Ventas (VTR) 10-Q 26 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		332,982,775

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate investments:
Land and improvements	$ 2,065,664	$ 1,708,851
Buildings and improvements	20,203,784	17,403,552
Construction in progress	124,377	109,689
Acquired lease intangibles	1,344,708	952,251
Gross real estate investments	23,738,533	20,174,343
Accumulated depreciation and amortization	(3,966,947)	(3,420,089)
Net real estate property	19,771,586	16,754,254
Secured loans receivable and investments, net	766,707	802,881
Investments in unconsolidated real estate entities	96,208	91,872
Net real estate investments	20,634,501	17,649,007
Cash and cash equivalents	65,231	55,348
Escrow deposits and restricted cash	74,491	71,771
Goodwill	1,052,321	363,971
Assets held for sale	168,931	2,574,174
Other assets	418,502	451,642
Total assets	22,413,977	21,165,913
Liabilities:
Senior notes payable and other debt	11,268,560	10,827,764
Accrued interest	67,358	62,097
Accounts payable and other liabilities	791,430	750,622
Liabilities related to assets held for sale	65,465	254,680
Deferred income taxes	352,658	344,337
Total liabilities	12,545,471	12,239,500
Redeemable OP unitholder and noncontrolling interests	$ 198,832	$ 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, 333,027 and 298,478 shares issued at September 30, 2015 and December 31, 2014, respectively	83,238	74,656
Capital in excess of par value	11,523,312	10,119,306
Accumulated other comprehensive income	(592)	13,121
Retained earnings (deficit)	(1,992,848)	(1,526,388)
Treasury stock, 61 and 7 shares at September 30, 2015 and December 31, 2014, respectively	(3,675)	(511)
Total Ventas stockholders’ equity	9,609,435	8,680,184
Noncontrolling interest	60,239	74,213
Total equity	9,669,674	8,754,397
Total liabilities and equity	$ 22,413,977	$ 21,165,913

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 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	333,027,000	298,478,000
Treasury stock, shares	61,000	7,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Rental income:
Triple-net leased	$ 201,028	$ 170,873	$ 571,591	$ 500,047
Medical office buildings	142,755	116,686	420,287	346,942
Total rental income	343,783	287,559	991,878	846,989
Resident fees and services	454,825	396,247	1,356,384	1,141,781
Medical office building and other services revenue	10,000	7,573	29,951	18,240
Income from loans and investments	18,924	13,186	66,192	36,902
Interest and other income	74	367	719	811
Total revenues	827,606	704,932	2,445,124	2,044,723
Expenses:
Interest	97,135	77,325	263,422	214,117
Depreciation and amortization	226,332	173,006	657,262	507,167
Property-level operating expenses:
Senior living	304,540	265,274	902,154	762,993
Medical office buildings	43,305	41,262	129,152	120,021
Total property-level operating expenses	347,845	306,536	1,031,306	883,014
Medical office building services costs	6,416	4,568	19,098	9,565
General, administrative and professional fees	32,114	29,464	100,399	93,632
Loss on extinguishment of debt, net	15,331	2,414	14,897	5,079
Merger-related expenses and deal costs	62,145	16,188	105,023	35,944
Other	4,795	9,413	13,948	18,070
Total expenses	792,113	618,914	2,205,355	1,766,588
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	35,493	86,018	239,769	278,135
(Loss) income from unconsolidated entities	(955)	(47)	(1,197)	549
Income tax benefit (expense)	10,697	1,887	27,736	(4,820)
Income from continuing operations	45,235	87,858	266,308	273,864
Discontinued operations	(22,383)	18,171	13,434	79,026
Gain on real estate dispositions	265	3,625	14,420	16,514
Net income	23,117	109,654	294,162	369,404
Net income attributable to noncontrolling interest	265	522	1,047	827
Comprehensive income attributable to noncontrolling interest	265	522	1,047	827
Net income attributable to common stockholders	$ 22,852	$ 109,132	$ 293,115	$ 368,577
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.14	$ 0.31	$ 0.85	$ 0.98
Discontinued operations (in usd per share)	(0.07)	0.06	0.04	0.27
Net income attributable to common stockholders (in usd per share)	0.07	0.37	0.89	1.25
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.14	0.31	0.84	0.97
Discontinued operations (in usd per share)	(0.07)	0.06	0.04	0.27
Net income attributable to common stockholders (in usd per share)	$ 0.07	$ 0.37	$ 0.88	$ 1.24
Weighted average shares used in computing earnings per common share:
Basic (in shares)	332,491	294,030	329,440	293,965
Diluted (in shares)	336,338	296,495	333,210	296,411
Dividends declared per common share (in usd per share)	$ 0.73	$ 0.725	$ 2.31	$ 2.175

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 23,117	$ 109,654	$ 294,162	$ 369,404	$ 477,186
Other comprehensive loss:
Foreign currency translation	(11,239)	(12,885)	(7,718)	(7,906)
Change in unrealized gain on marketable securities	0	(334)	(5,046)	1,237
Other	467	3,120	(949)	3,166
Total other comprehensive loss	(10,772)	(10,099)	(13,713)	(3,503)	$ (6,538)
Comprehensive income	12,345	99,555	280,449	365,901
Comprehensive income attributable to noncontrolling interest	265	522	1,047	827
Comprehensive income attributable to common stockholders	$ 12,080	$ 99,033	$ 279,402	$ 365,074

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 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, $2.31)	(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	294,162	293,115				293,115		1,047
Other comprehensive loss	(13,713)	(13,713)			(13,713)
Acquisition-related activity	2,216,318	2,216,305	7,103	2,209,202				13
Impact of CCP Spin-Off	(1,253,124)	(1,248,407)		(1,248,407)				(4,717)
Net change in noncontrolling interest	(11,131)	0		0				(11,131)
Dividends to common stockholders - ($2.965, $2.31)	(759,575)	(759,575)				(759,575)
Issuance of common stock	417,818	417,818	1,457	416,361
Issuance of common stock for stock plans	10,388	10,388	22	5,877			4,489
Change in redeemable noncontrolling interest	(849)	(1,663)		(1,663)				814
Adjust redeemable OP unitholder interests to current fair value	10,223	10,223		10,223
Purchase of OP units	1,719	1,719	0	1,719
Grant of restricted stock, net of forfeitures	3,041	3,041	0	10,694			(7,653)
Ending Balance at Sep. 30, 2015	$ 9,669,674	$ 9,609,435	$ 83,238	$ 11,523,312	$ (592)	$ (1,992,848)	$ (3,675)	$ 60,239

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 2.31	$ 2.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 294,162	$ 369,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)	736,870	587,176
Amortization of deferred revenue and lease intangibles, net	(19,312)	(14,775)
Other non-cash amortization	3,051	(616)
Stock-based compensation	16,061	16,792
Straight-lining of rental income, net	(25,118)	(29,644)
Loss on extinguishment of debt, net	14,897	5,079
Gain on real estate dispositions (including amounts in discontinued operations)	(14,649)	(17,726)
Gain on real estate loan investments	0	(249)
Gain on sale of marketable securities	(5,800)	0
Income tax (benefit) expense	(30,717)	4,420
Loss (income) from unconsolidated entities	1,197	(549)
Other	23,826	13,736
Changes in operating assets and liabilities:
Decrease (increase) in other assets	11,164	(3,306)
Increase in accrued interest	6,338	14,835
Increase (decrease) in accounts payable and other liabilities	10,075	(24,605)
Net cash provided by operating activities	1,022,045	919,972
Cash flows from investing activities:
Net investment in real estate property	(2,556,988)	(1,184,036)
Investment in loans receivable and other	(74,386)	(66,436)
Proceeds from real estate disposals	409,633	112,746
Proceeds from loans receivable	106,909	55,573
Purchase of marketable securities	0	(46,689)
Proceeds from sale or maturity of marketable securities	76,800	21,689
Funds held in escrow for future development expenditures	4,003	2,602
Development project expenditures	(90,458)	(71,375)
Capital expenditures	(75,812)	(56,235)
Investment in unconsolidated operating entity	(26,282)	0
Other	(27,984)	(4,009)
Net cash used in investing activities	(2,254,565)	(1,236,170)
Cash flows from financing activities:
Net change in borrowings under credit facility	(790,406)	(153,684)
Net cash impact of CCP Spin-Off	(128,749)	0
Proceeds from debt	2,511,061	2,007,707
Proceeds from debt related to CCP Spin-Off	1,400,000	0
Repayment of debt	(1,329,070)	(905,117)
Purchase of noncontrolling interest	(3,819)	0
Payment of deferred financing costs	(23,893)	(14,946)
Issuance of common stock, net	417,818	0
Cash distribution to common stockholders	(759,575)	(640,414)
Cash distribution to redeemable OP unitholders	(12,776)	(4,214)
Purchases of redeemable OP units	(33,188)	0
Distributions to noncontrolling interest	(11,250)	(6,760)
Other	6,489	(551)
Net cash provided by financing activities	1,242,642	282,021
Net increase (decrease) in cash and cash equivalents	10,122	(34,177)
Effect of foreign currency translation on cash and cash equivalents	(239)	3,956
Cash and cash equivalents at beginning of period	55,348	94,816
Cash and cash equivalents at end of period	65,231	64,595
Assets and liabilities assumed from acquisitions:
Real estate investments	2,558,239	353,995
Other assets acquired	20,221	3,683
Debt assumed	177,857	228,150
Other liabilities	57,937	19,441
Deferred income tax liability	50,836	110,087
Redeemable OP unitholder interests assumed	87,245	0
Equity issued	2,204,585	0
Non-cash impact of CCP Spin-Off	$ 1,256,404	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 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 September 30, 2015 , we owned approximately 1,300 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 one property under development. Our company was originally founded in 1983 and is currently headquartered in Chicago, Illinois. As further discussed in “Note 5—Dispositions”, in August 2015 we completed the spin off of most of our post-acute/skilled nursing facility portfolio into an independent, publicly traded REIT named Care Capital Properties, Inc. (“CCP”) (the “CCP Spin-Off”). The historical results of operations of the CCP properties as well as the related assets and liabilities are presented as discontinued operations in the accompanying consolidated financial statements. 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 September 30, 2015 , we leased a total of 608 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. (together with its subsidiaries, “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 141 properties (excluding six properties included in investments in unconsolidated entities) and 78 properties, respectively, as of September 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 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, 0.9051 shares of our common stock per unit, as adjusted from 0.7866 shares of common stock per unit in connection with the CCP Spin-Off, and subject to further 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 September 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 September 30, 2015 and December 31, 2014 , the fair value of the redeemable OP unitholder interests was $188.5 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 September 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. Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. Assets relating to the CCP Spin-Off were reported as discontinued operations once the transaction was completed. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Income as discontinued operations for all periods presented. We allocate estimated interest expense to discontinued operations based on property values and our weighted average interest rate or the property’s actual mortgage interest. 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 September 30, 2015 and December 31, 2014 , this cumulative excess totaled $210.6 million (net of allowances of $96.4 million ) and $187.6 million (net of allowances of $83.5 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 April 2015, the FASB issued Accounting Standards Update (“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. Also in August 2015, the FASB issues ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements (“ASU 2015-15”) which clarifies the SEC staff’s position not objecting to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing such costs, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted ASU 2015-03 and 2015-15 for the quarter ended September 30, 2015. There were deferred financing costs of $72.0 million and $60.3 million as of September 30, 2015 and December 31, 2014, respectively that are now classified within senior notes payable and other debt on our Consolidated Balance Sheets. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) to simplify the accounting for business combinations, specifically as it relates to measurement-period adjustments. Acquiring entities in a business combination must recognize measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Also, ASU 2015-16 requires entities to present separately on the face of the income statement (or disclose in the notes to the financial statements) the portion of the amount recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for the Company beginning January 1, 2016 and is to be applied prospectively to measurement-period adjustments that occur after the effective date. We do not expect the adoption of this ASU to have a significant impact on our consolidated financial statements. 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 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.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK As of September 30, 2015 , Atria, Sunrise, Brookdale Senior Living and Kindred managed or operated approximately 22.8% , 11.8% , 8.5% and 2.1% , respectively, of our real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2015 ). Seniors housing communities constituted approximately 65.1% of our real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2015 ), while MOBs, skilled nursing and other facilities, and hospitals collectively comprised the remaining 34.9% . Our properties were located in 47 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 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 September 30, 2015 and 2014 , approximately 5.1% and 6.2% , respectively, of our total revenues and 8.9% and 11.2% , 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 5.6% and 5.7% , respectively, of our total revenues and 9.7% and 10.3% , 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 September 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 September 30, 2015 , three of the nine properties have been sold and three of the nine properties were disposed of as part of the CCP Spin-Off. Senior Living Operations As of September 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	9 Months Ended
	Sep. 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 nine months ended September 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 canceled) 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. In August 2015, 20 of the properties that we acquired in the HCT acquisition were disposed of as part of the CCP Spin-Off. Ardent Health Services Acquisition On August 4, 2015, we completed our acquisition of Ardent Health Services, Inc. (“AHS”) and simultaneous separation and sale of the Ardent hospital operating company (“Ardent”) to a consortium composed of an entity controlled by Equity Group Investments, Ardent’s management team and us (collectively the “Ardent Transaction”). As of the acquisition date, we recorded the estimated fair value of our investment in owned hospital and other real estate of approximately $1.3 billion . At closing, we paid $26.3 million for our 9.9% interest in Ardent which represents our estimate of the acquisition date fair value of this interest. Upon closing, we entered into a long-term triple-net master lease with Ardent to operate the ten hospitals and other real estate we acquired. Other 2015 Acquisitions In 2015, we made other investments totaling approximately $514 million , including the acquisition of eleven triple-net leased properties; one MOB; and 12 skilled nursing facilities (all of which were disposed of as part of the CCP Spin-Off). Completed Developments During 2015, we completed the development of one triple-net leased seniors housing community, representing $7.8 million of net real estate property on our Consolidated Balance Sheets as of September 30, 2015. 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 nine months ended September 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 $ 190,566 $ 70,713 $ 171,650 $ 432,929 Buildings and improvements 1,726,553 703,080 1,125,726 3,555,359 Acquired lease intangibles 169,362 83,867 178,165 431,394 Other assets 173,144 273,523 398,097 844,764 Total assets acquired 2,259,625 1,131,183 1,873,638 5,264,446 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 43,841 43,412 48,789 136,042 Total liabilities assumed 43,841 121,352 148,706 313,899 Net assets acquired 2,215,784 1,009,831 1,724,932 4,950,547 Redeemable OP unitholder interests assumed 87,245 Cash acquired 54,778 Equity issued 2,216,355 Total cash used $ 2,592,169 For certain acquisitions, 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 June 30, 2015, filed with the SEC on July 27, 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 $746.5 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 - $133.5 million ; senior living operations - $219.7 million ; and MOB operations - $393.4 million . Aggregate Revenue and NOI For the nine months ended September 30, 2015, aggregate revenue and NOI derived from our 2015 real estate acquisitions during our period of ownership were $223.0 million and $132.3 million , respectively, excluding revenue and NOI for any assets contributed in the CCP Spin-Off. Transaction Costs Transaction costs are expensed as incurred and included in merger-related expenses and deal costs in our Consolidated Statements of Income. For the nine months ended September 30, 2015 and 2014, we expensed, as incurred, $96.9 million and $5.4 million , respectively, costs related to our completed 2015 transactions, $4.0 million and $0.8 million of which are reported within discontinued operations. Unaudited Pro Forma The following table illustrates the effect on net income and earnings per share if we had consummated the HCT acquisition and Ardent Transaction as of January 1, 2014 and excludes assets that were acquired in the HCT acquisition but subsequently disposed of as part of the CCP Spin-Off. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Revenues $ 837,203 $ 801,333 $ 2,519,122 $ 2,333,926 Income from continuing operations attributable to common stockholders, including real estate dispositions $ 73,329 $ 131,160 $ 375,553 $ 410,149 Earnings per common share: Basic: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.22 $ 0.41 $ 1.14 $ 1.27 Diluted: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.22 $ 0.40 $ 1.13 $ 1.26 Weighted average shares used in computing earnings per common share: Basic 332,491 322,445 329,440 322,380 Diluted 336,338 326,028 332,210 325,944 Costs related to the HCT acquisition and Ardent Transaction 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 and Ardent Transaction, 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 and Ardent acquisitions 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 1,081,630 1,628,479 Acquired lease intangibles 28,883 36,452 65,335 Other assets 227 12,393 12,620 Total assets acquired 621,545 1,230,756 1,852,301 Notes payable and other debt 12,927 228,150 241,077 Other liabilities 8,609 124,960 133,569 Total liabilities assumed 21,536 353,110 374,646 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	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	DISPOSITIONS CCP Spin-Off On August 17, 2015, we completed the CCP Spin-Off. In connection with the CCP Spin-Off, we disposed of 355 high-quality triple-net leased skilled nursing facilities and other healthcare assets operated by private regional and local care providers. The CCP Spin-Off was effectuated through a distribution of the common shares of CCP to holders of our common stock as of the distribution record date, and qualified as a tax-free distribution to our stockholders. For every four shares of Ventas common stock held as of the distribution record date of August 10, 2015, Ventas stockholders received one CCP common share on August 17, 2015. On August 17, 2015, just prior to the effective time of the spin-off, CCP (as our then wholly owned subsidiary) received approximately $1.4 billion of proceeds from a recently completed term loan and revolving credit facility. CCP paid us a distribution of $1.3 billion from these proceeds. We used this distribution from CCP to pay down our existing debt ( $1.1 billion ) and to pay for a portion of our quarterly installment of dividends to our stockholders ( $0.2 billion ). The historical results of operations of the CCP properties as well as the related assets and liabilities have been presented as discontinued operations in the consolidated statements of operations and comprehensive income. Discontinued operations also include separation costs incurred to complete the CCP Spin-Off of $40.3 million and $0.2 million for the nine months ended September 30, 2015 and 2014, respectively Separation costs for 2015 include $3.2 million of stock-based compensation expense representing the incremental fair value of unvested stock-based compensation awards as of the spin date. In addition, the assets and liabilities of CCP are presented separately from assets and liabilities from continuing operations in the accompanying consolidated balance sheets. The accompanying consolidated statements of cash flows include within operating, investing and financing cash flows those activities which related to our period of ownership of the CCP properties. The following is a summary of the assets and liabilities of CCP at the CCP Spin-Off date (dollars in thousands): August 17, 2015 December 31, 2014 (In thousands) Assets: Net real estate investments $ 2,588,255 $ 2,274,310 Cash and cash equivalents 1,749 2,710 Goodwill 135,446 88,959 Assets held for sale 7,610 8,435 Other assets 15,089 16,596 Total assets 2,748,149 2,391,010 Liabilities: Accounts payable and other liabilities 217,760 204,359 Liabilities related to assets held for sale 985 1,288 Total liabilities 218,745 205,647 Net assets: $ 2,529,404 $ 2,185,363 Summarized financial information for CCP discontinued operations for the three and nine months ended September 30, 2015 and 2014, respectively is as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Revenues: Rental income $ 40,642 $ 73,332 $ 196,848 $ 224,668 Income from loans and investments 449 857 2,148 2,533 Interest and other income — 1 63 2 41,091 74,190 199,059 227,203 Expenses: Interest 12,384 21,859 61,613 65,855 Depreciation and amortization 13,878 28,230 79,478 78,520 Property-level operating expenses — (1 ) — — General, administrative and professional fees 2 2 9 7 Merger-related expenses and deal costs 37,191 562 44,070 1,163 Other 162 5,816 1,332 7,252 63,617 56,468 186,502 152,797 (Loss) income before real estate dispositions and noncontrolling interest (22,526 ) 17,722 12,557 74,406 Gain (loss) on real estate dispositions — — — — Net (loss) income from discontinued operations (22,526 ) 17,722 12,557 74,406 Net income attributable to noncontrolling interest 9 47 120 137 Net (loss) income from discontinued operations attributable to common stockholders $ (22,535 ) $ 17,675 $ 12,437 $ 74,269 Capital and development project expenditures relating to CCP for the three months ended September 30, 2015 and 2014 were $7.0 million and 3.9 million , respectively. Capital and development project expenditures relating to CCP for the nine months ended September 30, 2015 and 2014 were $21.8 million and $10.1 million , respectively. Other than capital and development project expenditures there were no other significant non-cash operating or investing activities relating CCP. We and CCP entered into a transition services agreement prior to the CCP Spin-Off pursuant to which we and our subsidiaries provide to CCP, on an interim, transitional basis, various services. The services provided include information technology, accounting and tax services. The overall fee charged by us for such services (the "Service Fee") is $2.5 million for one year. For the three and nine months ended September 30, 2015, we recognized income of $0.3 million relating to the Service Fee, which is payable in four quarterly installments. The transition services agreement will terminate on the expiration of the term of the last service provided under the agreement, which will be on or prior to August 31, 2016. Discontinued Operations - Other than CCP Spin-Off In addition to the amounts reported within discontinued operations relating to the CCP Spin-Off, we reported net income from discontinued operations attributable to common stockholders of $0.2 million and $1.0 million for the three and nine months ended September 30, 2015, respectively. In addition to the amounts reported within discontinued operations relating to the CCP Spin-Off, we reported net income from discontinued operations attributable to common stockholders of $0.5 million and $4.8 million within discontinued operations for the three months and nine months ended September 30, 2014, respectively. As of September 30, 2015, all properties whose results are presented within discontinued operations have been sold. 2015 Activity During the nine months ended September 30, 2015 , we sold 32 triple-net leased properties and 25 MOBs for aggregate consideration of $436.0 million , including lease termination fees of $6.0 million (included within triple-net leased rental income in our Consolidated Statements of Income). We recognized a gain on the sales of these assets of $32.8 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. In October 2015 we sold five triple-net leased properties for $78.4 million , to an existing tenant that had exercised their purchase option. In connection with this sale we provided the tenant with a $78.4 million secured loan, which is also guaranteed by the tenant. We plan to record an estimated gain on the sale of these assets of $9.4 million , which will be deferred due to the purchase financing. The gain will be deferred and subsequently recognized into income as principal payments are made on the loan over its six -year term. 2014 Activity During the nine months ended September 30, 2014 , we sold fifteen triple-net leased properties and four MOBs for aggregate consideration of $112.7 million and recognized a net gain on the sales of these assets of $19.9 million , of which $1.5 million is reported within discontinued operations in our Consolidated Statements of Income. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale as of September 30, 2015 and December 31, 2014, including the amounts reported on our Consolidated Balance Sheets. September 30, 2015 December 31, 2014 Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale Number of Properties Held for Sale (1) Assets Held for Sale Liabilities Held for Sale (Dollars in thousands) Triple-net leased properties (2) 8 $ 80,178 $ 12,265 333 $ 2,410,840 $ 205,931 MOB operations 10 88,753 53,200 34 163,334 48,749 Total 18 $ 168,931 $ 65,465 367 $ 2,574,174 $ 254,680 (1) Two MOBs previously reported as held for sale (and discontinued operations) were classified as held and used (and part of continuing operations) as of September 30, 2015. (2) December 31, 2014 includes 323 properties disposed of as part of the CCP Spin-Off. Also included are loans, goodwill and other assets and liabilities contributed to CCP. Real Estate Impairment We recognized impairments of $4.1 million and $8.8 million for the three months ended September 30, 2015 and 2014, respectively, and $31.3 million and $17.2 million for the nine months ended September 30, 2015 and 2014 , respectively, which are recorded primarily as a component of depreciation and amortization. Of these impairments, $0 and $4.3 million for the three months ended September 30, 2015 and 2014, respectively, and $8.9 million and $10.3 million for the nine months ended September 30, 2015 and 2014, were reported in discontinued operations in our Consolidated Statements of Income.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	9 Months Ended
	Sep. 30, 2015
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2015 and December 31, 2014 , we had $799.9 million and $896.5 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 September 30, 2015 and December 31, 2014 , including amortized cost, fair value and unrealized gains (losses) on available-for-sale investments: September 30, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 703,003 $ 703,003 $ 709,527 $ — Government-sponsored pooled loan investments 63,704 61,921 63,704 1,783 Total investments reported as Secured loans receivable and investments, net 766,707 764,924 773,231 1,783 Unsecured loans receivable 33,210 33,210 34,421 — Total investments reported as Other assets 33,210 33,210 34,421 — Total net loans receivable and investments $ 799,917 $ 798,134 $ 807,652 $ 1,783 December 31, 2014 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 739,766 $ 739,766 $ 748,842 $ — Government-sponsored pooled loan investments 63,115 61,377 63,115 1,738 Total investments reported as Secured loans receivable and investments, net 802,881 801,143 811,957 1,738 Unsecured loans receivable 17,620 17,620 19,058 — Marketable securities 76,046 71,000 76,046 5,046 Total investments reported as Other assets 93,666 88,620 95,104 5,046 Total net loans receivable and investments $ 896,547 $ 889,763 $ 907,061 $ 6,784 2015 Activity In June 2015 we sold our $71.0 million investment in senior unsecured corporate bonds for $76.8 million . We recognized a gain of $5.8 million that is included within income from loans and investments in our Consolidated Statements of Income for the nine months ended September 30, 2015 . 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 nine months ended September 30, 2015 , we received aggregate proceeds of $97.0 million in final repayment of three secured and one unsecured loans receivable. We recognized gains aggregating $1.9 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 nine months ended September 30, 2015 . We disposed of two secured and seven unsecured loans receivable as part of the CCP Spin-Off having carrying amounts of $26.9 million and $4.2 million , respectively, as of the CCP Spin-Off date and carrying amounts of $26.9 million and $4.3 million , respectively, as of December 31, 2014. These loans are reported as assets held for sale on our Consolidated Balance Sheets as of December 31, 2014. 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	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 51 properties which is reported as Investments in unconsolidated real estate entities on our Consolidated Balance Sheets. Our ownership interests in operating entities, such as Atria and Ardent, are currently reported within Other assets on our Consolidated Balance Sheets. We account for our interests in real estate joint ventures, as well as our 34% interest in Atria and 9.9% interest in Ardent, under the equity method of accounting. With the exception of our interests in Atria and Ardent, 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 $1.7 million and $2.0 million for the three months ended September 30, 2015 and 2014 , respectively, and $5.4 million and $6.2 million for the nine months ended September 30, 2015 and 2014 , respectively.

