and/or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations at that time. We estimate the fair value of tenant or other customer relationships acquired, if any, by considering the nature and extent of existing business relationships with the tenant or customer, growth prospects for developing new business with the tenant or customer, the tenant’s credit quality, expectations of lease renewals with the tenant, and the potential for significant, additional future leasing arrangements with the tenant, and we amortize that value over the expected life of the associated arrangements or leases, including the remaining terms of the related leases and any expected renewal periods. In connection with a business combination, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. We determine the fair value of loans receivable acquired in connection with a business combination by discounting the estimated future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. We do not establish a valuation allowance at the acquisition date because the estimated future cash flows already reflect our judgment regarding their uncertainty. We recognize the difference between the acquisition date fair value and the total expected cash flows as interest income using an effective interest method over the life of the applicable loan. Subsequent to the acquisition date, we evaluate changes regarding the uncertainty of future cash flows and the need for a valuation allowance, as appropriate. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Impairment of Long-Lived Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize any shortfall from carrying value as an impairment loss in the current period. Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs consist of inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for that asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments. • Cash and cash equivalents - The carrying amount of unrestricted and restricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs: we discount the future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Marketable debt securities - We estimate the fair value of corporate bonds using level two inputs: we observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs: we consider credit spreads, underlying asset performance and credit quality, default rates and any other applicable criteria. • Derivative instruments - With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, using level two inputs: for interest rate caps, we observe forward yield curves and other relevant information; for interest rate swaps, we observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and for foreign currency forward contracts, we estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs: we discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs. • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using level one inputs: we base fair value on the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances. Revenue Recognition Triple-Net Leased Properties and MOB Operations Certain of our triple-net leases and most of our MOB leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At June 30, 2015 and December 31, 2014 , this cumulative excess totaled $203.7 million (net of allowances of $166.6 million ) and $188.0 million (net of allowances of $145.1 million ), respectively. Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Senior Living Operations We recognize resident fees and services, other than move-in fees, monthly as services are provided. We generally recognize move-in fees on a straight-line basis over the average resident stay. Our lease agreements with residents generally have terms of 12 to 18 months and are cancelable by the resident upon 30 days’ notice. Other We recognize interest income from loans and investments, including discounts and premiums, using the effective interest method when collectibility is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on an impaired loan to the extent our estimate of the fair value of the collateral is sufficient to support the balance of the loan, other receivables and all related accrued interest. When the balance of the loan, other receivables and all related accrued interest is equal to or less than our estimate of the fair value of the collateral, we recognize interest income on a cash basis. We provide a reserve against an impaired loan to the extent our total investment in the loan exceeds our estimate of the fair value of the loan collateral. We recognize income from rent, lease termination fees, development services, management advisory services, and all other income when all of the following criteria are met in accordance with SEC Staff Accounting Bulletin 104: (i) the applicable agreement has been fully executed and delivered; (ii) services have been rendered; (iii) the amount is fixed or determinable; and (iv) collectibility is reasonably assured. Allowances We assess the collectibility of our rent receivables, including straight-line rent receivables. We base our assessment of the collectibility of rent receivables (other than straight-line rent receivables) on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We also base our assessment of the collectibility of straight-line rent receivables on several factors, including, among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectibility of future rent payments required by a lease, we may adjust our reserve to increase or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates. Recently Issued or Adopted Accounting Standards In 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09 which is now effective for us beginning January 1, 2018. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK As of June 30, 2015 , Atria, Sunrise, Brookdale Senior Living and Kindred managed or operated approximately 21.2% , 10.9% , 8.2% and 2.0% , respectively, of our real estate investments based on gross book value (excluding properties classified as held for sale as of June 30, 2015 ). Seniors housing communities constituted approximately 61.3% of our real estate investments based on gross book value (excluding properties classified as held for sale as of June 30, 2015 ), while MOBs, skilled nursing and other facilities, and hospitals collectively comprised the remaining 38.7% . Our properties were located in 47 states, the District of Columbia, 7 Canadian provinces and the United Kingdom as of June 30, 2015 , with properties in one state (California) accounting for more than 10% of our total revenues and total net operating income (“NOI,” which is defined as total revenues, excluding interest and other income, less property-level operating expenses and medical office building services costs) for the three months then ended. Triple-Net Leased Properties For the three months ended June 30, 2015 and 2014 , approximately 4.7% and 5.3% , respectively, of our total revenues and 7.7% and 8.6% , respectively, of our total NOI (in each case excluding amounts in discontinued operations) were derived from our lease agreements with Brookdale Senior Living. For the same periods, approximately 5.3% and 6.5% , respectively, of our total revenues and 8.7% and 10.6% , respectively, of our total NOI (in each case excluding amounts in discontinued operations) were derived from our lease agreements with Kindred. Each of our leases with Brookdale Senior Living and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of these leases has guaranty and cross-default provisions tied to other leases with the same tenant or its affiliates, as well as bundled lease renewals. The properties we lease to Brookdale Senior Living and Kindred accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the three months ended June 30, 2015 and 2014 . If either Brookdale Senior Living or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline and our ability to service our indebtedness and to make distributions to our stockholders could be limited. We cannot assure you that Brookdale Senior Living and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all. In December 2014, we entered into favorable agreements with Kindred to transition or sell the operations of nine licensed healthcare assets, make modifications to the master leases governing 34 leased assets, and reimburse us for certain deferred capital expenditures at skilled nursing facilities previously transferred to new operators. In January 2015, Kindred paid us $37 million in connection with these agreements, which is being amortized over the remaining lease term for the 34 assets governed by the modified master leases. We own or have the rights to all licenses and certificates of need at the nine properties to be transitioned or sold, and Kindred has extensive and detailed obligations to cooperate and ensure an orderly transition of the properties to another operator. As of June 30, 2015, two of the nine properties have been sold. Senior Living Operations As of June 30, 2015 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 269 of our seniors housing communities, for which we pay annual management fees pursuant to long-term management agreements. Because our independent operators, including Atria and Sunrise, manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. However, we rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior living operations efficiently and effectively. We also rely on our managers to set appropriate resident fees and otherwise operate our seniors housing communities in compliance with the terms of our management agreements and all applicable laws and regulations. Although we have various rights as the property owner under our management agreements, including various rights to terminate and exercise remedies under the agreements as provided therein, Atria’s or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or equity ownership or any adverse developments in their businesses and affairs or financial condition could have a Material Adverse Effect on us. Our 34% ownership interest in Atria entitles us to certain rights and minority protections, as well as the right to appoint two of five members on the Atria Board of Directors. Brookdale Senior Living, Kindred, Atria and Sunrise Information Each of Brookdale Senior Living and Kindred is subject to the reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale Senior Living and Kindred contained or referred to in this Quarterly Report on Form 10-Q has been derived from SEC filings made by Brookdale Senior Living or Kindred, as the case may be, or other publicly available information, or was provided to us by Brookdale Senior Living or Kindred, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy. We are providing this data for informational purposes only, and you are encouraged to obtain Brookdale Senior Living’s and Kindred’s publicly available filings, which can be found at the SEC’s website at www.sec.gov. Neither Atria nor Sunrise is currently subject to the reporting requirements of the SEC. The information related to Atria and Sunrise contained or referred to within this Quarterly Report on Form 10-Q has been derived from publicly available information or was provided to us by Atria or Sunrise, as the case may be, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

ACQUISITIONS OF REAL ESTATE PRO

ACQUISITIONS OF REAL ESTATE PROPERTY	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
ACQUISITIONS OF REAL ESTATE PROPERTY	ACQUISITIONS OF REAL ESTATE PROPERTY The following summarizes our acquisition and development activities during the six months ended June 30, 2015 and the year ended December 31, 2014 . We acquire and invest in seniors housing and healthcare properties primarily to achieve an expected yield on investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source. 2015 Acquisitions HCT Acquisition In January 2015, we acquired HCT in a stock and cash transaction, which added 152 properties to our portfolio. At the effective time of the merger, each share of HCT common stock outstanding (other than shares held by us, HCT or our respective subsidiaries, which shares were cancelled) was converted into the right to receive either 0.1688 shares of our common stock (with cash paid in lieu of fractional shares) or $11.33 per share in cash, at the election of each HCT shareholder. Shares of HCT common stock for which a valid election was not made were converted into the stock consideration. We funded the transaction through the issuance of approximately 28.4 million shares of our common stock and 1.1 million limited partnership units that are redeemable for shares of our common stock and the payment of approximately $11 million in cash (excluding cash in lieu of fractional shares). In addition, we assumed $167 million of mortgage debt and repaid approximately $730 million of debt, net of HCT cash on hand. Other 2015 Acquisitions In 2015, we made other investments totaling approximately $512 million , including the acquisition of ten triple-net leased properties in the United Kingdom, 12 skilled nursing facilities and one seniors housing community subject to triple-net leases, and one MOB. Pending Ardent Health Services Acquisition In April 2015, we announced that we had entered into a definitive agreement to acquire privately owned Ardent Medical Services, Inc. (together with its affiliates, “Ardent Health Services”) for $1.75 billion in cash. Concurrent with the closing of the transaction, we plan to separate Ardent Health Services’ hospital operations from its owned real estate and sell the hospital operations to a newly formed and capitalized operating company (“Ardent”). In July 2015 we announced that we had signed a definitive agreement pursuant to which Ardent will be majority owned by an entity controlled by Equity Group Investments, with Ventas owning a 9.9% interest, and current Ardent management holding a significant ownership stake. Upon closing, we will enter into pre-agreed long-term, triple-net leases with Ardent to operate the acquired properties. These transactions are both subject to the satisfaction of customary closing conditions, including regulatory approvals, and are expected to be completed in the third quarter of 2015. However, there can be no assurance as to whether, when or on what terms the acquisition of Ardent Health Services or the sale of Ardent Health Services’ hospital operations will be completed. Estimated Fair Value We are accounting for our 2015 acquisitions under the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Our initial accounting for acquisitions completed during the six months ended June 30, 2015 remains subject to further adjustment. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations MOB Operations Total (In thousands) Land and improvements $ 123,879 $ 70,713 $ 171,650 $ 366,242 Buildings and improvements 627,111 703,080 1,125,726 2,455,917 Acquired lease intangibles 23,564 83,867 178,165 285,596 Other assets 143,372 275,139 401,701 820,212 Total assets acquired 917,926 1,132,799 1,877,242 3,927,967 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 34,992 45,142 48,789 128,923 Total liabilities assumed 34,992 123,082 148,706 306,780 Net assets acquired 882,934 1,009,717 1,728,536 3,621,187 Redeemable OP unitholder interests assumed 87,245 Cash acquired 54,778 Equity issued 2,216,355 Total cash used $ 1,262,809 The determination of fair values of the assets acquired and liabilities assumed has changed and is subject to further adjustment from the amounts reported in ‘‘Note 4-Acquisitions of Real Estate Property’’ of the Notes to Consolidated Financial Statements included in Part I of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed with the SEC on March 24, 2015, due primarily to reclassification adjustments for presentation and adjustments to our valuation assumptions. The changes to our valuation assumptions were based on more accurate information concerning the subject assets and liabilities. None of these changes had a material impact on our Consolidated Financial Statements. Included in other assets above is $752.1 million of goodwill, which represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed as of the acquisition date. Goodwill has been allocated to our reportable business segments based on the respective fair value of the net assets acquired, as follows: triple-net leased properties - $133.6 million ; senior living operations - $221.3 million ; and MOB operations - $397.2 million . Aggregate Revenue and NOI For the six months ended June 30, 2015, aggregate revenues and NOI derived from our 2015 real estate acquisitions during our period of ownership were $144.8 million and $86.9 million , respectively. Transaction Costs As of June 30, 2015 , we had incurred a total of $41.6 million of acquisition-related costs related to our completed 2015 acquisitions, all of which were expensed as incurred and included in merger-related expenses and deal costs in our Consolidated Statements of Income for the applicable periods. For the six months ended June 30, 2015 and 2014, we expensed, as incurred, $30.8 million and $2.6 million, respectively, of these acquisition-related costs related to our completed 2015 acquisitions. Unaudited Pro Forma The following table illustrates the effect on net income and earnings per share if we had consummated the HCT acquisition as of January 1, 2014. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Revenues $ 891,250 $ 824,308 $ 1,788,818 $ 1,638,813 Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,074 $ 141,923 $ 288,796 $ 263,190 Earnings per common share: Basic: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.44 $ 0.88 $ 0.82 Diluted: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.44 $ 0.87 $ 0.81 Weighted average shares used in computing earnings per common share: Basic 330,715 322,403 327,890 322,347 Diluted 334,026 326,037 331,424 325,902 Acquisition-related costs related to the HCT acquisition are not expected to have a continuing impact and, therefore, have been excluded from these pro forma results. The pro forma results also do not include the impact of any synergies that may be achieved in the HCT acquisition, any reduction in our borrowing costs resulting from the acquisition or any strategies that management may consider in order to continue to efficiently manage our operations, nor do they give pro forma effect to any other acquisitions, dispositions or capital markets transactions that we completed during the periods presented. These pro forma results are not necessarily indicative of the operating results that would have been obtained had the HCT acquisition occurred at the beginning of the periods presented, nor are they necessarily indicative of future operating results. 2014 Acquisitions Holiday Canada Acquisition In August 2014, we acquired 29 seniors housing communities located in Canada from Holiday Retirement (the “Holiday Canada Acquisition”) for a purchase price of CAD 957.0 million . We also paid CAD 26.9 million in costs relating to the early repayment of debt at closing. We funded the Holiday Canada Acquisition initially through borrowings under a CAD 791.0 million unsecured term loan that we incurred in July 2014 (and subsequently repaid primarily through a private placement of senior notes in Canada) and the assumption of CAD 193.7 million of debt. Other 2014 Acquisitions During the year ended December 31, 2014 , we also acquired three triple-net leased private hospitals (located in the United Kingdom), 26 triple-net leased seniors housing communities and four seniors housing communities that are being operated by independent third-party managers for aggregate consideration of approximately $812.0 million . We also paid $18.8 million in costs relating to the early repayment of debt at closing of the applicable transactions. In addition, we acquired a construction design, planning and consulting business to complement our MOB operations through the issuance of 148,241 shares of our common stock. Completed Developments During 2014 , we completed the development of two MOBs and one seniors housing community, representing $41.2 million of net real estate property on our Consolidated Balance Sheets as of December 31, 2014 . Estimated Fair Value We are accounting for our 2014 acquisitions under the acquisition method in accordance with ASC 805 and have completed our initial accounting, which is subject to further adjustment. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed in our 2014 real estate acquisitions, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations Total (In thousands) Land and improvements $ 45,586 $ 100,281 $ 145,867 Buildings and improvements 546,849 1,081,384 1,628,233 Acquired lease intangibles 28,883 36,452 65,335 Other assets 227 12,393 12,620 Total assets acquired 621,545 1,230,510 1,852,055 Notes payable and other debt 12,927 228,150 241,077 Other liabilities 8,609 124,714 133,323 Total liabilities assumed 21,536 352,864 374,400 Net assets acquired 600,009 877,646 1,477,655 Cash acquired 227 8,704 8,931 Total cash used $ 599,782 $ 868,942 $ 1,468,724

