Ventas (VTR) 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 26, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		354,109,643

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Real estate investments:
Land and improvements	$ 2,089,329	$ 2,056,428
Buildings and improvements	21,551,049	20,309,599
Construction in progress	192,848	92,005
Acquired lease intangibles	1,522,708	1,344,422
Gross real estate investments	25,355,934	23,802,454
Accumulated depreciation and amortization	(4,754,532)	(4,177,234)
Net real estate property	20,601,402	19,625,220
Secured loans receivable and investments, net	821,663	857,112
Investments in unconsolidated real estate entities	97,814	95,707
Net real estate investments	21,520,879	20,578,039
Cash and cash equivalents	89,279	53,023
Escrow deposits and restricted cash	89,521	77,896
Goodwill	1,043,075	1,047,497
Assets held for sale	195,252	93,060
Other assets	488,258	412,403
Total assets	23,426,264	22,261,918
Liabilities:
Senior notes payable and other debt	11,252,327	11,206,996
Accrued interest	70,790	80,864
Accounts payable and other liabilities	930,103	779,380
Liabilities related to assets held for sale	77,608	34,340
Deferred income taxes	315,713	338,382
Total liabilities	12,646,541	12,439,962
Redeemable OP unitholder and noncontrolling interests	209,278	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, 353,793 and 334,386 shares issued at September 30, 2016 and December 31, 2015, respectively	88,431	83,579
Capital in excess of par value	12,870,566	11,602,838
Accumulated other comprehensive loss	(49,614)	(7,565)
Retained earnings (deficit)	(2,420,766)	(2,111,958)
Treasury stock, 1 and 44 shares at September 30, 2016 and December 31, 2015, respectively	(78)	(2,567)
Total Ventas stockholders’ equity	10,488,539	9,564,327
Noncontrolling interest	81,906	61,100
Total equity	10,570,445	9,625,427
Total liabilities and equity	$ 23,426,264	$ 22,261,918

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	353,793,000	334,386,000
Treasury stock, shares	1,000	44,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Rental income:
Triple-net leased	$ 210,424	$ 201,028	$ 635,030	$ 571,591
Office	158,273	142,755	446,496	420,287
Total rental income	368,697	343,783	1,081,526	991,878
Resident fees and services	461,974	454,825	1,390,387	1,356,384
Office building and other services revenue	4,317	10,000	17,006	29,951
Income from loans and investments	31,566	18,924	78,098	66,192
Interest and other income	562	74	792	719
Total revenues	867,116	827,606	2,567,809	2,445,124
Expenses:
Interest	105,063	97,135	312,001	263,422
Depreciation and amortization	208,387	226,332	666,735	657,262
Property-level operating expenses:
Senior living	312,145	304,540	932,675	902,154
Office	48,972	43,305	136,619	129,152
Total property-level operating expenses	361,117	347,845	1,069,294	1,031,306
Office building services costs	974	6,416	6,277	19,098
General, administrative and professional fees	31,567	32,114	95,387	100,399
Loss on extinguishment of debt, net	383	15,331	3,165	14,897
Merger-related expenses and deal costs	16,217	62,145	25,073	105,023
Other	2,430	4,795	8,901	13,948
Total expenses	726,138	792,113	2,186,833	2,205,355
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	140,978	35,493	380,976	239,769
Income (loss) from unconsolidated entities	931	(955)	2,151	(1,197)
Income tax benefit	8,537	10,697	28,507	27,736
Income from continuing operations	150,446	45,235	411,634	266,308
Discontinued operations	(118)	(22,383)	(755)	13,434
Gain on real estate dispositions	(144)	265	31,779	14,420
Net income	150,184	23,117	442,658	294,162
Net income attributable to noncontrolling interest	732	265	1,064	1,047
Net income attributable to common stockholders	$ 149,452	$ 22,852	$ 441,594	$ 293,115
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.43	$ 0.14	$ 1.29	$ 0.85
Discontinued operations (in usd per share)	0	(0.07)	0	0.04
Net income attributable to common stockholders (in usd per share)	0.43	0.07	1.29	0.89
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.42	0.14	1.28	0.84
Discontinued operations (in usd per share)	0	(0.07)	0	0.04
Net income attributable to common stockholders (in usd per share)	$ 0.42	$ 0.07	$ 1.28	$ 0.88
Weighted average shares used in computing earnings per common share:
Basic (in shares)	350,274	332,491	341,610	329,440
Diluted (in shares)	354,186	336,338	345,352	333,210
Dividends declared per common share (in usd per share)	$ 0.73	$ 0.73	$ 2.19	$ 2.31