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2015
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	INTANGIBLES The following is a summary of our intangibles as of September 30, 2015 and December 31, 2014 : September 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 $ 154,944 7.1 $ 150,474 6.8 In-place and other lease intangibles 1,189,764 20.4 801,776 24.4 Goodwill 1,052,321 N/A 363,971 N/A Other intangibles 35,932 8.3 36,454 7.9 Accumulated amortization (615,599 ) N/A (514,133 ) N/A Net intangible assets $ 1,817,362 18.8 $ 838,542 20.9 Intangible liabilities: Below market lease intangibles $ 256,081 14.2 $ 229,495 14.1 Other lease intangibles 34,160 27.8 32,103 26.1 Accumulated amortization (108,151 ) N/A (97,371 ) N/A Purchase option intangibles 3,568 N/A 13,549 N/A Net intangible liabilities $ 185,658 15.3 $ 177,776 15.1 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. 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 nine months ended September 30, 2015 and 2014 , our net amortization expense related to these intangibles was $106.3 million and $53.8 million , respectively. The estimated net amortization expense related to these intangibles for each of the next five years is as follows: 2015— $35.7 million ; 2016— $97.6 million ; 2017— $51.4 million ; 2018— $42.3 million ; and 2019— $36.3 million .

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 210,644 $ 187,572 Unsecured loans receivable and investments, net 33,210 17,620 Other intangibles, net 14,598 19,122 Marketable securities — 76,046 Other 160,050 151,282 Total other assets $ 418,502 $ 451,642

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, December 31, (In thousands) Unsecured revolving credit facility (1) $ 114,052 $ 919,099 3.125% Senior Notes due 2015 — 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) 472,036 790,634 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (2) 300,482 344,204 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 — 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (2) 187,800 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 187,800 215,128 3.500% Senior Notes due 2025 600,000 — 4.125% Senior Notes due 2026 500,000 — 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) 2,087,414 2,284,763 Total 11,333,707 10,872,371 Deferred financing costs, net (71,978 ) (60,328 ) Unamortized fair value adjustment 36,408 41,853 Unamortized discounts (29,577 ) (26,132 ) Senior notes payable and other debt $ 11,268,560 $ 10,827,764 (1) $17.1 million and $164.1 million of aggregate borrowings were in the form of Canadian dollars as of September 30, 2015 and December 31, 2014 , respectively. (2) These borrowings are in the form of Canadian dollars. (3) These amounts represent in aggregate the $672 million of unsecured term loan borrowings under our unsecured credit facility, of which $93.4 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 September 30, 2015 . The total mortgage debt for these properties as of September 30, 2015 was $48.3 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 liabilities related to assets held for sale on our Consolidated Balance Sheet. As of September 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 $ 9,057 $ — $ 9,052 $ 18,109 2016 615,077 — 33,366 648,443 2017 822,764 — 29,493 852,257 2018 1,101,879 114,052 23,503 1,239,434 2019 1,920,978 — 15,901 1,936,879 Thereafter (2) 6,501,581 — 137,004 6,638,585 Total maturities $ 10,971,336 $ 114,052 $ 248,319 $ 11,333,707 (1) As of September 30, 2015 , we had $65.2 million of unrestricted cash and cash equivalents, for $48.8 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 September 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 September 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 . In August 2015, we completed a $900 million five year term loan having a variable interest rate of LIBOR plus 97.5 basis points. The term loan matures in 2020. Also in August 2015, we repaid $305.0 million of our unsecured term loan due 2019 and recognized a loss on extinguishment of debt of $1.6 million representing a write-off of the then unamortized deferred financing fees. As of September 30, 2015 , we had $114.1 million of borrowings outstanding, $14.9 million of letters of credit outstanding and $1.9 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. In September 2015, we redeemed all $400.0 million principal amount then outstanding of our 3.125% senior notes due November 2015 at a redemption price equal to 100.7% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $2.9 million . Mortgages During the nine months ended September 30, 2015 , we repaid in full mortgage loans outstanding in the aggregate principal amount of $366.8 million and a weighted average maturity of 2.4 years and recognized a loss on extinguishment of debt of $10.4 million in connection with these repayments.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	FAIR VALUES OF FINANCIAL INSTRUMENTS As of September 30, 2015 and December 31, 2014 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 65,231 $ 65,231 $ 55,348 $ 55,348 Secured loans receivable, net 703,003 709,527 739,766 748,842 Unsecured loans receivable, net 33,210 34,421 17,620 19,058 Government-sponsored pooled loan investments 63,704 63,704 63,115 63,115 Marketable securities — — 76,046 76,046 Liabilities: Senior notes payable and other debt, gross 11,333,707 11,550,381 10,872,371 11,197,131 Derivative instruments and other liabilities 3,036 3,036 2,743 2,743 Redeemable OP unitholder interests 188,473 188,473 159,134 159,134 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	9 Months Ended
	Sep. 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 Maryland state court action entered into a memorandum of understanding that contemplated the settlement of the Maryland action and the release of all claims that could be brought by or on behalf of any HCT stockholder related to the HCT acquisition, including all claims asserted on behalf of each alleged class of HCT stockholders. 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. On January 5, 2015, the parties to the federal action also entered into a memorandum of understanding that contemplated the settlement of the federal action and the release of all claims that could be brought by or on behalf of any HCT stockholder related to the HCT acquisition, including all claims asserted on behalf of each alleged class of HCT stockholders. The proposed settlement terms required 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. On August 24, 2015, the plaintiffs in the Maryland state court action submitted a stipulation of settlement to the court executed by the parties and moved for preliminary approval of the settlement. The plaintiffs in the Maryland federal action have agreed to allow the settlement to proceed through the state court and do not currently plan to submit an additional stipulation to the federal court. The settlement is contingent on providing notice to HCT’s stockholders, who will have an opportunity to object to the settlement. The settlement is also contingent on final court approval, after a hearing to be scheduled by the Circuit Court for Baltimore City, Maryland at which the court will consider the fairness, reasonableness and adequacy of the settlement. There can be no assurance that the court will approve the proposed settlement. 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	9 Months Ended
	Sep. 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 and certain other foreign entities have paid minimal cash federal and foreign income taxes for the nine months ended September 30, 2015 , their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other operations grow. Such increases could be significant. Our consolidated provision for income taxes for the three months ended September 30, 2015 and 2014 was a benefit of $10.7 million and $1.9 million , respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2015 and 2014 was a benefit of $27.7 million and expense of $4.8 million , respectively. The income tax benefit for the nine months ended September 30, 2015 is due primarily to operating losses at our TRS entities. The income tax expense for the nine months ended September 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 entity 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 entities totaled $352.7 million and $344.3 million as of September 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, 2012 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2011 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	9 Months Ended
	Sep. 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. Through September 30, 2015 we have issued and sold 2,075,708 shares of our common stock under the new ATM equity offering program for aggregate net proceeds of $132.7 million , after sales agent commissions of $2.0 million . Accumulated Other Comprehensive Income The following is a summary of our accumulated other comprehensive income as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (In thousands) Foreign currency translation $ (6,852 ) $ 866 Unrealized gain on marketable securities 1,738 6,784 Other 4,522 5,471 Total accumulated other comprehensive (loss) income $ (592 ) $ 13,121

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 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 $ 45,235 $ 90,961 $ 279,681 $ 289,551 Discontinued operations (22,383 ) 18,171 13,434 79,026 Net income attributable to common stockholders $ 22,852 $ 109,132 $ 293,115 $ 368,577 Denominator: Denominator for basic earnings per share—weighted average shares 332,491 294,030 329,440 293,965 Effect of dilutive securities: Stock options 307 492 401 468 Restricted stock awards 22 47 49 51 OP units 3,518 1,926 3,320 1,927 Denominator for diluted earnings per share—adjusted weighted average shares 336,338 296,495 333,210 296,411 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $ 0.85 $ 0.98 Discontinued operations (0.07 ) 0.06 0.04 0.27 Net income attributable to common stockholders $ 0.07 $ 0.37 $ 0.89 $ 1.25 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $ 0.84 $ 0.97 Discontinued operations (0.07 ) 0.06 0.04 0.27 Net income attributable to common stockholders $ 0.07 $ 0.37 $ 0.88 $ 1.24