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	DISPOSITIONS 2015 Activity During the six months ended June 30, 2015 , we sold 30 triple-net leased properties and 25 MOBs for aggregate consideration of $423.3 million , including lease termination fees of $5.5 million (included within triple-net leased rental income in our Consolidated Statements of Income). As of June 30, 2015, $124.3 million of the proceeds received from these sales was held in an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary. We recognized a gain on the sales of these assets of $32.6 million (net of taxes), of which $18.1 million is being deferred due to an unsecured loan we made to the buyer in connection with the sale of certain assets. The gain will be deferred and subsequently recognized into income as principal payments are made on the loan over its five -year term. 2014 Activity During the six months ended June 30, 2014 , we sold eight triple-net leased properties and four MOBs for aggregate consideration of $52.4 million and recognized a net gain on the sales of these assets of $16.3 million , of which $1.5 million is reported within discontinued operations in our Consolidated Statements of Income. Discontinued Operations and Assets Held for Sale We present separately, as discontinued operations in all periods presented, the results of operations for all real estate assets classified as held for sale as of June 30, 2015 , and all real estate assets disposed of during the period from January 1, 2014 through June 30, 2015 , that meet the criteria of discontinued operations. The table below summarizes our real estate assets classified as held for sale as of June 30, 2015 and December 31, 2014, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets. June 30, 2015 December 31, 2014 Number of Properties Held for Sale (1) Other Assets Accounts Payable and Other Liabilities Number of Properties Held for Sale (1) Other Assets Accounts Payable and Other Liabilities (Dollars in thousands) Triple-net leased properties 11 $ 24,119 $ 1,120 14 $ 34,097 $ 1,330 MOB operations 11 81,961 36,224 36 176,366 48,895 Total 22 $ 106,080 $ 37,344 50 $ 210,463 $ 50,225 (1) The operations for one triple-net leased property and two MOBs are reported in discontinued operations in our Consolidated Statements of Income. We recognized impairments of $28.7 million and $8.4 million for the six months ended June 30, 2015 and 2014 , respectively, which are recorded primarily as a component of depreciation and amortization. For the six months ended June 30, 2015 and 2014 , $0.1 million and $1.5 million of impairments were recorded in discontinued operations in our Consolidated Statements of Income. Set forth below is a summary of our results of operations for properties within discontinued operations for the three and six months ended June 30, 2015 and 2014 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Revenues: Rental income $ 69 $ 1,808 $ 141 $ 4,008 Interest and other income — — — 750 69 1,808 141 4,758 Expenses: Interest 110 503 362 1,181 Depreciation and amortization 12 1,247 24 1,528 Property-level operating expenses 89 (1 ) 177 280 Other 68 130 211 246 279 1,879 774 3,235 (Loss) income before gain (loss) on real estate dispositions (210 ) (71 ) (633 ) 1,523 Gain (loss) on real estate dispositions 277 (184 ) 277 1,253 Discontinued operations $ 67 $ (255 ) $ (356 ) $ 2,776

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2015 and December 31, 2014 , we had $824.8 million and $927.7 million , respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our net loans receivable and investments as of June 30, 2015 and December 31, 2014 , including amortized cost, fair value and unrealized gains (losses) on available-for-sale investments: June 30, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 726,183 $ 726,183 $ 723,423 $ — Government-sponsored pooled loan investments 63,225 61,722 63,225 1,503 Total investments reported as Secured loans receivable and investments, net 789,408 787,905 786,648 1,503 Unsecured loans receivable 35,408 35,408 36,843 — Total investments reported as Other assets 35,408 35,408 36,843 — Total net loans receivable and investments $ 824,816 $ 823,313 $ 823,491 $ 1,503 December 31, 2014 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 766,641 $ 766,641 $ 774,789 $ — Government-sponsored pooled loan investments 63,115 61,377 63,115 1,738 Total investments reported as Secured loans receivable and investments, net 829,756 828,018 837,904 1,738 Unsecured loans receivable 21,862 21,862 23,164 — Marketable securities 76,046 71,000 76,046 5,046 Total investments reported as Other assets 97,908 92,862 99,210 5,046 Total net loans receivable and investments $ 927,664 $ 920,880 $ 937,114 $ 6,784 2015 Activity In June 2015 we sold our $71.0 million investment in senior unsecured corporate bonds for $76.8 million . For the three and six months ended June 30, 2015 we recognized a gain of $5.8 million (included within income from loans and investments in our Consolidated Statements of Income). This gain includes $5.0 million that was previously unrealized within accumulated other comprehensive income on our Consolidated Balance Sheets as of December 31, 2014. During the six months ended June 30, 2015, we received aggregate proceeds of $86.2 million in final repayment of one secured and one unsecured loan receivable. We recognized gains aggregating $1.5 million on the repayment of these loans receivable that are recorded in income from loans and investments in our Consolidated Statements of Income for the six months ended June 30, 2015. 2014 Activity During the year ended December 31, 2014, we made a $425.0 million secured mezzanine loan investment that has a blended annual interest rate of 8.1% and has contractual maturities ranging between 2016 and 2019, and we purchased $71.0 million principal amount of senior unsecured corporate bonds, a $38.7 million interest in a government-sponsored pooled loan investment, and $21.7 million of marketable equity securities. During the year ended December 31, 2014, we sold all of our marketable equity securities for $22.3 million and recognized a gain of $0.6 million . Our investments in marketable debt securities and government-sponsored pooled loans are classified as available-for-sale, with contractual maturity dates in 2022 and 2023. During the year ended December 31, 2014, we received aggregate proceeds of $55.9 million in final repayment of three secured and two unsecured loans receivable. We recognized aggregate gains aggregating $5.2 million on the repayment of these loans receivable that are recorded in income from loans and investments in our Consolidated Statements of Income for the year ended December 31, 2014.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At June 30, 2015 and December 31, 2014 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 51 properties. We account for our interests in these joint ventures, as well as our 34% interest in Atria, under the equity method of accounting. With the exception of our interest in Atria, we serve as the managing member of each unconsolidated entity and provide various services in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $1.8 million and $2.0 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.7 million and $4.2 million for the six months ended June 30, 2015 and 2014 , respectively.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2015
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	INTANGIBLES The following is a summary of our intangibles as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Balance Remaining Weighted Average Amortization Period in Years Balance Remaining Weighted Average Amortization Period in Years (Dollars in thousands) Intangible assets: Above market lease intangibles $ 224,563 8.2 $ 210,573 8.2 In-place and other lease intangibles 1,083,488 19.3 829,078 23.9 Goodwill and other intangibles 1,230,458 8.2 489,384 7.9 Accumulated amortization (619,192 ) N/A (549,026 ) N/A Net intangible assets $ 1,919,317 17.2 $ 980,009 19.9 Intangible liabilities: Below market lease intangibles $ 453,750 14.6 $ 425,092 14.7 Other lease intangibles 36,067 30.6 32,103 26.1 Accumulated amortization (171,651 ) N/A (158,480 ) N/A Purchase option intangibles 22,644 N/A 22,900 N/A Net intangible liabilities $ 340,810 15.4 $ 321,615 15.2 N/A—Not Applicable. Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Goodwill and other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets. For the six months ended June 30, 2015 and 2014 , our net amortization expense related to these intangibles was $63.8 million and $31.5 million , respectively. The estimated net amortization expense related to these intangibles for each of the next five years is as follows: 2015— $65.3 million ; 2016— $81.6 million ; 2017— $34.7 million ; 2018— $25.9 million ; and 2019— $19.7 million .

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS The following is a summary of our other assets as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 203,704 $ 187,969 Unsecured loans receivable and investments, net 35,408 21,862 Goodwill and other intangibles, net 1,210,346 472,052 Assets held for sale 106,080 210,463 Marketable securities — 76,046 Other 156,883 163,145 Total other assets $ 1,712,421 $ 1,131,537

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Unsecured revolving credit facility (1) $ 583,765 $ 919,099 3.125% Senior Notes due 2015 400,000 400,000 6% Senior Notes due 2015 — 234,420 1.55% Senior Notes due 2016 550,000 550,000 1.250% Senior Notes due 2017 300,000 300,000 2.00% Senior Notes due 2018 700,000 700,000 Unsecured term loan due 2018 (3) 200,000 200,000 Unsecured term loan due 2019 (3) 783,146 790,634 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (2) 320,128 344,204 2.700% Senior Notes due 2020 500,000 500,000 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 (2) 200,080 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 200,080 215,128 3.500% Senior Note due 2025 600,000 — 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 — Mortgage loans and other (4) 2,420,951 2,284,763 Total 11,492,273 10,872,371 Unamortized fair value adjustment 42,770 41,853 Unamortized discounts (27,182 ) (26,132 ) Senior notes payable and other debt $ 11,507,861 $ 10,888,092 (1) $11.8 million and $164.1 million of aggregate borrowings were in the form of Canadian dollars as of June 30, 2015 and December 31, 2014 , respectively. (2) These borrowings are in the form of Canadian dollars. (3) These amounts represent in aggregate the approximate $1.0 billion of unsecured term loan borrowings under our unsecured credit facility, of which $99.6 million included in the 2019 tranche is in the form of Canadian dollars. (4) 2015 excludes debt related to real estate assets classified as held for sale as of June 30, 2015 . The total mortgage debt for these properties as of June 30, 2015 was $33.2 million and is included in accounts payable and other liabilities on our Consolidated Balance Sheet. 2014 excludes debt related to real estate assets classified as held for sale as of December 31, 2014 . The total mortgage debt for these properties as of December 31, 2014 was $43.5 million and was included in accounts payable and other liabilities on our Consolidated Balance Sheet. As of June 30, 2015 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2015 $ 467,218 $ — $ 22,226 $ 489,444 2016 861,817 — 39,052 900,869 2017 822,764 — 29,564 852,328 2018 1,101,879 583,765 23,581 1,709,225 2019 2,260,305 — 15,910 2,276,215 Thereafter (2) 5,109,516 — 154,676 5,264,192 Total maturities $ 10,623,499 $ 583,765 $ 285,009 $ 11,492,273 (1) As of June 30, 2015 , we had $60.5 million of unrestricted cash and cash equivalents and $124.3 million of cash held in an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary, for $399.0 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 Our unsecured credit facility is comprised of a $2.0 billion revolving credit facility priced at LIBOR plus 1.0% as of June 30, 2015 , and a $200.0 million four -year term loan and an $800.0 million five -year term loan, each priced at LIBOR plus 1.05% as of June 30, 2015 . The revolving credit facility matures in January 2018, but may be extended, at our option subject to the satisfaction of certain conditions, for an additional period of one year. The $200.0 million and $800.0 million term loans mature in January 2018 and January 2019, respectively. The unsecured credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.5 billion . As of June 30, 2015 , we had $583.8 million of borrowings outstanding, $14.9 million of letters of credit outstanding and $1.4 billion of unused borrowing capacity available under our unsecured revolving credit facility. Senior Notes In January 2015, we issued and sold $600.0 million aggregate principal amount of 3.500% senior notes due 2025 at a public offering price equal to 99.663% of par, for total proceeds of $598.0 million before the underwriting discount and expenses, and $300.0 million aggregate principal amount of 4.375% senior notes due 2045 at a public offering price equal to 99.500% of par, for total proceeds of $298.5 million before the underwriting discount and expenses. Also in January 2015, Ventas Canada Finance Limited issued and sold CAD 250.0 million aggregate principal amount of 3.30% senior notes, series C due 2022 at an offering price equal to 99.992% of par, for total proceeds of CAD 250.0 million before the agent fees and expenses. The notes were offered on a private placement basis in Canada. In May 2015, we repaid in full, at par, $234.4 million aggregate principal amount then outstanding of our 6% senior notes due 2015 upon maturity. In July 2015, we issued and sold $500.0 million aggregate principal amount of 4.125% senior notes due 2026 at a public offering price equal to 99.218% of par, for total proceeds of $496.1 million before the underwriting discount and expenses.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	FAIR VALUES OF FINANCIAL INSTRUMENTS As of June 30, 2015 and December 31, 2014 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 60,532 $ 60,532 $ 55,348 $ 55,348 Secured loans receivable, net 726,183 723,423 766,641 774,789 Unsecured loans receivable, net 35,408 36,843 21,862 23,164 Government-sponsored pooled loan investments 63,225 63,225 63,115 63,115 Marketable securities — — 76,046 76,046 Liabilities: Senior notes payable and other debt, gross 11,492,273 11,859,324 10,872,371 11,197,131 Derivative instruments and other liabilities 3,447 3,447 2,743 2,743 Redeemable OP unitholder interests 190,461 190,461 159,134 159,134 Fair value estimates are subjective in nature and based upon several important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

