Ventas (VTR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 27, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		338,132,079

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Real estate investments:
Land and improvements	$ 2,060,247	$ 2,056,428
Buildings and improvements	20,395,386	20,309,599
Construction in progress	119,215	92,005
Acquired lease intangibles	1,343,187	1,344,422
Gross real estate investments	23,918,035	23,802,454
Accumulated depreciation and amortization	(4,409,554)	(4,177,234)
Net real estate property	19,508,481	19,625,220
Secured loans receivable and investments, net	1,002,598	857,112
Investments in unconsolidated real estate entities	98,120	95,707
Net real estate investments	20,609,199	20,578,039
Cash and cash equivalents	51,701	53,023
Escrow deposits and restricted cash	76,710	77,896
Goodwill	1,044,983	1,047,497
Assets held for sale	54,263	93,060
Other assets	424,436	412,403
Total assets	22,261,292	22,261,918
Liabilities:
Senior notes payable and other debt	11,247,730	11,206,996
Accrued interest	66,988	80,864
Accounts payable and other liabilities	738,327	779,380
Liabilities related to assets held for sale	12,625	34,340
Deferred income taxes	333,354	338,382
Total liabilities	12,399,024	12,439,962
Redeemable OP unitholder and noncontrolling interests	$ 191,739	$ 196,529
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, 337,486 and 334,386 shares issued at March 31, 2016 and December 31, 2015, respectively	84,354	83,579
Capital in excess of par value	11,758,306	11,602,838
Accumulated other comprehensive loss	(19,932)	(7,565)
Retained earnings (deficit)	(2,208,474)	(2,111,958)
Treasury stock, 1 and 44 shares at March 31, 2016 and December 31, 2015, respectively	(59)	(2,567)
Total Ventas stockholders’ equity	9,614,195	9,564,327
Noncontrolling interest	56,334	61,100
Total equity	9,670,529	9,625,427
Total liabilities and equity	$ 22,261,292	$ 22,261,918

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	337,486,000	334,386,000
Treasury stock, shares	1,000	44,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Rental income:
Triple-net leased	$ 214,487	$ 188,557
Medical office buildings	144,136	137,060
Total rental income	358,623	325,617
Resident fees and services	463,976	446,914
Medical office building and other services revenue	7,185	10,543
Income from loans and investments	22,386	22,053
Interest and other income	119	471
Total revenues	852,289	805,598
Expenses:
Interest	103,273	82,328
Depreciation and amortization	236,387	216,219
Property-level operating expenses:
Senior living	312,541	298,362
Medical office buildings	43,681	42,437
Total property-level operating expenses	356,222	340,799
Medical office building services costs	3,451	6,918
General, administrative and professional fees	31,726	34,326
Loss on extinguishment of debt, net	314	21
Merger-related expenses and deal costs	1,632	30,613
Other	4,168	4,874
Total expenses	737,173	716,098
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	115,116	89,500
Loss from unconsolidated entities	(198)	(251)
Income tax benefit	8,421	7,250
Income from continuing operations	123,339	96,499
Discontinued operations	(489)	17,574
Gain on real estate dispositions	26,184	6,686
Net income	149,034	120,759
Net income attributable to noncontrolling interest	54	317
Net income attributable to common stockholders	$ 148,980	$ 120,442
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.44	$ 0.32
Discontinued operations (in usd per share)	0	0.05
Net income attributable to common stockholders (in usd per share)	0.44	0.37
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.44	0.32
Discontinued operations (in usd per share)	0	0.05
Net income attributable to common stockholders (in usd per share)	$ 0.44	$ 0.37
Weighted average shares used in computing earnings per common share:
Basic (in shares)	335,559	325,454
Diluted (in shares)	339,202	329,203
Dividends declared per common share (in usd per share)	$ 0.73	$ 0.79

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 149,034	$ 120,759	$ 419,222
Other comprehensive loss:
Foreign currency translation	(10,668)	(10,872)
Change in unrealized gain on marketable securities	181	1,349
Other	(1,880)	759
Total other comprehensive loss	(12,367)	(8,764)	$ (20,686)
Comprehensive income	136,667	111,995
Comprehensive income attributable to noncontrolling interest	54	317
Comprehensive income attributable to common stockholders	$ 136,613	$ 111,678

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2014	$ 8,754,397	$ 74,656	$ 10,119,306	$ 13,121	$ (1,526,388)	$ (511)	$ 8,680,184	$ 74,213
Increase (decrease) in stockholders' equity
Net income	419,222				417,843		417,843	1,379
Other comprehensive loss	(20,686)			(20,686)			(20,686)
Acquisition-related activity	2,217,158	7,103	2,209,202				2,216,305	853
Impact of CCP Spin-Off	(1,252,073)		(1,247,356)				(1,247,356)	(4,717)
Net change in noncontrolling interest	(12,530)							(12,530)
Dividends to common stockholders	(1,003,413)				(1,003,413)		(1,003,413)
Issuance of common stock	491,024	1,797	489,227				491,024
Issuance of common stock for stock plans	12,036	23	6,068			5,945	12,036
Change in redeemable noncontrolling interest	1,528		(374)				(374)	1,902
Adjust redeemable OP unitholder interests to current fair value	7,831		7,831				7,831
Purchase of OP units	1,719		1,719				1,719
Grant of restricted stock, net of forfeitures	9,214		17,215			(8,001)	9,214
Ending Balance at Dec. 31, 2015	9,625,427	83,579	11,602,838	(7,565)	(2,111,958)	(2,567)	9,564,327	61,100
Increase (decrease) in stockholders' equity
Net income	149,034				148,980		148,980	54
Other comprehensive loss	(12,367)			(12,367)			(12,367)
Impact of CCP Spin-Off	271		271				271
Net change in noncontrolling interest	(5,033)							(5,033)
Dividends to common stockholders	(245,496)				(245,496)		(245,496)
Issuance of common stock	149,631	655	148,976				149,631
Issuance of common stock for stock plans	7,479	17	5,652			1,810	7,479
Change in redeemable noncontrolling interest	(98)		(311)				(311)	213
Adjust redeemable OP unitholder interests to current fair value	(18,230)		(18,230)				(18,230)
Purchase of OP units	20,794	76	19,989			729	20,794
Grant of restricted stock, net of forfeitures	(883)	27	(879)			(31)	(883)
Ending Balance at Mar. 31, 2016	$ 9,670,529	$ 84,354	$ 11,758,306	$ (19,932)	$ (2,208,474)	$ (59)	$ 9,614,195	$ 56,334

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.73	$ 3.040

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 149,034	$ 120,759
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)	236,387	247,453
Amortization of deferred revenue and lease intangibles, net	(5,037)	(6,603)
Other non-cash amortization	2,446	(519)
Stock-based compensation	5,029	6,307
Straight-lining of rental income, net	(9,845)	(8,679)
Loss on extinguishment of debt, net	314	21
Gain on real estate dispositions	(26,184)	(6,686)
Income tax benefit	(9,156)	(7,850)
Loss from unconsolidated entities	198	251
Distributions from unconsolidated entities	1,989	649
Other	1,099	2,259
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(4,835)	4,615
(Decrease) increase in accrued interest	(14,311)	15,792
Decrease in accounts payable and other liabilities	(54,237)	(23,600)
Net cash provided by operating activities	272,891	344,169
Cash flows from investing activities:
Net investment in real estate property	(13,620)	(1,072,539)
Investment in loans receivable and other	(146,214)	(39,573)
Proceeds from real estate disposals	54,211	166,341
Proceeds from loans receivable	1,625	92,056
Funds held in escrow for future development expenditures	0	4,003
Development project expenditures	(34,767)	(33,467)
Capital expenditures	(23,721)	(21,171)
Other	(4,265)	(4,180)
Net cash used in investing activities	(166,751)	(908,530)
Cash flows from financing activities:
Net change in borrowings under credit facility	137,440	(452,897)
Proceeds from debt	145	1,092,833
Repayment of debt	(151,309)	(24,647)
Purchase of noncontrolling interest	0	(2,660)
Payment of deferred financing costs	(76)	(14,435)
Issuance of common stock, net	149,631	285,327
Cash distribution to common stockholders	(245,496)	(254,910)
Cash distribution to redeemable OP unitholders	(2,323)	(2,365)
Purchases of redeemable OP units	0	(569)
Distributions to noncontrolling interest	(1,743)	(1,822)
Other	6,151	5,690
Net cash (used in) provided by financing activities	(107,580)	629,545
Net (decrease) increase in cash and cash equivalents	(1,440)	65,184
Effect of foreign currency translation on cash and cash equivalents	118	(307)
Cash and cash equivalents at beginning of period	53,023	55,348
Cash and cash equivalents at end of period	51,701	120,225
Assets and liabilities assumed from acquisitions:
Real estate investments	2,558	2,542,829
Other assets acquired	(66)	16,711
Debt assumed	0	177,857
Other liabilities	2,558	45,736
Deferred income tax liability	(66)	44,117
Redeemable OP unitholder interests assumed	0	87,245
Equity issued	$ 0	$ 2,204,585

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , we owned approximately 1,300 properties (including properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), skilled nursing facilities, specialty hospitals and general acute care hospitals, and we had four properties under development, including two properties that are owned by an unconsolidated real estate entity. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. 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 March 31, 2016 , we leased a total of 575 properties (excluding MOBs and 34 properties owned through investments in unconsolidated entities, and including one property classified as held for sale) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 304 seniors housing communities for us pursuant to long-term management agreements. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”) and Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) leased from us 140 properties (excluding six properties owned through investments in unconsolidated entities and one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 69 properties (excluding one MOB and including one property classified as held for sale) and ten properties, respectively, as of March 31, 2016 . 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 other loans and investments relating to seniors housing and healthcare operators or properties.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . 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, 2015, filed with the SEC on February 12, 2016. 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 our consolidation conclusions, 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. On January 1, 2016, we adopted Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which makes certain changes to both the variable interest and voting models. The adoption of ASU 2015-02 did not result in any changes to our conclusions regarding the consolidation of investments under the new standard. We identified several entities, already consolidated under the previous standard but not considered VIEs, which under the new standard, are considered VIEs and will continue to be consolidated. In general, each of these consolidated VIEs has the following common characteristics: • VIEs in the legal form of a limited partnership (“LP”) or Limited Liability Company (“LLC”); • The VIEs were designed to own and manage their underlying real estate investments; • Ventas (or a subsidiary thereof) is the general partner or managing member of the VIE; • Ventas (or a subsidiary thereof) also owns a majority of the voting interests in the VIE; • A minority of voting interests in the VIE are owned by external third parties, unrelated to us; • The minority owners do not have substantive kick-out or participating rights in the VIEs; and • Ventas (or a subsidiary thereof) is the primary beneficiary of the VIE In general, the assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 635,018 $ 199,169 $ 645,109 $ 203,235 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. 2,330,221 226,190 2,367,296 233,600 Other identified VIEs 1,547,758 399,844 1,582,430 431,582 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, who is the primary beneficiary of this VIE. As of March 31, 2016 , third party investors owned 2,797,349 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 28.8% of the total units then outstanding, and we owned 6,931,978 Class B limited partnership units in NHP/PMB, representing the remaining 71.2% . 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, 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. We own a majority interest in Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”) and we consolidate this entity, as our wholly owned subsidiary is the general partner, who is the primary beneficiary of this VIE. The limited partnership units (“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. 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 of March 31, 2016 , 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 March 2016, third party investors redeemed 305,047 Class C Units for 305,047 shares of Ventas common stock, valued at $18.6 million . 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 March 31, 2016 and December 31, 2015 , the fair value of the redeemable OP unitholder interests was $183.7 million and $188.5 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 March 31, 2016 and December 31, 2015 . 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. 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. 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 an impairment loss at the time we make any such determination. 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 are 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 such 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 cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash 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 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, if any, 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 OP units and Class C 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 March 31, 2016 and December 31, 2015 , this cumulative excess totaled $228.6 million (net of allowances of $99.9 million ) and $219.1 million (net of allowances of $101.4 million ), respectively (excluding properties classified as held for sale). 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 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 On January 1, 2016 we adopted 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. Adoption of this ASU did not have a significant impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and amongst other changes, eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The amendments in ASU 2016-02 do not significantly change the current lessor accounting model. ASU 2016-02 is not effective for the Company until January 1, 2019 with early adoption permitted. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements. In 2014, the FASB issued 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.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	CONCENTRATION OF CREDIT RISK As of March 31, 2016 , Atria, Sunrise, Brookdale Senior Living, Kindred and Ardent managed or operated approximately 22.6% , 11.7% , 8.4% , 2.1% and 5.3% , respectively, of our real estate investments based on gross book value (excluding properties classified as held for sale as of March 31, 2016 ). Because 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. Seniors housing communities constituted approximately 65.0% of our real estate investments based on gross book value (excluding properties classified as held for sale as of March 31, 2016 ), while MOBs, skilled nursing facilities, specialty hospitals and general acute care hospitals collectively comprised the remaining 35.0% . Our properties were located in 46 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of March 31, 2016 , 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) (in each case excluding amounts in discontinued operations) for the three months then ended. Triple-Net Leased Properties For the three months ended March 31, 2016 and 2015 , approximately 4.8% and 6.1% , respectively, of our total revenues and 8.3% and 10.7% , respectively, of our total NOI (in each case excluding amounts in discontinued operations) were derived from our lease agreements with Brookdale Senior Living. For the same periods, approximately 5.3% and 5.7% , respectively, of our total revenues and 9.2% and 10.1% , respectively, of our total NOI (in each case excluding amounts in discontinued operations) were derived from our lease agreements with Kindred (“Kindred Master Leases”). For the three months ended March 31, 2016 , approximately 3.1% of our total revenues and 5.3% of our total NOI (in each case excluding amounts in discontinued operations) were derived from our lease agreements with Ardent. Each of our leases with Brookdale Senior Living, Kindred and Ardent 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 our Brookdale Senior Living, Kindred and Ardent leases has a corporate guaranty. Brookdale Senior Living and Kindred have multiple leases with us and those leases contain cross-default provisions tied to each other, as well as bundled lease renewals. The properties we lease to Brookdale Senior Living, Kindred and Ardent accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the three months ended March 31, 2016 and 2015 . If either Brookdale Senior Living, Kindred or Ardent 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 impaired. We cannot assure you that Brookdale Senior Living, Kindred and Ardent 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, Kindred or Ardent 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, Kindred and Ardent 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. On April 3, 2016, we entered into several agreements with Kindred to improve the quality and productivity of the long term acute care hospital (“LTAC”) portfolio leased by Ventas to Kindred. Certain of the agreements consist of lease amendments to the Kindred Master Leases. Under these lease amendments, annual rent on seven identified LTACs (“7 LTACs”), which is currently approximately $8 million , has been immediately re-allocated to other more productive post-acute assets subject to the Kindred Master Leases. Total annual rent under the Kindred Master Leases will remain the same as its current level. Separately, Ventas has agreed to sell the 7 LTACs to an unrelated third party, subject to conditions to closing. As a result of this pending disposition, we recognized an impairment of $10.3 million during the three months ended March 31, 2016, which is reported in depreciation and amortization in our Consolidated Statements of Income. In April, we received $3.5 million from Kindred in connection with the lease amendments, which is being amortized over the lease term of certain assets remaining in the Kindred Master Leases. 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 Kindred Master Leases. The nine licensed healthcare assets were all disposed of as of April 1, 2016. Senior Living Operations As of March 31, 2016 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 268 of our 304 seniors housing communities, for which we pay annual management fees pursuant to long-term management agreements. 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, Sunrise and Ardent 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. Atria, Sunrise and Ardent are not currently subject to the reporting requirements of the SEC. The information related to Atria, Sunrise and Ardent contained or referred to in this Quarterly Report on Form 10-Q has been derived from publicly available information or was provided to us by Atria, Sunrise or Ardent, 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.