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of September 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 September 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 201,028 $ — $ 142,755 $ — $ 343,783 Resident fees and services — 454,825 — — 454,825 Medical office building and other services revenue 1,011 — 8,459 530 10,000 Income from loans and investments — — — 18,924 18,924 Interest and other income — — — 74 74 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Less: Interest and other income — — — 74 74 Property-level operating expenses — 304,540 43,305 — 347,845 Medical office building services costs — — 6,416 — 6,416 Segment NOI 202,039 150,285 101,493 19,454 473,271 (Loss) income from unconsolidated entities (1,431 ) 433 108 (65 ) (955 ) Segment profit $ 200,608 $ 150,718 $ 101,601 $ 19,389 472,316 Interest and other income 74 Interest expense (97,135 ) Depreciation and amortization (226,332 ) General, administrative and professional fees (32,114 ) Loss on extinguishment of debt, net (15,331 ) Merger-related expenses and deal costs (62,145 ) Other (4,795 ) Income tax benefit 10,697 Discontinued operations (22,383 ) Gain on real estate dispositions 265 Net income $ 23,117 For the three months ended September 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 170,873 $ — $ 116,686 $ — $ 287,559 Resident fees and services — 396,247 — — 396,247 Medical office building and other services revenue 1,136 — 5,937 500 7,573 Income from loans and investments — — — 13,186 13,186 Interest and other income — — — 367 367 Total revenues $ 172,009 $ 396,247 $ 122,623 $ 14,053 $ 704,932 Total revenues $ 172,009 $ 396,247 $ 122,623 $ 14,053 $ 704,932 Less: Interest and other income — — — 367 367 Property-level operating expenses — 265,274 41,262 — 306,536 Medical office building services costs — — 4,568 — 4,568 Segment NOI 172,009 130,973 76,793 13,686 393,461 Income (loss) from unconsolidated entities 252 (225 ) 66 (140 ) (47 ) Segment profit $ 172,261 $ 130,748 $ 76,859 $ 13,546 393,414 Interest and other income 367 Interest expense (77,325 ) Depreciation and amortization (173,006 ) General, administrative and professional fees (29,464 ) Loss on extinguishment of debt, net (2,414 ) Merger-related expenses and deal costs (16,188 ) Other (9,413 ) Income tax benefit 1,887 Discontinued operations 18,171 Gain on real estate dispositions 3,625 Net income $ 109,654 For the nine months ended September 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 571,591 $ — $ 420,287 $ — $ 991,878 Resident fees and services — 1,356,384 — — 1,356,384 Medical office building and other services revenue 3,286 — 25,066 1,599 29,951 Income from loans and investments — — — 66,192 66,192 Interest and other income — — — 719 719 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Less: Interest and other income — — — 719 719 Property-level operating expenses — 902,154 129,152 — 1,031,306 Medical office building services costs — — 19,098 — 19,098 Segment NOI 574,877 454,230 297,103 67,791 1,394,001 (Loss) income from unconsolidated entities (785 ) (221 ) 226 (417 ) (1,197 ) Segment profit $ 574,092 $ 454,009 $ 297,329 $ 67,374 1,392,804 Interest and other income 719 Interest expense (263,422 ) Depreciation and amortization (657,262 ) General, administrative and professional fees (100,399 ) Loss on extinguishment of debt, net (14,897 ) Merger-related expenses and deal costs (105,023 ) Other (13,948 ) Income tax benefit 27,736 Discontinued operations 13,434 Gain on real estate dispositions 14,420 Net income $ 294,162 For the nine months ended September 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 500,047 $ — $ 346,942 $ — $ 846,989 Resident fees and services — 1,141,781 — — 1,141,781 Medical office building and other services revenue 3,429 — 13,311 1,500 18,240 Income from loans and investments — — — 36,902 36,902 Interest and other income — — — 811 811 Total revenues $ 503,476 $ 1,141,781 $ 360,253 $ 39,213 $ 2,044,723 Total revenues $ 503,476 $ 1,141,781 $ 360,253 $ 39,213 $ 2,044,723 Less: Interest and other income — — — 811 811 Property-level operating expenses — 762,993 120,021 — 883,014 Medical office building services costs — — 9,565 — 9,565 Segment NOI 503,476 378,788 230,667 38,402 1,151,333 Income (loss) from unconsolidated entities 838 (209 ) 326 (406 ) 549 Segment profit $ 504,314 $ 378,579 $ 230,993 $ 37,996 1,151,882 Interest and other income 811 Interest expense (214,117 ) Depreciation and amortization (507,167 ) General, administrative and professional fees (93,632 ) Loss on extinguishment of debt, net (5,079 ) Merger-related expenses and deal costs (35,944 ) Other (18,070 ) Income tax expense (4,820 ) Discontinued operations 79,026 Gain on real estate dispositions 16,514 Net income $ 369,404 Assets by reportable business segment are as follows: As of September 30, 2015 As of December 31, 2014 (Dollars in thousands) Assets: Triple-net leased properties $ 8,143,204 36.3 % $ 9,173,873 43.3 % Senior living operations 8,154,058 36.4 7,416,150 35.0 MOB operations 5,179,767 23.1 3,525,397 16.7 All other assets 936,948 4.2 1,050,493 5.0 Total assets $ 22,413,977 100.0 % $ 21,165,913 100.0 % Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Capital expenditures: Triple-net leased properties $ 1,318,868 $ 99,590 $ 1,878,857 $ 349,022 Senior living operations 34,104 853,723 345,910 932,903 MOB operations 10,317 6,858 498,491 29,721 Total capital expenditures $ 1,363,289 $ 960,171 $ 2,723,258 $ 1,311,646 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 September 30, For the Nine Months Ended September 30, 2015 2015 2014 2015 2014 (In thousands) Revenues: United States $ 777,320 $ 665,217 $ 2,294,780 $ 1,957,116 Canada 42,756 35,129 131,542 78,168 United Kingdom 7,530 4,586 18,802 9,439 Total revenues $ 827,606 $ 704,932 $ 2,445,124 $ 2,044,723 As of September 30, 2015 As of December 31, 2014 (In thousands) Net real estate property: United States $ 18,358,283 $ 15,315,950 Canada 1,087,829 1,269,710 United Kingdom 325,474 168,594 Total net real estate property $ 19,771,586 $ 16,754,254

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 : CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,950 $ 200,306 $ 20,428,245 $ — $ 20,634,501 Cash and cash equivalents 13,909 — 51,322 — 65,231 Escrow deposits and restricted cash 200 1,363 72,928 — 74,491 Investment in and advances to affiliates 12,902,429 3,545,184 — (16,447,613 ) — Goodwill — — 1,052,321 — 1,052,321 Assets held for sale — 2,734 166,197 — 168,931 Other assets 19,836 4,437 394,229 — 418,502 Total assets $ 12,942,324 $ 3,754,024 $ 22,165,242 $ (16,447,613 ) $ 22,413,977 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,293,077 $ 2,975,483 $ — $ 11,268,560 Intercompany loans 7,006,558 (6,509,049 ) (497,509 ) — — Accrued interest — 52,892 14,466 — 67,358 Accounts payable and other liabilities 108,640 47,188 635,602 — 791,430 Liabilities held for sale — — 65,465 — 65,465 Deferred income taxes 352,658 — — — 352,658 Total liabilities 7,467,856 1,884,108 3,193,507 — 12,545,471 Redeemable OP unitholder and noncontrolling interests — — 198,832 — 198,832 Total equity 5,474,468 1,869,916 18,772,903 (16,447,613 ) 9,669,674 Total liabilities and equity $ 12,942,324 $ 3,754,024 $ 22,165,242 $ (16,447,613 ) $ 22,413,977 (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 $ 216,521 $ 17,426,082 $ — $ 17,649,007 Cash and cash equivalents 24,857 — 30,491 — 55,348 Escrow deposits and restricted cash 2,102 1,424 68,245 — 71,771 Investment in and advances to affiliates 10,783,780 3,430,055 — (14,213,835 ) — Goodwill — — 363,971 — 363,971 Assets held for sale — 150,405 2,423,769 — 2,574,174 Other assets 98,605 41,821 311,216 — 451,642 Total assets $ 10,915,748 $ 3,840,226 $ 20,623,774 $ (14,213,835 ) $ 21,165,913 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 7,371,547 $ 3,456,217 $ — $ 10,827,764 Intercompany loans 5,555,196 (5,562,739 ) 7,543 — — Accrued interest — 43,212 18,885 — 62,097 Accounts payable and other liabilities 103,469 55,909 591,244 — 750,622 Liabilities held for sale — 24,398 230,282 — 254,680 Deferred income taxes 344,337 — — — 344,337 Total liabilities 6,003,002 1,932,327 4,304,171 — 12,239,500 Redeemable OP unitholder and noncontrolling interests — — 172,016 — 172,016 Total equity 4,912,746 1,907,899 16,147,587 (14,213,835 ) 8,754,397 Total liabilities and equity $ 10,915,748 $ 3,840,226 $ 20,623,774 $ (14,213,835 ) $ 21,165,913 (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 September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,425 $ 293,442 $ — $ 343,783 Resident fees and services — — 454,825 — 454,825 Medical office building and other services revenue 293 — 9,707 — 10,000 Income from loans and investments 50 180 18,694 — 18,924 Equity earnings in affiliates 99,873 — (243 ) (99,630 ) — Interest and other income 106 (2 ) (30 ) — 74 Total revenues 101,238 49,603 776,395 (99,630 ) 827,606 Expenses: Interest (10,788 ) 67,521 40,402 — 97,135 Depreciation and amortization 1,347 3,455 221,530 — 226,332 Property-level operating expenses — 81 347,764 — 347,845 Medical office building services costs — — 6,416 — 6,416 General, administrative and professional fees (678 ) 5,225 27,567 — 32,114 Loss on extinguishment of debt, net — 4,523 10,808 — 15,331 Merger-related expenses and deal costs 62,007 — 138 — 62,145 Other 271 5 4,519 — 4,795 Total expenses 52,159 80,810 659,144 — 792,113 Income (loss) from continuing operations before (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 49,079 (31,207 ) 117,251 (99,630 ) 35,493 Loss from unconsolidated entities — (469 ) (486 ) — (955 ) Income tax benefit 10,697 — — — 10,697 Income (loss) from continuing operations 59,776 (31,676 ) 116,765 (99,630 ) 45,235 Discontinued operations (37,189 ) 7,371 7,435 — (22,383 ) Gain on real estate dispositions 265 — — — 265 Net income (loss) 22,852 (24,305 ) 124,200 (99,630 ) 23,117 Net income attributable to noncontrolling interest — — 265 — 265 Net income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 123,935 $ (99,630 ) $ 22,852 (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 September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 626 $ 44,873 $ 242,060 $ — $ 287,559 Resident fees and services — — 396,247 — 396,247 Medical office building and other services revenue — — 7,573 — 7,573 Income from loans and investments 1,049 — 12,137 — 13,186 Equity earnings in affiliates 124,738 — 22 (124,760 ) — Interest and other income 109 10 248 — 367 Total revenues 126,522 44,883 658,287 (124,760 ) 704,932 Expenses: Interest (6,199 ) 49,011 34,513 — 77,325 Depreciation and amortization 1,489 3,831 167,686 — 173,006 Property-level operating expenses — 141 306,395 — 306,536 Medical office building services costs — — 4,568 — 4,568 General, administrative and professional fees 1,147 5,067 23,250 — 29,464 Loss on extinguishment of debt, net — — 2,414 — 2,414 Merger-related expenses and deal costs 13,403 — 2,785 — 16,188 Other 6,932 — 2,481 — 9,413 Total expenses 16,772 58,050 544,092 — 618,914 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 109,750 (13,167 ) 114,195 (124,760 ) 86,018 Income (loss) from unconsolidated entities — 315 (362 ) — (47 ) Income tax benefit 1,887 — — — 1,887 Income (loss) from continuing operations 111,637 (12,852 ) 113,833 (124,760 ) 87,858 Discontinued operations (6,130 ) 15,082 9,219 — 18,171 Gain on real estate dispositions 3,625 — — — 3,625 Net income 109,132 2,230 123,052 (124,760 ) 109,654 Net income attributable to noncontrolling interest — — 522 — 522 Net income attributable to common stockholders $ 109,132 $ 2,230 $ 122,530 $ (124,760 ) $ 109,132 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,747 $ 148,833 $ 840,298 $ — $ 991,878 Resident fees and services — — 1,356,384 — 1,356,384 Medical office building and other services revenue 293 — 29,658 — 29,951 Income from loans and investments 8,655 483 57,054 — 66,192 Equity earnings in affiliates 360,988 — (383 ) (360,605 ) — Interest and other income 482 (6 ) 243 — 719 Total revenues 373,165 149,310 2,283,254 (360,605 ) 2,445,124 Expenses: Interest (27,548 ) 189,716 101,254 — 263,422 Depreciation and amortization 4,047 11,394 641,821 — 657,262 Property-level operating expenses — 285 1,031,021 — 1,031,306 Medical office building services costs — — 19,098 — 19,098 General, administrative and professional fees (598 ) 16,640 84,357 — 100,399 Loss on extinguishment of debt, net — 4,523 10,374 — 14,897 Merger-related expenses and deal costs 101,306 75 3,642 — 105,023 Other 453 49 13,446 — 13,948 Total expenses 77,660 222,682 1,905,013 — 2,205,355 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 295,505 (73,372 ) 378,241 (360,605 ) 239,769 Income (loss) from unconsolidated entities — 291 (1,488 ) — (1,197 ) Income tax benefit 27,736 — — — 27,736 Income (loss) from continuing operations 323,241 (73,081 ) 376,753 (360,605 ) 266,308 Discontinued operations (44,546 ) 34,748 23,232 — 13,434 Gain on real estate dispositions 14,420 — — — 14,420 Net income (loss) 293,115 (38,333 ) 399,985 (360,605 ) 294,162 Net income attributable to noncontrolling interest — — 1,047 — 1,047 Net income (loss) attributable to common stockholders $ 293,115 $ (38,333 ) $ 398,938 $ (360,605 ) $ 293,115 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 1,873 $ 133,346 $ 711,770 $ — $ 846,989 Resident fees and services — — 1,141,781 — 1,141,781 Medical office building and other services revenue — — 18,240 — 18,240 Income from loans and investments 2,285 — 34,617 — 36,902 Equity earnings in affiliates 383,245 — 187 (383,432 ) — Interest and other income 294 21 496 — 811 Total revenues 387,697 133,367 1,907,091 (383,432 ) 2,044,723 Expenses: Interest (11,071 ) 133,215 91,973 — 214,117 Depreciation and amortization 4,387 11,839 490,941 — 507,167 Property-level operating expenses — 388 882,626 — 883,014 Medical office building services costs — — 9,565 — 9,565 General, administrative and professional fees 3,022 15,975 74,635 — 93,632 (Gain) loss on extinguishment of debt, net (3 ) 3 5,079 — 5,079 Merger-related expenses and deal costs 21,035 2,110 12,799 — 35,944 Other 7,055 — 11,015 — 18,070 Total expenses 24,425 163,530 1,578,633 — 1,766,588 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 363,272 (30,163 ) 328,458 (383,432 ) 278,135 Income (loss) from unconsolidated entities — 1,156 (607 ) — 549 Income tax expense (4,820 ) — — — (4,820 ) Income (loss) from continuing operations 358,452 (29,007 ) 327,851 (383,432 ) 273,864 Discontinued operations (6,389 ) 47,694 37,721 — 79,026 Gain on real estate dispositions 16,514 — — — 16,514 Net income 368,577 18,687 365,572 (383,432 ) 369,404 Net income attributable to noncontrolling interest — — 827 — 827 Net income attributable to common stockholders $ 368,577 $ 18,687 $ 364,745 $ (383,432 ) $ 368,577 (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 September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 22,852 $ (24,305 ) $ 124,200 $ (99,630 ) $ 23,117 Other comprehensive loss: Foreign currency translation — — (11,239 ) — (11,239 ) Other — — 467 — 467 Total other comprehensive loss — — (10,772 ) — (10,772 ) Comprehensive income (loss) 22,852 (24,305 ) 113,428 (99,630 ) 12,345 Comprehensive income attributable to noncontrolling interest — — 265 — 265 Comprehensive income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 113,163 $ (99,630 ) $ 12,080 (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 September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 109,132 $ 2,230 $ 123,052 $ (124,760 ) $ 109,654 Other comprehensive loss: Foreign currency translation — — (12,885 ) — (12,885 ) Change in unrealized gain on marketable securities (334 ) — — — (334 ) Other — — 3,120 — 3,120 Total other comprehensive loss (334 ) — (9,765 ) — (10,099 ) Comprehensive income 108,798 2,230 113,287 (124,760 ) 99,555 Comprehensive income attributable to noncontrolling interest — — 522 — 522 Comprehensive income attributable to common stockholders $ 108,798 $ 2,230 $ 112,765 $ (124,760 ) $ 99,033 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 293,115 $ (38,333 ) $ 399,985 $ (360,605 ) $ 294,162 Other comprehensive loss: Foreign currency translation — — (7,718 ) — (7,718 ) Change in unrealized gain on marketable securities (5,046 ) — — — (5,046 ) Other — — (949 ) — (949 ) Total other comprehensive loss (5,046 ) — (8,667 ) — (13,713 ) Comprehensive income (loss) 288,069 (38,333 ) 391,318 (360,605 ) 280,449 Comprehensive income attributable to noncontrolling interest — — 1,047 — 1,047 Comprehensive income (loss) attributable to common stockholders $ 288,069 $ (38,333 ) $ 390,271 $ (360,605 ) $ 279,402 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 368,577 $ 18,687 $ 365,572 $ (383,432 ) $ 369,404 Other comprehensive income (loss): Foreign currency translation — — (7,906 ) — (7,906 ) Change in unrealized gain on marketable securities 1,237 — — — 1,237 Other — — 3,166 — 3,166 Total other comprehensive income (loss) 1,237 — (4,740 ) — (3,503 ) Comprehensive income 369,814 18,687 360,832 (383,432 ) 365,901 Comprehensive income attributable to noncontrolling interest — — 827 — 827 Comprehensive income attributable to common stockholders $ 369,814 $ 18,687 $ 360,005 $ (383,432 ) $ 365,074 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (65,973 ) $ 2,984 $ 1,085,034 $ — $ 1,022,045 Net cash used in investing activities (2,096,837 ) (15,731 ) (141,997 ) — (2,254,565 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (658,000 ) (132,406 ) — (790,406 ) Net cash impact of CCP Spin-Off 1,273,000 — (1,401,749 ) — (128,749 ) Proceeds from debt — 2,292,568 218,493 — 2,511,061 Proceeds from debt related to CCP Spin-Off — — 1,400,000 — 1,400,000 Repayment of debt — (705,000 ) (624,070 ) — (1,329,070 ) Net change in intercompany debt 1,451,362 (946,310 ) (505,052 ) — — Purchase of noncontrolling interest — — (3,819 ) — (3,819 ) Payment of deferred financing costs — (21,932 ) (1,961 ) — (23,893 ) Issuance of common stock, net 417,818 — — — 417,818 Cash distribution (to) from affiliates (228,908 ) 51,421 177,487 — — Cash distribution to common stockholders (759,575 ) — — — (759,575 ) Cash distribution to redeemable OP unitholders — — (12,776 ) — (12,776 ) Purchases of redeemable OP units — — (33,188 ) — (33,188 ) Distributions to noncontrolling interest — — (11,250 ) — (11,250 ) Other 6,489 — — — 6,489 Net cash provided by (used in) financing activities 2,160,186 12,747 (930,291 ) — 1,242,642 Net (decrease) increase in cash and cash equivalents (2,624 ) — 12,746 — 10,122 Effect of foreign currency translation on cash and cash equivalents (8,324 ) — 8,085 — (239 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 13,909 $ — $ 51,322 $ — $ 65,231 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (23,288 ) $ 67,829 $ 875,431 $ — $ 919,972 Net cash used in investing activities (1,073,979 ) (4,080 ) (158,111 ) — (1,236,170 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (149,000 ) (4,684 ) — (153,684 ) Proceeds from debt — 696,661 1,311,046 — 2,007,707 Repayment of debt — — (905,117 ) — (905,117 ) Net change in intercompany debt 959,820 (351,059 ) (608,761 ) — — Payment of deferred financing costs — (6,561 ) (8,385 ) — (14,946 ) Cash distribution from (to) affiliates 775,066 (253,795 ) (521,271 ) — — Cash distribution to common stockholders (640,414 ) — — — (640,414 ) Cash distribution to redeemable OP unitholders (4,214 ) — — — (4,214 ) Distributions to noncontrolling interest — — (6,760 ) — (6,760 ) Other 2,569 5 (3,125 ) — (551 ) Net cash provided by (used in) financing activities 1,092,827 (63,749 ) (747,057 ) — 282,021 Net decrease in cash and cash equivalents (4,440 ) — (29,737 ) — (34,177 ) Effect of foreign currency translation on cash and cash equivalents (4,586 ) — 8,542 — 3,956 Cash and cash equivalents at beginning of period 28,169 — 66,647 — 94,816 Cash and cash equivalents at end of period $ 19,143 $ — $ 45,452 $ — $ 64,595 (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.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 September 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, 0.9051 shares of our common stock per unit, as adjusted from 0.7866 shares of common stock per unit in connection with the CCP Spin-Off, and subject to further 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 September 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 September 30, 2015 and December 31, 2014 , the fair value of the redeemable OP unitholder interests was $188.5 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 September 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.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business that is classified as held for sale on the acquisition date. Assets relating to the CCP Spin-Off were reported as discontinued operations once the transaction was completed. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Income as discontinued operations for all periods presented. We allocate estimated interest expense to discontinued operations based on property values and our weighted average interest rate or the property’s actual mortgage interest.
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 September 30, 2015 and December 31, 2014 , this cumulative excess totaled $210.6 million (net of allowances of $96.4 million ) and $187.6 million (net of allowances of $83.5 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 April 2015, the FASB issued Accounting Standards Update (“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. Also in August 2015, the FASB issues ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements (“ASU 2015-15”) which clarifies the SEC staff’s position not objecting to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing such costs, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We adopted ASU 2015-03 and 2015-15 for the quarter ended September 30, 2015. There were deferred financing costs of $72.0 million and $60.3 million as of September 30, 2015 and December 31, 2014, respectively that are now classified within senior notes payable and other debt on our Consolidated Balance Sheets. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”) to simplify the accounting for business combinations, specifically as it relates to measurement-period adjustments. Acquiring entities in a business combination must recognize measurement-period adjustments in the reporting period in which the adjustment amounts are determined. Also, ASU 2015-16 requires entities to present separately on the face of the income statement (or disclose in the notes to the financial statements) the portion of the amount recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for the Company beginning January 1, 2016 and is to be applied prospectively to measurement-period adjustments that occur after the effective date. We do not expect the adoption of this ASU to have a significant impact on our consolidated financial statements. 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 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.