LITIGATION

LITIGATION	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	LITIGATION Litigation Relating to the HCT Acquisition In the weeks following the announcement on June 2, 2014 of our agreement to acquire HCT, a total of 13 putative class actions were filed by purported HCT stockholders challenging the transaction. Certain of the actions also purport to bring derivative claims on behalf of HCT. Among other things, the lawsuits allege that the directors of HCT breached their fiduciary duties by approving the transaction and that we and our subsidiaries, Stripe Sub, LLC and Stripe OP, LP, aided and abetted this purported breach of fiduciary duty. The complaints seek injunctive relief and damages. Ten of these actions were filed in the Circuit Court for Baltimore City, Maryland and consolidated under the caption In re: American Realty Capital, Healthcare Trust, Inc. Shareholder & Derivative Litigation, Case No. 24-C-14-003534, two actions were filed in the Supreme Court of the State of New York, County of New York, and one action was filed in the United States District Court of Maryland. On January 2, 2015, the parties to the consolidated state court action agreed to a memorandum of understanding regarding settlement of all claims asserted on behalf of each alleged class of HCT stockholders. In connection with the settlement contemplated by that memorandum of understanding, each action and all claims asserted therein will be dismissed, subject to approval by each applicable court. The proposed settlement terms require HCT to make certain additional disclosures related to the merger, which were set forth in HCT's Current Report on Form 8-K dated January 2, 2015. The memorandum of understanding further contemplates that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to HCT’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the applicable court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding. On January 5, 2015, the parties to the federal action also agreed to a memorandum of understanding regarding settlement of all claims asserted on behalf of each alleged class of HCT stockholders. In connection with the settlement contemplated by that memorandum of understanding, each action and all claims asserted therein will be dismissed, subject to approval by each applicable court. The proposed settlement terms require HCT to make certain additional disclosures related to the merger,which were set forth in HCT's Current Report on Form 8-K dated January 5, 2015. The memorandum of understanding further contemplates that the parties will enter into a stipulation of settlement, which will be subject to customary conditions, including confirmatory discovery and court approval following notice to HCT’s stockholders. If the parties enter into a stipulation of settlement, a hearing will be scheduled at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the parties will ultimately enter into a stipulation of settlement, that the applicable court will approve any proposed settlement, or that any eventual settlement will be under the same terms as those contemplated by the memorandum of understanding. We believe that each of these actions is without merit. Proceedings against Tenants, Operators and Managers From time to time, Brookdale Senior Living, Kindred, Atria, Sunrise and our other tenants, operators and managers are parties to certain legal actions, regulatory investigations and claims arising in the conduct of their business and operations. Even though we generally are not party to these proceedings, the unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect such tenants’, operators’ or managers’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us. Proceedings Indemnified and Defended by Third Parties From time to time, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. The tenants of our triple-net leased properties and, in some cases, their affiliates are required by the terms of their leases and other agreements with us to indemnify, defend and hold us harmless against certain actions, investigations and claims arising in the course of their business and related to the operations of our triple-net leased properties. In addition, third parties from whom we acquired certain of our assets and, in some cases, their affiliates are required by the terms of the related conveyance documents to indemnify, defend and hold us harmless against certain actions, investigations and claims related to the acquired assets and arising prior to our ownership or related to excluded assets and liabilities. In some cases, a portion of the purchase price consideration is held in escrow for a specified period of time as collateral for these indemnification obligations. We are presently being defended by certain tenants and other obligated third parties in these types of matters. We cannot assure you that our tenants, their affiliates or other obligated third parties will continue to defend us in these matters, that our tenants, their affiliates or other obligated third parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us or that any purchase price consideration held in escrow will be sufficient to satisfy claims for which we are entitled to indemnification. The unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect our tenants’ or other obligated third parties’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us. Proceedings Arising in Connection with Senior Living and MOB Operations; Other Litigation From time to time, we are party to various legal actions, regulatory investigations and claims (some of which may not be insured and some of which may allege large damage amounts) arising in connection with our senior living and MOB operations or otherwise in the course of our business. In limited circumstances, the manager of the applicable seniors housing community or MOB may be contractually obligated to indemnify, defend and hold us harmless against such actions, investigations and claims. It is the opinion of management that, except as otherwise set forth in this Note 12, the disposition of any such actions, investigations and claims that are currently pending will not, individually or in the aggregate, have a Material Adverse Effect on us. However, regardless of their merits, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as “the REIT” within this Note 13. Although the TRS entities have paid minimal cash federal income taxes for the six months ended June 30, 2015 , their federal income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our senior living operations reportable business segment grows. Such increases could be significant. Our consolidated provision for income taxes for the three months ended June 30, 2015 and 2014 was a benefit of $9.8 million and expense of $3.3 million , respectively. Our consolidated provision for income taxes for the six months ended June 30, 2015 and 2014 was a benefit of $17.0 million and expense of $6.7 million , respectively. The income tax benefit for the six months ended June 30, 2015 is due primarily to operating losses at our TRS entities. The income tax expense for the six months ended June 30, 2014 was due primarily to operating income at our TRS entities. Realization of a deferred tax benefit related to NOLs depends in part upon generating sufficient taxable income in future periods. Our NOL carryforwards begin to expire in 2024 with respect to our TRS entities and in 2016 for the REIT. Each TRS and foreign investment is a tax paying component for purposes of classifying deferred tax assets and liabilities. Net deferred tax liabilities with respect to our TRS and foreign investment entities totaled $370.2 million and $344.3 million as of June 30, 2015 and December 31, 2014 , respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets and to loss carryforwards. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 2011 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2010 and subsequent years. We are subject to audit by the Canada Revenue Agency and provincial authorities with respect to entities acquired or formed in connection with our 2007 acquisition of Sunrise Senior Living Real Estate Investment Trust generally for periods subsequent to the acquisition. We are also subject to audit in Canada for periods subsequent to the acquisition, and certain prior periods, with respect to the entities acquired in connection with the Holiday Canada Acquisition.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Capital Stock In January 2015, in connection with the HCT acquisition, we issued approximately 28.4 million shares of our common stock and 1.1 million Class C Units that are redeemable for our common stock. In January 2015, we issued and sold 3,750,202 shares of common stock under our previous “at-the-market” (“ATM”) equity offering program for aggregate net proceeds of $285.4 million , after sales agent commissions of $4.4 million . In March 2015, we replaced our previous shelf registration statement that was scheduled to expire in accordance with the SEC’s rules with a new universal shelf registration statement, rendering our previous ATM program inaccessible. In connection with our new universal shelf registration statement, we established a new ATM program pursuant to which we may sell, from time to time, up to an aggregate of $1.0 billion of our common stock. In June we issued and sold 1,051,664 shares of our common stock under the new ATM equity offering program for aggregate net proceeds of $66.9 million , after sales agent commissions of $1.0 million . In July we issued and sold an additional 579,652 shares under the new ATM program for aggregate net proceeds of $36.4 million , after sales agent commissions of $0.6 million . Accumulated Other Comprehensive Income The following is a summary of our accumulated other comprehensive income as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (In thousands) Foreign currency translation $ 4,387 $ 866 Unrealized gain on marketable securities 1,738 6,784 Other 4,055 5,471 Total accumulated other comprehensive income $ 10,180 $ 13,121

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	EARNINGS PER COMMON SHARE The following table shows the amounts used in computing our basic and diluted earnings per common share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,754 $ 138,653 $ 270,619 $ 256,669 Discontinued operations 67 (255 ) (356 ) 2,776 Net income attributable to common stockholders $ 149,821 $ 138,398 $ 270,263 $ 259,445 Denominator: Denominator for basic earnings per share—weighted average shares 330,715 293,988 327,890 293,932 Effect of dilutive securities: Stock options 341 530 436 456 Restricted stock awards 41 59 60 53 OP units 2,929 1,927 3,038 1,928 Denominator for diluted earnings per share—adjusted weighted average shares 334,026 296,504 331,424 296,369 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued operations 0.00 (0.00 ) (0.00 ) 0.01 Net income attributable to common stockholders $ 0.45 $ 0.47 $ 0.82 $ 0.88 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued operations 0.00 (0.00 ) (0.00 ) 0.01 Net income attributable to common stockholders $ 0.45 $ 0.47 $ 0.82 $ 0.88

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of June 30, 2015 , we operated through three reportable business segments: triple-net leased properties, senior living operations and MOB operations. Under our triple-net leased properties segment, we acquire and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our MOB operations segment, we primarily acquire, own, develop, lease and manage MOBs. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, deferred financing costs, loans receivable and investments, and miscellaneous accounts receivable. We evaluate performance of the combined properties in each reportable business segment based on segment profit, which we define as NOI adjusted for income/loss from unconsolidated entities. We define NOI as total revenues, less interest and other income, property-level operating expenses and medical office building services costs. We consider segment profit useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, segment profit should be examined in conjunction with net income as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense/benefit, discontinued operations and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows: For the three months ended June 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 260,562 $ — $ 140,403 $ — $ 400,965 Resident fees and services — 454,645 — — 454,645 Medical office building and other services revenue 1,139 — 7,749 520 9,408 Income from loans and investments — — — 26,068 26,068 Interest and other income — — — 236 236 Total revenues $ 261,701 $ 454,645 $ 148,152 $ 26,824 $ 891,322 Total revenues $ 261,701 $ 454,645 $ 148,152 $ 26,824 $ 891,322 Less: Interest and other income — — — 236 236 Property-level operating expenses — 299,252 43,321 — 342,573 Medical office building services costs — — 5,764 — 5,764 Segment NOI 261,701 155,393 99,067 26,588 542,749 Income (loss) from unconsolidated entities 221 (240 ) 143 (115 ) 9 Segment profit $ 261,922 $ 155,153 $ 99,210 $ 26,473 542,758 Interest and other income 236 Interest expense (107,591 ) Depreciation and amortization (249,195 ) General, administrative and professional fees (33,962 ) Gain on extinguishment of debt, net 455 Merger-related expenses and deal costs (14,585 ) Other (5,091 ) Income tax benefit 9,789 Discontinued operations 67 Gain on real estate dispositions 7,469 Net income $ 150,350 For the three months ended June 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 242,726 $ — $ 114,890 $ — $ 357,616 Resident fees and services — 374,473 — — 374,473 Medical office building and other services revenue 1,145 — 2,722 500 4,367 Income from loans and investments — — — 14,625 14,625 Interest and other income — — — 173 173 Total revenues $ 243,871 $ 374,473 $ 117,612 $ 15,298 $ 751,254 Total revenues $ 243,871 $ 374,473 $ 117,612 $ 15,298 $ 751,254 Less: Interest and other income — — — 173 173 Property-level operating expenses — 249,424 39,335 — 288,759 Medical office building services costs — — 1,626 — 1,626 Segment NOI 243,871 125,049 76,651 15,125 460,696 Income (loss) from unconsolidated entities 17 160 307 (136 ) 348 Segment profit $ 243,888 $ 125,209 $ 76,958 $ 14,989 461,044 Interest and other income 173 Interest expense (91,501 ) Depreciation and amortization (190,818 ) General, administrative and professional fees (31,306 ) Loss on extinguishment of debt, net (2,924 ) Merger-related expenses and deal costs (9,599 ) Other (4,863 ) Income tax expense (3,274 ) Discontinued operations (255 ) Gain on real estate dispositions 11,889 Net income $ 138,566 For the six months ended June 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 526,768 $ — $ 277,393 $ — $ 804,161 Resident fees and services — 901,559 — — 901,559 Medical office building and other services revenue 2,275 — 16,607 1,069 19,951 Income from loans and investments — — — 48,967 48,967 Interest and other income — — — 708 708 Total revenues $ 529,043 $ 901,559 $ 294,000 $ 50,744 $ 1,775,346 Total revenues $ 529,043 $ 901,559 $ 294,000 $ 50,744 $ 1,775,346 Less: Interest and other income — — — 708 708 Property-level operating expenses — 597,614 85,670 — 683,284 Medical office building services costs — — 12,682 — 12,682 Segment NOI 529,043 303,945 195,648 50,036 1,078,672 Income (loss) from unconsolidated entities 645 (662 ) 119 (344 ) (242 ) Segment profit $ 529,688 $ 303,283 $ 195,767 $ 49,692 1,078,430 Interest and other income 708 Interest expense (214,181 ) Depreciation and amortization (496,636 ) General, administrative and professional fees (68,292 ) Gain on extinguishment of debt, net 434 Merger-related expenses and deal costs (49,757 ) Other (10,387 ) Income tax benefit 17,039 Discontinued operations (356 ) Gain on real estate dispositions 14,155 Net income $ 271,157 For the six months ended June 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 480,572 $ — $ 230,113 $ — $ 710,685 Resident fees and services — 745,534 — — 745,534 Medical office building and other services revenue 2,293 — 7,374 1,000 10,667 Income from loans and investments — — — 25,392 25,392 Interest and other income — — — 446 446 Total revenues $ 482,865 $ 745,534 $ 237,487 $ 26,838 $ 1,492,724 Total revenues $ 482,865 $ 745,534 $ 237,487 $ 26,838 $ 1,492,724 Less: Interest and other income — — — 446 446 Property-level operating expenses — 497,719 78,680 — 576,399 Medical office building services costs — — 4,997 — 4,997 Segment NOI 482,865 247,815 153,810 26,392 910,882 Income (loss) from unconsolidated entities 586 16 260 (266 ) 596 Segment profit $ 483,451 $ 247,831 $ 154,070 $ 26,126 911,478 Interest and other income 446 Interest expense (179,342 ) Depreciation and amortization (384,412 ) General, administrative and professional fees (64,172 ) Loss on extinguishment of debt, net (2,665 ) Merger-related expenses and deal costs (20,359 ) Other (10,092 ) Income tax expense (6,707 ) Discontinued operations 2,776 Gain on real estate dispositions 12,889 Net income $ 259,840 Assets by reportable business segment are as follows: As of June 30, 2015 As of December 31, 2014 (Dollars in thousands) Assets: Triple-net leased properties $ 9,638,035 39.7 % $ 9,176,159 43.2 % Senior living operations 8,267,934 34.0 7,421,924 35.0 MOB operations 5,233,638 21.6 3,526,217 16.6 All other assets 1,135,555 4.7 1,101,871 5.2 Total assets $ 24,275,162 100.0 % $ 21,226,171 100.0 % Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Capital expenditures: Triple-net leased properties $ 102,971 $ 57,380 $ 559,989 $ 249,432 Senior living operations 29,374 62,317 311,806 79,180 MOB operations 100,447 9,830 488,174 22,863 Total capital expenditures $ 232,792 $ 129,527 $ 1,359,969 $ 351,475 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2015 2014 2015 2014 (In thousands) Revenues: United States $ 840,830 $ 724,725 $ 1,675,287 $ 1,444,833 Canada 44,736 21,821 88,786 43,038 United Kingdom 5,756 4,708 11,273 4,853 Total revenues $ 891,322 $ 751,254 $ 1,775,346 $ 1,492,724 As of June 30, 2015 As of December 31, 2014 (In thousands) Net real estate property: United States $ 19,858,871 $ 17,547,255 Canada 1,163,102 1,269,710 United Kingdom 343,123 168,594 Total net real estate property $ 21,365,096 $ 18,985,559

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATING INFORMATION	CONDENSED CONSOLIDATING INFORMATION 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. 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 NHP LLC’s outstanding senior notes. Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantee with respect to Ventas Realty’s senior notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of 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 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 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 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.