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	DISPOSITIONS 2016 Activity During the three months ended March 31, 2016 , we sold two triple-net leased properties, one seniors housing community included in our senior living operations reportable business segment and one MOB for aggregate consideration of $54.5 million . We recognized a gain on the sales of these assets of $26.2 million . In April 2016, we sold one triple-net leased property for aggregate consideration of $8.0 million and we estimate recognizing a gain on sale of real estate of $4.5 million during the second quarter of 2016. 2015 Activity During the three months ended March 31, 2015 , we sold 21 triple-net leased properties and 22 MOBs for aggregate consideration of $337.2 million , including $5.5 million of lease termination fees (included within triple-net leased rental income in our Consolidated Statements of Income). For three months ended March 31, 2015 , we recognized a gain on the sales of these assets of $28.2 million (net of taxes), of which $21.4 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. Real Estate Impairment We recognized impairments of $10.3 million and $19.2 million for the three months ended March 31, 2016 and 2015 , respectively, which are recorded in depreciation and amortization. Of these impairments, $0 and $5.2 million for the three months ended March 31, 2016 and 2015, respectively, were reported in discontinued operations in our Consolidated Statements of Income. Discontinued Operations and Assets Held for Sale The table below summarizes our real estate assets classified as held for sale as of March 31, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets. March 31, 2016 December 31, 2015 Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale (Dollars in thousands) Triple-net leased properties 1 $ 2,393 $ — 2 $ 4,488 $ 44 MOB operations 7 51,870 12,625 8 68,619 24,759 Senior Living Operations — $ — $ — 1 $ 19,953 $ 9,537 Total 8 $ 54,263 $ 12,625 11 $ 93,060 $ 34,340 Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2016 and 2015. For the Three Months Ended March 31, 2016 2015 (In thousands) Revenues: Rental income $ — $ 77,651 Income from loans and investments — 846 Interest and other income — 1 — 78,498 Expenses: Interest — 24,514 Depreciation and amortization — 31,234 Property-level operating expenses — — General, administrative and professional fees — 4 Merger-related expenses and deal costs 489 4,559 Other — 565 489 60,876 (Loss) income before real estate dispositions and noncontrolling interest (489 ) 17,622 Gain (loss) on real estate dispositions — — Net (loss) income from discontinued operations (489 ) 17,622 Net income attributable to noncontrolling interest — 48 Net (loss) income from discontinued operations attributable to common stockholders $ (489 ) $ 17,574 Substantially all of the amounts reported for 2015 as discontinued operations in the table above reflect the historical results of operations of the CCP properties prior to the CCP Spin-Off. All merger-related expenses and deal costs presented above reflect separation costs relating to the CCP Spin-Off . Transition Services Agreement 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 months ended March 31, 2016, we recognized income of $0.6 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.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	3 Months Ended
	Mar. 31, 2016
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	LOANS RECEIVABLE AND INVESTMENTS As of March 31, 2016 and December 31, 2015 , we had $1.0 billion and $895.0 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 March 31, 2016 and December 31, 2015 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: March 31, 2016 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 938,516 $ 938,516 $ 967,776 $ — Government-sponsored pooled loan investments (1) 64,082 62,352 64,082 1,730 Total investments reported as Secured loans receivable and investments, net 1,002,598 1,000,868 1,031,858 1,730 Non-mortgage loans receivable 38,096 38,096 39,289 — Total investments reported as Other assets 38,096 38,096 39,289 — Total net loans receivable and investments $ 1,040,694 $ 1,038,964 $ 1,071,147 $ 1,730 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. December 31, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 793,433 $ 793,433 $ 816,849 $ — Government-sponsored pooled loan investments 63,679 62,130 63,679 1,549 Total investments reported as Secured loans receivable and investments, net 857,112 855,563 880,528 1,549 Non-mortgage loans receivable 37,926 37,926 38,806 — Total investments reported as Other assets 37,926 37,926 38,806 — Total net loans receivable and investments $ 895,038 $ 893,489 $ 919,334 $ 1,549 2016 Activity In February 2016 we made a $140.0 million secured mezzanine loan investment, at par, relating to Class A life sciences properties in California and Massachusetts that has an annual interest rate of 9.95% and matures in 2021. 2015 Activity We issued one non-mortgage loan ( $20.0 million ) and one secured loan ( $78.4 million ) to buyers in connection with the sales of certain assets in February and October, respectively. 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 year ended December 31, 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 year ended December 31, 2015, we received aggregate proceeds of $97.0 million in final repayment of three secured and one non-mortgage 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 year ended December 31, 2015.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 39 properties. We account for our interests in real estate joint ventures, as well as our 34% interest in Atria and 9.9% interest in Ardent (which are included within other assets on our Consolidated Balance Sheets), under the equity method of accounting. With the exception of our interests in Atria and Ardent, we provide various services to each unconsolidated entity in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $2.3 million and $1.9 million for the three months ended March 31, 2016 and 2015 , respectively (which is included in medical office building and other services revenue in our Consolidated Statements of Income).

INTANGIBLES

INTANGIBLES	3 Months Ended
	Mar. 31, 2016
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	INTANGIBLES The following is a summary of our intangibles as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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 $ 155,008 6.8 $ 155,161 7.0 In-place and other lease intangibles 1,188,179 21.6 1,189,261 20.9 Goodwill 1,044,983 N/A 1,047,497 N/A Other intangibles 35,863 9.0 35,792 8.6 Accumulated amortization (695,365 ) N/A (655,176 ) N/A Net intangible assets $ 1,728,668 19.8 $ 1,772,535 19.2 Intangible liabilities: Below market lease intangibles $ 256,121 14.2 $ 256,034 14.2 Other lease intangibles 35,925 30.6 35,925 30.1 Accumulated amortization (119,216 ) N/A (113,647 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 176,398 15.6 $ 181,880 15.6 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.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS The following is a summary of our other assets as of March 31, 2016 and December 31, 2015 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 228,621 $ 219,064 Non-mortgage loans receivable, net 38,096 37,926 Other intangibles, net 12,011 13,224 Other 145,708 142,189 Total other assets $ 424,436 $ 412,403

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, December 31, (In thousands) Unsecured revolving credit facility (1) $ 324,488 $ 180,683 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 (2) 200,000 200,000 Unsecured term loan due 2019 (2) 474,249 468,477 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 307,598 289,038 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 900,000 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (3) 192,249 180,649 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 192,249 180,649 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 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 300,000 300,000 Mortgage loans and other (4) 1,835,070 1,987,401 Total 11,310,026 11,271,020 Deferred financing costs, net (65,555 ) (69,121 ) Unamortized fair value adjustment 30,751 33,570 Unamortized discounts (27,492 ) (28,473 ) Senior notes payable and other debt $ 11,247,730 $ 11,206,996 (1) $163.5 million and $9.7 million of aggregate borrowings are denominated in Canadian dollars as of March 31, 2016 and December 31, 2015 , respectively. (2) These amounts represent in aggregate the $674.2 million of unsecured term loan borrowings under our unsecured credit facility, of which $95.7 million included in the 2019 tranche is in the form of Canadian dollars. (3) These borrowings are in the form of Canadian dollars. (4) 2016 and 2015 exclude $11.1 million and $22.9 million , respectively, of mortgage debt related to real estate assets classified as held for sale that is included in liabilities related to assets held for sale on our Consolidated Balance Sheet. As of March 31, 2016 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2016 (2) $ 586,002 $ — $ 21,777 $ 607,779 2017 746,458 — 25,739 772,197 2018 1,101,879 324,488 20,621 1,446,988 2019 1,806,428 — 14,126 1,820,554 2020 1,416,913 — 11,122 1,428,035 Thereafter (3) 5,108,858 — 125,615 5,234,473 Total maturities $ 10,766,538 $ 324,488 $ 219,000 $ 11,310,026 (1) As of March 31, 2016 , we had $51.7 million of unrestricted cash and cash equivalents, for $272.8 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Excludes $11.1 million of mortgage debt related to real estate assets classified as held for sale as of March 31, 2016 that is scheduled to mature in 2016. (3) 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 March 31, 2016 , 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 March 31, 2016 . The revolving credit facility matures in January 2018, but may be extended, at our option subject to the satisfaction of certain conditions, for an additional period of one year. The $200.0 million and $800.0 million term loans mature in January 2018 and January 2019, respectively. The unsecured credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.5 billion . As of March 31, 2016 , we had $324.5 million of borrowings outstanding, $14.9 million of letters of credit outstanding and $1.7 billion of unused borrowing capacity available under our unsecured revolving credit facility. Mortgages During the three months ended March 31, 2016 , we repaid in full mortgage loans outstanding in the aggregate principal amount of $143.9 million at maturity of 3.1 years and recognized a loss on extinguishment of debt of $0.3 million in connection with these repayments. Derivatives and Hedging In February 2016, we entered into a $200 million notional amount interest rate swap with a maturity of August 3, 2020 that effectively converts LIBOR-based floating rate debt to fixed rate debt, setting LIBOR at 1.132% through the maturity date of the swap.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	FAIR VALUES OF FINANCIAL INSTRUMENTS As of March 31, 2016 and December 31, 2015 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 51,701 $ 51,701 $ 53,023 $ 53,023 Secured loans receivable, net 938,516 967,776 793,433 816,849 Non-mortgage loans receivable, net 38,096 39,289 37,926 38,806 Government-sponsored pooled loan investments 64,082 64,082 63,679 63,679 Liabilities: Senior notes payable and other debt, gross 11,310,026 11,608,231 11,271,020 11,384,880 Derivative instruments and other liabilities 4,194 4,194 2,696 2,696 Redeemable OP unitholder interests 183,658 183,658 188,546 188,546 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	3 Months Ended
	Mar. 31, 2016
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 American Realty Capital Healthcare Trust, Inc. (“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. A settlement and release were approved by the Court and on March 22, 2016 judgment was entered. The time for appeal has expired. The 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 2, 2015 and no financial payment other than attorneys’ fees will be made to the plaintiffs. This settlement and release also covers two actions that 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 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 agreed to allow the settlement to proceed through the state court and did not submit an additional stipulation to the federal court. On December 10, 2015, the Circuit Court for Baltimore City, Maryland entered a preliminary approval order that, among other things, directed notice be sent to members of the class of HCT stockholders and scheduled a settlement hearing for March 15, 2016. At the March 15, 2016 hearing, the Circuit Court determined that the terms of the settlement were fair, reasonable, adequate, and in the best interests of the class, and entered an order and judgment releasing all claims that could be brought by or on behalf of any HCT stockholder related to the HCT acquisition. On March 22, 2016, the judgment was entered and the time for appeal has expired. 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 11, 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	3 Months Ended
	Mar. 31, 2016
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, state, and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 12. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal cash federal, state, and foreign income taxes for the three months ended March 31, 2016, 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 March 31, 2016 and 2015 was a benefit of $8.4 million and $7.3 million , respectively. The income tax benefit for the three months ended March 31, 2016 and for the three months ended March 31, 2015 were each due primarily to operating losses at our taxable REIT subsidiaries. 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 2019 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 $333.4 million and $338.4 million as of March 31, 2016 and December 31, 2015, 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 2014 from Holiday Retirement.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY Capital Stock During the three months ended March 31, 2016, we issued and sold 2,621,729 shares of common stock under our “at-the-market” (“ATM”) equity offering program for aggregate net proceeds of $149.9 million , after sales agent commissions of $2.3 million . As of March 31, 2016, approximately $638.5 million of our common stock remained available for sale under our ATM equity offering program. Subsequent to March 31, 2016, we issued and sold a total of 641,466 shares of our common stock under our ATM equity offering program for aggregate net proceeds of $39.9 million , after sales agent commissions of $0.6 million . In March 2016, third party investors redeemed 305,047 Class C Units for 305,047 shares of Ventas common stock, valued at $18.6 million . Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (In thousands) Foreign currency translation $ (24,594 ) $ (13,926 ) Unrealized gain on marketable securities 1,730 1,549 Other 2,932 4,812 Total accumulated other comprehensive loss $ (19,932 ) $ (7,565 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,469 $ 102,868 Discontinued operations (489 ) 17,574 Net income attributable to common stockholders $ 148,980 $ 120,442 Denominator: Denominator for basic earnings per share—weighted average shares 335,559 325,454 Effect of dilutive securities: Stock options 311 531 Restricted stock awards 149 70 OP units 3,183 3,148 Denominator for diluted earnings per share—adjusted weighted average shares 339,202 329,203 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.44 $ 0.32 Discontinued operations (0.00 ) 0.05 Net income attributable to common stockholders $ 0.44 $ 0.37 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.44 $ 0.32 Discontinued operations (0.00 ) 0.05 Net income attributable to common stockholders $ 0.44 $ 0.37