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 150,184	$ 23,117	$ 442,658	$ 294,162	$ 419,222
Other comprehensive loss:
Foreign currency translation	(6,421)	(11,239)	(39,804)	(7,718)
Change in unrealized gain on marketable securities	(92)	0	158	(5,046)
Other	1,094	467	(2,403)	(949)
Total other comprehensive loss	(5,419)	(10,772)	(42,049)	(13,713)	$ (20,686)
Comprehensive income	144,765	12,345	400,609	280,449
Comprehensive income attributable to noncontrolling interest	732	265	1,064	1,047
Comprehensive income attributable to common stockholders	$ 144,033	$ 12,080	$ 399,545	$ 279,402

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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	442,658				441,594		441,594	1,064
Other comprehensive loss	(42,049)			(42,049)			(42,049)
Impact of CCP Spin-Off	523		523				523
Net change in noncontrolling interest	18,137		(1,173)				(1,173)	19,310
Dividends to common stockholders	(750,402)				(750,402)		(750,402)
Issuance of common stock	1,265,702	4,642	1,261,043			17	1,265,702
Issuance of common stock for stock plans	26,600	95	24,081			2,424	26,600
Change in redeemable noncontrolling interest	(183)		(615)				(615)	432
Adjust redeemable OP unitholder interests to current fair value	(41,577)		(41,577)				(41,577)
Purchase of OP units	22,523	88	21,415			1,020	22,523
Grant of restricted stock, net of forfeitures	3,086	27	4,031			(972)	3,086
Ending Balance at Sep. 30, 2016	$ 10,570,445	$ 88,431	$ 12,870,566	$ (49,614)	$ (2,420,766)	$ (78)	$ 10,488,539	$ 81,906