PROPOSED SPIN-OFF OF POST-ACUTE

PROPOSED SPIN-OFF OF POST-ACUTE/SKILLED NURSING FACILITY PORTFOLIO	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
PROPOSED SPIN-OFF OF POST-ACUTE/SKILLED NURSING FACILITY PORTFOLIO	PROPOSED SPIN-OFF OF POST-ACUTE/SKILLED NURSING FACILITY PORTFOLIO In April 2015, we announced a plan to spin off most of our post-acute/skilled nursing facility portfolio into an independent, publicly traded REIT named Care Capital Properties, Inc. (“CCP”). CCP is expected to initially own 355 high-quality triple-net leased skilled nursing facilities and other healthcare assets operated by private regional and local care providers. The spin-off is subject to certain conditions, including the effectiveness of CCP’s Form 10 registration statement, receipt of an opinion from counsel regarding the tax-free nature of the distribution and final approval and declaration of the distribution by our Board of Directors. The transaction is expected to be completed in August 2015 and is intended to qualify as a tax-free distribution to Ventas stockholders. However, there can be no assurance as to whether or when the spin-off will occur.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and our net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. GAAP requires us to identify entities for which control is achieved through means other than voting rights and to determine which business enterprise is the primary beneficiary of variable interest entities (“VIEs”). A VIE is broadly defined as an entity with one or more of the following characteristics: (a) the total equity investment at risk is insufficient to finance the entity’s activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about the entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; and (c) the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. We consolidate our investment in a VIE when we determine that we are its primary beneficiary. We may change our original assessment of a VIE upon subsequent events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entity’s equity investments at risk and the disposition of all or a portion of an interest held by the primary beneficiary. We identify the primary beneficiary of a VIE as the enterprise that has both: (i) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could be significant to the entity. We perform this analysis on an ongoing basis. As it relates to investments in joint ventures, GAAP may preclude consolidation by the sole general partner in certain circumstances based on the type of rights held by the limited partner(s). We assess limited partners’ rights and their impact on the presumption of control of the limited partnership by the sole general partner when an investor becomes the sole general partner, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership interests, or there is an increase or decrease in the number of outstanding limited partnership interests. We also apply this guidance to managing member interests in limited liability companies.
Redeemable OP Unitholder and Noncontrolling Interests	Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC. We consolidate NHP/PMB, as our wholly owned subsidiary is the general partner and exercises control of the partnership. As of June 30, 2015 , third party investors owned 2,812,318 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 28.9% of the total units then outstanding, and we owned 6,917,009 Class B limited partnership units in NHP/PMB, representing the remaining 71.1% . At any time following the first anniversary of the date of their issuance, the OP Units may be redeemed at the election of the holder for cash or, at our option, 0.7866 shares of our common stock per unit, subject to adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units. On January 16, 2015, in connection with our acquisition of American Realty Capital Healthcare Trust, Inc. (“HCT”), each of the 7,057,271 issued and outstanding limited partnership units of American Realty Capital Healthcare Trust Operating Partnership, L.P. (subsequently renamed Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”)), a limited partnership in which HCT was the sole general partner prior to the acquisition, was converted into a newly created class of limited partnership units (“Class C Units”) at the 0.1688 exchange ratio payable to HCT stockholders in the acquisition, net of any Class C Units withheld to pay taxes. We consolidate Ventas Realty OP, as our wholly owned subsidiary is the general partner and exercises control of the partnership. The Class C Units may be redeemed at the election of the holder for one share of our common stock per unit or, at our option, an equivalent amount in cash, subject to adjustment in certain circumstances. As of June 30, 2015 , third party investors owned 672,984 Class C Units, which represented 2.3% of the total units then outstanding, and we owned 28,550,812 Class C Units and 176,374 OP units in Ventas Realty OP, representing the remaining 97.7% . In April 2015, third party investors redeemed 445,541 Class C Units for approximately $32.6 million . We are party by assumption to a registration rights agreement with the holders of the Class C Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of Class C Units. As redemption rights are outside of our control, the redeemable OP unitholder interests are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP unitholder interests at the greater of cost or fair value. As of June 30, 2015 and December 31, 2014 , the fair value of the redeemable OP unitholder interests was $190.5 million and $159.1 million , respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units or Class C Units. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Units or Class C Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at June 30, 2015 and December 31, 2014 . Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interest’s share of net income or loss and distributions) or the redemption value. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value. Noncontrolling Interests Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the hypothetical liquidation at book value method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. In addition, we include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income.
Business Combinations	Business Combinations We account for acquisitions using the acquisition method and record the cost of the businesses acquired among tangible and recognized intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Recognized intangibles primarily include the value of in-place leases, acquired lease contracts, tenant and customer relationships, trade names/trademarks and goodwill. We do not amortize goodwill, which represents the excess of the purchase price paid over the fair value of the net assets of the acquired business and is included in other assets on our Consolidated Balance Sheets. We estimate the fair value of buildings acquired on an as-if-vacant basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize interest expense until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above and/or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations at that time. We estimate the fair value of tenant or other customer relationships acquired, if any, by considering the nature and extent of existing business relationships with the tenant or customer, growth prospects for developing new business with the tenant or customer, the tenant’s credit quality, expectations of lease renewals with the tenant, and the potential for significant, additional future leasing arrangements with the tenant, and we amortize that value over the expected life of the associated arrangements or leases, including the remaining terms of the related leases and any expected renewal periods. In connection with a business combination, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. We determine the fair value of loans receivable acquired in connection with a business combination by discounting the estimated future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. We do not establish a valuation allowance at the acquisition date because the estimated future cash flows already reflect our judgment regarding their uncertainty. We recognize the difference between the acquisition date fair value and the total expected cash flows as interest income using an effective interest method over the life of the applicable loan. Subsequent to the acquisition date, we evaluate changes regarding the uncertainty of future cash flows and the need for a valuation allowance, as appropriate. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize any shortfall from carrying value as an impairment loss in the current period.
Fair Values of Financial Instruments	Fair Values of Financial Instruments Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs consist of inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for that asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. We use the following methods and assumptions in estimating the fair value of our financial instruments. • Cash and cash equivalents - The carrying amount of unrestricted and restricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs: we discount the future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. • Marketable debt securities - We estimate the fair value of corporate bonds using level two inputs: we observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs: we consider credit spreads, underlying asset performance and credit quality, default rates and any other applicable criteria. • Derivative instruments - With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, using level two inputs: for interest rate caps, we observe forward yield curves and other relevant information; for interest rate swaps, we observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and for foreign currency forward contracts, we estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates. • Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs: we discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs. • Redeemable OP unitholder interests - We estimate the fair value of our redeemable OP unitholder interests using level one inputs: we base fair value on the closing price of our common stock, as units may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.
Revenue Recognition	Revenue Recognition Triple-Net Leased Properties and MOB Operations Certain of our triple-net leases and most of our MOB leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At June 30, 2015 and December 31, 2014 , this cumulative excess totaled $203.7 million (net of allowances of $166.6 million ) and $188.0 million (net of allowances of $145.1 million ), respectively. Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Senior Living Operations We recognize resident fees and services, other than move-in fees, monthly as services are provided. We generally recognize move-in fees on a straight-line basis over the average resident stay. Our lease agreements with residents generally have terms of 12 to 18 months and are cancelable by the resident upon 30 days’ notice. Other We recognize interest income from loans and investments, including discounts and premiums, using the effective interest method when collectibility is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on an impaired loan to the extent our estimate of the fair value of the collateral is sufficient to support the balance of the loan, other receivables and all related accrued interest. When the balance of the loan, other receivables and all related accrued interest is equal to or less than our estimate of the fair value of the collateral, we recognize interest income on a cash basis. We provide a reserve against an impaired loan to the extent our total investment in the loan exceeds our estimate of the fair value of the loan collateral. We recognize income from rent, lease termination fees, development services, management advisory services, and all other income when all of the following criteria are met in accordance with SEC Staff Accounting Bulletin 104: (i) the applicable agreement has been fully executed and delivered; (ii) services have been rendered; (iii) the amount is fixed or determinable; and (iv) collectibility is reasonably assured. Allowances We assess the collectibility of our rent receivables, including straight-line rent receivables. We base our assessment of the collectibility of rent receivables (other than straight-line rent receivables) on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We also base our assessment of the collectibility of straight-line rent receivables on several factors, including, among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectibility of future rent payments required by a lease, we may adjust our reserve to increase or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment. In July 2015, the FASB provided for a one-year deferral of the effective date for ASU 2014-09 which is now effective for us beginning January 1, 2018. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements, as a substantial portion of our revenue consists of rental income from leasing arrangements, which are specifically excluded from ASU 2014-09. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption, we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. This guidance is effective for us beginning January 1, 2016. We are continuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements.

ACQUISITIONS OF REAL ESTATE P28

ACQUISITIONS OF REAL ESTATE PROPERTY (Tables)	6 Months Ended
	Jun. 30, 2015
2015 Acquisitions
Business Acquisition [Line Items]
Acquisition Date Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations MOB Operations Total (In thousands) Land and improvements $ 123,879 $ 70,713 $ 171,650 $ 366,242 Buildings and improvements 627,111 703,080 1,125,726 2,455,917 Acquired lease intangibles 23,564 83,867 178,165 285,596 Other assets 143,372 275,139 401,701 820,212 Total assets acquired 917,926 1,132,799 1,877,242 3,927,967 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 34,992 45,142 48,789 128,923 Total liabilities assumed 34,992 123,082 148,706 306,780 Net assets acquired 882,934 1,009,717 1,728,536 3,621,187 Redeemable OP unitholder interests assumed 87,245 Cash acquired 54,778 Equity issued 2,216,355 Total cash used $ 1,262,809
2014 Acquisitions
Business Acquisition [Line Items]
Acquisition Date Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed in our 2014 real estate acquisitions, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations Total (In thousands) Land and improvements $ 45,586 $ 100,281 $ 145,867 Buildings and improvements 546,849 1,081,384 1,628,233 Acquired lease intangibles 28,883 36,452 65,335 Other assets 227 12,393 12,620 Total assets acquired 621,545 1,230,510 1,852,055 Notes payable and other debt 12,927 228,150 241,077 Other liabilities 8,609 124,714 133,323 Total liabilities assumed 21,536 352,864 374,400 Net assets acquired 600,009 877,646 1,477,655 Cash acquired 227 8,704 8,931 Total cash used $ 599,782 $ 868,942 $ 1,468,724
American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Information	The following table illustrates the effect on net income and earnings per share if we had consummated the HCT acquisition as of January 1, 2014. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Revenues $ 891,250 $ 824,308 $ 1,788,818 $ 1,638,813 Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,074 $ 141,923 $ 288,796 $ 263,190 Earnings per common share: Basic: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.44 $ 0.88 $ 0.82 Diluted: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.44 $ 0.87 $ 0.81 Weighted average shares used in computing earnings per common share: Basic 330,715 322,403 327,890 322,347 Diluted 334,026 326,037 331,424 325,902

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale as of June 30, 2015 and December 31, 2014, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets. June 30, 2015 December 31, 2014 Number of Properties Held for Sale (1) Other Assets Accounts Payable and Other Liabilities Number of Properties Held for Sale (1) Other Assets Accounts Payable and Other Liabilities (Dollars in thousands) Triple-net leased properties 11 $ 24,119 $ 1,120 14 $ 34,097 $ 1,330 MOB operations 11 81,961 36,224 36 176,366 48,895 Total 22 $ 106,080 $ 37,344 50 $ 210,463 $ 50,225 (1) The operations for one triple-net leased property and two MOBs are reported in discontinued operations in our Consolidated Statements of Income.
Summary of the Results of Operations of Properties Sold or Classified as Held for Sale	Set forth below is a summary of our results of operations for properties within discontinued operations for the three and six months ended June 30, 2015 and 2014 . For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Revenues: Rental income $ 69 $ 1,808 $ 141 $ 4,008 Interest and other income — — — 750 69 1,808 141 4,758 Expenses: Interest 110 503 362 1,181 Depreciation and amortization 12 1,247 24 1,528 Property-level operating expenses 89 (1 ) 177 280 Other 68 130 211 246 279 1,879 774 3,235 (Loss) income before gain (loss) on real estate dispositions (210 ) (71 ) (633 ) 1,523 Gain (loss) on real estate dispositions 277 (184 ) 277 1,253 Discontinued operations $ 67 $ (255 ) $ (356 ) $ 2,776

LOANS RECEIVABLE AND INVESTME30

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our net loans receivable and investments as of June 30, 2015 and December 31, 2014 , including amortized cost, fair value and unrealized gains (losses) on available-for-sale investments: June 30, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 726,183 $ 726,183 $ 723,423 $ — Government-sponsored pooled loan investments 63,225 61,722 63,225 1,503 Total investments reported as Secured loans receivable and investments, net 789,408 787,905 786,648 1,503 Unsecured loans receivable 35,408 35,408 36,843 — Total investments reported as Other assets 35,408 35,408 36,843 — Total net loans receivable and investments $ 824,816 $ 823,313 $ 823,491 $ 1,503 December 31, 2014 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 766,641 $ 766,641 $ 774,789 $ — Government-sponsored pooled loan investments 63,115 61,377 63,115 1,738 Total investments reported as Secured loans receivable and investments, net 829,756 828,018 837,904 1,738 Unsecured loans receivable 21,862 21,862 23,164 — Marketable securities 76,046 71,000 76,046 5,046 Total investments reported as Other assets 97,908 92,862 99,210 5,046 Total net loans receivable and investments $ 927,664 $ 920,880 $ 937,114 $ 6,784

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2015
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Balance Remaining Weighted Average Amortization Period in Years Balance Remaining Weighted Average Amortization Period in Years (Dollars in thousands) Intangible assets: Above market lease intangibles $ 224,563 8.2 $ 210,573 8.2 In-place and other lease intangibles 1,083,488 19.3 829,078 23.9 Goodwill and other intangibles 1,230,458 8.2 489,384 7.9 Accumulated amortization (619,192 ) N/A (549,026 ) N/A Net intangible assets $ 1,919,317 17.2 $ 980,009 19.9 Intangible liabilities: Below market lease intangibles $ 453,750 14.6 $ 425,092 14.7 Other lease intangibles 36,067 30.6 32,103 26.1 Accumulated amortization (171,651 ) N/A (158,480 ) N/A Purchase option intangibles 22,644 N/A 22,900 N/A Net intangible liabilities $ 340,810 15.4 $ 321,615 15.2 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 203,704 $ 187,969 Unsecured loans receivable and investments, net 35,408 21,862 Goodwill and other intangibles, net 1,210,346 472,052 Assets held for sale 106,080 210,463 Marketable securities — 76,046 Other 156,883 163,145 Total other assets $ 1,712,421 $ 1,131,537

SENIOR NOTES PAYABLE AND OTHE33

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt as of June 30, 2015 and December 31, 2014 : June 30, December 31, (In thousands) Unsecured revolving credit facility (1) $ 583,765 $ 919,099 3.125% Senior Notes due 2015 400,000 400,000 6% Senior Notes due 2015 — 234,420 1.55% Senior Notes due 2016 550,000 550,000 1.250% Senior Notes due 2017 300,000 300,000 2.00% Senior Notes due 2018 700,000 700,000 Unsecured term loan due 2018 (3) 200,000 200,000 Unsecured term loan due 2019 (3) 783,146 790,634 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (2) 320,128 344,204 2.700% Senior Notes due 2020 500,000 500,000 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 (2) 200,080 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 200,080 215,128 3.500% Senior Note due 2025 600,000 — 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 — Mortgage loans and other (4) 2,420,951 2,284,763 Total 11,492,273 10,872,371 Unamortized fair value adjustment 42,770 41,853 Unamortized discounts (27,182 ) (26,132 ) Senior notes payable and other debt $ 11,507,861 $ 10,888,092 (1) $11.8 million and $164.1 million of aggregate borrowings were in the form of Canadian dollars as of June 30, 2015 and December 31, 2014 , respectively. (2) These borrowings are in the form of Canadian dollars. (3) These amounts represent in aggregate the approximate $1.0 billion of unsecured term loan borrowings under our unsecured credit facility, of which $99.6 million included in the 2019 tranche is in the form of Canadian dollars. (4) 2015 excludes debt related to real estate assets classified as held for sale as of June 30, 2015 . The total mortgage debt for these properties as of June 30, 2015 was $33.2 million and is included in accounts payable and other liabilities on our Consolidated Balance Sheet. 2014 excludes debt related to real estate assets classified as held for sale as of December 31, 2014 . The total mortgage debt for these properties as of December 31, 2014 was $43.5 million and was included in accounts payable and other liabilities on our Consolidated Balance Sheet.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 2015 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2015 $ 467,218 $ — $ 22,226 $ 489,444 2016 861,817 — 39,052 900,869 2017 822,764 — 29,564 852,328 2018 1,101,879 583,765 23,581 1,709,225 2019 2,260,305 — 15,910 2,276,215 Thereafter (2) 5,109,516 — 154,676 5,264,192 Total maturities $ 10,623,499 $ 583,765 $ 285,009 $ 11,492,273 (1) As of June 30, 2015 , we had $60.5 million of unrestricted cash and cash equivalents and $124.3 million of cash held in an Internal Revenue Code Section 1031 exchange escrow account with a qualified intermediary, for $399.0 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.