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of March 31, 2016 , 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 invest in 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 throughout the United States. 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 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, 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 March 31, 2016 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 214,487 $ — $ 144,136 $ — $ 358,623 Resident fees and services — 463,976 — — 463,976 Medical office building and other services revenue 1,199 — 4,976 1,010 7,185 Income from loans and investments — — — 22,386 22,386 Interest and other income — — — 119 119 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Less: Interest and other income — — — 119 119 Property-level operating expenses — 312,541 43,681 — 356,222 Medical office building services costs — — 3,451 — 3,451 Segment NOI 215,686 151,435 101,980 23,396 492,497 (Loss) income from unconsolidated entities (671 ) 337 (126 ) 262 (198 ) Segment profit $ 215,015 $ 151,772 $ 101,854 $ 23,658 492,299 Interest and other income 119 Interest expense (103,273 ) Depreciation and amortization (236,387 ) General, administrative and professional fees (31,726 ) Loss on extinguishment of debt, net (314 ) Merger-related expenses and deal costs (1,632 ) Other (4,168 ) Income tax benefit 8,421 Discontinued operations (489 ) Gain on real estate dispositions 26,184 Net income $ 149,034 For the three months ended March 31, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 188,557 $ — $ 137,060 $ — $ 325,617 Resident fees and services — 446,914 — — 446,914 Medical office building and other services revenue 1,136 — 8,858 549 10,543 Income from loans and investments — — — 22,053 22,053 Interest and other income — — — 471 471 Total revenues $ 189,693 $ 446,914 $ 145,918 $ 23,073 $ 805,598 Total revenues $ 189,693 $ 446,914 $ 145,918 $ 23,073 $ 805,598 Less: Interest and other income — — — 471 471 Property-level operating expenses — 298,362 42,437 — 340,799 Medical office building services costs — — 6,918 — 6,918 Segment NOI 189,693 148,552 96,563 22,602 457,410 Income (loss) from unconsolidated entities 425 (422 ) (25 ) (229 ) (251 ) Segment profit $ 190,118 $ 148,130 $ 96,538 $ 22,373 457,159 Interest and other income 471 Interest expense (82,328 ) Depreciation and amortization (216,219 ) General, administrative and professional fees (34,326 ) Loss on extinguishment of debt, net (21 ) Merger-related expenses and deal costs (30,613 ) Other (4,874 ) Income tax benefit 7,250 Discontinued operations 17,574 Gain on real estate dispositions 6,686 Net income $ 120,759 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2016 2015 (In thousands) Capital expenditures: Triple-net leased properties $ 40,701 $ 457,018 Senior living operations 18,994 282,432 MOB operations 12,413 387,727 Total capital expenditures $ 72,108 $ 1,127,177 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 March 31, 2016 2015 (In thousands) Revenues: United States $ 804,201 $ 756,032 Canada 41,129 44,050 United Kingdom 6,959 5,516 Total revenues $ 852,289 $ 805,598 As of March 31, 2016 As of December 31, 2015 (In thousands) Net real estate property: United States $ 18,117,507 $ 18,271,829 Canada 1,088,335 1,039,561 United Kingdom 302,639 313,830 Total net real estate property $ 19,508,481 $ 19,625,220

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION	3 Months Ended
	Mar. 31, 2016
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. Ventas, Inc. has also fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiary, Ventas Canada Finance Limited. None of our other subsidiaries is obligated with respect to Ventas Canada Finance Limited’s outstanding senior notes, all of which were issued on a private placement basis in Canada. In connection with the acquisition of Nationwide Health Properties, Inc. (“NHP”), our 100% owned subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, assumed the obligation to pay principal and interest with respect to the outstanding senior notes issued by NHP. Neither we nor any of our subsidiaries (other than NHP LLC) is obligated with respect to any of NHP LLC’s outstanding senior notes. Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantees with respect to Ventas Realty’s and Ventas Canada Finance Limited’s senior notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 : CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,101 $ 185,178 $ 20,421,920 $ — $ 20,609,199 Cash and cash equivalents 7,307 — 44,394 — 51,701 Escrow deposits and restricted cash 7,154 1,336 68,220 — 76,710 Investment in and advances to affiliates 13,001,108 3,545,183 — (16,546,291 ) — Goodwill — — 1,044,983 — 1,044,983 Assets held for sale — 2,393 51,870 — 54,263 Other assets 16,456 3,313 404,667 — 424,436 Total assets $ 13,034,126 $ 3,737,403 $ 22,036,054 $ (16,546,291 ) $ 22,261,292 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,364,652 $ 2,883,078 $ — $ 11,247,730 Intercompany loans 7,375,971 (6,530,481 ) (845,490 ) — — Accrued interest — 53,064 13,924 — 66,988 Accounts payable and other liabilities 78,125 43,372 616,830 — 738,327 Liabilities held for sale — — 12,625 — 12,625 Deferred income taxes 333,354 — — — 333,354 Total liabilities 7,787,450 1,930,607 2,680,967 — 12,399,024 Redeemable OP unitholder and noncontrolling interests — — 191,739 — 191,739 Total equity 5,246,676 1,806,796 19,163,348 (16,546,291 ) 9,670,529 Total liabilities and equity $ 13,034,126 $ 3,737,403 $ 22,036,054 $ (16,546,291 ) $ 22,261,292 (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, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,798 $ 195,015 $ 20,377,226 $ — $ 20,578,039 Cash and cash equivalents 11,733 — 41,290 — 53,023 Escrow deposits and restricted cash 7,154 1,644 69,098 — 77,896 Investment in and advances to affiliates 12,989,643 3,545,183 — (16,534,826 ) — Goodwill — — 1,047,497 — 1,047,497 Assets held for sale — 4,488 88,572 — 93,060 Other assets 17,869 4,182 390,352 — 412,403 Total assets $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,370,670 $ 2,836,326 $ — $ 11,206,996 Intercompany loans 7,294,158 (6,571,512 ) (722,646 ) — — Accrued interest — 64,561 16,303 — 80,864 Accounts payable and other liabilities 68,604 45,226 665,550 — 779,380 Liabilities held for sale — 44 34,296 — 34,340 Deferred income taxes 338,382 — — — 338,382 Total liabilities 7,701,144 1,908,989 2,829,829 — 12,439,962 Redeemable OP unitholder and noncontrolling interests — — 196,529 — 196,529 Total equity 5,331,053 1,841,523 18,987,677 (16,534,826 ) 9,625,427 Total liabilities and equity $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 (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 March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 48,725 $ 308,982 $ — $ 358,623 Resident fees and services — — 463,976 — 463,976 Medical office building and other services revenue 602 — 6,583 — 7,185 Income from loans and investments — — 22,386 — 22,386 Equity earnings in affiliates 108,762 — (342 ) (108,420 ) — Interest and other income 29 — 90 — 119 Total revenues 110,309 48,725 801,675 (108,420 ) 852,289 Expenses: Interest (10,795 ) 68,579 45,489 — 103,273 Depreciation and amortization 4,932 9,914 221,541 — 236,387 Property-level operating expenses — 79 356,143 — 356,222 Medical office building services costs — — 3,451 — 3,451 General, administrative and professional fees (15 ) 4,504 27,237 — 31,726 Loss on extinguishment of debt, net — — 314 — 314 Merger-related expenses and deal costs 1,372 — 260 — 1,632 Other (49 ) — 4,217 — 4,168 Total expenses (4,555 ) 83,076 658,652 — 737,173 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 114,864 (34,351 ) 143,023 (108,420 ) 115,116 Income (loss) from unconsolidated entities — 103 (301 ) — (198 ) Income tax benefit 8,421 — — — 8,421 Income (loss) from continuing operations 123,285 (34,248 ) 142,722 (108,420 ) 123,339 Discontinued operations (489 ) — — — (489 ) Gain on real estate dispositions 26,184 — — — 26,184 Net income (loss) 148,980 (34,248 ) 142,722 (108,420 ) 149,034 Net income attributable to noncontrolling interest — — 54 — 54 Net income (loss) attributable to common stockholders $ 148,980 $ (34,248 ) $ 142,668 $ (108,420 ) $ 148,980 (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 March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,788 $ 274,913 $ — $ 325,617 Resident fees and services — — 446,914 — 446,914 Medical office building and other services revenue — — 10,543 — 10,543 Income from loans and investments 1,436 51 20,566 — 22,053 Equity earnings in affiliates 129,995 — (78 ) (129,917 ) — Interest and other income 356 5 110 — 471 Total revenues 132,703 49,844 752,968 (129,917 ) 805,598 Expenses: Interest (7,829 ) 60,623 29,534 — 82,328 Depreciation and amortization 1,342 4,434 210,443 — 216,219 Property-level operating expenses — 131 340,668 — 340,799 Medical office building services costs — — 6,918 — 6,918 General, administrative and professional fees (2,741 ) 6,361 30,706 — 34,326 Loss on extinguishment of debt, net — — 21 — 21 Merger-related expenses and deal costs 29,793 — 820 — 30,613 Other 647 4 4,223 — 4,874 Total expenses 21,212 71,553 623,333 — 716,098 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 111,491 (21,709 ) 129,635 (129,917 ) 89,500 Income (loss) from unconsolidated entities — 401 (652 ) — (251 ) Income tax benefit 7,250 — — — 7,250 Income (loss) from continuing operations 118,741 (21,308 ) 128,983 (129,917 ) 96,499 Discontinued operations (4,985 ) 13,520 9,039 — 17,574 Gain on real estate dispositions 6,686 — — — 6,686 Net income (loss) 120,442 (7,788 ) 138,022 (129,917 ) 120,759 Net income attributable to noncontrolling interest — — 317 — 317 Net income attributable to common stockholders $ 120,442 $ (7,788 ) $ 137,705 $ (129,917 ) $ 120,442 (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 March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 148,980 $ (34,248 ) $ 142,722 $ (108,420 ) 149,034 Other comprehensive loss: Foreign currency translation — — (10,668 ) — (10,668 ) Change in unrealized gain on marketable securities 181 — — — 181 Other — — (1,880 ) — (1,880 ) Total other comprehensive income (loss) 181 — (12,548 ) — (12,367 ) Comprehensive income (loss) 149,161 (34,248 ) 130,174 (108,420 ) 136,667 Comprehensive income attributable to noncontrolling interest — — 54 — 54 Comprehensive income (loss) attributable to common stockholders $ 149,161 $ (34,248 ) $ 130,120 $ (108,420 ) $ 136,613 (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 March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 120,442 $ (7,788 ) $ 138,022 $ (129,917 ) $ 120,759 Other comprehensive income (loss): Foreign currency translation — — (10,872 ) — (10,872 ) Change in unrealized gain on marketable securities 1,349 — — — 1,349 Other — — 759 — 759 Total other comprehensive income (loss) 1,349 — (10,113 ) — (8,764 ) Comprehensive income (loss) 121,791 (7,788 ) 127,909 (129,917 ) 111,995 Comprehensive income attributable to noncontrolling interest — — 317 — 317 Comprehensive income (loss) attributable to common stockholders $ 121,791 $ (7,788 ) $ 127,592 $ (129,917 ) $ 111,678 (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 Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 22,155 $ (34,344 ) $ 285,080 $ — $ 272,891 Cash flows from investing activities: Net investment in real estate property (13,620 ) — — — (13,620 ) Proceeds from loans receivable — — 1,625 — 1,625 Investment in loans receivable and other — — (146,214 ) — (146,214 ) Proceeds from real estate disposals 11,091 — 43,120 — 54,211 Capital expenditures — — (23,721 ) — (23,721 ) Development project expenditures — — (34,767 ) — (34,767 ) Other — — (4,265 ) — (4,265 ) Net cash used in investing activities (2,529 ) — (164,222 ) — (166,751 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (10,000 ) 147,440 — 137,440 Proceeds from debt — — 145 — 145 Repayment of debt — — (151,309 ) — (151,309 ) Net change in intercompany debt 81,812 41,031 (122,843 ) — — Payment of deferred financing costs — — (76 ) — (76 ) Issuance of common stock, net 149,631 — — — 149,631 Cash distribution (to) from affiliates (7,440 ) 3,313 4,127 — — Cash distribution to common stockholders (245,496 ) — — — (245,496 ) Cash distribution to redeemable OP unitholders — — (2,323 ) — (2,323 ) Distributions to noncontrolling interest — — (1,743 ) — (1,743 ) Other 6,151 — — — 6,151 Net cash (used in) provided by financing activities (15,342 ) 34,344 (126,582 ) — (107,580 ) Net increase (decrease) in cash and cash equivalents 4,284 — (5,724 ) — (1,440 ) Effect of foreign currency translation on cash and cash equivalents (8,710 ) — 8,828 — 118 Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 7,307 $ — $ 44,394 $ — $ 51,701 (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 Three Months Ended March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (43,636 ) $ 57,112 $ 330,693 $ — $ 344,169 Cash flows from investing activities: Net investment in real estate property (1,072,539 ) — — — (1,072,539 ) Proceeds from loans receivable — — 92,056 — 92,056 Investment in loans receivable and other — — (39,573 ) — (39,573 ) Funds held in escrow for future development expenditures — — 4,003 — 4,003 Proceeds from real estate disposals 166,341 — — — 166,341 Capital expenditures — (6,274 ) (14,897 ) — (21,171 ) Development capital expenditures — — (33,467 ) — (33,467 ) Other — — (4,180 ) — (4,180 ) Net cash (used in) provided by investing activities (906,198 ) (6,274 ) 3,942 — (908,530 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (319,000 ) (133,897 ) — (452,897 ) Proceeds from debt — 896,478 196,355 — 1,092,833 Repayment of debt — — (24,647 ) — (24,647 ) Net change in intercompany debt 1,249,176 (608,551 ) (640,625 ) — — Purchase of noncontrolling interest — — (2,660 ) — (2,660 ) Payment of deferred financing costs — (12,507 ) (1,928 ) — (14,435 ) Issuance of common stock, net 285,327 — — — 285,327 Cash distribution (to) from affiliates (272,344 ) (7,258 ) 279,602 — — Cash distribution to common stockholders (254,910 ) — — — (254,910 ) Cash distribution to redeemable OP unitholders — — (2,365 ) — (2,365 ) Purchases of redeemable OP units — — (569 ) — (569 ) Distributions to noncontrolling interest — — (1,822 ) — (1,822 ) Other 5,690 — — — 5,690 Net cash provided by (used in) financing activities 1,012,939 (50,838 ) (332,556 ) — 629,545 Net increase in cash and cash equivalents 63,105 — 2,079 — 65,184 Effect of foreign currency translation on cash and cash equivalents (10,160 ) — 9,853 — (307 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 77,802 $ — $ 42,423 $ — $ 120,225 (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)	3 Months Ended
	Mar. 31, 2016
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 our consolidation conclusions, 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.
Variable Interest Entity	On January 1, 2016, we adopted Accounting Standards Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which makes certain changes to both the variable interest and voting models. The adoption of ASU 2015-02 did not result in any changes to our conclusions regarding the consolidation of investments under the new standard. We identified several entities, already consolidated under the previous standard but not considered VIEs, which under the new standard, are considered VIEs and will continue to be consolidated. In general, each of these consolidated VIEs has the following common characteristics: • VIEs in the legal form of a limited partnership (“LP”) or Limited Liability Company (“LLC”); • The VIEs were designed to own and manage their underlying real estate investments; • Ventas (or a subsidiary thereof) is the general partner or managing member of the VIE; • Ventas (or a subsidiary thereof) also owns a majority of the voting interests in the VIE; • A minority of voting interests in the VIE are owned by external third parties, unrelated to us; • The minority owners do not have substantive kick-out or participating rights in the VIEs; and • Ventas (or a subsidiary thereof) is the primary beneficiary of the VIE In general, the assets of the consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us.
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, who is the primary beneficiary of this VIE. As of March 31, 2016 , third party investors owned 2,797,349 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 28.8% of the total units then outstanding, and we owned 6,931,978 Class B limited partnership units in NHP/PMB, representing the remaining 71.2% . 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, 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. We own a majority interest in Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”) and we consolidate this entity, as our wholly owned subsidiary is the general partner, who is the primary beneficiary of this VIE. The limited partnership units (“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. 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 of March 31, 2016 , 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 March 2016, third party investors redeemed 305,047 Class C Units for 305,047 shares of Ventas common stock, valued at $18.6 million . 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 March 31, 2016 and December 31, 2015 , the fair value of the redeemable OP unitholder interests was $183.7 million and $188.5 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 March 31, 2016 and December 31, 2015 . 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.
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. 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 an impairment loss at the time we make any such determination.
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 are 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 such 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 cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments. • Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash 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 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, if any, 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 OP units and Class C 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 March 31, 2016 and December 31, 2015 , this cumulative excess totaled $228.6 million (net of allowances of $99.9 million ) and $219.1 million (net of allowances of $101.4 million ), respectively (excluding properties classified as held for sale). 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 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 On January 1, 2016 we adopted 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. Adoption of this ASU did not have a significant impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and amongst other changes, eliminates the requirement in current U.S. GAAP for an entity to use bright-line tests in determining lease classification. The amendments in ASU 2016-02 do not significantly change the current lessor accounting model. ASU 2016-02 is not effective for the Company until January 1, 2019 with early adoption permitted. We are continuing to evaluate this guidance and the impact to us, as both lessor and lessee, on our consolidated financial statements. In 2014, the FASB issued 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.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 635,018 $ 199,169 $ 645,109 $ 203,235 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. 2,330,221 226,190 2,367,296 233,600 Other identified VIEs 1,547,758 399,844 1,582,430 431,582