ACQUISITIONS OF REAL ESTATE P27

ACQUISITIONS OF REAL ESTATE PROPERTY (Tables)	9 Months Ended
	Sep. 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 $ 190,566 $ 70,713 $ 171,650 $ 432,929 Buildings and improvements 1,726,553 703,080 1,125,726 3,555,359 Acquired lease intangibles 169,362 83,867 178,165 431,394 Other assets 173,144 273,523 398,097 844,764 Total assets acquired 2,259,625 1,131,183 1,873,638 5,264,446 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 43,841 43,412 48,789 136,042 Total liabilities assumed 43,841 121,352 148,706 313,899 Net assets acquired 2,215,784 1,009,831 1,724,932 4,950,547 Redeemable OP unitholder interests assumed 87,245 Cash acquired 54,778 Equity issued 2,216,355 Total cash used $ 2,592,169
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 1,081,630 1,628,479 Acquired lease intangibles 28,883 36,452 65,335 Other assets 227 12,393 12,620 Total assets acquired 621,545 1,230,756 1,852,301 Notes payable and other debt 12,927 228,150 241,077 Other liabilities 8,609 124,960 133,569 Total liabilities assumed 21,536 353,110 374,646 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
HCT and Ardent
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 and Ardent Transaction as of January 1, 2014 and excludes assets that were acquired in the HCT acquisition but subsequently disposed of as part of the CCP Spin-Off. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Revenues $ 837,203 $ 801,333 $ 2,519,122 $ 2,333,926 Income from continuing operations attributable to common stockholders, including real estate dispositions $ 73,329 $ 131,160 $ 375,553 $ 410,149 Earnings per common share: Basic: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.22 $ 0.41 $ 1.14 $ 1.27 Diluted: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.22 $ 0.40 $ 1.13 $ 1.26 Weighted average shares used in computing earnings per common share: Basic 332,491 322,445 329,440 322,380 Diluted 336,338 326,028 332,210 325,944

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale as of September 30, 2015 and December 31, 2014, including the amounts reported on our Consolidated Balance Sheets. September 30, 2015 December 31, 2014 Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale Number of Properties Held for Sale (1) Assets Held for Sale Liabilities Held for Sale (Dollars in thousands) Triple-net leased properties (2) 8 $ 80,178 $ 12,265 333 $ 2,410,840 $ 205,931 MOB operations 10 88,753 53,200 34 163,334 48,749 Total 18 $ 168,931 $ 65,465 367 $ 2,574,174 $ 254,680 (1) Two MOBs previously reported as held for sale (and discontinued operations) were classified as held and used (and part of continuing operations) as of September 30, 2015. (2) December 31, 2014 includes 323 properties disposed of as part of the CCP Spin-Off. Also included are loans, goodwill and other assets and liabilities contributed to CCP.
CCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of the Results of Operations of Properties Sold or Classified as Held for Sale	The following is a summary of the assets and liabilities of CCP at the CCP Spin-Off date (dollars in thousands): August 17, 2015 December 31, 2014 (In thousands) Assets: Net real estate investments $ 2,588,255 $ 2,274,310 Cash and cash equivalents 1,749 2,710 Goodwill 135,446 88,959 Assets held for sale 7,610 8,435 Other assets 15,089 16,596 Total assets 2,748,149 2,391,010 Liabilities: Accounts payable and other liabilities 217,760 204,359 Liabilities related to assets held for sale 985 1,288 Total liabilities 218,745 205,647 Net assets: $ 2,529,404 $ 2,185,363 Summarized financial information for CCP discontinued operations for the three and nine months ended September 30, 2015 and 2014, respectively is as follows (dollars in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Revenues: Rental income $ 40,642 $ 73,332 $ 196,848 $ 224,668 Income from loans and investments 449 857 2,148 2,533 Interest and other income — 1 63 2 41,091 74,190 199,059 227,203 Expenses: Interest 12,384 21,859 61,613 65,855 Depreciation and amortization 13,878 28,230 79,478 78,520 Property-level operating expenses — (1 ) — — General, administrative and professional fees 2 2 9 7 Merger-related expenses and deal costs 37,191 562 44,070 1,163 Other 162 5,816 1,332 7,252 63,617 56,468 186,502 152,797 (Loss) income before real estate dispositions and noncontrolling interest (22,526 ) 17,722 12,557 74,406 Gain (loss) on real estate dispositions — — — — Net (loss) income from discontinued operations (22,526 ) 17,722 12,557 74,406 Net income attributable to noncontrolling interest 9 47 120 137 Net (loss) income from discontinued operations attributable to common stockholders $ (22,535 ) $ 17,675 $ 12,437 $ 74,269

LOANS RECEIVABLE AND INVESTME29

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 , including amortized cost, fair value and unrealized gains (losses) on available-for-sale investments: September 30, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 703,003 $ 703,003 $ 709,527 $ — Government-sponsored pooled loan investments 63,704 61,921 63,704 1,783 Total investments reported as Secured loans receivable and investments, net 766,707 764,924 773,231 1,783 Unsecured loans receivable 33,210 33,210 34,421 — Total investments reported as Other assets 33,210 33,210 34,421 — Total net loans receivable and investments $ 799,917 $ 798,134 $ 807,652 $ 1,783 December 31, 2014 Carrying Amount Amortized Cost Fair Value Unrealized Gain (Loss) (In thousands) Secured mortgage loans and other $ 739,766 $ 739,766 $ 748,842 $ — Government-sponsored pooled loan investments 63,115 61,377 63,115 1,738 Total investments reported as Secured loans receivable and investments, net 802,881 801,143 811,957 1,738 Unsecured loans receivable 17,620 17,620 19,058 — Marketable securities 76,046 71,000 76,046 5,046 Total investments reported as Other assets 93,666 88,620 95,104 5,046 Total net loans receivable and investments $ 896,547 $ 889,763 $ 907,061 $ 6,784

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2015
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of September 30, 2015 and December 31, 2014 : September 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 $ 154,944 7.1 $ 150,474 6.8 In-place and other lease intangibles 1,189,764 20.4 801,776 24.4 Goodwill 1,052,321 N/A 363,971 N/A Other intangibles 35,932 8.3 36,454 7.9 Accumulated amortization (615,599 ) N/A (514,133 ) N/A Net intangible assets $ 1,817,362 18.8 $ 838,542 20.9 Intangible liabilities: Below market lease intangibles $ 256,081 14.2 $ 229,495 14.1 Other lease intangibles 34,160 27.8 32,103 26.1 Accumulated amortization (108,151 ) N/A (97,371 ) N/A Purchase option intangibles 3,568 N/A 13,549 N/A Net intangible liabilities $ 185,658 15.3 $ 177,776 15.1 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 210,644 $ 187,572 Unsecured loans receivable and investments, net 33,210 17,620 Other intangibles, net 14,598 19,122 Marketable securities — 76,046 Other 160,050 151,282 Total other assets $ 418,502 $ 451,642

SENIOR NOTES PAYABLE AND OTHE32

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, December 31, (In thousands) Unsecured revolving credit facility (1) $ 114,052 $ 919,099 3.125% Senior Notes due 2015 — 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) 472,036 790,634 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (2) 300,482 344,204 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 — 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (2) 187,800 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 187,800 215,128 3.500% Senior Notes due 2025 600,000 — 4.125% Senior Notes due 2026 500,000 — 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) 2,087,414 2,284,763 Total 11,333,707 10,872,371 Deferred financing costs, net (71,978 ) (60,328 ) Unamortized fair value adjustment 36,408 41,853 Unamortized discounts (29,577 ) (26,132 ) Senior notes payable and other debt $ 11,268,560 $ 10,827,764 (1) $17.1 million and $164.1 million of aggregate borrowings were in the form of Canadian dollars as of September 30, 2015 and December 31, 2014 , respectively. (2) These borrowings are in the form of Canadian dollars. (3) These amounts represent in aggregate the $672 million of unsecured term loan borrowings under our unsecured credit facility, of which $93.4 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 September 30, 2015 . The total mortgage debt for these properties as of September 30, 2015 was $48.3 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 liabilities related to assets held for sale on our Consolidated Balance Sheet.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 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 $ 9,057 $ — $ 9,052 $ 18,109 2016 615,077 — 33,366 648,443 2017 822,764 — 29,493 852,257 2018 1,101,879 114,052 23,503 1,239,434 2019 1,920,978 — 15,901 1,936,879 Thereafter (2) 6,501,581 — 137,004 6,638,585 Total maturities $ 10,971,336 $ 114,052 $ 248,319 $ 11,333,707 (1) As of September 30, 2015 , we had $65.2 million of unrestricted cash and cash equivalents, for $48.8 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 INST33

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of September 30, 2015 and December 31, 2014 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 65,231 $ 65,231 $ 55,348 $ 55,348 Secured loans receivable, net 703,003 709,527 739,766 748,842 Unsecured loans receivable, net 33,210 34,421 17,620 19,058 Government-sponsored pooled loan investments 63,704 63,704 63,115 63,115 Marketable securities — — 76,046 76,046 Liabilities: Senior notes payable and other debt, gross 11,333,707 11,550,381 10,872,371 11,197,131 Derivative instruments and other liabilities 3,036 3,036 2,743 2,743 Redeemable OP unitholder interests 188,473 188,473 159,134 159,134

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive income as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 (In thousands) Foreign currency translation $ (6,852 ) $ 866 Unrealized gain on marketable securities 1,738 6,784 Other 4,522 5,471 Total accumulated other comprehensive (loss) income $ (592 ) $ 13,121

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 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 $ 45,235 $ 90,961 $ 279,681 $ 289,551 Discontinued operations (22,383 ) 18,171 13,434 79,026 Net income attributable to common stockholders $ 22,852 $ 109,132 $ 293,115 $ 368,577 Denominator: Denominator for basic earnings per share—weighted average shares 332,491 294,030 329,440 293,965 Effect of dilutive securities: Stock options 307 492 401 468 Restricted stock awards 22 47 49 51 OP units 3,518 1,926 3,320 1,927 Denominator for diluted earnings per share—adjusted weighted average shares 336,338 296,495 333,210 296,411 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $ 0.85 $ 0.98 Discontinued operations (0.07 ) 0.06 0.04 0.27 Net income attributable to common stockholders $ 0.07 $ 0.37 $ 0.89 $ 1.25 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $ 0.84 $ 0.97 Discontinued operations (0.07 ) 0.06 0.04 0.27 Net income attributable to common stockholders $ 0.07 $ 0.37 $ 0.88 $ 1.24