FAIR VALUES OF FINANCIAL INST34

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of June 30, 2015 and December 31, 2014 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 60,532 $ 60,532 $ 55,348 $ 55,348 Secured loans receivable, net 726,183 723,423 766,641 774,789 Unsecured loans receivable, net 35,408 36,843 21,862 23,164 Government-sponsored pooled loan investments 63,225 63,225 63,115 63,115 Marketable securities — — 76,046 76,046 Liabilities: Senior notes payable and other debt, gross 11,492,273 11,859,324 10,872,371 11,197,131 Derivative instruments and other liabilities 3,447 3,447 2,743 2,743 Redeemable OP unitholder interests 190,461 190,461 159,134 159,134

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive income as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (In thousands) Foreign currency translation $ 4,387 $ 866 Unrealized gain on marketable securities 1,738 6,784 Other 4,055 5,471 Total accumulated other comprehensive income $ 10,180 $ 13,121

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table shows the amounts used in computing our basic and diluted earnings per common share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,754 $ 138,653 $ 270,619 $ 256,669 Discontinued operations 67 (255 ) (356 ) 2,776 Net income attributable to common stockholders $ 149,821 $ 138,398 $ 270,263 $ 259,445 Denominator: Denominator for basic earnings per share—weighted average shares 330,715 293,988 327,890 293,932 Effect of dilutive securities: Stock options 341 530 436 456 Restricted stock awards 41 59 60 53 OP units 2,929 1,927 3,038 1,928 Denominator for diluted earnings per share—adjusted weighted average shares 334,026 296,504 331,424 296,369 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued operations 0.00 (0.00 ) (0.00 ) 0.01 Net income attributable to common stockholders $ 0.45 $ 0.47 $ 0.82 $ 0.88 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.45 $ 0.47 $ 0.82 $ 0.87 Discontinued operations 0.00 (0.00 ) (0.00 ) 0.01 Net income attributable to common stockholders $ 0.45 $ 0.47 $ 0.82 $ 0.88

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary Information by Reportable Business Segment	Summary information by reportable business segment is as follows: For the three months ended June 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 260,562 $ — $ 140,403 $ — $ 400,965 Resident fees and services — 454,645 — — 454,645 Medical office building and other services revenue 1,139 — 7,749 520 9,408 Income from loans and investments — — — 26,068 26,068 Interest and other income — — — 236 236 Total revenues $ 261,701 $ 454,645 $ 148,152 $ 26,824 $ 891,322 Total revenues $ 261,701 $ 454,645 $ 148,152 $ 26,824 $ 891,322 Less: Interest and other income — — — 236 236 Property-level operating expenses — 299,252 43,321 — 342,573 Medical office building services costs — — 5,764 — 5,764 Segment NOI 261,701 155,393 99,067 26,588 542,749 Income (loss) from unconsolidated entities 221 (240 ) 143 (115 ) 9 Segment profit $ 261,922 $ 155,153 $ 99,210 $ 26,473 542,758 Interest and other income 236 Interest expense (107,591 ) Depreciation and amortization (249,195 ) General, administrative and professional fees (33,962 ) Gain on extinguishment of debt, net 455 Merger-related expenses and deal costs (14,585 ) Other (5,091 ) Income tax benefit 9,789 Discontinued operations 67 Gain on real estate dispositions 7,469 Net income $ 150,350 For the three months ended June 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 242,726 $ — $ 114,890 $ — $ 357,616 Resident fees and services — 374,473 — — 374,473 Medical office building and other services revenue 1,145 — 2,722 500 4,367 Income from loans and investments — — — 14,625 14,625 Interest and other income — — — 173 173 Total revenues $ 243,871 $ 374,473 $ 117,612 $ 15,298 $ 751,254 Total revenues $ 243,871 $ 374,473 $ 117,612 $ 15,298 $ 751,254 Less: Interest and other income — — — 173 173 Property-level operating expenses — 249,424 39,335 — 288,759 Medical office building services costs — — 1,626 — 1,626 Segment NOI 243,871 125,049 76,651 15,125 460,696 Income (loss) from unconsolidated entities 17 160 307 (136 ) 348 Segment profit $ 243,888 $ 125,209 $ 76,958 $ 14,989 461,044 Interest and other income 173 Interest expense (91,501 ) Depreciation and amortization (190,818 ) General, administrative and professional fees (31,306 ) Loss on extinguishment of debt, net (2,924 ) Merger-related expenses and deal costs (9,599 ) Other (4,863 ) Income tax expense (3,274 ) Discontinued operations (255 ) Gain on real estate dispositions 11,889 Net income $ 138,566 For the six months ended June 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 526,768 $ — $ 277,393 $ — $ 804,161 Resident fees and services — 901,559 — — 901,559 Medical office building and other services revenue 2,275 — 16,607 1,069 19,951 Income from loans and investments — — — 48,967 48,967 Interest and other income — — — 708 708 Total revenues $ 529,043 $ 901,559 $ 294,000 $ 50,744 $ 1,775,346 Total revenues $ 529,043 $ 901,559 $ 294,000 $ 50,744 $ 1,775,346 Less: Interest and other income — — — 708 708 Property-level operating expenses — 597,614 85,670 — 683,284 Medical office building services costs — — 12,682 — 12,682 Segment NOI 529,043 303,945 195,648 50,036 1,078,672 Income (loss) from unconsolidated entities 645 (662 ) 119 (344 ) (242 ) Segment profit $ 529,688 $ 303,283 $ 195,767 $ 49,692 1,078,430 Interest and other income 708 Interest expense (214,181 ) Depreciation and amortization (496,636 ) General, administrative and professional fees (68,292 ) Gain on extinguishment of debt, net 434 Merger-related expenses and deal costs (49,757 ) Other (10,387 ) Income tax benefit 17,039 Discontinued operations (356 ) Gain on real estate dispositions 14,155 Net income $ 271,157 For the six months ended June 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 480,572 $ — $ 230,113 $ — $ 710,685 Resident fees and services — 745,534 — — 745,534 Medical office building and other services revenue 2,293 — 7,374 1,000 10,667 Income from loans and investments — — — 25,392 25,392 Interest and other income — — — 446 446 Total revenues $ 482,865 $ 745,534 $ 237,487 $ 26,838 $ 1,492,724 Total revenues $ 482,865 $ 745,534 $ 237,487 $ 26,838 $ 1,492,724 Less: Interest and other income — — — 446 446 Property-level operating expenses — 497,719 78,680 — 576,399 Medical office building services costs — — 4,997 — 4,997 Segment NOI 482,865 247,815 153,810 26,392 910,882 Income (loss) from unconsolidated entities 586 16 260 (266 ) 596 Segment profit $ 483,451 $ 247,831 $ 154,070 $ 26,126 911,478 Interest and other income 446 Interest expense (179,342 ) Depreciation and amortization (384,412 ) General, administrative and professional fees (64,172 ) Loss on extinguishment of debt, net (2,665 ) Merger-related expenses and deal costs (20,359 ) Other (10,092 ) Income tax expense (6,707 ) Discontinued operations 2,776 Gain on real estate dispositions 12,889 Net income $ 259,840 Assets by reportable business segment are as follows: As of June 30, 2015 As of December 31, 2014 (Dollars in thousands) Assets: Triple-net leased properties $ 9,638,035 39.7 % $ 9,176,159 43.2 % Senior living operations 8,267,934 34.0 7,421,924 35.0 MOB operations 5,233,638 21.6 3,526,217 16.6 All other assets 1,135,555 4.7 1,101,871 5.2 Total assets $ 24,275,162 100.0 % $ 21,226,171 100.0 % Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) Capital expenditures: Triple-net leased properties $ 102,971 $ 57,380 $ 559,989 $ 249,432 Senior living operations 29,374 62,317 311,806 79,180 MOB operations 100,447 9,830 488,174 22,863 Total capital expenditures $ 232,792 $ 129,527 $ 1,359,969 $ 351,475
Revenues from External Customers and Net Real Estate Property by Geographic Area	Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2015 2014 2015 2014 (In thousands) Revenues: United States $ 840,830 $ 724,725 $ 1,675,287 $ 1,444,833 Canada 44,736 21,821 88,786 43,038 United Kingdom 5,756 4,708 11,273 4,853 Total revenues $ 891,322 $ 751,254 $ 1,775,346 $ 1,492,724 As of June 30, 2015 As of December 31, 2014 (In thousands) Net real estate property: United States $ 19,858,871 $ 17,547,255 Canada 1,163,102 1,269,710 United Kingdom 343,123 168,594 Total net real estate property $ 21,365,096 $ 18,985,559

CONDENSED CONSOLIDATING INFOR38

CONDENSED CONSOLIDATING INFORMATION (Tables)	6 Months Ended
	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.

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) - Jun. 30, 2015	Tenantpropertycommunity
Real estate properties
Number of real estate properties (owned more than 1,600)	1,600
Number of properties leased	952
Development Projects
Real estate properties
Number of real estate properties (owned more than 1,600)	2
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties | community	305
Brookdale Senior Living
Real estate properties
Number of properties leased	145
Number of properties included in investments in unconsolidated entities	6
Kindred
Real estate properties
Number of properties leased	81
Brookdale Senior Living Inc. and Kindred Healthcare, Inc.
Real estate properties
Number of largest tenants | Tenant	2

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	Jan. 16, 2015shares	Apr. 30, 2015USD ($)shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2014USD ($)
Redeemable Noncontrolling Interest [Line Items]
Fair value of operating partnership units exceeding cost | $			$ 190.5	$ 159.1
NHP/PMB L.P.
Redeemable Noncontrolling Interest [Line Items]
Unit conversion factor for common stock			0.7866
NHP/PMB L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)			2,812,318
Percentage of ownership interest on total units outstanding			28.90%
NHP/PMB L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding			71.10%
Limited partnership units outstanding (in shares)			6,917,009
American Realty Capital Healthcare Trust
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)	7,057,271
Business combination, consideration transferred, stock conversion ratio, per acquiree share	0.1688
American Realty Capital Healthcare Trust | General Partner
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, issued (in shares)	7,057,271
Ventas Realty OP | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding			2.30%
Ventas Realty OP | Limited Partner | Class C Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)			672,984
Partners' capital account, units, redeemed		445,541
Partners' capital account, redemptions | $		$ 32.6
Ventas Realty OP | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding			97.70%
Ventas Realty OP | General Partner | Class C Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)			28,550,812
Ventas Realty OP | General Partner | Ventas Realty OP Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)			176,374

ACCOUNTING POLICIES - Business

ACCOUNTING POLICIES - Business Combinations (Details)	6 Months Ended
	Jun. 30, 2015
Building
Business Acquisition [Line Items]
Estimated remaining life of building (generally not to exceed 35 years)	35 years

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 203,704	$ 187,969
Straight-line rent receivable, net of allowances	$ (166,600)	$ (145,100)
Term of resident lease agreements, minimum	12 months
Term of resident lease agreements, maximum	18 months
Notice period to cancel lease agreements by the resident	30 days

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended
	Dec. 31, 2014property	Jun. 30, 2015board_memberprovincestatecommunity	Jun. 30, 2014	Jun. 30, 2015board_memberprovincestatecommunity	Jun. 30, 2015board_memberprovincepropertystatecommunity	Jan. 31, 2015USD ($)
Concentration Risk [Line Items]
Number of states		47		47	47
Number of Canadian provinces | province		7		7	7
ATRIA
Concentration Risk [Line Items]
Ownership interests accounted for under the equity method (as a percent)	34.00%	34.00%		34.00%	34.00%
Number of board members appointed | board_member		2		2	2
Number of board members | board_member		5		5	5
Kindred
Concentration Risk [Line Items]
Number of properties transitioned | property	9
Number of real estate properties sold | property					2
Lease modifications, number of properties | property	34
Lease modification and transition agreement amount | $						$ 37
Seniors Housing Communities
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | community		305		305	305
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | community		269		269	269
Total gross book value of properties | ATRIA
Concentration Risk [Line Items]
Concentration percentage				21.20%
Total gross book value of properties | SUNRISE
Concentration Risk [Line Items]
Concentration percentage				10.90%
Total gross book value of properties | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage				8.20%
Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage				2.00%
Total gross book value of properties | Seniors Housing Communities
Concentration Risk [Line Items]
Concentration percentage				61.30%
Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage				38.70%
Total revenues
Concentration Risk [Line Items]
Number of states accounting for more than 10% of total revenues		1
Total revenues | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage		4.70%	5.30%
Total revenues | Kindred
Concentration Risk [Line Items]
Concentration percentage		5.30%	6.50%
Total NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10% of net operating income		1		1	1
Total NOI | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage		7.70%	8.60%
Total NOI | Kindred
Concentration Risk [Line Items]
Concentration percentage		8.70%	10.60%

ACQUISITIONS OF REAL ESTATE P44

ACQUISITIONS OF REAL ESTATE PROPERTY (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2015USD ($)	Jan. 31, 2015USD ($)property$ / sharesshares	Aug. 31, 2014CADproperty	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)propertyshares	Jul. 31, 2014CAD	Aug. 31, 2004CAD
Business Acquisition [Line Items]
Revenues				$ 891,322	$ 751,254	$ 1,775,346	$ 1,492,724
Acquisition-related costs				14,585	9,599	49,757	20,359
Total net real estate property				21,365,096		21,365,096		$ 18,985,559
Triple-Net Leased Properties
Business Acquisition [Line Items]
Revenues				261,701	243,871	529,043	482,865
Senior Living Operations
Business Acquisition [Line Items]
Revenues				454,645	374,473	901,559	745,534
MOB Operations
Business Acquisition [Line Items]
Revenues				148,152	$ 117,612	294,000	237,487
2015 Acquisitions
Business Acquisition [Line Items]
Total cash used						1,262,809
Assumed mortgage debt				177,857		177,857
Revenues						144,800
NOI						86,900
Business acquisition, related costs incurred				41,600		41,600
Acquisition-related costs						30,800	$ 2,600
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Assumed mortgage debt				0		0
2015 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Assumed mortgage debt				77,940		77,940
2015 Acquisitions | MOB Operations
Business Acquisition [Line Items]
Assumed mortgage debt				$ 99,917		99,917
Ardent Health Services
Business Acquisition [Line Items]
Total cash used	$ 1,750,000
American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Number of real estate properties acquired | property		152
Business combination, consideration transferred, stock conversion ratio, per acquiree share		0.1688
Business combination, consideration transferred, price per acquiree share | $ / shares		$ 11.33
Total cash used		$ 11,000
Assumed mortgage debt		167,000
Repayments of debt		$ 730,000
Other Acquisitions
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares | shares								148,241
Business combination, other investments								$ 812,000
Payment for early repayment of debt at closing								$ 18,800
Other Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Business combination, other investments						$ 512,000
Other Acquisitions | Seniors Housing Communities And Hospitals | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property						10
Other Acquisitions | Seniors Housing Communities
Business Acquisition [Line Items]
Number of real estate properties acquired | property						1
Other Acquisitions | Seniors Housing Communities | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property								26
Other Acquisitions | Seniors Housing Communities | Senior Living Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property								4
Other Acquisitions | Private Hospitals | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property								3
Other Acquisitions | Skilled Nursing Facilities | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property						12
Other Acquisitions | Medical Office Buildings | MOB Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property						1
2014 Acquisitions
Business Acquisition [Line Items]
Total cash used								$ 1,468,724
Assumed mortgage debt								241,077
2014 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Total cash used								599,782
Assumed mortgage debt								12,927
2014 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Total cash used								868,942
Assumed mortgage debt								228,150
Holiday Retirement
Business Acquisition [Line Items]
Assumed mortgage debt | CAD										CAD 193,700,000
Business combination, other investments | CAD			CAD 957,000,000
Payment for early repayment of debt at closing | CAD			CAD 26,900,000
Holiday Retirement | Unsecured Term Loan | Unsecured Term Loan Due 2015
Business Acquisition [Line Items]
Loan amount | CAD									CAD 791,000,000
Holiday Retirement | Seniors Housing Communities
Business Acquisition [Line Items]
Number of real estate properties acquired | property			29
2014 Development Projects
Business Acquisition [Line Items]
Total net real estate property								$ 41,200
2014 Development Projects | Seniors Housing Communities
Business Acquisition [Line Items]
Number of real estate properties completed | property								1
2014 Development Projects | Medical Office Buildings
Business Acquisition [Line Items]
Number of real estate properties completed | property								2
Common Stock Par Value | American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares | shares		28,400,000
Limited Partnership Units | American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares | shares		1,100,000
Hospitals | Ardent Health Services
Business Acquisition [Line Items]
Business combination, expected parent ownership interest after deconsolidation (up to 9.9%)	9.90%