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale as of March 31, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets. March 31, 2016 December 31, 2015 Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Held for Sale (Dollars in thousands) Triple-net leased properties 1 $ 2,393 $ — 2 $ 4,488 $ 44 MOB operations 7 51,870 12,625 8 68,619 24,759 Senior Living Operations — $ — $ — 1 $ 19,953 $ 9,537 Total 8 $ 54,263 $ 12,625 11 $ 93,060 $ 34,340
Summary of the Results of Operations for Properties within Discontinued Operations	Set forth below is a summary of our results of operations for properties within discontinued operations for the three months ended March 31, 2016 and 2015. For the Three Months Ended March 31, 2016 2015 (In thousands) Revenues: Rental income $ — $ 77,651 Income from loans and investments — 846 Interest and other income — 1 — 78,498 Expenses: Interest — 24,514 Depreciation and amortization — 31,234 Property-level operating expenses — — General, administrative and professional fees — 4 Merger-related expenses and deal costs 489 4,559 Other — 565 489 60,876 (Loss) income before real estate dispositions and noncontrolling interest (489 ) 17,622 Gain (loss) on real estate dispositions — — Net (loss) income from discontinued operations (489 ) 17,622 Net income attributable to noncontrolling interest — 48 Net (loss) income from discontinued operations attributable to common stockholders $ (489 ) $ 17,574

LOANS RECEIVABLE AND INVESTME28

LOANS RECEIVABLE AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: March 31, 2016 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 938,516 $ 938,516 $ 967,776 $ — Government-sponsored pooled loan investments (1) 64,082 62,352 64,082 1,730 Total investments reported as Secured loans receivable and investments, net 1,002,598 1,000,868 1,031,858 1,730 Non-mortgage loans receivable 38,096 38,096 39,289 — Total investments reported as Other assets 38,096 38,096 39,289 — Total net loans receivable and investments $ 1,040,694 $ 1,038,964 $ 1,071,147 $ 1,730 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. December 31, 2015 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 793,433 $ 793,433 $ 816,849 $ — Government-sponsored pooled loan investments 63,679 62,130 63,679 1,549 Total investments reported as Secured loans receivable and investments, net 857,112 855,563 880,528 1,549 Non-mortgage loans receivable 37,926 37,926 38,806 — Total investments reported as Other assets 37,926 37,926 38,806 — Total net loans receivable and investments $ 895,038 $ 893,489 $ 919,334 $ 1,549

INTANGIBLES (Tables)

INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 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 $ 155,008 6.8 $ 155,161 7.0 In-place and other lease intangibles 1,188,179 21.6 1,189,261 20.9 Goodwill 1,044,983 N/A 1,047,497 N/A Other intangibles 35,863 9.0 35,792 8.6 Accumulated amortization (695,365 ) N/A (655,176 ) N/A Net intangible assets $ 1,728,668 19.8 $ 1,772,535 19.2 Intangible liabilities: Below market lease intangibles $ 256,121 14.2 $ 256,034 14.2 Other lease intangibles 35,925 30.6 35,925 30.1 Accumulated amortization (119,216 ) N/A (113,647 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 176,398 15.6 $ 181,880 15.6 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets as of March 31, 2016 and December 31, 2015 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 228,621 $ 219,064 Non-mortgage loans receivable, net 38,096 37,926 Other intangibles, net 12,011 13,224 Other 145,708 142,189 Total other assets $ 424,436 $ 412,403

SENIOR NOTES PAYABLE AND OTHE31

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, December 31, (In thousands) Unsecured revolving credit facility (1) $ 324,488 $ 180,683 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 (2) 200,000 200,000 Unsecured term loan due 2019 (2) 474,249 468,477 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 307,598 289,038 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 900,000 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (3) 192,249 180,649 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 192,249 180,649 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 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 300,000 300,000 Mortgage loans and other (4) 1,835,070 1,987,401 Total 11,310,026 11,271,020 Deferred financing costs, net (65,555 ) (69,121 ) Unamortized fair value adjustment 30,751 33,570 Unamortized discounts (27,492 ) (28,473 ) Senior notes payable and other debt $ 11,247,730 $ 11,206,996 (1) $163.5 million and $9.7 million of aggregate borrowings are denominated in Canadian dollars as of March 31, 2016 and December 31, 2015 , respectively. (2) These amounts represent in aggregate the $674.2 million of unsecured term loan borrowings under our unsecured credit facility, of which $95.7 million included in the 2019 tranche is in the form of Canadian dollars. (3) These borrowings are in the form of Canadian dollars. (4) 2016 and 2015 exclude $11.1 million and $22.9 million , respectively, of mortgage debt related to real estate assets classified as held for sale that is 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 March 31, 2016 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2016 (2) $ 586,002 $ — $ 21,777 $ 607,779 2017 746,458 — 25,739 772,197 2018 1,101,879 324,488 20,621 1,446,988 2019 1,806,428 — 14,126 1,820,554 2020 1,416,913 — 11,122 1,428,035 Thereafter (3) 5,108,858 — 125,615 5,234,473 Total maturities $ 10,766,538 $ 324,488 $ 219,000 $ 11,310,026 (1) As of March 31, 2016 , we had $51.7 million of unrestricted cash and cash equivalents, for $272.8 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Excludes $11.1 million of mortgage debt related to real estate assets classified as held for sale as of March 31, 2016 that is scheduled to mature in 2016. (3) 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 INST32

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of March 31, 2016 and December 31, 2015 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 51,701 $ 51,701 $ 53,023 $ 53,023 Secured loans receivable, net 938,516 967,776 793,433 816,849 Non-mortgage loans receivable, net 38,096 39,289 37,926 38,806 Government-sponsored pooled loan investments 64,082 64,082 63,679 63,679 Liabilities: Senior notes payable and other debt, gross 11,310,026 11,608,231 11,271,020 11,384,880 Derivative instruments and other liabilities 4,194 4,194 2,696 2,696 Redeemable OP unitholder interests 183,658 183,658 188,546 188,546

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (In thousands) Foreign currency translation $ (24,594 ) $ (13,926 ) Unrealized gain on marketable securities 1,730 1,549 Other 2,932 4,812 Total accumulated other comprehensive loss $ (19,932 ) $ (7,565 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 149,469 $ 102,868 Discontinued operations (489 ) 17,574 Net income attributable to common stockholders $ 148,980 $ 120,442 Denominator: Denominator for basic earnings per share—weighted average shares 335,559 325,454 Effect of dilutive securities: Stock options 311 531 Restricted stock awards 149 70 OP units 3,183 3,148 Denominator for diluted earnings per share—adjusted weighted average shares 339,202 329,203 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.44 $ 0.32 Discontinued operations (0.00 ) 0.05 Net income attributable to common stockholders $ 0.44 $ 0.37 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.44 $ 0.32 Discontinued operations (0.00 ) 0.05 Net income attributable to common stockholders $ 0.44 $ 0.37