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 2.19	$ 3.04

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 442,658	$ 294,162
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)	666,735	736,870
Amortization of deferred revenue and lease intangibles, net	(15,307)	(19,312)
Other non-cash amortization	7,174	3,051
Stock-based compensation	15,885	16,061
Straight-lining of rental income, net	(21,386)	(25,118)
Loss on extinguishment of debt, net	3,165	14,897
Gain on real estate dispositions (including amounts in discontinued operations)	(31,779)	(14,649)
Gain on real estate loan investments	(2,271)	0
Gain on sale of marketable debt securities	0	(5,800)
Income tax benefit	(30,832)	(30,717)
(Income) loss from unconsolidated entities	(2,151)	1,197
Distributions from unconsolidated entities	5,574	20,550
Other	(1,075)	3,276
Changes in operating assets and liabilities:
Decrease in other assets	1,753	11,164
(Decrease) increase in accrued interest	(10,053)	6,338
(Decrease) increase in accounts payable and other liabilities	(26,820)	10,075
Net cash provided by operating activities	1,001,270	1,022,045
Cash flows from investing activities:
Net investment in real estate property	(1,421,592)	(2,556,988)
Investment in loans receivable and other	(154,949)	(74,386)
Proceeds from real estate disposals	63,561	409,633
Proceeds from loans receivable	194,063	106,909
Proceeds from sale or maturity of marketable securities	0	76,800
Funds held in escrow for future development expenditures	0	4,003
Development project expenditures	(94,398)	(90,458)
Capital expenditures	(75,296)	(75,812)
Investment in unconsolidated operating entity	0	(26,282)
Other	(6,175)	(27,984)
Net cash used in investing activities	(1,494,786)	(2,254,565)
Cash flows from financing activities:
Net change in borrowings under credit facility	46,728	(790,406)
Net cash impact of CCP Spin-Off	0	(128,749)
Proceeds from debt	876,617	2,511,061
Proceeds from debt related to CCP Spin-Off	0	1,400,000
Repayment of debt	(916,505)	(1,329,070)
Purchase of noncontrolling interest	(1,604)	(3,819)
Payment of deferred financing costs	(6,147)	(23,893)
Issuance of common stock, net	1,265,702	417,818
Cash distribution to common stockholders	(750,402)	(759,575)
Cash distribution to redeemable OP unitholders	(6,486)	(12,776)
Purchases of redeemable OP units	0	(33,188)
Contributions from noncontrolling interest	5,926	0
Distributions to noncontrolling interest	(5,121)	(11,250)
Other	21,507	6,489
Net cash provided by financing activities	530,215	1,242,642
Net increase in cash and cash equivalents	36,699	10,122
Effect of foreign currency translation on cash and cash equivalents	(443)	(239)
Cash and cash equivalents at beginning of period	53,023	55,348
Cash and cash equivalents at end of period	89,279	65,231
Assets and liabilities assumed from acquisitions:
Real estate investments	59,666	2,567,150
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	(6,954)	(8,911)
Other assets acquired	79,879	20,221
Debt assumed	47,641	177,857
Other liabilities	60,446	57,937
Deferred income tax liability	2,279	50,836
Redeemable OP unitholder interests assumed	0	87,245
Noncontrolling interest	22,225	0
Equity issued	0	2,204,585
Non-cash impact of CCP Spin-Off	0	1,256,404
Equity issued for purchase of OP and Class C units	$ 22,970	$ 0