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 201,028 $ — $ 142,755 $ — $ 343,783 Resident fees and services — 454,825 — — 454,825 Medical office building and other services revenue 1,011 — 8,459 530 10,000 Income from loans and investments — — — 18,924 18,924 Interest and other income — — — 74 74 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Less: Interest and other income — — — 74 74 Property-level operating expenses — 304,540 43,305 — 347,845 Medical office building services costs — — 6,416 — 6,416 Segment NOI 202,039 150,285 101,493 19,454 473,271 (Loss) income from unconsolidated entities (1,431 ) 433 108 (65 ) (955 ) Segment profit $ 200,608 $ 150,718 $ 101,601 $ 19,389 472,316 Interest and other income 74 Interest expense (97,135 ) Depreciation and amortization (226,332 ) General, administrative and professional fees (32,114 ) Loss on extinguishment of debt, net (15,331 ) Merger-related expenses and deal costs (62,145 ) Other (4,795 ) Income tax benefit 10,697 Discontinued operations (22,383 ) Gain on real estate dispositions 265 Net income $ 23,117 For the three months ended September 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 170,873 $ — $ 116,686 $ — $ 287,559 Resident fees and services — 396,247 — — 396,247 Medical office building and other services revenue 1,136 — 5,937 500 7,573 Income from loans and investments — — — 13,186 13,186 Interest and other income — — — 367 367 Total revenues $ 172,009 $ 396,247 $ 122,623 $ 14,053 $ 704,932 Total revenues $ 172,009 $ 396,247 $ 122,623 $ 14,053 $ 704,932 Less: Interest and other income — — — 367 367 Property-level operating expenses — 265,274 41,262 — 306,536 Medical office building services costs — — 4,568 — 4,568 Segment NOI 172,009 130,973 76,793 13,686 393,461 Income (loss) from unconsolidated entities 252 (225 ) 66 (140 ) (47 ) Segment profit $ 172,261 $ 130,748 $ 76,859 $ 13,546 393,414 Interest and other income 367 Interest expense (77,325 ) Depreciation and amortization (173,006 ) General, administrative and professional fees (29,464 ) Loss on extinguishment of debt, net (2,414 ) Merger-related expenses and deal costs (16,188 ) Other (9,413 ) Income tax benefit 1,887 Discontinued operations 18,171 Gain on real estate dispositions 3,625 Net income $ 109,654 For the nine months ended September 30, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 571,591 $ — $ 420,287 $ — $ 991,878 Resident fees and services — 1,356,384 — — 1,356,384 Medical office building and other services revenue 3,286 — 25,066 1,599 29,951 Income from loans and investments — — — 66,192 66,192 Interest and other income — — — 719 719 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Less: Interest and other income — — — 719 719 Property-level operating expenses — 902,154 129,152 — 1,031,306 Medical office building services costs — — 19,098 — 19,098 Segment NOI 574,877 454,230 297,103 67,791 1,394,001 (Loss) income from unconsolidated entities (785 ) (221 ) 226 (417 ) (1,197 ) Segment profit $ 574,092 $ 454,009 $ 297,329 $ 67,374 1,392,804 Interest and other income 719 Interest expense (263,422 ) Depreciation and amortization (657,262 ) General, administrative and professional fees (100,399 ) Loss on extinguishment of debt, net (14,897 ) Merger-related expenses and deal costs (105,023 ) Other (13,948 ) Income tax benefit 27,736 Discontinued operations 13,434 Gain on real estate dispositions 14,420 Net income $ 294,162 For the nine months ended September 30, 2014 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 500,047 $ — $ 346,942 $ — $ 846,989 Resident fees and services — 1,141,781 — — 1,141,781 Medical office building and other services revenue 3,429 — 13,311 1,500 18,240 Income from loans and investments — — — 36,902 36,902 Interest and other income — — — 811 811 Total revenues $ 503,476 $ 1,141,781 $ 360,253 $ 39,213 $ 2,044,723 Total revenues $ 503,476 $ 1,141,781 $ 360,253 $ 39,213 $ 2,044,723 Less: Interest and other income — — — 811 811 Property-level operating expenses — 762,993 120,021 — 883,014 Medical office building services costs — — 9,565 — 9,565 Segment NOI 503,476 378,788 230,667 38,402 1,151,333 Income (loss) from unconsolidated entities 838 (209 ) 326 (406 ) 549 Segment profit $ 504,314 $ 378,579 $ 230,993 $ 37,996 1,151,882 Interest and other income 811 Interest expense (214,117 ) Depreciation and amortization (507,167 ) General, administrative and professional fees (93,632 ) Loss on extinguishment of debt, net (5,079 ) Merger-related expenses and deal costs (35,944 ) Other (18,070 ) Income tax expense (4,820 ) Discontinued operations 79,026 Gain on real estate dispositions 16,514 Net income $ 369,404 Assets by reportable business segment are as follows: As of September 30, 2015 As of December 31, 2014 (Dollars in thousands) Assets: Triple-net leased properties $ 8,143,204 36.3 % $ 9,173,873 43.3 % Senior living operations 8,154,058 36.4 7,416,150 35.0 MOB operations 5,179,767 23.1 3,525,397 16.7 All other assets 936,948 4.2 1,050,493 5.0 Total assets $ 22,413,977 100.0 % $ 21,165,913 100.0 % Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) Capital expenditures: Triple-net leased properties $ 1,318,868 $ 99,590 $ 1,878,857 $ 349,022 Senior living operations 34,104 853,723 345,910 932,903 MOB operations 10,317 6,858 498,491 29,721 Total capital expenditures $ 1,363,289 $ 960,171 $ 2,723,258 $ 1,311,646
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 September 30, For the Nine Months Ended September 30, 2015 2015 2014 2015 2014 (In thousands) Revenues: United States $ 777,320 $ 665,217 $ 2,294,780 $ 1,957,116 Canada 42,756 35,129 131,542 78,168 United Kingdom 7,530 4,586 18,802 9,439 Total revenues $ 827,606 $ 704,932 $ 2,445,124 $ 2,044,723 As of September 30, 2015 As of December 31, 2014 (In thousands) Net real estate property: United States $ 18,358,283 $ 15,315,950 Canada 1,087,829 1,269,710 United Kingdom 325,474 168,594 Total net real estate property $ 19,771,586 $ 16,754,254

CONDENSED CONSOLIDATING INFOR37

CONDENSED CONSOLIDATING INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following summarizes our condensed consolidating information as of September 30, 2015 and December 31, 2014 and for the three and nine months ended September 30, 2015 and 2014 : CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,950 $ 200,306 $ 20,428,245 $ — $ 20,634,501 Cash and cash equivalents 13,909 — 51,322 — 65,231 Escrow deposits and restricted cash 200 1,363 72,928 — 74,491 Investment in and advances to affiliates 12,902,429 3,545,184 — (16,447,613 ) — Goodwill — — 1,052,321 — 1,052,321 Assets held for sale — 2,734 166,197 — 168,931 Other assets 19,836 4,437 394,229 — 418,502 Total assets $ 12,942,324 $ 3,754,024 $ 22,165,242 $ (16,447,613 ) $ 22,413,977 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,293,077 $ 2,975,483 $ — $ 11,268,560 Intercompany loans 7,006,558 (6,509,049 ) (497,509 ) — — Accrued interest — 52,892 14,466 — 67,358 Accounts payable and other liabilities 108,640 47,188 635,602 — 791,430 Liabilities held for sale — — 65,465 — 65,465 Deferred income taxes 352,658 — — — 352,658 Total liabilities 7,467,856 1,884,108 3,193,507 — 12,545,471 Redeemable OP unitholder and noncontrolling interests — — 198,832 — 198,832 Total equity 5,474,468 1,869,916 18,772,903 (16,447,613 ) 9,669,674 Total liabilities and equity $ 12,942,324 $ 3,754,024 $ 22,165,242 $ (16,447,613 ) $ 22,413,977 (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 $ 216,521 $ 17,426,082 $ — $ 17,649,007 Cash and cash equivalents 24,857 — 30,491 — 55,348 Escrow deposits and restricted cash 2,102 1,424 68,245 — 71,771 Investment in and advances to affiliates 10,783,780 3,430,055 — (14,213,835 ) — Goodwill — — 363,971 — 363,971 Assets held for sale — 150,405 2,423,769 — 2,574,174 Other assets 98,605 41,821 311,216 — 451,642 Total assets $ 10,915,748 $ 3,840,226 $ 20,623,774 $ (14,213,835 ) $ 21,165,913 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 7,371,547 $ 3,456,217 $ — $ 10,827,764 Intercompany loans 5,555,196 (5,562,739 ) 7,543 — — Accrued interest — 43,212 18,885 — 62,097 Accounts payable and other liabilities 103,469 55,909 591,244 — 750,622 Liabilities held for sale — 24,398 230,282 — 254,680 Deferred income taxes 344,337 — — — 344,337 Total liabilities 6,003,002 1,932,327 4,304,171 — 12,239,500 Redeemable OP unitholder and noncontrolling interests — — 172,016 — 172,016 Total equity 4,912,746 1,907,899 16,147,587 (14,213,835 ) 8,754,397 Total liabilities and equity $ 10,915,748 $ 3,840,226 $ 20,623,774 $ (14,213,835 ) $ 21,165,913 (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 September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,425 $ 293,442 $ — $ 343,783 Resident fees and services — — 454,825 — 454,825 Medical office building and other services revenue 293 — 9,707 — 10,000 Income from loans and investments 50 180 18,694 — 18,924 Equity earnings in affiliates 99,873 — (243 ) (99,630 ) — Interest and other income 106 (2 ) (30 ) — 74 Total revenues 101,238 49,603 776,395 (99,630 ) 827,606 Expenses: Interest (10,788 ) 67,521 40,402 — 97,135 Depreciation and amortization 1,347 3,455 221,530 — 226,332 Property-level operating expenses — 81 347,764 — 347,845 Medical office building services costs — — 6,416 — 6,416 General, administrative and professional fees (678 ) 5,225 27,567 — 32,114 Loss on extinguishment of debt, net — 4,523 10,808 — 15,331 Merger-related expenses and deal costs 62,007 — 138 — 62,145 Other 271 5 4,519 — 4,795 Total expenses 52,159 80,810 659,144 — 792,113 Income (loss) from continuing operations before (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 49,079 (31,207 ) 117,251 (99,630 ) 35,493 Loss from unconsolidated entities — (469 ) (486 ) — (955 ) Income tax benefit 10,697 — — — 10,697 Income (loss) from continuing operations 59,776 (31,676 ) 116,765 (99,630 ) 45,235 Discontinued operations (37,189 ) 7,371 7,435 — (22,383 ) Gain on real estate dispositions 265 — — — 265 Net income (loss) 22,852 (24,305 ) 124,200 (99,630 ) 23,117 Net income attributable to noncontrolling interest — — 265 — 265 Net income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 123,935 $ (99,630 ) $ 22,852 (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 September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 626 $ 44,873 $ 242,060 $ — $ 287,559 Resident fees and services — — 396,247 — 396,247 Medical office building and other services revenue — — 7,573 — 7,573 Income from loans and investments 1,049 — 12,137 — 13,186 Equity earnings in affiliates 124,738 — 22 (124,760 ) — Interest and other income 109 10 248 — 367 Total revenues 126,522 44,883 658,287 (124,760 ) 704,932 Expenses: Interest (6,199 ) 49,011 34,513 — 77,325 Depreciation and amortization 1,489 3,831 167,686 — 173,006 Property-level operating expenses — 141 306,395 — 306,536 Medical office building services costs — — 4,568 — 4,568 General, administrative and professional fees 1,147 5,067 23,250 — 29,464 Loss on extinguishment of debt, net — — 2,414 — 2,414 Merger-related expenses and deal costs 13,403 — 2,785 — 16,188 Other 6,932 — 2,481 — 9,413 Total expenses 16,772 58,050 544,092 — 618,914 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 109,750 (13,167 ) 114,195 (124,760 ) 86,018 Income (loss) from unconsolidated entities — 315 (362 ) — (47 ) Income tax benefit 1,887 — — — 1,887 Income (loss) from continuing operations 111,637 (12,852 ) 113,833 (124,760 ) 87,858 Discontinued operations (6,130 ) 15,082 9,219 — 18,171 Gain on real estate dispositions 3,625 — — — 3,625 Net income 109,132 2,230 123,052 (124,760 ) 109,654 Net income attributable to noncontrolling interest — — 522 — 522 Net income attributable to common stockholders $ 109,132 $ 2,230 $ 122,530 $ (124,760 ) $ 109,132 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,747 $ 148,833 $ 840,298 $ — $ 991,878 Resident fees and services — — 1,356,384 — 1,356,384 Medical office building and other services revenue 293 — 29,658 — 29,951 Income from loans and investments 8,655 483 57,054 — 66,192 Equity earnings in affiliates 360,988 — (383 ) (360,605 ) — Interest and other income 482 (6 ) 243 — 719 Total revenues 373,165 149,310 2,283,254 (360,605 ) 2,445,124 Expenses: Interest (27,548 ) 189,716 101,254 — 263,422 Depreciation and amortization 4,047 11,394 641,821 — 657,262 Property-level operating expenses — 285 1,031,021 — 1,031,306 Medical office building services costs — — 19,098 — 19,098 General, administrative and professional fees (598 ) 16,640 84,357 — 100,399 Loss on extinguishment of debt, net — 4,523 10,374 — 14,897 Merger-related expenses and deal costs 101,306 75 3,642 — 105,023 Other 453 49 13,446 — 13,948 Total expenses 77,660 222,682 1,905,013 — 2,205,355 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 295,505 (73,372 ) 378,241 (360,605 ) 239,769 Income (loss) from unconsolidated entities — 291 (1,488 ) — (1,197 ) Income tax benefit 27,736 — — — 27,736 Income (loss) from continuing operations 323,241 (73,081 ) 376,753 (360,605 ) 266,308 Discontinued operations (44,546 ) 34,748 23,232 — 13,434 Gain on real estate dispositions 14,420 — — — 14,420 Net income (loss) 293,115 (38,333 ) 399,985 (360,605 ) 294,162 Net income attributable to noncontrolling interest — — 1,047 — 1,047 Net income (loss) attributable to common stockholders $ 293,115 $ (38,333 ) $ 398,938 $ (360,605 ) $ 293,115 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 1,873 $ 133,346 $ 711,770 $ — $ 846,989 Resident fees and services — — 1,141,781 — 1,141,781 Medical office building and other services revenue — — 18,240 — 18,240 Income from loans and investments 2,285 — 34,617 — 36,902 Equity earnings in affiliates 383,245 — 187 (383,432 ) — Interest and other income 294 21 496 — 811 Total revenues 387,697 133,367 1,907,091 (383,432 ) 2,044,723 Expenses: Interest (11,071 ) 133,215 91,973 — 214,117 Depreciation and amortization 4,387 11,839 490,941 — 507,167 Property-level operating expenses — 388 882,626 — 883,014 Medical office building services costs — — 9,565 — 9,565 General, administrative and professional fees 3,022 15,975 74,635 — 93,632 (Gain) loss on extinguishment of debt, net (3 ) 3 5,079 — 5,079 Merger-related expenses and deal costs 21,035 2,110 12,799 — 35,944 Other 7,055 — 11,015 — 18,070 Total expenses 24,425 163,530 1,578,633 — 1,766,588 Income (loss) from continuing operations before income (loss) from unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 363,272 (30,163 ) 328,458 (383,432 ) 278,135 Income (loss) from unconsolidated entities — 1,156 (607 ) — 549 Income tax expense (4,820 ) — — — (4,820 ) Income (loss) from continuing operations 358,452 (29,007 ) 327,851 (383,432 ) 273,864 Discontinued operations (6,389 ) 47,694 37,721 — 79,026 Gain on real estate dispositions 16,514 — — — 16,514 Net income 368,577 18,687 365,572 (383,432 ) 369,404 Net income attributable to noncontrolling interest — — 827 — 827 Net income attributable to common stockholders $ 368,577 $ 18,687 $ 364,745 $ (383,432 ) $ 368,577 (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 September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 22,852 $ (24,305 ) $ 124,200 $ (99,630 ) $ 23,117 Other comprehensive loss: Foreign currency translation — — (11,239 ) — (11,239 ) Other — — 467 — 467 Total other comprehensive loss — — (10,772 ) — (10,772 ) Comprehensive income (loss) 22,852 (24,305 ) 113,428 (99,630 ) 12,345 Comprehensive income attributable to noncontrolling interest — — 265 — 265 Comprehensive income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 113,163 $ (99,630 ) $ 12,080 (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 September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 109,132 $ 2,230 $ 123,052 $ (124,760 ) $ 109,654 Other comprehensive loss: Foreign currency translation — — (12,885 ) — (12,885 ) Change in unrealized gain on marketable securities (334 ) — — — (334 ) Other — — 3,120 — 3,120 Total other comprehensive loss (334 ) — (9,765 ) — (10,099 ) Comprehensive income 108,798 2,230 113,287 (124,760 ) 99,555 Comprehensive income attributable to noncontrolling interest — — 522 — 522 Comprehensive income attributable to common stockholders $ 108,798 $ 2,230 $ 112,765 $ (124,760 ) $ 99,033 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 293,115 $ (38,333 ) $ 399,985 $ (360,605 ) $ 294,162 Other comprehensive loss: Foreign currency translation — — (7,718 ) — (7,718 ) Change in unrealized gain on marketable securities (5,046 ) — — — (5,046 ) Other — — (949 ) — (949 ) Total other comprehensive loss (5,046 ) — (8,667 ) — (13,713 ) Comprehensive income (loss) 288,069 (38,333 ) 391,318 (360,605 ) 280,449 Comprehensive income attributable to noncontrolling interest — — 1,047 — 1,047 Comprehensive income (loss) attributable to common stockholders $ 288,069 $ (38,333 ) $ 390,271 $ (360,605 ) $ 279,402 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 368,577 $ 18,687 $ 365,572 $ (383,432 ) $ 369,404 Other comprehensive income (loss): Foreign currency translation — — (7,906 ) — (7,906 ) Change in unrealized gain on marketable securities 1,237 — — — 1,237 Other — — 3,166 — 3,166 Total other comprehensive income (loss) 1,237 — (4,740 ) — (3,503 ) Comprehensive income 369,814 18,687 360,832 (383,432 ) 365,901 Comprehensive income attributable to noncontrolling interest — — 827 — 827 Comprehensive income attributable to common stockholders $ 369,814 $ 18,687 $ 360,005 $ (383,432 ) $ 365,074 (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 Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (65,973 ) $ 2,984 $ 1,085,034 $ — $ 1,022,045 Net cash used in investing activities (2,096,837 ) (15,731 ) (141,997 ) — (2,254,565 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (658,000 ) (132,406 ) — (790,406 ) Net cash impact of CCP Spin-Off 1,273,000 — (1,401,749 ) — (128,749 ) Proceeds from debt — 2,292,568 218,493 — 2,511,061 Proceeds from debt related to CCP Spin-Off — — 1,400,000 — 1,400,000 Repayment of debt — (705,000 ) (624,070 ) — (1,329,070 ) Net change in intercompany debt 1,451,362 (946,310 ) (505,052 ) — — Purchase of noncontrolling interest — — (3,819 ) — (3,819 ) Payment of deferred financing costs — (21,932 ) (1,961 ) — (23,893 ) Issuance of common stock, net 417,818 — — — 417,818 Cash distribution (to) from affiliates (228,908 ) 51,421 177,487 — — Cash distribution to common stockholders (759,575 ) — — — (759,575 ) Cash distribution to redeemable OP unitholders — — (12,776 ) — (12,776 ) Purchases of redeemable OP units — — (33,188 ) — (33,188 ) Distributions to noncontrolling interest — — (11,250 ) — (11,250 ) Other 6,489 — — — 6,489 Net cash provided by (used in) financing activities 2,160,186 12,747 (930,291 ) — 1,242,642 Net (decrease) increase in cash and cash equivalents (2,624 ) — 12,746 — 10,122 Effect of foreign currency translation on cash and cash equivalents (8,324 ) — 8,085 — (239 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 13,909 $ — $ 51,322 $ — $ 65,231 (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 Nine Months Ended September 30, 2014 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (23,288 ) $ 67,829 $ 875,431 $ — $ 919,972 Net cash used in investing activities (1,073,979 ) (4,080 ) (158,111 ) — (1,236,170 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (149,000 ) (4,684 ) — (153,684 ) Proceeds from debt — 696,661 1,311,046 — 2,007,707 Repayment of debt — — (905,117 ) — (905,117 ) Net change in intercompany debt 959,820 (351,059 ) (608,761 ) — — Payment of deferred financing costs — (6,561 ) (8,385 ) — (14,946 ) Cash distribution from (to) affiliates 775,066 (253,795 ) (521,271 ) — — Cash distribution to common stockholders (640,414 ) — — — (640,414 ) Cash distribution to redeemable OP unitholders (4,214 ) — — — (4,214 ) Distributions to noncontrolling interest — — (6,760 ) — (6,760 ) Other 2,569 5 (3,125 ) — (551 ) Net cash provided by (used in) financing activities 1,092,827 (63,749 ) (747,057 ) — 282,021 Net decrease in cash and cash equivalents (4,440 ) — (29,737 ) — (34,177 ) Effect of foreign currency translation on cash and cash equivalents (4,586 ) — 8,542 — 3,956 Cash and cash equivalents at beginning of period 28,169 — 66,647 — 94,816 Cash and cash equivalents at end of period $ 19,143 $ — $ 45,452 $ — $ 64,595 (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)	Sep. 30, 2015propertysenior_housingtenant
Real estate properties
Number of real estate properties	1,300
Number of properties leased	608
Development Projects
Real estate properties
Number of real estate properties	1
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties | senior_housing	305
Brookdale Senior Living
Real estate properties
Number of properties leased	141
Number of properties included in investments in unconsolidated entities	6
Kindred
Real estate properties
Number of properties leased	78
Brookdale Senior Living Inc. and Kindred Healthcare, Inc.
Real estate properties
Concentration Risk, Number of Tenants | tenant	2