ACQUISITIONS OF REAL ESTATE P45

ACQUISITIONS OF REAL ESTATE PROPERTY - Fair Value of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
2015 Acquisitions
Business Acquisition [Line Items]
Land and improvements	$ 366,242
Buildings and improvements	2,455,917
Acquired lease intangibles	285,596
Other assets	820,212
Total assets acquired	3,927,967
Notes payable and other debt	177,857
Other liabilities	128,923
Total liabilities assumed	306,780
Net assets acquired	3,621,187
Redeemable OP unitholder interests assumed	87,245
Cash acquired	54,778
Equity issued	2,216,355
Total cash used	1,262,809
Goodwill	752,100
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Land and improvements	123,879
Buildings and improvements	627,111
Acquired lease intangibles	23,564
Other assets	143,372
Total assets acquired	917,926
Notes payable and other debt	0
Other liabilities	34,992
Total liabilities assumed	34,992
Net assets acquired	882,934
Goodwill	133,600
2015 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Land and improvements	70,713
Buildings and improvements	703,080
Acquired lease intangibles	83,867
Other assets	275,139
Total assets acquired	1,132,799
Notes payable and other debt	77,940
Other liabilities	45,142
Total liabilities assumed	123,082
Net assets acquired	1,009,717
Goodwill	221,300
2015 Acquisitions | MOB Operations
Business Acquisition [Line Items]
Land and improvements	171,650
Buildings and improvements	1,125,726
Acquired lease intangibles	178,165
Other assets	401,701
Total assets acquired	1,877,242
Notes payable and other debt	99,917
Other liabilities	48,789
Total liabilities assumed	148,706
Net assets acquired	1,728,536
Goodwill	$ 397,200
2014 Acquisitions
Business Acquisition [Line Items]
Land and improvements		$ 145,867
Buildings and improvements		1,628,233
Acquired lease intangibles		65,335
Other assets		12,620
Total assets acquired		1,852,055
Notes payable and other debt		241,077
Other liabilities		133,323
Total liabilities assumed		374,400
Net assets acquired		1,477,655
Cash acquired		8,931
Total cash used		1,468,724
2014 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Land and improvements		45,586
Buildings and improvements		546,849
Acquired lease intangibles		28,883
Other assets		227
Total assets acquired		621,545
Notes payable and other debt		12,927
Other liabilities		8,609
Total liabilities assumed		21,536
Net assets acquired		600,009
Cash acquired		227
Total cash used		599,782
2014 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Land and improvements		100,281
Buildings and improvements		1,081,384
Acquired lease intangibles		36,452
Other assets		12,393
Total assets acquired		1,230,510
Notes payable and other debt		228,150
Other liabilities		124,714
Total liabilities assumed		352,864
Net assets acquired		877,646
Cash acquired		8,704
Total cash used		$ 868,942

ACQUISITIONS OF REAL ESTATE P46

ACQUISITIONS OF REAL ESTATE PROPERTY - Effect on Net Income and Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 149,074	$ 141,923	$ 288,796	$ 263,190
American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Revenues	$ 891,250	$ 824,308	$ 1,788,818	$ 1,638,813
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.45	$ 0.44	$ 0.88	$ 0.82
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.45	$ 0.44	$ 0.87	$ 0.81
Weighted average shares used in computing earnings per common share:
Basic (in shares)	330,715	322,403	327,890	322,347
Diluted (in shares)	334,026	326,037	331,424	325,902

DISPOSITIONS (Details)

DISPOSITIONS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)property
Significant Acquisitions and Disposals
(Loss) gain on real estate dispositions, net	$ 277	$ (184)	$ 277	$ 1,253
Impairment of real estate			28,700	8,400
Impairment of long-lived assets to be disposed of			100	1,500
2015 Dispositions
Significant Acquisitions and Disposals
Proceeds from disposition of assets, including termination fees			423,300
Lease termination fees			5,500
Proceeds deposited in escrow			124,300
Gain (loss) on disposition of assets			32,600
Deferred gain on sale of property	$ 18,100		$ 18,100
Deferred gain on sale of property, term			5 years
2015 Dispositions | Triple-Net Leased Properties
Significant Acquisitions and Disposals
Number of real estate properties sold | property			30
2015 Dispositions | MOB Operations
Significant Acquisitions and Disposals
Number of real estate properties sold | property			25
2014 Dispositions
Significant Acquisitions and Disposals
Proceeds from disposition of assets, including termination fees				52,400
Gain (loss) on disposition of assets				16,300
(Loss) gain on real estate dispositions, net				$ 1,500
2014 Dispositions | Triple-Net Leased Properties
Significant Acquisitions and Disposals
Number of real estate properties sold | property				8
2014 Dispositions | MOB Operations
Significant Acquisitions and Disposals
Number of real estate properties sold | property				4

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Jun. 30, 2015USD ($)property	Dec. 31, 2014USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	22	50
Other Assets	$ 106,080	$ 210,463
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	11	14
MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	11	36
Discontinued Operations | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1	1
Discontinued Operations | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	2	2
Other Assets
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Assets	$ 106,080	$ 210,463
Other Assets | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Assets	24,119	34,097
Other Assets | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other Assets	81,961	176,366
Accounts Payable and Other Liabilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts Payable and Other Liabilities	37,344	50,225
Accounts Payable and Other Liabilities | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts Payable and Other Liabilities	1,120	1,330
Accounts Payable and Other Liabilities | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts Payable and Other Liabilities	$ 36,224	$ 48,895

DISPOSITIONS - Summary of Opera

DISPOSITIONS - Summary of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income	$ 69	$ 1,808	$ 141	$ 4,008
Interest and other income	0	0	0	750
Total Revenues	69	1,808	141	4,758
Expenses:
Interest	110	503	362	1,181
Depreciation and amortization	12	1,247	24	1,528
Property-level operating expenses	89	(1)	177	280
Other	68	130	211	246
Total expenses	279	1,879	774	3,235
(Loss) income before gain (loss) on real estate dispositions	(210)	(71)	(633)	1,523
Gain (loss) on real estate dispositions	277	(184)	277	1,253
Discontinued operations	$ 67	$ (255)	$ (356)	$ 2,776

LOANS RECEIVABLE AND INVESTME50

LOANS RECEIVABLE AND INVESTMENTS (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015USD ($)loan	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities	$ 0	$ 0	$ 0		$ 76,046
Available-for-sale securities, unrealized gain (loss)	1,503	1,503	1,503		6,784
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	824,816	824,816	824,816		927,664
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	823,313	823,313	823,313		920,880
Secured loans, unsecured loans, and other available-for-sale securities, fair value	823,491	823,491	823,491		937,114
Purchase of marketable securities			0	$ 46,689
Investment in loans receivable and other			55,659	$ 44,488
Proceeds from sale of loans			86,200		55,900
Gain on the repayment of loans receivable			1,500		5,200
Total proceeds from sale or maturity of marketable securities					22,300
Recognized gain on sale of marketable securities					600
Secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale securities, unrealized gain (loss)	1,503	1,503	1,503		1,738
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	789,408	789,408	789,408		829,756
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	787,905	787,905	787,905		828,018
Secured loans, unsecured loans, and other available-for-sale securities, fair value	786,648	786,648	786,648		837,904
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale securities, unrealized gain (loss)	0	0	0		5,046
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	35,408	35,408	35,408		97,908
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	35,408	35,408	35,408		92,862
Secured loans, unsecured loans, and other available-for-sale securities, fair value	36,843	36,843	36,843		99,210
Government-sponsored pooled loan investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities	63,225	63,225	63,225		63,115
Available-for-sale securities, amortized cost	61,722	61,722	61,722		61,377
Available-for-sale securities, unrealized gain (loss)	1,503	1,503	1,503		1,738
Investment in loans receivable and other					38,700
Marketable securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities					76,046
Available-for-sale securities, amortized cost					71,000
Available-for-sale securities, unrealized gain (loss)					5,046
Senior unsecured corporate bonds
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of marketable securities					71,000
Carrying value of investment	71,000	71,000	71,000
Proceeds from sale of investment	76,800
Recognized gain on sale of investments		5,800	5,800
Unrealized gains of investments		5,000
Marketable equity securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of marketable securities					21,700
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	726,183	726,183	726,183		766,641
Mortgage loans and other, fair value	723,423	723,423	$ 723,423		$ 774,789
Number of loans sold | loan			1		3
Secured mortgage loans and other | Mezzanine Loan Investment Due 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in loans receivable and other					$ 425,000
Secured loan receivable, interest rate					8.10%
Unsecured loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	35,408	35,408	$ 35,408		$ 21,862
Mortgage loans and other, fair value	$ 36,843	$ 36,843	$ 36,843		$ 23,164
Number of loans sold | loan			1		2

INVESTMENTS IN UNCONSOLIDATED51

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Dec. 31, 2014property
Equity method investments
Number of real estate properties	1,600		1,600
Management fees earned in connection with unconsolidated entities | $	$ 1.8	$ 2	$ 3.7	$ 4.2
ATRIA
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	34.00%		34.00%		34.00%
Unconsolidated Properties
Equity method investments
Number of real estate properties	51		51		51
Unconsolidated Properties | Minimum
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	5.00%		5.00%		5.00%
Unconsolidated Properties | Maximum
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	25.00%		25.00%		25.00%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period (in years)	17 years 2 months 12 days	19 years 10 months 24 days
Goodwill and other intangibles	$ 1,230,458	$ 489,384
Accumulated amortization	(619,192)	(549,026)
Net intangible assets	1,919,317	980,009
Intangible liabilities:
Below market lease intangibles	453,750	425,092
Other lease intangibles	36,067	32,103
Accumulated amortization	(171,651)	(158,480)
Purchase option intangibles	22,644	22,900
Net intangible liabilities	$ 340,810	$ 321,615
Below market leases, remaining weighted average amortization period (in years)	14 years 7 months	14 years 8 months 12 days
Other lease intangibles, remaining weighted average amortization period (in years)	30 years 7 months	26 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 4 months 24 days	15 years 2 months 12 days
Above market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 224,563	$ 210,573
Remaining weighted average amortization period (in years)	8 years 2 months 12 days	8 years 2 months 12 days
In-place and other lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,083,488	$ 829,078
Remaining weighted average amortization period (in years)	19 years 3 months	23 years 10 months 24 days
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Remaining weighted average amortization period (in years)	8 years 2 months 12 days	7 years 10 months 24 days

INTANGIBLES - Additional Inform

INTANGIBLES - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Net amortization expense	$ 63.8	$ 31.5
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,015	65.3
2,016	81.6
2,017	34.7
2,018	25.9
2,019	$ 19.7

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 203,704	$ 187,969
Unsecured loans receivable and investments, net	35,408	21,862
Goodwill and other intangibles, net	1,210,346	472,052
Assets held for sale	106,080	210,463
Marketable securities	0	76,046
Other	156,883	163,145
Total other assets	$ 1,712,421	$ 1,131,537

SENIOR NOTES PAYABLE AND OTHE55

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - Entity [Domain] CAD in Thousands, $ in Thousands	Jun. 30, 2015CAD	Jun. 30, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Debt instruments
Principal amount outstanding		$ 11,492,273		$ 10,872,371
Unamortized fair value adjustment		42,770		41,853
Unamortized discounts		(27,182)		(26,132)
Senior notes payable and other debt		11,507,861		10,888,092
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding		583,765		919,099
Unsecured revolving credit facilities | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 11,800		CAD 164,100
3.125% Senior Notes due 2015
Debt instruments
Principal amount outstanding		$ 400,000		$ 400,000
Interest rate (as a percent)	3.125%	3.125%	3.125%	3.125%
6% Senior Notes due 2015
Debt instruments
Principal amount outstanding		$ 0		$ 234,420
Interest rate (as a percent)	6.00%	6.00%	6.00%	6.00%
1.55% Senior Notes due 2016
Debt instruments
Principal amount outstanding		$ 550,000		$ 550,000
Interest rate (as a percent)	1.55%	1.55%	1.55%	1.55%
1.250% Senior Notes due 2017
Debt instruments
Principal amount outstanding		$ 300,000		$ 300,000
Interest rate (as a percent)	1.25%	1.25%	1.25%	1.25%
2.00% Senior Notes due 2018
Debt instruments
Principal amount outstanding		$ 700,000		$ 700,000
Interest rate (as a percent)	2.00%	2.00%	2.00%	2.00%
Unsecured term loan
Debt instruments
Principal amount outstanding | CAD	CAD 1,000,000
Unsecured term loan | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 99,600
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding		$ 200,000		$ 200,000
Unsecured Term Loan Due 2019
Debt instruments
Principal amount outstanding		783,146		790,634
4.00% senior notes due 2019
Debt instruments
Principal amount outstanding		$ 600,000		$ 600,000
Interest rate (as a percent)	4.00%	4.00%	4.00%	4.00%
3.00% Senior Notes, Series A due 2019
Debt instruments
Principal amount outstanding | CAD	CAD 320,128		CAD 344,204
Interest rate (as a percent)	3.00%	3.00%	3.00%	3.00%
2.700% Senior Notes due 2020
Debt instruments
Principal amount outstanding		$ 500,000		$ 500,000
Interest rate (as a percent)	2.70%	2.70%	2.70%	2.70%
4.750% Senior Notes due 2021
Debt instruments
Principal amount outstanding		$ 700,000		$ 700,000
Interest rate (as a percent)	4.75%	4.75%	4.75%	4.75%
4.25% senior notes due 2022
Debt instruments
Principal amount outstanding		$ 600,000		$ 600,000
Interest rate (as a percent)	4.25%	4.25%	4.25%	4.25%
3.25% senior notes due 2022
Debt instruments
Principal amount outstanding		$ 500,000		$ 500,000
Interest rate (as a percent)	3.25%	3.25%	3.25%	3.25%
3.300% Senior Notes due 2022
Debt instruments
Principal amount outstanding | CAD	CAD 200,080		CAD 0
Interest rate (as a percent)	3.30%	3.30%	3.30%	3.30%
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding		$ 400,000		$ 400,000
Interest rate (as a percent)	3.75%	3.75%	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding | CAD	CAD 200,080		CAD 215,128
Interest rate (as a percent)	4.125%	4.125%	4.125%	4.125%
3.500% Senior Notes due 2025
Debt instruments
Principal amount outstanding		$ 600,000		$ 0
Interest rate (as a percent)	3.50%	3.50%	3.50%	3.50%
6.90% Senior Notes due 2037
Debt instruments
Principal amount outstanding		$ 52,400		$ 52,400
Interest rate (as a percent)	6.90%	6.90%	6.90%	6.90%
6.59% Senior Notes due 2038
Debt instruments
Principal amount outstanding		$ 22,973		$ 22,973
Interest rate (as a percent)	6.59%	6.59%	6.59%	6.59%
5.45% Senior Notes due 2043
Debt instruments
Principal amount outstanding		$ 258,750		$ 258,750
Interest rate (as a percent)	5.45%	5.45%	5.45%	5.45%
5.70% Senior Notes due 2043
Debt instruments
Principal amount outstanding		$ 300,000		$ 300,000
Interest rate (as a percent)	5.70%	5.70%	5.70%	5.70%
4.375% Senior Notes due 2045
Debt instruments
Principal amount outstanding		$ 300,000		$ 0
Interest rate (as a percent)	4.375%	4.375%	4.375%	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding		$ 2,420,951		$ 2,284,763
Mortgage Loans Held-for-Sale
Debt instruments
Principal amount outstanding		$ 33,200		$ 43,500