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Summary Information by Reportable Business Segment	Summary information by reportable business segment is as follows: For the three months ended March 31, 2016 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 214,487 $ — $ 144,136 $ — $ 358,623 Resident fees and services — 463,976 — — 463,976 Medical office building and other services revenue 1,199 — 4,976 1,010 7,185 Income from loans and investments — — — 22,386 22,386 Interest and other income — — — 119 119 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Less: Interest and other income — — — 119 119 Property-level operating expenses — 312,541 43,681 — 356,222 Medical office building services costs — — 3,451 — 3,451 Segment NOI 215,686 151,435 101,980 23,396 492,497 (Loss) income from unconsolidated entities (671 ) 337 (126 ) 262 (198 ) Segment profit $ 215,015 $ 151,772 $ 101,854 $ 23,658 492,299 Interest and other income 119 Interest expense (103,273 ) Depreciation and amortization (236,387 ) General, administrative and professional fees (31,726 ) Loss on extinguishment of debt, net (314 ) Merger-related expenses and deal costs (1,632 ) Other (4,168 ) Income tax benefit 8,421 Discontinued operations (489 ) Gain on real estate dispositions 26,184 Net income $ 149,034 For the three months ended March 31, 2015 : Triple-Net Leased Properties Senior Living Operations MOB Operations All Other Total (In thousands) Revenues: Rental income $ 188,557 $ — $ 137,060 $ — $ 325,617 Resident fees and services — 446,914 — — 446,914 Medical office building and other services revenue 1,136 — 8,858 549 10,543 Income from loans and investments — — — 22,053 22,053 Interest and other income — — — 471 471 Total revenues $ 189,693 $ 446,914 $ 145,918 $ 23,073 $ 805,598 Total revenues $ 189,693 $ 446,914 $ 145,918 $ 23,073 $ 805,598 Less: Interest and other income — — — 471 471 Property-level operating expenses — 298,362 42,437 — 340,799 Medical office building services costs — — 6,918 — 6,918 Segment NOI 189,693 148,552 96,563 22,602 457,410 Income (loss) from unconsolidated entities 425 (422 ) (25 ) (229 ) (251 ) Segment profit $ 190,118 $ 148,130 $ 96,538 $ 22,373 457,159 Interest and other income 471 Interest expense (82,328 ) Depreciation and amortization (216,219 ) General, administrative and professional fees (34,326 ) Loss on extinguishment of debt, net (21 ) Merger-related expenses and deal costs (30,613 ) Other (4,874 ) Income tax benefit 7,250 Discontinued operations 17,574 Gain on real estate dispositions 6,686 Net income $ 120,759
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2016 2015 (In thousands) Capital expenditures: Triple-net leased properties $ 40,701 $ 457,018 Senior living operations 18,994 282,432 MOB operations 12,413 387,727 Total capital expenditures $ 72,108 $ 1,127,177
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows: For the Three Months Ended March 31, 2016 2015 (In thousands) Revenues: United States $ 804,201 $ 756,032 Canada 41,129 44,050 United Kingdom 6,959 5,516 Total revenues $ 852,289 $ 805,598
Net real estate property by geographic area	As of March 31, 2016 As of December 31, 2015 (In thousands) Net real estate property: United States $ 18,117,507 $ 18,271,829 Canada 1,088,335 1,039,561 United Kingdom 302,639 313,830 Total net real estate property $ 19,508,481 $ 19,625,220

CONDENSED CONSOLIDATING INFOR36

CONDENSED CONSOLIDATING INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following summarizes our condensed consolidating information as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 : CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,101 $ 185,178 $ 20,421,920 $ — $ 20,609,199 Cash and cash equivalents 7,307 — 44,394 — 51,701 Escrow deposits and restricted cash 7,154 1,336 68,220 — 76,710 Investment in and advances to affiliates 13,001,108 3,545,183 — (16,546,291 ) — Goodwill — — 1,044,983 — 1,044,983 Assets held for sale — 2,393 51,870 — 54,263 Other assets 16,456 3,313 404,667 — 424,436 Total assets $ 13,034,126 $ 3,737,403 $ 22,036,054 $ (16,546,291 ) $ 22,261,292 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,364,652 $ 2,883,078 $ — $ 11,247,730 Intercompany loans 7,375,971 (6,530,481 ) (845,490 ) — — Accrued interest — 53,064 13,924 — 66,988 Accounts payable and other liabilities 78,125 43,372 616,830 — 738,327 Liabilities held for sale — — 12,625 — 12,625 Deferred income taxes 333,354 — — — 333,354 Total liabilities 7,787,450 1,930,607 2,680,967 — 12,399,024 Redeemable OP unitholder and noncontrolling interests — — 191,739 — 191,739 Total equity 5,246,676 1,806,796 19,163,348 (16,546,291 ) 9,670,529 Total liabilities and equity $ 13,034,126 $ 3,737,403 $ 22,036,054 $ (16,546,291 ) $ 22,261,292 (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, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,798 $ 195,015 $ 20,377,226 $ — $ 20,578,039 Cash and cash equivalents 11,733 — 41,290 — 53,023 Escrow deposits and restricted cash 7,154 1,644 69,098 — 77,896 Investment in and advances to affiliates 12,989,643 3,545,183 — (16,534,826 ) — Goodwill — — 1,047,497 — 1,047,497 Assets held for sale — 4,488 88,572 — 93,060 Other assets 17,869 4,182 390,352 — 412,403 Total assets $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,370,670 $ 2,836,326 $ — $ 11,206,996 Intercompany loans 7,294,158 (6,571,512 ) (722,646 ) — — Accrued interest — 64,561 16,303 — 80,864 Accounts payable and other liabilities 68,604 45,226 665,550 — 779,380 Liabilities held for sale — 44 34,296 — 34,340 Deferred income taxes 338,382 — — — 338,382 Total liabilities 7,701,144 1,908,989 2,829,829 — 12,439,962 Redeemable OP unitholder and noncontrolling interests — — 196,529 — 196,529 Total equity 5,331,053 1,841,523 18,987,677 (16,534,826 ) 9,625,427 Total liabilities and equity $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 (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 March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 48,725 $ 308,982 $ — $ 358,623 Resident fees and services — — 463,976 — 463,976 Medical office building and other services revenue 602 — 6,583 — 7,185 Income from loans and investments — — 22,386 — 22,386 Equity earnings in affiliates 108,762 — (342 ) (108,420 ) — Interest and other income 29 — 90 — 119 Total revenues 110,309 48,725 801,675 (108,420 ) 852,289 Expenses: Interest (10,795 ) 68,579 45,489 — 103,273 Depreciation and amortization 4,932 9,914 221,541 — 236,387 Property-level operating expenses — 79 356,143 — 356,222 Medical office building services costs — — 3,451 — 3,451 General, administrative and professional fees (15 ) 4,504 27,237 — 31,726 Loss on extinguishment of debt, net — — 314 — 314 Merger-related expenses and deal costs 1,372 — 260 — 1,632 Other (49 ) — 4,217 — 4,168 Total expenses (4,555 ) 83,076 658,652 — 737,173 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 114,864 (34,351 ) 143,023 (108,420 ) 115,116 Income (loss) from unconsolidated entities — 103 (301 ) — (198 ) Income tax benefit 8,421 — — — 8,421 Income (loss) from continuing operations 123,285 (34,248 ) 142,722 (108,420 ) 123,339 Discontinued operations (489 ) — — — (489 ) Gain on real estate dispositions 26,184 — — — 26,184 Net income (loss) 148,980 (34,248 ) 142,722 (108,420 ) 149,034 Net income attributable to noncontrolling interest — — 54 — 54 Net income (loss) attributable to common stockholders $ 148,980 $ (34,248 ) $ 142,668 $ (108,420 ) $ 148,980 (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 March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,788 $ 274,913 $ — $ 325,617 Resident fees and services — — 446,914 — 446,914 Medical office building and other services revenue — — 10,543 — 10,543 Income from loans and investments 1,436 51 20,566 — 22,053 Equity earnings in affiliates 129,995 — (78 ) (129,917 ) — Interest and other income 356 5 110 — 471 Total revenues 132,703 49,844 752,968 (129,917 ) 805,598 Expenses: Interest (7,829 ) 60,623 29,534 — 82,328 Depreciation and amortization 1,342 4,434 210,443 — 216,219 Property-level operating expenses — 131 340,668 — 340,799 Medical office building services costs — — 6,918 — 6,918 General, administrative and professional fees (2,741 ) 6,361 30,706 — 34,326 Loss on extinguishment of debt, net — — 21 — 21 Merger-related expenses and deal costs 29,793 — 820 — 30,613 Other 647 4 4,223 — 4,874 Total expenses 21,212 71,553 623,333 — 716,098 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 111,491 (21,709 ) 129,635 (129,917 ) 89,500 Income (loss) from unconsolidated entities — 401 (652 ) — (251 ) Income tax benefit 7,250 — — — 7,250 Income (loss) from continuing operations 118,741 (21,308 ) 128,983 (129,917 ) 96,499 Discontinued operations (4,985 ) 13,520 9,039 — 17,574 Gain on real estate dispositions 6,686 — — — 6,686 Net income (loss) 120,442 (7,788 ) 138,022 (129,917 ) 120,759 Net income attributable to noncontrolling interest — — 317 — 317 Net income attributable to common stockholders $ 120,442 $ (7,788 ) $ 137,705 $ (129,917 ) $ 120,442 (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 March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 148,980 $ (34,248 ) $ 142,722 $ (108,420 ) 149,034 Other comprehensive loss: Foreign currency translation — — (10,668 ) — (10,668 ) Change in unrealized gain on marketable securities 181 — — — 181 Other — — (1,880 ) — (1,880 ) Total other comprehensive income (loss) 181 — (12,548 ) — (12,367 ) Comprehensive income (loss) 149,161 (34,248 ) 130,174 (108,420 ) 136,667 Comprehensive income attributable to noncontrolling interest — — 54 — 54 Comprehensive income (loss) attributable to common stockholders $ 149,161 $ (34,248 ) $ 130,120 $ (108,420 ) $ 136,613 (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 March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 120,442 $ (7,788 ) $ 138,022 $ (129,917 ) $ 120,759 Other comprehensive income (loss): Foreign currency translation — — (10,872 ) — (10,872 ) Change in unrealized gain on marketable securities 1,349 — — — 1,349 Other — — 759 — 759 Total other comprehensive income (loss) 1,349 — (10,113 ) — (8,764 ) Comprehensive income (loss) 121,791 (7,788 ) 127,909 (129,917 ) 111,995 Comprehensive income attributable to noncontrolling interest — — 317 — 317 Comprehensive income (loss) attributable to common stockholders $ 121,791 $ (7,788 ) $ 127,592 $ (129,917 ) $ 111,678 (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 Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 22,155 $ (34,344 ) $ 285,080 $ — $ 272,891 Cash flows from investing activities: Net investment in real estate property (13,620 ) — — — (13,620 ) Proceeds from loans receivable — — 1,625 — 1,625 Investment in loans receivable and other — — (146,214 ) — (146,214 ) Proceeds from real estate disposals 11,091 — 43,120 — 54,211 Capital expenditures — — (23,721 ) — (23,721 ) Development project expenditures — — (34,767 ) — (34,767 ) Other — — (4,265 ) — (4,265 ) Net cash used in investing activities (2,529 ) — (164,222 ) — (166,751 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (10,000 ) 147,440 — 137,440 Proceeds from debt — — 145 — 145 Repayment of debt — — (151,309 ) — (151,309 ) Net change in intercompany debt 81,812 41,031 (122,843 ) — — Payment of deferred financing costs — — (76 ) — (76 ) Issuance of common stock, net 149,631 — — — 149,631 Cash distribution (to) from affiliates (7,440 ) 3,313 4,127 — — Cash distribution to common stockholders (245,496 ) — — — (245,496 ) Cash distribution to redeemable OP unitholders — — (2,323 ) — (2,323 ) Distributions to noncontrolling interest — — (1,743 ) — (1,743 ) Other 6,151 — — — 6,151 Net cash (used in) provided by financing activities (15,342 ) 34,344 (126,582 ) — (107,580 ) Net increase (decrease) in cash and cash equivalents 4,284 — (5,724 ) — (1,440 ) Effect of foreign currency translation on cash and cash equivalents (8,710 ) — 8,828 — 118 Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 7,307 $ — $ 44,394 $ — $ 51,701 (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 Three Months Ended March 31, 2015 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (43,636 ) $ 57,112 $ 330,693 $ — $ 344,169 Cash flows from investing activities: Net investment in real estate property (1,072,539 ) — — — (1,072,539 ) Proceeds from loans receivable — — 92,056 — 92,056 Investment in loans receivable and other — — (39,573 ) — (39,573 ) Funds held in escrow for future development expenditures — — 4,003 — 4,003 Proceeds from real estate disposals 166,341 — — — 166,341 Capital expenditures — (6,274 ) (14,897 ) — (21,171 ) Development capital expenditures — — (33,467 ) — (33,467 ) Other — — (4,180 ) — (4,180 ) Net cash (used in) provided by investing activities (906,198 ) (6,274 ) 3,942 — (908,530 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (319,000 ) (133,897 ) — (452,897 ) Proceeds from debt — 896,478 196,355 — 1,092,833 Repayment of debt — — (24,647 ) — (24,647 ) Net change in intercompany debt 1,249,176 (608,551 ) (640,625 ) — — Purchase of noncontrolling interest — — (2,660 ) — (2,660 ) Payment of deferred financing costs — (12,507 ) (1,928 ) — (14,435 ) Issuance of common stock, net 285,327 — — — 285,327 Cash distribution (to) from affiliates (272,344 ) (7,258 ) 279,602 — — Cash distribution to common stockholders (254,910 ) — — — (254,910 ) Cash distribution to redeemable OP unitholders — — (2,365 ) — (2,365 ) Purchases of redeemable OP units — — (569 ) — (569 ) Distributions to noncontrolling interest — — (1,822 ) — (1,822 ) Other 5,690 — — — 5,690 Net cash provided by (used in) financing activities 1,012,939 (50,838 ) (332,556 ) — 629,545 Net increase in cash and cash equivalents 63,105 — 2,079 — 65,184 Effect of foreign currency translation on cash and cash equivalents (10,160 ) — 9,853 — (307 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 77,802 $ — $ 42,423 $ — $ 120,225 (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)	Mar. 31, 2016propertytenant	Dec. 31, 2015property
Real estate properties
Number of real estate properties	1,300
Number of properties leased	575
Number of real estate properties	39	39
Number of properties classified as held-for-sale	8	11
Development Projects
Real estate properties
Number of real estate properties	4
Number of properties included in investments in unconsolidated entities	2
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	304
Brookdale Senior Living
Real estate properties
Number of properties included in investments in unconsolidated entities	6
Number of properties leased	140
Number of properties included in investments in unconsolidated entities, pursuant to management agreement	1
Kindred
Real estate properties
Number of properties included in investments in unconsolidated entities	1
Number of properties leased	69
Ardent
Real estate properties
Number of properties leased	10
Brookdale Senior Living Inc. and Kindred Healthcare, Inc.
Real estate properties
Concentration Risk, Number of Tenants | tenant	3
Triple-Net Leased Properties
Real estate properties
Number of real estate properties	34
Number of properties classified as held-for-sale	1	2
Triple-Net Leased Properties | Kindred
Real estate properties
Number of properties classified as held-for-sale	1