ACCOUNTING POLICIES - Redeemab

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	Jan. 16, 2015shares	Apr. 30, 2015USD ($)shares	Sep. 30, 2015USD ($)shares	Aug. 30, 2015	Dec. 31, 2014USD ($)
Redeemable Noncontrolling Interest [Line Items]
Fair value of operating partnership units exceeding cost | $			$ 188.5		$ 159.1
NHP/PMB L.P.
Redeemable Noncontrolling Interest [Line Items]
Unit conversion factor for common stock			0.9051	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
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)	9 Months Ended
	Sep. 30, 2015
Building
Business Acquisition [Line Items]
Estimated remaining life of building (generally not to exceed 35 years)	35 years

ACCOUNTING POLICIES - Revenue

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 210,644	$ 187,572
Straight-line rent receivable, net of allowances	$ 96,400	$ 83,500
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

ACCOUNTING POLICIES - Recently

ACCOUNTING POLICIES - Recently Issued or Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclass of deferred financing costs	$ 71,978	$ 60,328
Accounting Standards Update 2015-03 and 2015-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclass of deferred financing costs	$ 72,000	$ 60,300

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended	10 Months Ended
	Dec. 31, 2014property	Sep. 30, 2015board_memberpropertysenior_housingstateprovince	Sep. 30, 2014	Sep. 30, 2015board_memberpropertysenior_housingstateprovince	Sep. 30, 2015board_memberpropertysenior_housingstateprovince	Jan. 31, 2015USD ($)
Concentration Risk [Line Items]
Number of states | state		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	9
Lease modifications, number of properties	34
Lease modification and transition agreement amount | $						$ 37
Number of real estate properties sold					3
Number of properties contributed in the Spin-off		3		3	3
Seniors Housing Communities
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | senior_housing		305		305	305
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements		269		269	269
Total gross book value of properties | ATRIA
Concentration Risk [Line Items]
Concentration percentage				22.80%
Total gross book value of properties | SUNRISE
Concentration Risk [Line Items]
Concentration percentage				11.80%
Total gross book value of properties | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage				8.50%
Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage				2.10%
Total gross book value of properties | Seniors Housing Communities
Concentration Risk [Line Items]
Concentration percentage				65.10%
Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage				34.90%
Total revenues
Concentration Risk [Line Items]
Number of states accounting for more than 10% of total revenues | state		1
Total revenues | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage		5.10%	6.20%
Total revenues | Kindred
Concentration Risk [Line Items]
Concentration percentage		5.60%	5.70%
Total NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10% of net operating income | state		1		1	1
Total NOI | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage		8.90%	11.20%
Total NOI | Kindred
Concentration Risk [Line Items]
Concentration percentage		9.70%	10.30%

ACQUISITIONS OF REAL ESTATE P44

ACQUISITIONS OF REAL ESTATE PROPERTY - Narrative (Details) $ / shares in Units, $ in Thousands	Aug. 04, 2015USD ($)hospital	Aug. 31, 2015property	Jan. 31, 2015USD ($)property$ / sharesshares	Aug. 31, 2014CADproperty	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)propertyshares	Jul. 31, 2014CAD	Aug. 31, 2004CAD
Business Acquisition [Line Items]
Amount paid for equity interest							$ 26,282	$ 0
Total net real estate property					$ 19,771,586		19,771,586		$ 16,754,254
Goodwill					1,052,321		1,052,321		$ 363,971
Revenues					827,606	$ 704,932	2,445,124	2,044,723
Acquisition-related costs					62,145	16,188	105,023	35,944
Triple-Net Leased Properties
Business Acquisition [Line Items]
Revenues					202,039	172,009	574,877	503,476
Senior Living Operations
Business Acquisition [Line Items]
Revenues					454,825	396,247	1,356,384	1,141,781
MOB Operations
Business Acquisition [Line Items]
Revenues					151,214	$ 122,623	445,353	360,253
Ardent
Business Acquisition [Line Items]
Percentage of investment in acquisition	9.90%
2015 Acquisitions
Business Acquisition [Line Items]
Total cash used							2,592,169
Assumed mortgage debt					177,857		177,857
Goodwill					746,500		746,500
Revenues							223,000
NOI							132,300
2015 Acquisitions | Merger-Related Expenses and Deal Costs
Business Acquisition [Line Items]
Acquisition-related costs							96,900	5,400
2015 Acquisitions | Discontinued Operations
Business Acquisition [Line Items]
Acquisition-related costs							4,000	$ 800
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Assumed mortgage debt					0		0
Goodwill					133,500		133,500
2015 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Assumed mortgage debt					77,940		77,940
Goodwill					219,700		219,700
2015 Acquisitions | MOB Operations
Business Acquisition [Line Items]
Assumed mortgage debt					99,917		99,917
Goodwill					393,400		$ 393,400
Ardent
Business Acquisition [Line Items]
Estimated fair value of investment	$ 1,300,000
Number of hospitals acquired | hospital	10
Ardent | Ardent
Business Acquisition [Line Items]
Amount paid for equity interest	$ 26,300
American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Number of real estate properties acquired | property			152
Consideration transferred, stock conversion ratio, per acquiree share			0.1688
Consideration transferred, price per acquiree share | $ / shares			$ 11.33
Total cash used			$ 11,000
Assumed mortgage debt			167,000
Repayments of debt			$ 730,000
American Realty Capital Healthcare Trust | CCP Spin-Off
Business Acquisition [Line Items]
Number of real estate properties acquired and contributed in the spin-off | property		20
American Realty Capital Healthcare Trust | Common Stock Par Value
Business Acquisition [Line Items]
Equity interest issued, number of shares | shares			28,400,000
American Realty Capital Healthcare Trust | Limited Partnership Units
Business Acquisition [Line Items]
Equity interest issued, number of shares | shares			1,100,000
2015 Development Projects | Seniors Housing Communities
Business Acquisition [Line Items]
Number of real estate properties completed | property							1
Total net real estate property					$ 7,800		$ 7,800
Other Acquisitions
Business Acquisition [Line Items]
Equity interest issued, number of shares | shares									148,241
Other investments									$ 812,000
Payment for early repayment of debt at closing									$ 18,800
Other Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Other investments							$ 514,000
Other Acquisitions | Seniors Housing Communities And Hospitals | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property							11
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 | Skilled Nursing Facilities | MOB Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property							1
Holiday Retirement
Business Acquisition [Line Items]
Assumed mortgage debt | CAD											CAD 193,700,000
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

ACQUISITIONS OF REAL ESTATE P45

ACQUISITIONS OF REAL ESTATE PROPERTY - Fair Value of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
2015 Acquisitions
Business Acquisition [Line Items]
Land and improvements	$ 432,929
Buildings and improvements	3,555,359
Acquired lease intangibles	431,394
Other assets	844,764
Total assets acquired	5,264,446
Notes payable and other debt	177,857
Other liabilities	136,042
Total liabilities assumed	313,899
Net assets acquired	4,950,547
Redeemable OP unitholder interests assumed	87,245
Cash acquired	54,778
Equity issued	2,216,355
Total cash used	2,592,169
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Land and improvements	190,566
Buildings and improvements	1,726,553
Acquired lease intangibles	169,362
Other assets	173,144
Total assets acquired	2,259,625
Notes payable and other debt	0
Other liabilities	43,841
Total liabilities assumed	43,841
Net assets acquired	2,215,784
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	273,523
Total assets acquired	1,131,183
Notes payable and other debt	77,940
Other liabilities	43,412
Total liabilities assumed	121,352
Net assets acquired	1,009,831
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	398,097
Total assets acquired	1,873,638
Notes payable and other debt	99,917
Other liabilities	48,789
Total liabilities assumed	148,706
Net assets acquired	$ 1,724,932
2014 Acquisitions
Business Acquisition [Line Items]
Land and improvements		$ 145,867
Buildings and improvements		1,628,479
Acquired lease intangibles		65,335
Other assets		12,620
Total assets acquired		1,852,301
Notes payable and other debt		241,077
Other liabilities		133,569
Total liabilities assumed		374,646
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		1,081,630
Acquired lease intangibles		36,452
Other assets		12,393
Total assets acquired		1,230,756
Notes payable and other debt		228,150
Other liabilities		124,960
Total liabilities assumed		353,110
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) - HCT and Ardent - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Revenues	$ 837,203	$ 801,333	$ 2,519,122	$ 2,333,926
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 73,329	$ 131,160	$ 375,553	$ 410,149
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.22	$ 0.41	$ 1.14	$ 1.27
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.22	$ 0.40	$ 1.13	$ 1.26
Weighted average shares used in computing earnings per common share:
Basic (in shares)	332,491	322,445	329,440	322,380
Diluted (in shares)	336,338	326,028	332,210	325,944

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Thousands	Aug. 17, 2015USD ($)property	Oct. 23, 2015USD ($)property	Aug. 31, 2015installment	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from debt related to CCP Spin-off						$ 1,400,000	$ 0
Payment to existing debt						(1,329,070)	(905,117)
Payment of quarterly installment of dividends						(759,575)	(640,414)
Income related to Service Fee						300
Net income from discontinued operations				$ (22,383)	$ 18,171	13,434	79,026
Impairment of real estate				4,100	8,800	31,300	17,200
Impairment of long-lived assets to be disposed of				0	4,300	8,900	10,300
2015 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, including termination fees						436,000
Lease termination fees						6,000
Gain (loss) on disposition of assets						32,800
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
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property						32
2015 Dispositions | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property						25
Dispositions 2015, Not Including Care Capital Properties Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations attributable to common stockholders				200	500	$ 1,000	4,800
2014 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, including termination fees							112,700
Gain (loss) on disposition of assets							19,900
(Loss) gain on real estate dispositions, net							$ 1,500
2014 Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property							15
2014 Dispositions | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property							4
Subsequent Event | 2015 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount of secured loan provided to tenant		$ 78,400
Gain (loss) on disposition of assets		$ 9,400
Deferred gain on sale of property, term		6 years
Subsequent Event | 2015 Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property		5
Proceeds from sale of property		$ 78,400
CCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount charge for Service Fee						2,500
Durations of services provided			1 year
Income related to Service Fee				300
Number of quarterly installments | installment			4
Spinoff | CCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties | property	355
Shares received from spinoff	0.25
Proceeds from debt related to CCP Spin-off	$ 1,400,000
Dividend received	1,300,000
Payment to existing debt	(1,100,000)
Payment of quarterly installment of dividends	$ (200,000)
Transaction cost due to discontinued operations						40,300	$ 200
Stock-based compensation						3,200
Capital and development project expense				7,000	3,900	21,800	10,100
Net income (loss) from discontinued operations attributable to common stockholders				(22,535)	17,675	12,437	74,269
Net income from discontinued operations				(22,526)	17,722	12,557	74,406
(Loss) gain on real estate dispositions, net				$ 0	$ 0	$ 0	$ 0

DISPOSITIONS - CCP Balance Shee

DISPOSITIONS - CCP Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Aug. 17, 2015	Dec. 31, 2014
Assets:
Total assets	$ 168,931		$ 2,574,174
Liabilities:
Total liabilities	$ 65,465		254,680
CCP | Spinoff
Assets:
Net real estate investments		$ 2,588,255	2,274,310
Cash and cash equivalents		1,749	2,710
Goodwill		135,446	88,959
Assets held for sale		7,610	8,435
Other assets		15,089	16,596
Total assets		2,748,149	2,391,010
Liabilities:
Accounts payable and other liabilities		217,760	204,359
Liabilities related to assets held for sale		985	1,288
Total liabilities		218,745	205,647
Net assets:		$ 2,529,404	$ 2,185,363

DISPOSITIONS - Summary of Oper

DISPOSITIONS - Summary of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Expenses:
Net (loss) income from discontinued operations	$ (22,383)	$ 18,171	$ 13,434	$ 79,026
CCP | Spinoff
Revenues:
Rental income	40,642	73,332	196,848	224,668
Income from loans and investments	449	857	2,148	2,533
Interest and other income	0	1	63	2
Total Revenues	41,091	74,190	199,059	227,203
Expenses:
Interest	12,384	21,859	61,613	65,855
Depreciation and amortization	13,878	28,230	79,478	78,520
Property-level operating expenses	0	(1)	0	0
General, administrative and professional fees	2	2	9	7
Merger-related expenses and deal costs	37,191	562	44,070	1,163
Other	162	5,816	1,332	7,252
Total expenses	63,617	56,468	186,502	152,797
Income before real estate dispositions and noncontrolling interest	(22,526)	17,722	12,557	74,406
Gain (loss) on real estate dispositions	0	0	0	0
Net (loss) income from discontinued operations	(22,526)	17,722	12,557	74,406
Net income attributable to noncontrolling interest	9	47	120	137
Net (loss) income from discontinued operations attributable to common stockholders	$ (22,535)	$ 17,675	$ 12,437	$ 74,269