SENIOR NOTES PAYABLE AND OTHE56

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	$ 489,444
2,016	900,869
2,017	852,328
2,018	1,709,225
2,019	2,276,215
Thereafter	5,264,192
Total maturities	11,492,273	$ 10,872,371
Unrestricted cash and cash equivalents	60,532	55,348	$ 86,635	$ 94,816
Cash held in exchange escrow account	124,300
Amount outstanding, net of cash and cash equivalents	399,000
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	467,218
2,016	861,817
2,017	822,764
2,018	1,101,879
2,019	2,260,305
Thereafter	5,109,516
Total maturities	10,623,499
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	0
2,016	0
2,017	0
2,018	583,765
2,019	0
Thereafter	0
Total maturities	583,765	$ 919,099
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	22,226
2,016	39,052
2,017	29,564
2,018	23,581
2,019	15,910
Thereafter	154,676
Total maturities	285,009
Senior Notes | 6.90% Senior Notes due 2037
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Thereafter	$ 52,400
Interest rate (as a percent)	6.90%
Senior Notes | 6.59% Senior Notes due 2038
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Thereafter	$ 23,000
Interest rate (as a percent)	6.59%

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Unsecured Revolving Credit Facility and Unsecured Term Loans (Details)	1 Months Ended			6 Months Ended
	Jul. 24, 2015USD ($)	Jan. 31, 2015CAD	Jan. 31, 2015USD ($)	Jun. 30, 2015USD ($)	May. 31, 2015USD ($)	Jan. 31, 2015USD ($)
Unsecured revolving credit facilities
Debt instruments
Line of credit facility, current borrowing capacity				$ 2,000,000,000
Debt Instrument, Term, Additional Period				1 year
Amount outstanding				$ 583,800,000
Letters of credit outstanding				14,900,000
Remaining borrowing capacity				$ 1,400,000,000
Unsecured revolving credit facilities | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.00%
Unsecured Term Loan Due 2018
Debt instruments
Line of credit facility, current borrowing capacity				$ 200,000,000
Debt instrument, term of loan (in years)				4 years
Unsecured Term Loan Due 2018 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.05%
Unsecured Term Loan Due 2019
Debt instruments
Line of credit facility, current borrowing capacity				$ 800,000,000
Debt instrument, term of loan (in years)				5 years
Unsecured Term Loan Due 2019 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.05%
Unsecured line of credit
Debt instruments
Line of credit facility, maximum borrowing capacity (up to $3.5 billion)				$ 3,500,000,000
Senior Notes | 3.500% Senior Notes due 2025
Debt instruments
Debt instrument, face amount						$ 600,000,000
Interest rate (as a percent)		3.50%				3.50%
Public offering price as a percent of par		99.663%				99.663%
Proceeds from issuance of senior long-term debt			$ 598,000,000
Senior Notes | 4.375% Senior Notes due 2045
Debt instruments
Debt instrument, face amount						$ 300,000,000
Interest rate (as a percent)		4.375%				4.375%
Public offering price as a percent of par		99.50%				99.50%
Proceeds from issuance of senior long-term debt			$ 298,500,000
Senior Notes | 6% Senior Notes due 2015
Debt instruments
Debt instrument, face amount					$ 234,400,000
Interest rate (as a percent)					6.00%
Senior Notes | Ventas Canada Finance Limited Series C Senior Notes, Due 2022 | Ventas Canada Finance Limited
Debt instruments
Debt instrument, face amount | CAD		CAD 250,000,000
Interest rate (as a percent)		3.30%				3.30%
Public offering price as a percent of par		99.992%				99.992%
Proceeds from issuance of senior long-term debt | CAD		CAD 250,000,000
Subsequent Event | Senior Notes | 4.125% Senior Notes due 2026
Debt instruments
Debt instrument, face amount	$ 500,000,000
Interest rate (as a percent)	4.125%
Public offering price as a percent of par	99.218%
Proceeds from issuance of senior long-term debt	$ 496,100,000

FAIR VALUES OF FINANCIAL INST58

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Unsecured loans receivable, net	$ 35,408	$ 21,862
Marketable securities	0	76,046
Liabilities:
Redeemable OP unitholder interests	190,500	159,100
Government-sponsored pooled loan investments
Assets:
Marketable securities	63,225	63,115
Carrying Amount
Assets:
Cash and cash equivalents	60,532	55,348
Secured loans receivable, net	726,183	766,641
Unsecured loans receivable, net	35,408	21,862
Liabilities:
Senior notes payable and other debt, gross	11,492,273	10,872,371
Derivative instruments and other liabilities	3,447	2,743
Redeemable OP unitholder interests	190,461	159,134
Carrying Amount | Government-sponsored pooled loan investments
Assets:
Marketable securities	63,225	63,115
Carrying Amount | Marketable securities
Assets:
Marketable securities	0	76,046
Fair Value
Assets:
Cash and cash equivalents	60,532	55,348
Secured loans receivable, net	723,423	774,789
Unsecured loans receivable, net	36,843	23,164
Liabilities:
Senior notes payable and other debt, gross	11,859,324	11,197,131
Derivative instruments and other liabilities	3,447	2,743
Redeemable OP unitholder interests	190,461	159,134
Fair Value | Government-sponsored pooled loan investments
Assets:
Marketable securities	63,225	63,115
Fair Value | Marketable securities
Assets:
Marketable securities	$ 0	$ 76,046

LITIGATION (Details)

LITIGATION (Details)	1 Months Ended
	Jun. 30, 2014claim
Loss Contingencies [Line Items]
Putative class actions were filed, number of claims	13
Circuit Court for Baltimore City, Maryland
Loss Contingencies [Line Items]
Putative class actions were filed, number of claims	10
Supreme Court of the State of New York, County of New York
Loss Contingencies [Line Items]
Putative class actions were filed, number of claims	2
United States District Court of Maryland
Loss Contingencies [Line Items]
Putative class actions were filed, number of claims	1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Provision (benefit) for income taxes
Income tax benefit (expense)	$ 9,789	$ (3,274)	$ 17,039	$ (6,707)
Net deferred tax liabilities	$ 370,200		$ 370,200		$ 344,300

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended	12 Months Ended
	Jul. 24, 2015	Jun. 30, 2015	Jan. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Issuance of common stock, shares		1,051,664	3,750,202
Proceeds for the issuance of common stock		$ 66,900	$ 285,400	$ 352,167	$ 242,107
Sales agent commissions for common stock sales		1,000	$ 4,400
Common stock reserved for future issuance, amount (up to $1.0 Billion)		$ 1,000,000		1,000,000
Common Stock
Business Acquisition [Line Items]
Proceeds for the issuance of common stock				$ 1,201	$ 845
American Realty Capital Healthcare Trust | Common Stock
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares			28,400,000
American Realty Capital Healthcare Trust | Limited Partnership Units
Business Acquisition [Line Items]
Business acquisition, equity interest issued, number of shares			1,100,000
Subsequent Event
Business Acquisition [Line Items]
Issuance of common stock, shares	579,652
Proceeds for the issuance of common stock	$ 36,400
Sales agent commissions for common stock sales	$ 600

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Foreign currency translation	$ 4,387	$ 866
Unrealized gain on marketable securities	1,738	6,784
Other	4,055	5,471
Total accumulated other comprehensive income	$ 10,180	$ 13,121

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator for basic and diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 149,754	$ 138,653	$ 270,619	$ 256,669
Discontinued operations	67	(255)	(356)	2,776
Net income attributable to common stockholders	$ 149,821	$ 138,398	$ 270,263	$ 259,445
Denominator:
Denominator for basic earnings per share—weighted average shares	330,715	293,988	327,890	293,932
Effect of dilutive securities:
Stock options (in shares)	341	530	436	456
Restricted stock awards (in shares)	41	59	60	53
OP units (in shares)	2,929	1,927	3,038	1,928
Denominator for diluted earnings per share—adjusted weighted average shares	334,026	296,504	331,424	296,369
Basic earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.45	$ 0.47	$ 0.82	$ 0.87
Discontinued operations (in usd per share)	0	0	0	0.01
Net income attributable to common stockholders (in usd per share)	0.45	0.47	0.82	0.88
Diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.45	0.47	0.82	0.87
Discontinued operations (in usd per share)	0	0	0	0.01
Net income attributable to common stockholders (in usd per share)	$ 0.45	$ 0.47	$ 0.82	$ 0.88

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			3
Revenues:
Rental income	$ 400,965	$ 357,616	$ 804,161	$ 710,685
Resident fees and services	454,645	374,473	901,559	745,534
Medical office building and other services revenue	9,408	4,367	19,951	10,667
Income from loans and investments	26,068	14,625	48,967	25,392
Interest and other income	236	173	708	446
Total revenues	891,322	751,254	1,775,346	1,492,724
Less:
Interest and other income	236	173	708	446
Property-level operating expenses	342,573	288,759	683,284	576,399
Medical office building services costs	5,764	1,626	12,682	4,997
Segment NOI	542,749	460,696	1,078,672	910,882
Income (loss) from unconsolidated entities	9	348	(242)	596
Segment profit	542,758	461,044	1,078,430	911,478
Interest and other income	236	173	708	446
Interest expense	(107,591)	(91,501)	(214,181)	(179,342)
Depreciation and amortization	(249,195)	(190,818)	(496,636)	(384,412)
General, administrative and professional fees	(33,962)	(31,306)	(68,292)	(64,172)
Gain (loss) on extinguishment of debt	455	(2,924)	434	(2,665)
Merger-related expenses and deal costs	(14,585)	(9,599)	(49,757)	(20,359)
Other	(5,091)	(4,863)	(10,387)	(10,092)
Income tax benefit (expense)	9,789	(3,274)	17,039	(6,707)
Discontinued operations	67	(255)	(356)	2,776
Gain on real estate dispositions	7,469	11,889	14,155	12,889
Net income	150,350	138,566	271,157	259,840	$ 477,186
Triple-Net Leased Properties
Revenues:
Rental income	260,562	242,726	526,768	480,572
Resident fees and services	0	0	0	0
Medical office building and other services revenue	1,139	1,145	2,275	2,293
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	261,701	243,871	529,043	482,865
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
Segment NOI	261,701	243,871	529,043	482,865
Income (loss) from unconsolidated entities	221	17	645	586
Segment profit	261,922	243,888	529,688	483,451
Interest and other income	0	0	0	0
Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	454,645	374,473	901,559	745,534
Medical office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	454,645	374,473	901,559	745,534
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	299,252	249,424	597,614	497,719
Medical office building services costs	0	0	0	0
Segment NOI	155,393	125,049	303,945	247,815
Income (loss) from unconsolidated entities	(240)	160	(662)	16
Segment profit	155,153	125,209	303,283	247,831
Interest and other income	0	0	0	0
MOB Operations
Revenues:
Rental income	140,403	114,890	277,393	230,113
Resident fees and services	0	0	0	0
Medical office building and other services revenue	7,749	2,722	16,607	7,374
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	148,152	117,612	294,000	237,487
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	43,321	39,335	85,670	78,680
Medical office building services costs	5,764	1,626	12,682	4,997
Segment NOI	99,067	76,651	195,648	153,810
Income (loss) from unconsolidated entities	143	307	119	260
Segment profit	99,210	76,958	195,767	154,070
Interest and other income	0	0	0	0
All Other
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Medical office building and other services revenue	520	500	1,069	1,000
Income from loans and investments	26,068	14,625	48,967	25,392
Interest and other income	236	173	708	446
Total revenues	26,824	15,298	50,744	26,838
Less:
Interest and other income	236	173	708	446
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
Segment NOI	26,588	15,125	50,036	26,392
Income (loss) from unconsolidated entities	(115)	(136)	(344)	(266)
Segment profit	26,473	14,989	49,692	26,126
Interest and other income	$ 236	$ 173	$ 708	$ 446

SEGMENT INFORMATION - Assets (D

SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 24,275,162	$ 21,226,171
Percentage of total assets	100.00%	100.00%
Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Total assets	$ 9,638,035	$ 9,176,159
Percentage of total assets	39.70%	43.20%
Senior Living Operations
Segment Reporting Information [Line Items]
Total assets	$ 8,267,934	$ 7,421,924
Percentage of total assets	34.00%	35.00%
MOB Operations
Segment Reporting Information [Line Items]
Total assets	$ 5,233,638	$ 3,526,217
Percentage of total assets	21.60%	16.60%
All Other
Segment Reporting Information [Line Items]
Total assets	$ 1,135,555	$ 1,101,871
Percentage of total assets	4.70%	5.20%

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Capital expenditures	$ 232,792	$ 129,527	$ 1,359,969	$ 351,475
Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	102,971	57,380	559,989	249,432
Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	29,374	62,317	311,806	79,180
MOB Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 100,447	$ 9,830	$ 488,174	$ 22,863

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenues:
Total revenues	$ 891,322	$ 751,254	$ 1,775,346	$ 1,492,724
Net real estate property:
Total net real estate property	21,365,096		21,365,096		$ 18,985,559
United States
Revenues:
Total revenues	840,830	724,725	1,675,287	1,444,833
Net real estate property:
Total net real estate property	19,858,871		19,858,871		17,547,255
Canada
Revenues:
Total revenues	44,736	21,821	88,786	43,038
Net real estate property:
Total net real estate property	1,163,102		1,163,102		1,269,710
United Kingdom
Revenues:
Total revenues	5,756	$ 4,708	11,273	$ 4,853
Net real estate property:
Total net real estate property	$ 343,123		$ 343,123		$ 168,594