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	$ 635,018	$ 645,109
Total Liabilities	199,169	203,235
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Total Assets	2,330,221	2,367,296
Total Liabilities	226,190	233,600
Other identified VIEs
Variable Interest Entity [Line Items]
Total Assets	1,547,758	1,582,430
Total Liabilities	$ 399,844	$ 431,582

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2016USD ($)shares	Mar. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, value redeemed | $	$ 18.6
Fair value of operating partnership units exceeding cost | $	$ 183.7	$ 183.7	$ 188.5
Common Stock
Redeemable Noncontrolling Interest [Line Items]
Conversion of Stock, Shares Issued (in shares)	305,047
Class C Units
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, redeemed (in shares)	305,047
NHP/PMB L.P.
Redeemable Noncontrolling Interest [Line Items]
Unit conversion factor for common stock	0.9051	0.9051
NHP/PMB L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)	2,797,349	2,797,349
Percentage of ownership interest on total units outstanding		28.80%
NHP/PMB L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding		71.20%
Limited partnership units outstanding (in shares)	6,931,978	6,931,978
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding		2.30%
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | Limited Partner | Class C Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)	672,984	672,984
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding		97.70%
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | General Partner | Class C Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)	28,550,812	28,550,812
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | General Partner | Ventas Realty OP Units
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)	176,374	176,374

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 228,621	$ 219,064
Straight-line rent receivable, net of allowances	$ 99,900	$ 101,400
Term of resident lease agreements, minimum	12 months
Term of resident lease agreements, maximum	18 months
Notice period to cancel lease agreements by the resident	30 days

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details) $ in Thousands	Apr. 03, 2016Lease	Apr. 29, 2016USD ($)	Dec. 31, 2014property	Mar. 31, 2016USD ($)board_memberpropertystateprovince	Mar. 31, 2015USD ($)	Dec. 31, 2015	Jan. 31, 2015USD ($)
Concentration Risk [Line Items]
Number of states | state				46
Number of Canadian provinces | province				7
Impairment of real estate				$ 10,300	$ 19,200
Rental income				$ 358,623	$ 325,617
Atria
Concentration Risk [Line Items]
Ownership interests accounted for under the equity method (as a percent)				34.00%		34.00%
Number of board members appointed | board_member				2
Number of board members | board_member				5
LTACS
Concentration Risk [Line Items]
Original expected annual lease income				$ 8,000
Kindred
Concentration Risk [Line Items]
Lease modifications, number of properties | property			34
Number of properties transitioned | property			9
Lease modification and transition agreement amount							$ 37,000
Seniors Housing Communities
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property				304
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property				268
Total gross book value of properties | Atria
Concentration Risk [Line Items]
Concentration percentage				22.60%
Total gross book value of properties | Sunrise
Concentration Risk [Line Items]
Concentration percentage				11.70%
Total gross book value of properties | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage				8.40%
Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage				2.10%
Total gross book value of properties | Ardent
Concentration Risk [Line Items]
Concentration percentage				5.30%
Total gross book value of properties | Seniors Housing Communities
Concentration Risk [Line Items]
Concentration percentage				65.00%
Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage				35.00%
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				4.80%	6.10%
Total revenues | Kindred
Concentration Risk [Line Items]
Concentration percentage				5.30%	5.70%
Total revenues | Ardent
Concentration Risk [Line Items]
Concentration percentage				3.10%
Total NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10% of net operating income | state				1
Total NOI | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage				8.30%	10.70%
Total NOI | Kindred
Concentration Risk [Line Items]
Concentration percentage				9.20%	10.10%
Total NOI | Ardent
Concentration Risk [Line Items]
Concentration percentage				5.30%
Subsequent Event | LTACS
Concentration Risk [Line Items]
Lease modifications, number of properties | Lease	7
Rental income		$ 3,500

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 29, 2016USD ($)property	Mar. 31, 2016USD ($)propertyinstallment	Mar. 31, 2015USD ($)property	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on real estate dispositions, net		$ 0	$ 0
Lease termination fees			5,500
Deferred gain on sale of property, term				5 years
Impairment of real estate		10,300	19,200
Impairment of long-lived assets to be disposed of		0	5,200
2016 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, including termination fees		54,500
Gain on real estate dispositions, net		$ 26,200
2016 Dispositions | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, including termination fees	$ 8,000
Gain on real estate dispositions, net	$ 4,500
2016 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		2
2016 Dispositions | Triple-Net Leased Properties | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	1
2016 Dispositions | Seniors Housing Communities | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property		1
2016 Dispositions | Medical Office Buildings | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property		1
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			337,200
Gain on real estate dispositions, net			28,200
Deferred gain on sale of property			$ 21,400
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			21
2015 Dispositions | Medical Office Buildings | MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property			22
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		$ 600
Number of quarterly installments | installment		4

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Mar. 31, 2016USD ($)property	Dec. 31, 2015USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	8	11
Assets held for sale	$ 54,263	$ 93,060
Liabilities related to assets held for sale	$ 12,625	$ 34,340
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	1	2
Assets held for sale	$ 2,393	$ 4,488
Liabilities related to assets held for sale	$ 0	$ 44
MOB Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	7	8
Assets held for sale	$ 51,870	$ 68,619
Liabilities related to assets held for sale	$ 12,625	$ 24,759
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	0	1
Assets held for sale	$ 0	$ 19,953
Liabilities related to assets held for sale	$ 0	$ 9,537

DISPOSITIONS - Summary of Opera

DISPOSITIONS - Summary of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Rental income	$ 0	$ 77,651
Income from loans and investments	0	846
Interest and other income	0	1
Total Revenues	0	78,498
Expenses:
Interest	0	24,514
Depreciation and amortization	0	31,234
Property-level operating expenses	0	0
General, administrative and professional fees	0	4
Merger-related expenses and deal costs	489	4,559
Other	0	565
Total expenses	489	60,876
(Loss) income before real estate dispositions and noncontrolling interest	(489)	17,622
Gain (loss) on real estate dispositions	0	0
Net (loss) income from discontinued operations	(489)	17,622
Net income attributable to noncontrolling interest	0	48
Net (loss) income from discontinued operations attributable to common stockholders	$ (489)	$ 17,574

LOANS RECEIVABLE AND INVESTME45

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 1,000	$ 895

LOANS RECEIVABLE AND INVESTME46

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	$ 1,040,694	$ 895,038
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,038,964	893,489
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,071,147	919,334
Available-for-sale securities, unrealized gain (loss)	1,730	1,549
Secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	1,002,598	857,112
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,000,868	855,563
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,031,858	880,528
Available-for-sale securities, unrealized gain (loss)	1,730	1,549
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	38,096	37,926
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	38,096	37,926
Secured loans, unsecured loans, and other available-for-sale securities, fair value	39,289	38,806
Available-for-sale securities, unrealized gain (loss)	0	0
Government-sponsored pooled loan investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities	64,082	63,679
Available-for-sale securities, amortized cost	62,352	62,130
Available-for-sale securities, unrealized gain (loss)	1,730	1,549
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	938,516	793,433
Mortgage loans and other, fair value	967,776	816,849
Available-for-sale securities, unrealized gain (loss)	0	0
Non-mortgage loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	38,096	37,926
Mortgage loans and other, fair value	39,289	38,806
Available-for-sale securities, unrealized gain (loss)	$ 0	$ 0

LOANS RECEIVABLE AND INVESTME47

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details)	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 29, 2016USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in loans receivable and other			$ 146,214,000	$ 39,573,000
Debt instrument, face amount	$ 200,000,000
Proceeds from sale of loans					$ 97,000,000
Gain on repayment of loans receivable					$ 1,900,000
Unsecured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan					1
Debt instrument, face amount					$ 20,000,000
Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Loans | loan					1
Debt instrument, face amount					$ 78,400,000
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment in loans receivable and other	$ 140,000,000
Secured loan, stated interest rate, percentage	9.95%
Number Of Loans Sold | loan					3
Non-mortgage loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number Of Loans Sold | loan					1
Corporate Debt Securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available-for-sale Securities, amortized cost basis		$ 71,000,000
Proceeds from sale of investment		76,800,000
Recognized gain on sale of investments		$ 5,800,000
Unrealized gain on investment						$ 5,000,000

INVESTMENTS IN UNCONSOLIDATED48

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)property	Mar. 31, 2015USD ($)	Dec. 31, 2015property
Equity method investments
Number of real estate properties | property	39		39
Management fees earned | $	$ 2.3	$ 1.9
Atria
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	34.00%		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	9.90%		9.90%
Minimum
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	5.00%		5.00%
Maximum
Equity method investments
Ownership interests accounted for under the equity method (as a percent)	25.00%		25.00%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Intangible assets:
Goodwill	$ 1,044,983	$ 1,047,497
Accumulated amortization	(695,365)	(655,176)
Net intangible assets	$ 1,728,668	$ 1,772,535
Remaining Weighted Average Amortization Period in Years	19 years 9 months 18 days	19 years 2 months 12 days
Intangible liabilities:
Below market lease intangibles	$ 256,121	$ 256,034
Other lease intangibles	35,925	35,925
Accumulated amortization	(119,216)	(113,647)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 176,398	$ 181,880
Below market leases, remaining weighted average amortization period (in years)	14 years 2 months 12 days	14 years 2 months 12 days
Other lease intangibles, remaining weighted average amortization period (in years)	30 years 7 months 6 days	30 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 7 months 6 days	15 years 7 months 6 days
Other intangibles
Intangible assets:
Other intangibles	$ 35,863	$ 35,792
Remaining Weighted Average Amortization Period in Years	9 years	8 years 7 months 6 days
Above market lease intangibles
Intangible assets:
Intangible assets	$ 155,008	$ 155,161
Remaining Weighted Average Amortization Period in Years	6 years 9 months 18 days	7 years
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,188,179	$ 1,189,261
Remaining Weighted Average Amortization Period in Years	21 years 7 months 6 days	20 years 10 months 24 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 228,621	$ 219,064
Non-mortgage loans receivable, net	38,096	37,926
Other intangibles, net	12,011	13,224
Other	145,708	142,189
Total other assets	$ 424,436	$ 412,403