DISPOSITIONS - Real Estate Ass

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Sep. 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	18	367
Assets held for sale	$ 168,931	$ 2,574,174
Liabilities related to assets held for sale	$ 65,465	$ 254,680
Number of Properties Classified as Held-for-sale, Contributed in Spin-Off | property		323
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	8	333
Assets held for sale	$ 80,178	$ 2,410,840
Liabilities related to assets held for sale	$ 12,265	$ 205,931
MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	10	34
Assets held for sale	$ 88,753	$ 163,334
Liabilities related to assets held for sale	$ 53,200	$ 48,749
MOB Operations | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	2

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS (Details) $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)loan	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)loan	Aug. 31, 2015USD ($)loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities		$ 0		$ 76,046
Available-for-sale securities, unrealized gain (loss)		1,783		6,784
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount		799,917		896,547
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost		798,134		889,763
Secured loans, unsecured loans, and other available-for-sale securities, fair value		807,652		907,061
Investment in loans receivable and other		74,386	$ 66,436
Purchase of marketable securities		0	$ 46,689
Total proceeds from sale or maturity of marketable securities				22,300
Recognized gain on sale of marketable securities				600
Proceeds from sale of loans		97,000		55,900
Gain on the repayment of loans receivable		1,900		5,200
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost		703,003		739,766
Mortgage loans and other, fair value		$ 709,527		$ 748,842
Number of loans sold | loan		3		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%
Secured mortgage loans and other | CCP Spin-Off
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable contributed in spin-off | loan					2
Loans receivable contributed in Spin-Off					$ 26,900
Loans receivable held for sale				$ 26,900
Unsecured loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost		$ 33,210		17,620
Mortgage loans and other, fair value		$ 34,421		$ 19,058
Number of loans sold | loan		1		2
Unsecured loans receivable | CCP Spin-Off
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans receivable contributed in spin-off | loan					7
Loans receivable contributed in Spin-Off					$ 4,200
Loans receivable held for sale				$ 4,300
Secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale securities, unrealized gain (loss)		$ 1,783		1,738
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount		766,707		802,881
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost		764,924		801,143
Secured loans, unsecured loans, and other available-for-sale securities, fair value		773,231		811,957
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale securities, unrealized gain (loss)		0		5,046
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount		33,210		93,666
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost		33,210		88,620
Secured loans, unsecured loans, and other available-for-sale securities, fair value		34,421		95,104
Government-sponsored pooled loan investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities		63,704		63,115
Available-for-sale securities, amortized cost		61,921		61,377
Available-for-sale securities, unrealized gain (loss)		1,783		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]
Carrying value of investment	$ 71,000
Proceeds from sale of investment	$ 76,800
Recognized gain on sale of investments		5,800
Unrealized gains of investments		$ 5,000
Purchase of marketable securities				71,000
Marketable equity securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchase of marketable securities				$ 21,700

INVESTMENTS IN UNCONSOLIDATED52

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)	Dec. 31, 2014property
Equity method investments
Number of real estate properties	1,300		1,300
Management fees earned | $	$ 1.7	$ 2	$ 5.4	$ 6.2
ATRIA
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	34.00%		34.00%		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	9.90%		9.90%		9.90%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 1,052,321	$ 363,971
Remaining weighted average amortization period (in years)	18 years 9 months 18 days	20 years 10 months 24 days
Accumulated amortization	$ (615,599)	$ (514,133)
Net intangible assets	1,817,362	838,542
Intangible liabilities:
Below market lease intangibles	256,081	229,495
Other lease intangibles	34,160	32,103
Accumulated amortization	(108,151)	(97,371)
Purchase option intangibles	3,568	13,549
Net intangible liabilities	$ 185,658	$ 177,776
Below market leases, remaining weighted average amortization period (in years)	14 years 2 months 12 days	14 years 1 month 6 days
Other lease intangibles, remaining weighted average amortization period (in years)	27 years 9 months 18 days	26 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 3 months 18 days	15 years 1 month 6 days
Above market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 154,944	$ 150,474
Remaining weighted average amortization period (in years)	7 years 1 month 6 days	6 years 9 months 18 days
In-place and other lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 1,189,764	$ 801,776
Remaining weighted average amortization period (in years)	20 years 4 months 24 days	24 years 4 months 24 days
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Other intangibles	$ 35,932	$ 36,454
Remaining weighted average amortization period (in years)	8 years 3 months 18 days	7 years 10 months 24 days

INTANGIBLES - Additional Infor

INTANGIBLES - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Net amortization expense	$ 106.3	$ 53.8
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Estimated net amortization expense - 2015	35.7
Estimated net amortization expense - 2016	97.6
Estimated net amortization expense - 2017	51.4
Estimated net amortization expense - 2018	42.3
Estimated net amortization expense - 2019	$ 36.3

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 210,644	$ 187,572
Unsecured loans receivable and investments, net	33,210	17,620
Other intangibles, net	14,598	19,122
Marketable securities	0	76,046
Other	160,050	151,282
Total other assets	$ 418,502	$ 451,642

SENIOR NOTES PAYABLE AND OTHE56

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) CAD in Thousands, $ in Thousands	Sep. 30, 2015CAD	Sep. 30, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Debt instruments
Principal amount outstanding		$ 11,333,707		$ 10,872,371
Deferred financing costs, net		(71,978)		(60,328)
Unamortized fair value adjustment		36,408		41,853
Unamortized discounts		(29,577)		(26,132)
Senior notes payable and other debt		11,268,560		10,827,764
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding		114,052		919,099
Unsecured revolving credit facilities | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 17,100		CAD 164,100
3.125% Senior Notes due 2015
Debt instruments
Principal amount outstanding		$ 0		$ 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		$ 672,000
Unsecured term loan | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 93,400
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding		200,000		$ 200,000
Unsecured Term Loan Due 2019
Debt instruments
Principal amount outstanding		472,036		790,634
Unsecured term loan due 2020
Debt instruments
Principal amount outstanding		900,000		0
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 300,482		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 187,800		CAD 0
Interest rate (as a percent)	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 187,800		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%
4.125% Senior Notes due 2026
Debt instruments
Principal amount outstanding		$ 500,000		0
Interest rate (as a percent)	4.125%	4.125%
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%
Mortgage loans and other
Debt instruments
Principal amount outstanding		$ 2,087,414		2,284,763
Mortgage Loans Held-for-Sale
Debt instruments
Principal amount outstanding		$ 48,300		$ 43,500

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	$ 18,109
2,016	648,443
2,017	852,257
2,018	1,239,434
2,019	1,936,879
Thereafter	6,638,585
Total maturities	11,333,707	$ 10,872,371
Unrestricted cash and cash equivalents	65,231	55,348	$ 64,595	$ 94,816
Amount outstanding, net of cash and cash equivalents	48,800
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	9,057
2,016	615,077
2,017	822,764
2,018	1,101,879
2,019	1,920,978
Thereafter	6,501,581
Total maturities	10,971,336
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	114,052
2,019	0
Thereafter	0
Total maturities	114,052	$ 919,099
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,015	9,052
2,016	33,366
2,017	29,493
2,018	23,503
2,019	15,901
Thereafter	137,004
Total maturities	248,319
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 OTHE58

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details)	1 Months Ended					3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Aug. 31, 2015USD ($)	Jul. 31, 2015USD ($)	Jan. 31, 2015CAD	Jan. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	May. 31, 2015USD ($)	Jan. 31, 2015USD ($)
Debt instruments
Loss on extinguishment of debt, net						$ 15,331,000	$ 2,414,000	$ 14,897,000	$ 5,079,000
Percentage of redemption price	100.70%
Unsecured revolving credit facilities
Debt instruments
Line of credit facility, current borrowing capacity	$ 2,000,000,000					2,000,000,000		$ 2,000,000,000
Debt instrument, additional period								1 year
Amount outstanding	114,100,000					114,100,000		$ 114,100,000
Letters of credit outstanding	14,900,000					14,900,000		14,900,000
Unused borrowing capacity available	1,900,000,000					1,900,000,000		$ 1,900,000,000
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					200,000,000		$ 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					800,000,000		$ 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 Debt
Debt instruments
Line of credit facility, maximum borrowing capacity (up to $3.5 billion)	3,500,000,000					$ 3,500,000,000		$ 3,500,000,000
Unsecured Debt | Unsecured Term Loan Due 2019
Debt instruments
Extinguishment of debt amount		$ 305,000,000
Loss on extinguishment of debt, net	2,900,000	$ 1,600,000
Unsecured term loan due 2020
Debt instruments
Debt instrument, term of loan (in years)		5 years
Unsecured term loan due 2020 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate		97.50%
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
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
Senior Notes | 3.125% Senior Notes due 2015
Debt instruments
Extinguishment of debt amount	$ 400,000,000
Interest rate (as a percent)	3.125%					3.125%		3.125%
Loans Payable | Unsecured term loan due 2020
Debt instruments
Debt instrument, face amount		$ 900,000,000
Mortgages
Debt instruments
Debt instrument, face amount	$ 366,800,000					$ 366,800,000		$ 366,800,000
Loss on extinguishment of debt, net								$ 10,400,000
Weighted average maturity (in years)								2 years 4 months 24 days

FAIR VALUES OF FINANCIAL INST59

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Unsecured loans receivable, net	$ 33,210	$ 17,620
Marketable securities	0	76,046
Liabilities:
Redeemable OP unitholder interests	188,500	159,100
Government-sponsored pooled loan investments
Assets:
Marketable securities	63,704	63,115
Carrying Amount
Assets:
Cash and cash equivalents	65,231	55,348
Secured loans receivable, net	703,003	739,766
Unsecured loans receivable, net	33,210	17,620
Liabilities:
Senior notes payable and other debt, gross	11,333,707	10,872,371
Derivative instruments and other liabilities	3,036	2,743
Redeemable OP unitholder interests	188,473	159,134
Carrying Amount | Government-sponsored pooled loan investments
Assets:
Marketable securities	63,704	63,115
Carrying Amount | Marketable securities
Assets:
Marketable securities	0	76,046
Fair Value
Assets:
Cash and cash equivalents	65,231	55,348
Secured loans receivable, net	709,527	748,842
Unsecured loans receivable, net	34,421	19,058
Liabilities:
Senior notes payable and other debt, gross	11,550,381	11,197,131
Derivative instruments and other liabilities	3,036	2,743
Redeemable OP unitholder interests	188,473	159,134
Fair Value | Government-sponsored pooled loan investments
Assets:
Marketable securities	63,704	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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Provision (benefit) for income taxes
Income tax benefit (expense)	$ 10,697	$ 1,887	$ 27,736	$ (4,820)
Net deferred tax liabilities	$ 352,700		$ 352,700		$ 344,300

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - USD ($) $ in Thousands	1 Months Ended	7 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2015	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Issuance of common stock, shares	3,750,202	2,075,708
Proceeds for the issuance of common stock	$ 285,400	$ 132,700	$ 417,818	$ 242,107
Sales agent commissions for common stock sales	$ 4,400	2,000
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			$ 1,457	$ 845
American Realty Capital Healthcare Trust | Common Stock
Business Acquisition [Line Items]
Equity interest issued, number of shares	28,400,000
American Realty Capital Healthcare Trust | Limited Partnership Units
Business Acquisition [Line Items]
Equity interest issued, number of shares	1,100,000

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Foreign currency translation	$ (6,852)	$ 866
Unrealized gain on marketable securities	1,738	6,784
Other	4,522	5,471
Total accumulated other comprehensive (loss) income	$ (592)	$ 13,121

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator for basic and diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 45,235	$ 90,961	$ 279,681	$ 289,551
Discontinued operations	(22,383)	18,171	13,434	79,026
Net income attributable to common stockholders	$ 22,852	$ 109,132	$ 293,115	$ 368,577
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	332,491	294,030	329,440	293,965
Effect of dilutive securities:
Stock options (in shares)	307	492	401	468
Restricted stock awards (in shares)	22	47	49	51
OP units (in shares)	3,518	1,926	3,320	1,927
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	336,338	296,495	333,210	296,411
Basic earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.14	$ 0.31	$ 0.85	$ 0.98
Discontinued operations (in usd per share)	(0.07)	0.06	0.04	0.27
Net income attributable to common stockholders (in usd per share)	0.07	0.37	0.89	1.25
Diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.14	0.31	0.84	0.97
Discontinued operations (in usd per share)	(0.07)	0.06	0.04	0.27
Net income attributable to common stockholders (in usd per share)	$ 0.07	$ 0.37	$ 0.88	$ 1.24

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)segment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			3
Revenues:
Rental income	$ 343,783	$ 287,559	$ 991,878	$ 846,989
Resident fees and services	454,825	396,247	1,356,384	1,141,781
Medical office building and other services revenue	10,000	7,573	29,951	18,240
Income from loans and investments	18,924	13,186	66,192	36,902
Interest and other income	74	367	719	811
Total revenues	827,606	704,932	2,445,124	2,044,723
Less:
Interest and other income	74	367	719	811
Property-level operating expenses	347,845	306,536	1,031,306	883,014
Medical office building services costs	6,416	4,568	19,098	9,565
Segment NOI	473,271	393,461	1,394,001	1,151,333
Income (loss) from unconsolidated entities	(955)	(47)	(1,197)	549
Segment profit	472,316	393,414	1,392,804	1,151,882
Interest and other income	74	367	719	811
Interest expense	(97,135)	(77,325)	(263,422)	(214,117)
Depreciation and amortization	(226,332)	(173,006)	(657,262)	(507,167)
General, administrative and professional fees	(32,114)	(29,464)	(100,399)	(93,632)
Loss on extinguishment of debt, net	(15,331)	(2,414)	(14,897)	(5,079)
Merger-related expenses and deal costs	(62,145)	(16,188)	(105,023)	(35,944)
Other	(4,795)	(9,413)	(13,948)	(18,070)
Income tax benefit (expense)	10,697	1,887	27,736	(4,820)
Discontinued operations	(22,383)	18,171	13,434	79,026
Gain on real estate dispositions	265	3,625	14,420	16,514
Net income	23,117	109,654	294,162	369,404	$ 477,186
Triple-Net Leased Properties
Revenues:
Rental income	201,028	170,873	571,591	500,047
Resident fees and services	0	0	0	0
Medical office building and other services revenue	1,011	1,136	3,286	3,429
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	202,039	172,009	574,877	503,476
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	202,039	172,009	574,877	503,476
Income (loss) from unconsolidated entities	(1,431)	252	(785)	838
Segment profit	200,608	172,261	574,092	504,314
Interest and other income	0	0	0	0
Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	454,825	396,247	1,356,384	1,141,781
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	454,825	396,247	1,356,384	1,141,781
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	304,540	265,274	902,154	762,993
Medical office building services costs	0	0	0	0
Segment NOI	150,285	130,973	454,230	378,788
Income (loss) from unconsolidated entities	433	(225)	(221)	(209)
Segment profit	150,718	130,748	454,009	378,579
Interest and other income	0	0	0	0
MOB Operations
Revenues:
Rental income	142,755	116,686	420,287	346,942
Resident fees and services	0	0	0	0
Medical office building and other services revenue	8,459	5,937	25,066	13,311
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	151,214	122,623	445,353	360,253
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	43,305	41,262	129,152	120,021
Medical office building services costs	6,416	4,568	19,098	9,565
Segment NOI	101,493	76,793	297,103	230,667
Income (loss) from unconsolidated entities	108	66	226	326
Segment profit	101,601	76,859	297,329	230,993
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	530	500	1,599	1,500
Income from loans and investments	18,924	13,186	66,192	36,902
Interest and other income	74	367	719	811
Total revenues	19,528	14,053	68,510	39,213
Less:
Interest and other income	74	367	719	811
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
Segment NOI	19,454	13,686	67,791	38,402
Income (loss) from unconsolidated entities	(65)	(140)	(417)	(406)
Segment profit	19,389	13,546	67,374	37,996
Interest and other income	$ 74	$ 367	$ 719	$ 811

SEGMENT INFORMATION - Assets (D

SEGMENT INFORMATION - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Total assets	$ 22,413,977	$ 21,165,913
Percentage of total assets	100.00%	100.00%
Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Total assets	$ 8,143,204	$ 9,173,873
Percentage of total assets	36.30%	43.30%
Senior Living Operations
Segment Reporting Information [Line Items]
Total assets	$ 8,154,058	$ 7,416,150
Percentage of total assets	36.40%	35.00%
MOB Operations
Segment Reporting Information [Line Items]
Total assets	$ 5,179,767	$ 3,525,397
Percentage of total assets	23.10%	16.70%
All Other
Segment Reporting Information [Line Items]
Total assets	$ 936,948	$ 1,050,493
Percentage of total assets	4.20%	5.00%

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,363,289	$ 960,171	$ 2,723,258	$ 1,311,646
Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	1,318,868	99,590	1,878,857	349,022
Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	34,104	853,723	345,910	932,903
MOB Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 10,317	$ 6,858	$ 498,491	$ 29,721