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets
Net real estate investments	$ 22,239,965	$ 19,907,187
Cash and cash equivalents	60,532	55,348	$ 86,635	$ 94,816
Escrow deposits and restricted cash	193,960	71,771
Deferred financing costs, net	68,284	60,328
Investment in and advances to affiliates	0	0
Other assets	1,712,421	1,131,537
Total assets	24,275,162	21,226,171
Liabilities:
Senior notes payable and other debt	11,507,861	10,888,092
Intercompany loans	0	0
Accrued interest	77,631	62,097
Accounts payable and other liabilities	1,026,359	1,005,232
Deferred income taxes	370,161	344,337
Total liabilities	12,982,012	12,299,758
Redeemable OP unitholder and noncontrolling interests	199,404	172,016
Total equity	11,093,746	8,754,397		8,903,811
Total liabilities and equity	24,275,162	21,226,171
Ventas, Inc.
Assets
Net real estate investments	6,101	6,404
Cash and cash equivalents	11,718	24,857	50,226	28,169
Escrow deposits and restricted cash	124,478	2,102
Deferred financing costs, net	759	759
Investment in and advances to affiliates	14,152,936	10,827,772
Other assets	60,255	102,646
Total assets	14,356,247	10,964,540
Liabilities:
Senior notes payable and other debt	45,000	0
Intercompany loans	6,850,326	5,555,196
Accrued interest	0	0
Accounts payable and other liabilities	101,034	105,037
Deferred income taxes	370,161	344,337
Total liabilities	7,366,521	6,004,570
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	6,989,726	4,959,970
Total liabilities and equity	$ 14,356,247	10,964,540
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%
Assets
Net real estate investments	$ 344,952	347,583
Cash and cash equivalents	0	0	$ 0	0
Escrow deposits and restricted cash	1,491	1,424
Deferred financing costs, net	57,902	50,669
Investment in and advances to affiliates	3,430,055	3,430,054
Other assets	9,185	57,123
Total assets	3,843,585	3,886,853
Liabilities:
Senior notes payable and other debt	8,093,699	7,422,975
Intercompany loans	(6,274,138)	(5,562,739)
Accrued interest	57,809	43,212
Accounts payable and other liabilities	76,843	80,307
Deferred income taxes	0	0
Total liabilities	1,954,213	1,983,755
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	1,889,372	1,903,098
Total liabilities and equity	$ 3,843,585	$ 3,886,853
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage	100.00%
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%
Ventas Subsidiaries
Assets
Net real estate investments	$ 21,888,912	$ 19,553,200
Cash and cash equivalents	48,814	30,491	$ 36,409	66,647
Escrow deposits and restricted cash	67,991	68,245
Deferred financing costs, net	9,623	8,900
Investment in and advances to affiliates	0	0
Other assets	1,642,981	971,768
Total assets	23,658,321	20,632,604
Liabilities:
Senior notes payable and other debt	3,369,162	3,465,117
Intercompany loans	(576,188)	7,543
Accrued interest	19,822	18,885
Accounts payable and other liabilities	848,482	819,888
Deferred income taxes	0	0
Total liabilities	3,661,278	4,311,433
Redeemable OP unitholder and noncontrolling interests	199,404	172,016
Total equity	19,797,639	16,149,155
Total liabilities and equity	23,658,321	20,632,604
Consolidated Eliminations
Assets
Net real estate investments	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Escrow deposits and restricted cash	0	0
Deferred financing costs, net	0	0
Investment in and advances to affiliates	(17,582,991)	(14,257,826)
Other assets	0	0
Total assets	(17,582,991)	(14,257,826)
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	0	0
Accrued interest	0	0
Accounts payable and other liabilities	0	0
Deferred income taxes	0	0
Total liabilities	0	0
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	(17,582,991)	(14,257,826)
Total liabilities and equity	$ (17,582,991)	$ (14,257,826)

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Revenues:
Rental income	$ 400,965	$ 357,616	$ 804,161	$ 710,685
Resident fees and services	454,645	374,473	901,559	745,534
Medical office building and other services revenue	9,408	4,367	19,951	10,667
Income from loans and investments	26,068	14,625	48,967	25,392
Equity earnings in affiliates	0	0	0	0
Interest and other income	236	173	708	446
Total revenues	891,322	751,254	1,775,346	1,492,724
Expenses:
Interest	107,591	91,501	214,181	179,342
Depreciation and amortization	249,195	190,818	496,636	384,412
Property-level operating expenses	342,573	288,759	683,284	576,399
Medical office building services costs	5,764	1,626	12,682	4,997
General, administrative and professional fees	33,962	31,306	68,292	64,172
Loss on extinguishment of debt, net	(455)	2,924	(434)	2,665
Merger-related expenses and deal costs	14,585	9,599	49,757	20,359
Other	5,091	4,863	10,387	10,092
Total expenses	758,306	621,396	1,534,785	1,242,438
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	133,016	129,858	240,561	250,286
Income (loss) from unconsolidated entities	9	348	(242)	596
Income tax benefit (expense)	9,789	(3,274)	17,039	(6,707)
Income from continuing operations	142,814	126,932	257,358	244,175
Discontinued operations	67	(255)	(356)	2,776
Gain on real estate dispositions	7,469	11,889	14,155	12,889
Net income	150,350	138,566	271,157	259,840	$ 477,186
Net income attributable to noncontrolling interest	529	168	894	395
Net income attributable to common stockholders	149,821	138,398	270,263	259,445
Ventas, Inc.
Revenues:
Rental income	915	626	1,831	1,244
Resident fees and services	0	0	0	0
Medical office building and other services revenue	0	0	0	0
Income from loans and investments	7,169	931	8,605	1,236
Equity earnings in affiliates	131,119	132,423	261,112	258,510
Interest and other income	20	34	376	185
Total revenues	139,223	134,014	271,924	261,175
Expenses:
Interest	(8,932)	(4,225)	(16,760)	(4,872)
Depreciation and amortization	1,357	1,478	2,700	2,898
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
General, administrative and professional fees	2,821	(12)	80	1,875
Loss on extinguishment of debt, net	0	0	0	(3)
Merger-related expenses and deal costs	11,827	6,482	46,180	8,235
Other	(136)	324	935	1,031
Total expenses	6,937	4,047	33,135	9,164
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	132,286	129,967	238,789	252,011
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit (expense)	9,789	(3,274)	17,039	(6,707)
Income from continuing operations	142,075	126,693	255,828	245,304
Discontinued operations	277	(184)	280	1,252
Gain on real estate dispositions	7,469	11,889	14,155	12,889
Net income	149,821	138,398	270,263	259,445
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ 149,821	138,398	$ 270,263	259,445
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%		100.00%
Revenues:
Rental income	$ 70,959	68,003	$ 142,127	140,615
Resident fees and services	0	0	0	0
Medical office building and other services revenue	0	0	0	0
Income from loans and investments	252	0	303	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	53	5	58	11
Total revenues	71,264	68,008	142,488	140,626
Expenses:
Interest	64,569	46,935	128,163	90,029
Depreciation and amortization	7,677	7,435	16,727	15,406
Property-level operating expenses	73	99	204	248
Medical office building services costs	0	0	0	0
General, administrative and professional fees	5,054	5,520	11,415	11,365
Loss on extinguishment of debt, net	0	0	0	3
Merger-related expenses and deal costs	75	2,110	75	2,110
Other	325	83	327	402
Total expenses	77,773	62,182	156,911	119,563
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(6,509)	5,826	(14,423)	21,063
Income (loss) from unconsolidated entities	359	320	760	841
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	(6,150)	6,146	(13,663)	21,904
Discontinued operations	(88)	(1,329)	(365)	(774)
Gain on real estate dispositions	0	0	0	0
Net income	(6,238)	4,817	(14,028)	21,130
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ (6,238)	$ 4,817	$ (14,028)	$ 21,130
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Ventas Subsidiaries
Revenues:
Rental income	$ 329,091	$ 288,987	$ 660,203	$ 568,826
Resident fees and services	454,645	374,473	901,559	745,534
Medical office building and other services revenue	9,408	4,367	19,951	10,667
Income from loans and investments	18,647	13,694	40,059	24,156
Equity earnings in affiliates	(62)	48	(140)	211
Interest and other income	163	134	274	250
Total revenues	811,892	681,703	1,621,906	1,349,644
Expenses:
Interest	51,954	48,791	102,778	94,185
Depreciation and amortization	240,161	181,905	477,209	366,108
Property-level operating expenses	342,500	288,660	683,080	576,151
Medical office building services costs	5,764	1,626	12,682	4,997
General, administrative and professional fees	26,087	25,798	56,797	50,932
Loss on extinguishment of debt, net	(455)	2,924	(434)	2,665
Merger-related expenses and deal costs	2,683	1,007	3,502	10,014
Other	4,902	4,456	9,125	8,659
Total expenses	673,596	555,167	1,344,739	1,113,711
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	138,296	126,536	277,167	235,933
Income (loss) from unconsolidated entities	(350)	28	(1,002)	(245)
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	137,946	126,564	276,165	235,688
Discontinued operations	(122)	1,258	(271)	2,298
Gain on real estate dispositions	0	0	0	0
Net income	137,824	127,822	275,894	237,986
Net income attributable to noncontrolling interest	529	168	894	395
Net income attributable to common stockholders	137,295	127,654	275,000	237,591
Consolidated Eliminations
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Medical office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(131,057)	(132,471)	(260,972)	(258,721)
Interest and other income	0	0	0	0
Total revenues	(131,057)	(132,471)	(260,972)	(258,721)
Expenses:
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
General, administrative and professional fees	0	0	0	0
Loss on extinguishment of debt, net	0	0	0	0
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Income before income (loss) from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(131,057)	(132,471)	(260,972)	(258,721)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	(131,057)	(132,471)	(260,972)	(258,721)
Discontinued operations	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Net income	(131,057)	(132,471)	(260,972)	(258,721)
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ (131,057)	$ (132,471)	$ (260,972)	$ (258,721)

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Condensed financial statements, captions
Net income (loss)	$ 150,350	$ 138,566	$ 271,157	$ 259,840	$ 477,186
Other comprehensive (loss) income:
Foreign currency translation	14,393	7,719	3,521	4,979
Change in unrealized gain on marketable securities	(6,395)	265	(5,046)	1,571
Other	(2,175)	(193)	(1,416)	46
Total other comprehensive income (loss)	5,823	7,791	(2,941)	6,596	$ (6,538)
Comprehensive income	156,173	146,357	268,216	266,436
Comprehensive income attributable to noncontrolling interest	529	168	894	395
Comprehensive income attributable to common stockholders	155,644	146,189	267,322	266,041
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	149,821	138,398	270,263	259,445
Other comprehensive (loss) income:
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	(6,395)	265	(5,046)	1,571
Other	0	0	0	0
Total other comprehensive income (loss)	(6,395)	265	(5,046)	1,571
Comprehensive income	143,426	138,663	265,217	261,016
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	143,426	138,663	265,217	261,016
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(6,238)	4,817	(14,028)	21,130
Other comprehensive (loss) income:
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(6,238)	4,817	(14,028)	21,130
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	$ (6,238)	$ 4,817	$ (14,028)	$ 21,130
Ownership percentage	100.00%		100.00%
Ventas Capital Corporation
Other comprehensive (loss) income:
Ownership percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	$ 137,824	$ 127,822	$ 275,894	$ 237,986
Other comprehensive (loss) income:
Foreign currency translation	14,393	7,719	3,521	4,979
Change in unrealized gain on marketable securities	0	0	0	0
Other	(2,175)	(193)	(1,416)	46
Total other comprehensive income (loss)	12,218	7,526	2,105	5,025
Comprehensive income	150,042	135,348	277,999	243,011
Comprehensive income attributable to noncontrolling interest	529	168	894	395
Comprehensive income attributable to common stockholders	149,513	135,180	277,105	242,616
Consolidated Eliminations
Condensed financial statements, captions
Net income (loss)	(131,057)	(132,471)	(260,972)	(258,721)
Other comprehensive (loss) income:
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(131,057)	(132,471)	(260,972)	(258,721)
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	$ (131,057)	$ (132,471)	$ (260,972)	$ (258,721)

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 717,724	$ 595,702
Net cash used in investing activities	(996,747)	(385,433)
Cash flows from financing activities:
Net change in borrowings under credit facility	(321,334)	(199,951)
Proceeds from debt	1,107,971	696,661
Repayment of debt	(278,442)	(272,726)
Net change in intercompany debt	0	0
Purchase of noncontrolling interest	(3,816)	0
Payment of deferred financing costs	(14,608)	(6,846)
Issuance of common stock, net	352,167	0
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(516,404)	(426,952)
Cash distribution to redeemable OP unitholders	(4,697)	(2,762)
Purchases of redeemable OP units	(33,188)	0
Distributions to noncontrolling interest	(9,467)	(4,908)
Other	5,928	(574)
Net cash provided by (used in) financing activities	284,110	(218,058)
Net increase (decrease) in cash and cash equivalents	5,087	(7,789)
Effect of foreign currency translation on cash and cash equivalents	97	(392)
Cash and cash equivalents at beginning of period	55,348	94,816
Cash and cash equivalents at end of period	60,532	86,635
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	(6,671)	(87,463)
Net cash used in investing activities	(923,494)	(183,034)
Cash flows from financing activities:
Net change in borrowings under credit facility	45,000	0
Proceeds from debt	0	0
Repayment of debt	0	0
Net change in intercompany debt	1,295,130	597,469
Purchase of noncontrolling interest	0
Payment of deferred financing costs	0	0
Issuance of common stock, net	352,167
Cash distribution (to) from affiliates	(269,799)	113,939
Cash distribution to common stockholders	(516,404)	(426,952)
Cash distribution to redeemable OP unitholders	0
Purchases of redeemable OP units	0
Distributions to noncontrolling interest	0	0
Other	5,928	2,546
Net cash provided by (used in) financing activities	912,022	287,002
Net increase (decrease) in cash and cash equivalents	(18,143)	16,505
Effect of foreign currency translation on cash and cash equivalents	5,004	5,552
Cash and cash equivalents at beginning of period	24,857	28,169
Cash and cash equivalents at end of period	11,718	50,226
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	41,072	46,937
Net cash used in investing activities	(10,153)	(1,946)
Cash flows from financing activities:
Net change in borrowings under credit facility	(228,000)	(196,000)
Proceeds from debt	896,478	696,661
Repayment of debt	0	0
Net change in intercompany debt	(711,399)	(546,235)
Purchase of noncontrolling interest	0
Payment of deferred financing costs	(12,755)	(5,966)
Issuance of common stock, net	0
Cash distribution (to) from affiliates	24,757	6,544
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Purchases of redeemable OP units	0
Distributions to noncontrolling interest	0	0
Other	0	5
Net cash provided by (used in) financing activities	(30,919)	(44,991)
Net increase (decrease) in cash and cash equivalents	0	0
Effect of foreign currency translation on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	0
Ownership percentage	100.00%
Ventas Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 683,323	636,228
Net cash used in investing activities	(63,100)	(200,453)
Cash flows from financing activities:
Net change in borrowings under credit facility	(138,334)	(3,951)
Proceeds from debt	211,493	0
Repayment of debt	(278,442)	(272,726)
Net change in intercompany debt	(583,731)	(51,234)
Purchase of noncontrolling interest	(3,816)
Payment of deferred financing costs	(1,853)	(880)
Issuance of common stock, net	0
Cash distribution (to) from affiliates	245,042	(120,483)
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(4,697)	(2,762)
Purchases of redeemable OP units	(33,188)
Distributions to noncontrolling interest	(9,467)	(4,908)
Other	0	(3,125)
Net cash provided by (used in) financing activities	(596,993)	(460,069)
Net increase (decrease) in cash and cash equivalents	23,230	(24,294)
Effect of foreign currency translation on cash and cash equivalents	(4,907)	(5,944)
Cash and cash equivalents at beginning of period	30,491	66,647
Cash and cash equivalents at end of period	48,814	36,409
Consolidated Eliminations
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Net change in intercompany debt	0	0
Purchase of noncontrolling interest	0
Payment of deferred financing costs	0	0
Issuance of common stock, net	0
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Purchases of redeemable OP units	0
Distributions to noncontrolling interest	0	0
Other	0	0
Net cash provided by (used in) financing activities	0	0
Net increase (decrease) in cash and cash equivalents	0	0
Effect of foreign currency translation on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0
Ventas Capital Corporation
Cash flows from financing activities:
Ownership percentage	100.00%	100.00%	100.00%

PROPOSED SPIN-OFF OF POST-ACU72

PROPOSED SPIN-OFF OF POST-ACUTE/SKILLED NURSING FACILITY PORTFOLIO (Details) - property	Jun. 30, 2015	Apr. 30, 2015
Business Acquisition [Line Items]
Number of real estate properties	1,600
SpinCo
Business Acquisition [Line Items]
Number of real estate properties		355