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1—DESCRIPTION OF BUSINESS Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of seniors housing and healthcare properties located throughout the United States, Canada and the United Kingdom. As of September 30, 2016 , we owned approximately 1,300 properties (including properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), life science and innovation centers, skilled nursing facilities, specialty hospitals and general acute care hospitals, and we had five 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 are presented as discontinued operations in the accompanying consolidated financial statements. We primarily invest in seniors housing and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of September 30, 2016 , we leased a total of 575 properties (excluding MOBs and life science and innovation centers and 34 properties owned through investments in unconsolidated entities, and including 25 properties classified as held for sale) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 298 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 real estate entities and one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 68 properties (excluding one MOB) and ten properties, respectively, as of September 30, 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. In September 2016, we completed the acquisition of substantially all of the university affiliated life science and innovation real estate assets of Wexford Science & Technology, LLC (“Wexford”) from affiliates of Blackstone Real Estate Partners VIII, L.P. (together with its affiliates, “Blackstone”) (the “Wexford Acquisition”). As a result, we renamed our MOB operations reportable business segment “office operations,” which now includes both MOBs and life science assets.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and nine months ended September 30, 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. As part of the Wexford Acquisition, we identified certain special purpose entities that were established to allow investments in life science projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs and that Ventas is the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. 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. September 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 645,846 $ 202,200 $ 645,109 $ 203,235 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. 2,165,226 162,019 2,367,296 233,600 Other identified VIEs 1,886,133 381,933 1,582,430 431,582 Wexford tax credit VIEs (1) 982,233 223,723 — — (1) Balances relate to our September 2016 Wexford Acquisition. 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 September 30, 2016 , third party investors owned 2,746,737 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.7% of the total units then outstanding, and we owned 7,156,146 Class B limited partnership units in NHP/PMB, representing the remaining 72.3% . 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 September 30, 2016 , third party investors owned 361,776 Class C Units, which represented 1.2% of the total units then outstanding, and we owned 29,307,561 Class C Units and 176,374 OP units in Ventas Realty OP, representing the remaining 98.8% . During the nine months ended September 30, 2016 , third party investors redeemed 65,581 OP Units and 311,208 Class C Units for 370,558 shares of Ventas common stock, valued at $23.0 million . As redemption rights are outside of our control, the redeemable OP unitholder interests (OP Units and Class C Units) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP unitholder interests at the greater of cost or fair value. As of September 30, 2016 and December 31, 2015 , the fair value of the redeemable OP unitholder interests was $201.1 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 September 30, 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. Accounting for Historic and New Markets Tax Credits As part of the Wexford Acquisition, we are party to certain contractual arrangements with tax credit investors (“TCIs”) that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new market tax credits (“NMTCs”) for certain properties owned by Ventas. As of September 30, 2016, we own eleven properties ( two of which were in development) that had syndicated HTCs or NMTCs, or both, to TCIs. In general, capital contributions are made by TCIs into special purpose entities that invest in entities owning the subject property that generates the tax credits. The TCIs receive substantially all of the tax credits and hold only a noncontrolling interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the ownership interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights. The portion of the TCI’s capital contribution that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s capital contribution is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above. Business Combinations We account for acquisitions using the acquisition method and record the cost of the businesses acquired among tangible and recognized intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Recognized intangibles primarily include the value of in-place leases, acquired lease contracts, tenant and customer relationships, trade names/trademarks and goodwill. We do not amortize goodwill, which represents the excess of the purchase price paid over the fair value of the net assets of the acquired business and is included in other assets on our Consolidated Balance Sheets. We estimate the fair value of buildings acquired on an as-if-vacant basis, or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion. The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above and/or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations at that time. We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale. We estimate the fair value of tenant or other customer relationships acquired, if any, by considering the nature and extent of existing business relationships with the tenant or customer, growth prospects for developing new business with the tenant or customer, the tenant’s credit quality, expectations of lease renewals with the tenant, and the potential for significant, additional future leasing arrangements with the tenant, and we amortize that value over the expected life of the associated arrangements or leases, including the remaining terms of the related leases and any expected renewal periods. We estimate the fair value of trade names and trademarks using a royalty rate methodology and amortize that value over the estimated useful life of the trade name or trademark. In connection with a business combination, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets. We determine the fair value of loans receivable acquired in connection with a business combination by discounting the estimated future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. We do not establish a valuation allowance at the acquisition date because the estimated future cash flows already reflect our judgment regarding their uncertainty. We recognize the difference between the acquisition date fair value and the total expected cash flows as interest income using an effective interest method over the life of the applicable loan. Subsequent to the acquisition date, we evaluate changes regarding the uncertainty of future cash flows and the need for a valuation allowance, as appropriate. We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities. We calculate the fair value of long-term debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated. We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components 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 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, and default rates. • 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, similar to those used in determining fair value of loans receivable (above). • 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 Office Operations Certain of our triple-net leases and most of our MOB and life science and innovation center (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2016 and December 31, 2015 , this cumulative excess totaled $239.0 million (net of allowances of $106.9 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 Ac