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues:
Total revenues	$ 827,606	$ 704,932	$ 2,445,124	$ 2,044,723
Net real estate property:
Total net real estate property	19,771,586		19,771,586		$ 16,754,254
United States
Revenues:
Total revenues	777,320	665,217	2,294,780	1,957,116
Net real estate property:
Total net real estate property	18,358,283		18,358,283		15,315,950
Canada
Revenues:
Total revenues	42,756	35,129	131,542	78,168
Net real estate property:
Total net real estate property	1,087,829		1,087,829		1,269,710
United Kingdom
Revenues:
Total revenues	7,530	$ 4,586	18,802	$ 9,439
Net real estate property:
Total net real estate property	$ 325,474		$ 325,474		$ 168,594

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Net real estate investments	$ 20,634,501	$ 17,649,007
Cash and cash equivalents	65,231	55,348	$ 64,595	$ 94,816
Escrow deposits and restricted cash	74,491	71,771
Investment in and advances to affiliates	0	0
Goodwill	1,052,321	363,971
Assets held for sale	168,931	2,574,174
Other assets	418,502	451,642
Total assets	22,413,977	21,165,913
Liabilities:
Senior notes payable and other debt	11,268,560	10,827,764
Intercompany loans	0	0
Accrued interest	67,358	62,097
Accounts payable and other liabilities	791,430	750,622
Liabilities related to assets held for sale	65,465	254,680
Deferred income taxes	352,658	344,337
Total liabilities	12,545,471	12,239,500
Redeemable OP unitholder and noncontrolling interests	198,832	172,016
Total equity	9,669,674	8,754,397		8,903,811
Total liabilities and equity	$ 22,413,977	21,165,913
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage	100.00%
Ventas, Inc.
Assets
Net real estate investments	$ 5,950	6,404
Cash and cash equivalents	13,909	24,857	19,143	28,169
Escrow deposits and restricted cash	200	2,102
Investment in and advances to affiliates	12,902,429	10,783,780
Goodwill	0	0
Assets held for sale	0	0
Other assets	19,836	98,605
Total assets	12,942,324	10,915,748
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,006,558	5,555,196
Accrued interest	0	0
Accounts payable and other liabilities	108,640	103,469
Liabilities related to assets held for sale	0	0
Deferred income taxes	352,658	344,337
Total liabilities	7,467,856	6,003,002
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	5,474,468	4,912,746
Total liabilities and equity	$ 12,942,324	10,915,748
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%
Assets
Net real estate investments	$ 200,306	216,521
Cash and cash equivalents	0	0	0	0
Escrow deposits and restricted cash	1,363	1,424
Investment in and advances to affiliates	3,545,184	3,430,055
Goodwill	0	0
Assets held for sale	2,734	150,405
Other assets	4,437	41,821
Total assets	3,754,024	3,840,226
Liabilities:
Senior notes payable and other debt	8,293,077	7,371,547
Intercompany loans	(6,509,049)	(5,562,739)
Accrued interest	52,892	43,212
Accounts payable and other liabilities	47,188	55,909
Liabilities related to assets held for sale	0	24,398
Deferred income taxes	0	0
Total liabilities	1,884,108	1,932,327
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	1,869,916	1,907,899
Total liabilities and equity	3,754,024	3,840,226
Ventas Subsidiaries
Assets
Net real estate investments	20,428,245	17,426,082
Cash and cash equivalents	51,322	30,491	45,452	66,647
Escrow deposits and restricted cash	72,928	68,245
Investment in and advances to affiliates	0	0
Goodwill	1,052,321	363,971
Assets held for sale	166,197	2,423,769
Other assets	394,229	311,216
Total assets	22,165,242	20,623,774
Liabilities:
Senior notes payable and other debt	2,975,483	3,456,217
Intercompany loans	(497,509)	7,543
Accrued interest	14,466	18,885
Accounts payable and other liabilities	635,602	591,244
Liabilities related to assets held for sale	65,465	230,282
Deferred income taxes	0	0
Total liabilities	3,193,507	4,304,171
Redeemable OP unitholder and noncontrolling interests	198,832	172,016
Total equity	18,772,903	16,147,587
Total liabilities and equity	22,165,242	20,623,774
Consolidated Eliminations
Assets
Net real estate investments	0	0
Cash and cash equivalents	0	0	$ 0	$ 0
Escrow deposits and restricted cash	0	0
Investment in and advances to affiliates	(16,447,613)	(14,213,835)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(16,447,613)	(14,213,835)
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	0	0
Accrued interest	0	0
Accounts payable and other liabilities	0	0
Liabilities related to assets held for sale	0	0
Deferred income taxes	0	0
Total liabilities	0	0
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	(16,447,613)	(14,213,835)
Total liabilities and equity	$ (16,447,613)	$ (14,213,835)
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues:
Rental income	$ 343,783	$ 287,559	$ 991,878	$ 846,989
Resident fees and services	454,825	396,247	1,356,384	1,141,781
Medical office building and other services revenue	10,000	7,573	29,951	18,240
Income from loans and investments	18,924	13,186	66,192	36,902
Equity earnings in affiliates	0	0	0	0
Interest and other income	74	367	719	811
Total revenues	827,606	704,932	2,445,124	2,044,723
Expenses:
Interest	97,135	77,325	263,422	214,117
Depreciation and amortization	226,332	173,006	657,262	507,167
Property-level operating expenses	347,845	306,536	1,031,306	883,014
Medical office building services costs	6,416	4,568	19,098	9,565
General, administrative and professional fees	32,114	29,464	100,399	93,632
(Gain) loss on extinguishment of debt, net	15,331	2,414	14,897	5,079
Merger-related expenses and deal costs	62,145	16,188	105,023	35,944
Other	4,795	9,413	13,948	18,070
Total expenses	792,113	618,914	2,205,355	1,766,588
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	35,493	86,018	239,769	278,135
Income (loss) from unconsolidated entities	(955)	(47)	(1,197)	549
Income tax benefit (expense)	10,697	1,887	27,736	(4,820)
Income from continuing operations	45,235	87,858	266,308	273,864
Discontinued operations	(22,383)	18,171	13,434	79,026
Gain on real estate dispositions	265	3,625	14,420	16,514
Net income	23,117	109,654	294,162	369,404	$ 477,186
Net income attributable to noncontrolling interest	265	522	1,047	827
Net income attributable to common stockholders	22,852	109,132	293,115	368,577
Ventas, Inc.
Revenues:
Rental income	916	626	2,747	1,873
Resident fees and services	0	0	0	0
Medical office building and other services revenue	293	0	293	0
Income from loans and investments	50	1,049	8,655	2,285
Equity earnings in affiliates	99,873	124,738	360,988	383,245
Interest and other income	106	109	482	294
Total revenues	101,238	126,522	373,165	387,697
Expenses:
Interest	(10,788)	(6,199)	(27,548)	(11,071)
Depreciation and amortization	1,347	1,489	4,047	4,387
Property-level operating expenses	0	0	0	0
Medical office building services costs	0	0	0	0
General, administrative and professional fees	(678)	1,147	(598)	3,022
(Gain) loss on extinguishment of debt, net	0	0	0	(3)
Merger-related expenses and deal costs	62,007	13,403	101,306	21,035
Other	271	6,932	453	7,055
Total expenses	52,159	16,772	77,660	24,425
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	49,079	109,750	295,505	363,272
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit (expense)	10,697	1,887	27,736	(4,820)
Income from continuing operations	59,776	111,637	323,241	358,452
Discontinued operations	(37,189)	(6,130)	(44,546)	(6,389)
Gain on real estate dispositions	265	3,625	14,420	16,514
Net income	22,852	109,132	293,115	368,577
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ 22,852	109,132	$ 293,115	368,577
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%		100.00%
Revenues:
Rental income	$ 49,425	44,873	$ 148,833	133,346
Resident fees and services	0	0	0	0
Medical office building and other services revenue	0	0	0	0
Income from loans and investments	180	0	483	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	(2)	10	(6)	21
Total revenues	49,603	44,883	149,310	133,367
Expenses:
Interest	67,521	49,011	189,716	133,215
Depreciation and amortization	3,455	3,831	11,394	11,839
Property-level operating expenses	81	141	285	388
Medical office building services costs	0	0	0	0
General, administrative and professional fees	5,225	5,067	16,640	15,975
(Gain) loss on extinguishment of debt, net	4,523	0	4,523	3
Merger-related expenses and deal costs	0	0	75	2,110
Other	5	0	49
Total expenses	80,810	58,050	222,682	163,530
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(31,207)	(13,167)	(73,372)	(30,163)
Income (loss) from unconsolidated entities	(469)	315	291	1,156
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	(31,676)	(12,852)	(73,081)	(29,007)
Discontinued operations	7,371	15,082	34,748	47,694
Gain on real estate dispositions	0	0	0	0
Net income	(24,305)	2,230	(38,333)	18,687
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ (24,305)	$ 2,230	$ (38,333)	$ 18,687
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Ventas Subsidiaries
Revenues:
Rental income	$ 293,442	$ 242,060	$ 840,298	$ 711,770
Resident fees and services	454,825	396,247	1,356,384	1,141,781
Medical office building and other services revenue	9,707	7,573	29,658	18,240
Income from loans and investments	18,694	12,137	57,054	34,617
Equity earnings in affiliates	(243)	22	(383)	187
Interest and other income	(30)	248	243	496
Total revenues	776,395	658,287	2,283,254	1,907,091
Expenses:
Interest	40,402	34,513	101,254	91,973
Depreciation and amortization	221,530	167,686	641,821	490,941
Property-level operating expenses	347,764	306,395	1,031,021	882,626
Medical office building services costs	6,416	4,568	19,098	9,565
General, administrative and professional fees	27,567	23,250	84,357	74,635
(Gain) loss on extinguishment of debt, net	10,808	2,414	10,374	5,079
Merger-related expenses and deal costs	138	2,785	3,642	12,799
Other	4,519	2,481	13,446	11,015
Total expenses	659,144	544,092	1,905,013	1,578,633
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	117,251	114,195	378,241	328,458
Income (loss) from unconsolidated entities	(486)	(362)	(1,488)	(607)
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	116,765	113,833	376,753	327,851
Discontinued operations	7,435	9,219	23,232	37,721
Gain on real estate dispositions	0	0	0	0
Net income	124,200	123,052	399,985	365,572
Net income attributable to noncontrolling interest	265	522	1,047	827
Net income attributable to common stockholders	123,935	122,530	398,938	364,745
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	(99,630)	(124,760)	(360,605)	(383,432)
Interest and other income	0	0	0	0
Total revenues	(99,630)	(124,760)	(360,605)	(383,432)
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
(Gain) 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 (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(99,630)	(124,760)	(360,605)	(383,432)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Income from continuing operations	(99,630)	(124,760)	(360,605)	(383,432)
Discontinued operations	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Net income	(99,630)	(124,760)	(360,605)	(383,432)
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	$ (99,630)	$ (124,760)	$ (360,605)	$ (383,432)

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Condensed financial statements, captions
Net income (loss)	$ 23,117	$ 109,654	$ 294,162	$ 369,404	$ 477,186
Other comprehensive income (loss):
Foreign currency translation	(11,239)	(12,885)	(7,718)	(7,906)
Change in unrealized gain on marketable securities	0	(334)	(5,046)	1,237
Other	467	3,120	(949)	3,166
Total other comprehensive loss	(10,772)	(10,099)	(13,713)	(3,503)	$ (6,538)
Comprehensive income	12,345	99,555	280,449	365,901
Comprehensive income attributable to noncontrolling interest	265	522	1,047	827
Comprehensive income attributable to common stockholders	12,080	99,033	279,402	365,074
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	22,852	109,132	293,115	368,577
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities		(334)	(5,046)	1,237
Other	0	0	0	0
Total other comprehensive loss	0	(334)	(5,046)	1,237
Comprehensive income	22,852	108,798	288,069	369,814
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	22,852	108,798	288,069	369,814
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(24,305)	2,230	(38,333)	18,687
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities		0	0	0
Other	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income	(24,305)	2,230	(38,333)	18,687
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	$ (24,305)	$ 2,230	$ (38,333)	$ 18,687
Ownership percentage	100.00%		100.00%
Ventas Capital Corporation
Other comprehensive income (loss):
Ownership percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	$ 124,200	$ 123,052	$ 399,985	$ 365,572
Other comprehensive income (loss):
Foreign currency translation	(11,239)	(12,885)	(7,718)	(7,906)
Change in unrealized gain on marketable securities		0	0	0
Other	467	3,120	(949)	3,166
Total other comprehensive loss	(10,772)	(9,765)	(8,667)	(4,740)
Comprehensive income	113,428	113,287	391,318	360,832
Comprehensive income attributable to noncontrolling interest	265	522	1,047	827
Comprehensive income attributable to common stockholders	113,163	112,765	390,271	360,005
Consolidated Eliminations
Condensed financial statements, captions
Net income (loss)	(99,630)	(124,760)	(360,605)	(383,432)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities		0	0	0
Other	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income	(99,630)	(124,760)	(360,605)	(383,432)
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	$ (99,630)	$ (124,760)	$ (360,605)	$ (383,432)

CONDENSED CONSOLIDATING INFOR72

CONDENSED CONSOLIDATING INFORMATION - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 1,022,045	$ 919,972
Net cash used in investing activities	(2,254,565)	(1,236,170)
Cash flows from financing activities:
Net change in borrowings under credit facility	(790,406)	(153,684)
Net cash impact of CCP Spin-Off	(128,749)	0
Proceeds from debt	2,511,061	2,007,707
Proceeds from debt related to CCP Spin-Off	1,400,000	0
Repayment of debt	(1,329,070)	(905,117)
Net change in intercompany debt	0	0
Purchase of noncontrolling interest	(3,819)	0
Payment of deferred financing costs	(23,893)	(14,946)
Issuance of common stock, net	417,818	0
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(759,575)	(640,414)
Cash distribution to redeemable OP unitholders	(12,776)	(4,214)
Purchases of redeemable OP units	(33,188)	0
Distributions to noncontrolling interest	(11,250)	(6,760)
Other	6,489	(551)
Net cash provided by financing activities	1,242,642	282,021
Net increase (decrease) in cash and cash equivalents	10,122	(34,177)
Effect of foreign currency translation on cash and cash equivalents	(239)	3,956
Cash and cash equivalents at beginning of period	55,348	94,816
Cash and cash equivalents at end of period	65,231	64,595
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	(65,973)	(23,288)
Net cash used in investing activities	(2,096,837)	(1,073,979)
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Net cash impact of CCP Spin-Off	1,273,000
Proceeds from debt	0	0
Proceeds from debt related to CCP Spin-Off	0
Repayment of debt	0	0
Net change in intercompany debt	1,451,362	959,820
Purchase of noncontrolling interest	0
Payment of deferred financing costs	0	0
Issuance of common stock, net	417,818
Cash distribution (to) from affiliates	(228,908)	775,066
Cash distribution to common stockholders	(759,575)	(640,414)
Cash distribution to redeemable OP unitholders	0	(4,214)
Purchases of redeemable OP units	0
Distributions to noncontrolling interest	0	0
Other	6,489	2,569
Net cash provided by financing activities	2,160,186	1,092,827
Net increase (decrease) in cash and cash equivalents	(2,624)	(4,440)
Effect of foreign currency translation on cash and cash equivalents	(8,324)	(4,586)
Cash and cash equivalents at beginning of period	24,857	28,169
Cash and cash equivalents at end of period	13,909	19,143
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	2,984	67,829
Net cash used in investing activities	(15,731)	(4,080)
Cash flows from financing activities:
Net change in borrowings under credit facility	(658,000)	(149,000)
Net cash impact of CCP Spin-Off	0
Proceeds from debt	2,292,568	696,661
Proceeds from debt related to CCP Spin-Off	0
Repayment of debt	(705,000)	0
Net change in intercompany debt	(946,310)	(351,059)
Purchase of noncontrolling interest	0
Payment of deferred financing costs	(21,932)	(6,561)
Issuance of common stock, net	0
Cash distribution (to) from affiliates	51,421	(253,795)
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 financing activities	12,747	(63,749)
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	$ 1,085,034	875,431
Net cash used in investing activities	(141,997)	(158,111)
Cash flows from financing activities:
Net change in borrowings under credit facility	(132,406)	(4,684)
Net cash impact of CCP Spin-Off	(1,401,749)
Proceeds from debt	218,493	1,311,046
Proceeds from debt related to CCP Spin-Off	1,400,000
Repayment of debt	(624,070)	(905,117)
Net change in intercompany debt	(505,052)	(608,761)
Purchase of noncontrolling interest	(3,819)
Payment of deferred financing costs	(1,961)	(8,385)
Issuance of common stock, net	0
Cash distribution (to) from affiliates	177,487	(521,271)
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(12,776)	0
Purchases of redeemable OP units	(33,188)
Distributions to noncontrolling interest	(11,250)	(6,760)
Other	0	(3,125)
Net cash provided by financing activities	(930,291)	(747,057)
Net increase (decrease) in cash and cash equivalents	12,746	(29,737)
Effect of foreign currency translation on cash and cash equivalents	8,085	8,542
Cash and cash equivalents at beginning of period	30,491	66,647
Cash and cash equivalents at end of period	51,322	45,452
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
Net cash impact of CCP Spin-Off	0
Proceeds from debt	0	0
Proceeds from debt related to CCP Spin-Off	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 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%