SENIOR NOTES PAYABLE AND OTHE51

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) CAD in Thousands, $ in Thousands	Mar. 31, 2016CAD	Mar. 31, 2016USD ($)	Feb. 29, 2016	Dec. 31, 2015CAD	Dec. 31, 2015USD ($)
Debt instruments
Principal amount outstanding		$ 11,310,026			$ 11,271,020
Deferred financing costs, net		(65,555)			(69,121)
Unamortized fair value adjustment		30,751			33,570
Unamortized discounts		(27,492)			(28,473)
Senior notes payable and other debt		11,247,730			11,206,996
Interest rate (as a percent)			1.132%
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding		324,488			180,683
Unsecured revolving credit facilities | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 163,500			CAD 9,700
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 Due 2018
Debt instruments
Principal amount outstanding		$ 200,000			$ 200,000
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding		474,249			468,477
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 307,598			CAD 289,038
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%
Unsecured term loan due 2020
Debt instruments
Principal amount outstanding		$ 900,000			$ 900,000
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 192,249			CAD 180,649
Interest rate (as a percent)	3.30%	3.30%		3.30%	3.30%
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding		$ 400,000			$ 400,000
Interest rate (as a percent)	3.75%	3.75%		3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding | CAD	CAD 192,249			CAD 180,649
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			$ 600,000
Interest rate (as a percent)	3.50%	3.50%		3.50%	3.50%
4.125% Senior Notes due 2026
Debt instruments
Principal amount outstanding		$ 500,000			$ 500,000
Interest rate (as a percent)	4.125%	4.125%		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			$ 300,000
Interest rate (as a percent)	4.375%	4.375%		4.375%	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding		$ 1,835,070			$ 1,987,401
Unsecured term loan
Debt instruments
Principal amount outstanding		674,200
Unsecured term loan | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 95,700
Mortgage Loans Held-for-Sale
Debt instruments
Principal amount outstanding		$ 11,100			$ 22,900

SENIOR NOTES PAYABLE AND OTHE52

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Feb. 29, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	$ 607,779
2,017	772,197
2,018	1,446,988
2,019	1,820,554
2,020	1,428,035
Thereafter	5,234,473
Total maturities	11,310,026		$ 11,271,020
Unrestricted cash and cash equivalents	51,701		53,023	$ 120,225	$ 55,348
Amount outstanding, net of cash and cash equivalents	272,800
Interest rate (as a percent)		1.132%
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	586,002
2,017	746,458
2,018	1,101,879
2,019	1,806,428
2,020	1,416,913
Thereafter	5,108,858
Total maturities	10,766,538
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	0
2,017	0
2,018	324,488
2,019	0
2,020	0
Thereafter	0
Total maturities	324,488		180,683
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	21,777
2,017	25,739
2,018	20,621
2,019	14,126
2,020	11,122
Thereafter	125,615
Total maturities	219,000
Mortgage Loans Held-for-Sale
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	11,100		$ 22,900
Senior Notes | 6.90% Senior Notes due 2037, subject to repurchase at option of holders
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	$ 52,400
Interest rate (as a percent)	6.90%
Senior Notes | 6.59% Senior Notes due 2038, subject to repurchase at option of holders
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	$ 23,000
Interest rate (as a percent)	6.59%

SENIOR NOTES PAYABLE AND OTHE53

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Feb. 29, 2016	Dec. 31, 2015
Debt instruments
Debt instrument, face amount			$ 200,000,000
Loss on extinguishment of debt, net	$ 314,000	$ 21,000
Interest rate (as a percent)			1.132%
Unsecured revolving credit facilities
Debt instruments
Line of credit facility, current borrowing capacity	$ 2,000,000,000
Debt instrument, additional period	1 year
Amount outstanding	$ 324,500,000
Letters of credit outstanding	14,900,000
Unused borrowing capacity available	$ 1,700,000,000
Unsecured revolving credit facilities | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	1.00%
Unsecured Term Loan Due 2018
Debt instruments
Line of credit facility, current borrowing capacity	$ 200,000,000
Debt instrument, term of loan (in years)	4 years
Unsecured Term Loan Due 2018 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	1.05%
Unsecured term loan due 2019
Debt instruments
Line of credit facility, current borrowing capacity	$ 800,000,000
Debt instrument, term of loan (in years)	5 years
Unsecured Debt
Debt instruments
Line of credit facility, maximum borrowing capacity (up to $3.5 billion)	$ 3,500,000,000
Debt instrument, face amount				$ 20,000,000
Mortgages
Debt instruments
Debt instrument, face amount	$ 143,900,000
Weighted average maturity (in years)	3 years 1 month 6 days
Loss on extinguishment of debt, net	$ 300,000

FAIR VALUES OF FINANCIAL INST54

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Non-mortgage loans receivable, net	$ 38,096	$ 37,926
Liabilities:
Redeemable OP unitholder interests	183,700	188,500
Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	64,082	63,679
Carrying Amount
Assets:
Cash and cash equivalents	51,701	53,023
Secured loans receivable, net	938,516	793,433
Non-mortgage loans receivable, net	38,096	37,926
Liabilities:
Senior notes payable and other debt, gross	11,310,026	11,271,020
Derivative instruments and other liabilities	4,194	2,696
Redeemable OP unitholder interests	183,658	188,546
Carrying Amount | Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	64,082	63,679
Fair Value
Assets:
Cash and cash equivalents	51,701	53,023
Secured loans receivable, net	967,776	816,849
Non-mortgage loans receivable, net	39,289	38,806
Liabilities:
Senior notes payable and other debt, gross	11,608,231	11,384,880
Derivative instruments and other liabilities	4,194	2,696
Redeemable OP unitholder interests	183,658	188,546
Fair Value | Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	$ 64,082	$ 63,679

LITIGATION (Details)

LITIGATION (Details)	Jun. 02, 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
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Provision (benefit) for income taxes
Income tax (benefit)	$ (8,421)	$ (7,250)
Net deferred tax liabilities	$ 333,400		$ 338,400

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Apr. 29, 2016	Mar. 31, 2016	Mar. 31, 2016
Business Acquisition [Line Items]
Issuance of common stock, shares			2,621,729
Proceeds for the issuance of common stock			$ 149.9
Sales agent commissions for common stock sales			2.3
Equity Offering Program, Remaining Authorized Offering Amount		$ 638.5	$ 638.5
Conversion of stock, value redeemed		$ 18.6
Common Stock
Business Acquisition [Line Items]
Conversion of Stock, number of Ventas shares issued		305,047
Class C Units
Business Acquisition [Line Items]
Partners' capital account, units, redeemed (in shares)		305,047
Subsequent Event
Business Acquisition [Line Items]
Issuance of common stock, shares	641,466
Proceeds for the issuance of common stock	$ 39.9
Sales agent commissions for common stock sales	$ 0.6

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Foreign currency translation	$ (24,594)	$ (13,926)
Unrealized gain on marketable securities	1,730	1,549
Other	2,932	4,812
Total accumulated other comprehensive loss	$ (19,932)	$ (7,565)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator for basic and diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 149,469	$ 102,868
Discontinued operations	(489)	17,574
Net income attributable to common stockholders	$ 148,980	$ 120,442
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	335,559	325,454
Effect of dilutive securities:
Stock options (in shares)	311	531
Restricted stock awards (in shares)	149	70
OP units (in shares)	3,183	3,148
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	339,202	329,203
Basic earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.44	$ 0.32
Discontinued operations (in usd per share)	0	0.05
Net income attributable to common stockholders (in usd per share)	0.44	0.37
Diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.44	0.32
Discontinued operations (in usd per share)	0	0.05
Net income attributable to common stockholders (in usd per share)	$ 0.44	$ 0.37

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment	3
Revenues:
Rental income	$ 358,623	$ 325,617
Resident fees and services	463,976	446,914
Medical office building and other services revenue	7,185	10,543
Income from loans and investments	22,386	22,053
Interest and other income	119	471
Total revenues	852,289	805,598
Less:
Interest and other income	119	471
Property-level operating expenses	356,222	340,799
Medical office building services costs	3,451	6,918
Segment NOI	492,497	457,410
Income (loss) from unconsolidated entities	(198)	(251)
Segment profit	492,299	457,159
Interest and other income	119	471
Interest expense	(103,273)	(82,328)
Depreciation and amortization	(236,387)	(216,219)
General, administrative and professional fees	(31,726)	(34,326)
Loss on extinguishment of debt, net	(314)	(21)
Merger-related expenses and deal costs	(1,632)	(30,613)
Other	(4,168)	(4,874)
Income tax benefit	8,421	7,250
Discontinued operations	(489)	17,574
Gain on real estate dispositions	26,184	6,686
Net income	149,034	120,759	$ 419,222
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	214,487	188,557
Resident fees and services	0	0
Medical office building and other services revenue	1,199	1,136
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	215,686	189,693
Less:
Interest and other income	0	0
Property-level operating expenses	0	0
Medical office building services costs	0	0
Segment NOI	215,686	189,693
Income (loss) from unconsolidated entities	(671)	425
Segment profit	215,015	190,118
Interest and other income	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0
Resident fees and services	463,976	446,914
Medical office building and other services revenue	0	0
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	463,976	446,914
Less:
Interest and other income	0	0
Property-level operating expenses	312,541	298,362
Medical office building services costs	0	0
Segment NOI	151,435	148,552
Income (loss) from unconsolidated entities	337	(422)
Segment profit	151,772	148,130
Interest and other income	0	0
Operating Segments | MOB Operations
Revenues:
Rental income	144,136	137,060
Resident fees and services	0	0
Medical office building and other services revenue	4,976	8,858
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	149,112	145,918
Less:
Interest and other income	0	0
Property-level operating expenses	43,681	42,437
Medical office building services costs	3,451	6,918
Segment NOI	101,980	96,563
Income (loss) from unconsolidated entities	(126)	(25)
Segment profit	101,854	96,538
Interest and other income	0	0
All Other
Revenues:
Rental income	0	0
Resident fees and services	0	0
Medical office building and other services revenue	1,010	549
Income from loans and investments	22,386	22,053
Interest and other income	119	471
Total revenues	23,515	23,073
Less:
Interest and other income	119	471
Property-level operating expenses	0	0
Medical office building services costs	0	0
Segment NOI	23,396	22,602
Income (loss) from unconsolidated entities	262	(229)
Segment profit	23,658	22,373
Interest and other income	$ 119	$ 471

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Capital expenditures	$ 72,108	$ 1,127,177
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	40,701	457,018
Operating Segments | Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	18,994	282,432
Operating Segments | MOB Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 12,413	$ 387,727

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues:
Total revenues	$ 852,289	$ 805,598
Net real estate property:
Total net real estate property	19,508,481		$ 19,625,220
United States
Revenues:
Total revenues	804,201	756,032
Net real estate property:
Total net real estate property	18,117,507		18,271,829
Canada
Revenues:
Total revenues	41,129	44,050
Net real estate property:
Total net real estate property	1,088,335		1,039,561
United Kingdom
Revenues:
Total revenues	6,959	$ 5,516
Net real estate property:
Total net real estate property	$ 302,639		$ 313,830

CONDENSED CONSOLIDATING INFOR63

CONDENSED CONSOLIDATING INFORMATION - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Net real estate investments	$ 20,609,199	$ 20,578,039
Cash and cash equivalents	51,701	53,023	$ 120,225	$ 55,348
Escrow deposits and restricted cash	76,710	77,896
Investment in and advances to affiliates	0	0
Goodwill	1,044,983	1,047,497
Assets held for sale	54,263	93,060
Other assets	424,436	412,403
Total assets	22,261,292	22,261,918
Liabilities:
Senior notes payable and other debt	11,247,730	11,206,996
Intercompany loans	0	0
Accrued interest	66,988	80,864
Accounts payable and other liabilities	738,327	779,380
Liabilities related to assets held for sale	12,625	34,340
Deferred income taxes	333,354	338,382
Total liabilities	12,399,024	12,439,962
Redeemable OP unitholder and noncontrolling interests	191,739	196,529
Total equity	9,670,529	9,625,427		8,754,397
Total liabilities and equity	22,261,292	22,261,918
Consolidated Elimination
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	(16,546,291)	(16,534,826)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(16,546,291)	(16,534,826)
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	0	0
Accrued interest	0	0
Accounts payable and other liabilities	0	0
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	(16,546,291)	(16,534,826)
Total liabilities and equity	$ (16,546,291)	(16,534,826)
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage	100.00%
Ventas, Inc.
Assets
Net real estate investments	$ 2,101	5,798
Cash and cash equivalents	7,307	11,733	77,802	24,857
Escrow deposits and restricted cash	7,154	7,154
Investment in and advances to affiliates	13,001,108	12,989,643
Goodwill	0	0
Assets held for sale	0	0
Other assets	16,456	17,869
Total assets	13,034,126	13,032,197
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,375,971	7,294,158
Accrued interest	0	0
Accounts payable and other liabilities	78,125	68,604
Liabilities related to assets held for sale	0	0
Deferred income taxes	333,354	338,382
Total liabilities	7,787,450	7,701,144
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	5,246,676	5,331,053
Total liabilities and equity	$ 13,034,126	13,032,197
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%
Assets
Net real estate investments	$ 185,178	195,015
Cash and cash equivalents	0	0	0	0
Escrow deposits and restricted cash	1,336	1,644
Investment in and advances to affiliates	3,545,183	3,545,183
Goodwill	0	0
Assets held for sale	2,393	4,488
Other assets	3,313	4,182
Total assets	3,737,403	3,750,512
Liabilities:
Senior notes payable and other debt	8,364,652	8,370,670
Intercompany loans	(6,530,481)	(6,571,512)
Accrued interest	53,064	64,561
Accounts payable and other liabilities	43,372	45,226
Liabilities related to assets held for sale	0	44
Deferred income taxes	0	0
Total liabilities	1,930,607	1,908,989
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	1,806,796	1,841,523
Total liabilities and equity	3,737,403	3,750,512
Ventas Subsidiaries
Assets
Net real estate investments	20,421,920	20,377,226
Cash and cash equivalents	44,394	41,290	$ 42,423	$ 30,491
Escrow deposits and restricted cash	68,220	69,098
Investment in and advances to affiliates	0	0
Goodwill	1,044,983	1,047,497
Assets held for sale	51,870	88,572
Other assets	404,667	390,352
Total assets	22,036,054	22,014,035
Liabilities:
Senior notes payable and other debt	2,883,078	2,836,326
Intercompany loans	(845,490)	(722,646)
Accrued interest	13,924	16,303
Accounts payable and other liabilities	616,830	665,550
Liabilities related to assets held for sale	12,625	34,296
Deferred income taxes	0	0
Total liabilities	2,680,967	2,829,829
Redeemable OP unitholder and noncontrolling interests	191,739	196,529
Total equity	19,163,348	18,987,677
Total liabilities and equity	$ 22,036,054	$ 22,014,035
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%

CONDENSED CONSOLIDATING INFOR64

CONDENSED CONSOLIDATING INFORMATION - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues:
Rental income	$ 358,623	$ 325,617
Resident fees and services	463,976	446,914
Medical office building and other services revenue	7,185	10,543
Income from loans and investments	22,386	22,053
Equity earnings in affiliates	0	0
Interest and other income	119	471
Total revenues	852,289	805,598
Expenses:
Interest	103,273	82,328
Depreciation and amortization	236,387	216,219
Property-level operating expenses	356,222	340,799
Medical office building services costs	3,451	6,918
General, administrative and professional fees	31,726	34,326
(Gain) loss on extinguishment of debt, net	314	21
Merger-related expenses and deal costs	1,632	30,613
Other	4,168	4,874
Total expenses	737,173	716,098
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	115,116	89,500
Income (loss) from unconsolidated entities	(198)	(251)
Income tax benefit	8,421	7,250
Income from continuing operations	123,339	96,499
Discontinued operations	(489)	17,574
Gain on real estate dispositions	26,184	6,686
Net income	149,034	120,759	$ 419,222
Net income attributable to noncontrolling interest	54	317
Net income attributable to common stockholders	148,980	120,442
Consolidated Elimination
Revenues:
Rental income	0	0
Resident fees and services	0	0
Medical office building and other services revenue	0	0
Income from loans and investments	0	0
Equity earnings in affiliates	(108,420)	(129,917)
Interest and other income	0	0
Total revenues	(108,420)	(129,917)
Expenses:
Interest	0	0
Depreciation and amortization	0	0
Property-level operating expenses	0	0
Medical office building services costs	0	0
General, administrative and professional fees	0	0
(Gain) loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	0	0
Other	0	0
Total expenses	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(108,420)	(129,917)
Income (loss) from unconsolidated entities	0	0
Income tax benefit	0	0
Income from continuing operations	(108,420)	(129,917)
Discontinued operations	0	0
Gain on real estate dispositions	0	0
Net income	(108,420)	(129,917)
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	(108,420)	(129,917)
Ventas, Inc.
Revenues:
Rental income	916	916
Resident fees and services	0	0
Medical office building and other services revenue	602	0
Income from loans and investments	0	1,436
Equity earnings in affiliates	108,762	129,995
Interest and other income	29	356
Total revenues	110,309	132,703
Expenses:
Interest	(10,795)	(7,829)
Depreciation and amortization	4,932	1,342
Property-level operating expenses	0	0
Medical office building services costs	0	0
General, administrative and professional fees	(15)	(2,741)
(Gain) loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	1,372	29,793
Other	(49)	647
Total expenses	(4,555)	21,212
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	114,864	111,491
Income (loss) from unconsolidated entities	0	0
Income tax benefit	8,421	7,250
Income from continuing operations	123,285	118,741
Discontinued operations	(489)	(4,985)
Gain on real estate dispositions	26,184	6,686
Net income	148,980	120,442
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	$ 148,980	120,442
Ventas Realty
Condensed financial statements, captions
Ownership percentage	100.00%
Revenues:
Rental income	$ 48,725	49,788
Resident fees and services	0	0
Medical office building and other services revenue	0	0
Income from loans and investments	0	51
Equity earnings in affiliates	0	0
Interest and other income	0	5
Total revenues	48,725	49,844
Expenses:
Interest	68,579	60,623
Depreciation and amortization	9,914	4,434
Property-level operating expenses	79	131
Medical office building services costs	0	0
General, administrative and professional fees	4,504	6,361
(Gain) loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	0	0
Other	0	4
Total expenses	83,076	71,553
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(34,351)	(21,709)
Income (loss) from unconsolidated entities	103	401
Income tax benefit	0	0
Income from continuing operations	(34,248)	(21,308)
Discontinued operations	0	13,520
Gain on real estate dispositions	0	0
Net income	(34,248)	(7,788)
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	(34,248)	(7,788)
Ventas Subsidiaries
Revenues:
Rental income	308,982	274,913
Resident fees and services	463,976	446,914
Medical office building and other services revenue	6,583	10,543
Income from loans and investments	22,386	20,566
Equity earnings in affiliates	(342)	(78)
Interest and other income	90	110
Total revenues	801,675	752,968
Expenses:
Interest	45,489	29,534
Depreciation and amortization	221,541	210,443
Property-level operating expenses	356,143	340,668
Medical office building services costs	3,451	6,918
General, administrative and professional fees	27,237	30,706
(Gain) loss on extinguishment of debt, net	314	21
Merger-related expenses and deal costs	260	820
Other	4,217	4,223
Total expenses	658,652	623,333
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	143,023	129,635
Income (loss) from unconsolidated entities	(301)	(652)
Income tax benefit	0	0
Income from continuing operations	142,722	128,983
Discontinued operations	0	9,039
Gain on real estate dispositions	0	0
Net income	142,722	138,022
Net income attributable to noncontrolling interest	54	317
Net income attributable to common stockholders	$ 142,668	$ 137,705
Ventas Capital Corporation
Condensed financial statements, captions
Ownership percentage	100.00%	100.00%	100.00%

CONDENSED CONSOLIDATING INFOR65

CONDENSED CONSOLIDATING INFORMATION - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Condensed financial statements, captions
Net income (loss)	$ 149,034	$ 120,759	$ 419,222
Other comprehensive income (loss):
Foreign currency translation	(10,668)	(10,872)
Change in unrealized gain on marketable securities	181	1,349
Other	(1,880)	759
Total other comprehensive loss	(12,367)	(8,764)	$ (20,686)
Comprehensive income	136,667	111,995
Comprehensive income attributable to noncontrolling interest	54	317
Comprehensive income attributable to common stockholders	136,613	111,678
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(108,420)	(129,917)
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	0	0
Other	0	0
Total other comprehensive loss	0	0
Comprehensive income	(108,420)	(129,917)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to common stockholders	(108,420)	(129,917)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	148,980	120,442
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	181	1,349
Other	0	0
Total other comprehensive loss	181	1,349
Comprehensive income	149,161	121,791
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to common stockholders	149,161	121,791
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(34,248)	(7,788)
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	0	0
Other	0	0
Total other comprehensive loss	0	0
Comprehensive income	(34,248)	(7,788)
Comprehensive income attributable to noncontrolling interest	0	0
Comprehensive income attributable to common stockholders	$ (34,248)	(7,788)
Ownership percentage	100.00%
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	$ 142,722	138,022
Other comprehensive income (loss):
Foreign currency translation	(10,668)	(10,872)
Change in unrealized gain on marketable securities	0	0
Other	(1,880)	759
Total other comprehensive loss	(12,548)	(10,113)
Comprehensive income	130,174	127,909
Comprehensive income attributable to noncontrolling interest	54	317
Comprehensive income attributable to common stockholders	$ 130,120	$ 127,592
Ventas Capital Corporation
Other comprehensive income (loss):
Ownership percentage	100.00%	100.00%	100.00%

CONDENSED CONSOLIDATING INFOR66

CONDENSED CONSOLIDATING INFORMATION - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 272,891	$ 344,169
Cash flows from investing activities:
Net investment in real estate property	(13,620)	(1,072,539)
Proceeds from loans receivable	1,625	92,056
Investment in loans receivable and other	(146,214)	(39,573)
Funds held in escrow for future development expenditures	0	4,003
Proceeds from real estate disposals	54,211	166,341
Capital expenditures	(23,721)	(21,171)
Development project expenditures	(34,767)	(33,467)
Other	(4,265)	(4,180)
Net cash used in investing activities	(166,751)	(908,530)
Cash flows from financing activities:
Net change in borrowings under credit facility	137,440	(452,897)
Proceeds from debt	145	1,092,833
Repayment of debt	(151,309)	(24,647)
Net change in intercompany debt	0	0
Purchase of noncontrolling interest	0	(2,660)
Payment of deferred financing costs	(76)	(14,435)
Issuance of common stock, net	149,631	285,327
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(245,496)	(254,910)
Cash distribution to redeemable OP unitholders	(2,323)	(2,365)
Purchases of redeemable OP units	0	(569)
Distributions to noncontrolling interest	(1,743)	(1,822)
Other	6,151	5,690
Net cash (used in) provided by financing activities	(107,580)	629,545
Net (decrease) increase in cash and cash equivalents	(1,440)	65,184
Effect of foreign currency translation on cash and cash equivalents	118	(307)
Cash and cash equivalents at beginning of period	53,023	55,348
Cash and cash equivalents at end of period	51,701	120,225
Consolidated Elimination
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Net investment in real estate property	0	0
Proceeds from loans receivable	0	0
Investment in loans receivable and other	0	0
Funds held in escrow for future development expenditures		0
Proceeds from real estate disposals	0	0
Capital expenditures	0	0
Development project expenditures	0	0
Other	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Net change in intercompany debt	0	0
Purchase of noncontrolling interest		0
Payment of deferred financing costs	0	0
Issuance of common stock, net	0	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 (used in) provided by financing activities	0	0
Net (decrease) increase 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, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	22,155	(43,636)
Cash flows from investing activities:
Net investment in real estate property	(13,620)	(1,072,539)
Proceeds from loans receivable	0	0
Investment in loans receivable and other	0	0
Funds held in escrow for future development expenditures		0
Proceeds from real estate disposals	11,091	166,341
Capital expenditures	0	0
Development project expenditures	0	0
Other	0	0
Net cash used in investing activities	(2,529)	(906,198)
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Net change in intercompany debt	81,812	1,249,176
Purchase of noncontrolling interest		0
Payment of deferred financing costs	0	0
Issuance of common stock, net	149,631	285,327
Cash distribution (to) from affiliates	(7,440)	(272,344)
Cash distribution to common stockholders	(245,496)	(254,910)
Cash distribution to redeemable OP unitholders	0
Purchases of redeemable OP units		0
Distributions to noncontrolling interest	0	0
Other	6,151	5,690
Net cash (used in) provided by financing activities	(15,342)	1,012,939
Net (decrease) increase in cash and cash equivalents	4,284	63,105
Effect of foreign currency translation on cash and cash equivalents	(8,710)	(10,160)
Cash and cash equivalents at beginning of period	11,733	24,857
Cash and cash equivalents at end of period	7,307	77,802
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(34,344)	57,112
Cash flows from investing activities:
Net investment in real estate property	0	0
Proceeds from loans receivable	0	0
Investment in loans receivable and other	0	0
Funds held in escrow for future development expenditures		0
Proceeds from real estate disposals	0	0
Capital expenditures	0	(6,274)
Development project expenditures	0	0
Other	0	0
Net cash used in investing activities	0	(6,274)
Cash flows from financing activities:
Net change in borrowings under credit facility	(10,000)	(319,000)
Proceeds from debt	0	896,478
Repayment of debt	0	0
Net change in intercompany debt	41,031	(608,551)
Purchase of noncontrolling interest		0
Payment of deferred financing costs	0	(12,507)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	3,313	(7,258)
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
Net cash (used in) provided by financing activities	34,344	(50,838)
Net (decrease) increase 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 provided by (used in) operating activities	$ 285,080	330,693
Cash flows from investing activities:
Net investment in real estate property	0	0
Proceeds from loans receivable	1,625	92,056
Investment in loans receivable and other	(146,214)	(39,573)
Funds held in escrow for future development expenditures		4,003
Proceeds from real estate disposals	43,120	0
Capital expenditures	(23,721)	(14,897)
Development project expenditures	(34,767)	(33,467)
Other	(4,265)	(4,180)
Net cash used in investing activities	(164,222)	3,942
Cash flows from financing activities:
Net change in borrowings under credit facility	147,440	(133,897)
Proceeds from debt	145	196,355
Repayment of debt	(151,309)	(24,647)
Net change in intercompany debt	(122,843)	(640,625)
Purchase of noncontrolling interest		(2,660)
Payment of deferred financing costs	(76)	(1,928)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	4,127	279,602
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(2,323)	(2,365)
Purchases of redeemable OP units		(569)
Distributions to noncontrolling interest	(1,743)	(1,822)
Other	0	0
Net cash (used in) provided by financing activities	(126,582)	(332,556)
Net (decrease) increase in cash and cash equivalents	(5,724)	2,079
Effect of foreign currency translation on cash and cash equivalents	8,828	9,853
Cash and cash equivalents at beginning of period	41,290	30,491
Cash and cash equivalents at end of period	$ 44,394	$ 42,423
Ventas Capital Corporation
Cash flows from financing activities:
Ownership percentage	100.00%	100.00%	100.00%