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2016
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2016 , Atria, Sunrise, Brookdale Senior Living, Kindred and Ardent managed or operated approximately 22.4% , 11.2% , 8.0% , 1.7% and 5.1% , respectively, of our real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 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 61.4% of our real estate investments based on gross book value (excluding properties classified as held for sale as of September 30, 2016 ), while MOBs, life science and innovation centers, skilled nursing facilities, specialty hospitals and general acute care hospitals collectively comprised the remaining 38.6% . Our properties were located in 46 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 30, 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 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 September 30, 2016 and 2015 , approximately 4.8% and 5.1% , respectively, of our total revenues and 8.2% and 8.9% , 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 5.6% , respectively, of our total revenues and 9.1% and 9.7% , 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 September 30, 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 September 30, 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 (the “7 LTACs”), which was approximately $8 million , was immediately re-allocated to other more productive post-acute assets subject to the Kindred Master Leases. Total annual rent under the Kindred Master Leases remains the same. Separately, we agreed to sell the 7 LTACs to an unrelated third party, subject to conditions to closing. The 7 LTACs are reported as assets held for sale on our Consolidated Balance Sheets as of September 30, 2016. As a result of this disposition, we recognized an impairment of $10.3 million during the nine months ended September 30, 2016 , which is reported in depreciation and amortization in our Consolidated Statements of Income. Also 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. On October 1, 2016, we sold the 7 LTACs for $3.0 million , and we expect to recognize a gain of approximately $2.8 million . Senior Living Operations As of September 30, 2016 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 266 of our 298 seniors housing communities, for which we pay annual management fees pursuant to long-term management agreements. In September 2016, we modified existing agreements with Sunrise related to the management of certain of the seniors housing communities owned by us and operated by Sunrise to reduce management fees payable to Sunrise under such agreements, maintain the existing term of such agreements and provide Sunrise with incentives for future outperformance. We also entered into a new multi-year development pipeline agreement with Sunrise that gives us the option to fund certain future Sunrise developments. 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 six 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.

ACQUISITIONS OF REAL ESTATE PRO

ACQUISITIONS OF REAL ESTATE PROPERTY	9 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
ACQUISITIONS OF REAL ESTATE PROPERTY	NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY The following summarizes our acquisition and development activities during the nine months ended September 30, 2016 and the year ended December 31, 2015 . We acquire and invest in seniors housing and healthcare properties primarily to achieve an expected yield on investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source. 2016 Acquisitions Wexford Acquisition In September 2016, we completed the acquisition of substantially all of the university affiliated life science and innovation real estate assets of Wexford from Blackstone for total consideration of $1.5 billion . The Wexford Acquisition added to our portfolio 23 operating properties, two development assets and nine future development sites. The properties acquired will continue to be managed by Wexford, which will remain a separate management company owned and operated by the existing Wexford management team. We have exclusive rights to fund and own future life science projects developed by Wexford. Other 2016 Acquisitions During the nine months ended September 30, 2016, we made other investments totaling approximately $42 million , including the acquisition of one triple-net leased property and two MOBs. Completed Developments During 2016, we completed the development of three triple-net leased properties ( two of which were expansions of existing seniors housing assets), representing $31.6 million of net real estate property on our Consolidated Balance Sheets as of September 30, 2016 . Estimated Fair Value We are accounting for our 2016 acquisitions under the acquisition method in accordance with ASC 805 and have completed our initial accounting, which is subject to further adjustment. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed in our 2016 real estate acquisitions, which we determined using level two and level three inputs: Triple-Net Leased Properties Office Operations Total (In thousands) Land and improvements $ 1,279 $ 48,366 $ 49,645 Buildings and improvements 12,558 1,322,598 1,335,156 Acquired lease intangibles 163 203,174 203,337 Other assets — 98,137 98,137 Total assets acquired 14,000 1,672,275 1,686,275 Notes payable and other debt — 47,641 47,641 Intangible liabilities — 108,132 108,132 Other liabilities 380 60,233 60,613 Total liabilities assumed 380 216,006 216,386 Noncontrolling interest assumed — 22,225 22,225 Net assets acquired 13,620 1,434,044 1,447,664 Cash acquired — 19,119 19,119 Total cash used $ 13,620 $ 1,414,925 $ 1,428,545 Aggregate Revenue and NOI For the three months ended September 30, 2016, aggregate revenue and net operating income (“NOI”) derived from our completed 2016 acquisitions during our period of ownership were $14.0 million and $9.6 million , respectively. For the nine months ended September 30, 2016, aggregate revenue and NOI derived from our completed 2016 acquisitions during our period of ownership were $14.7 million and $10.2 million , respectively. Transaction Costs Transaction costs are expensed as incurred and included in merger-related expenses and deal costs in our Consolidated Statements of Income. For the three and nine months ended September 30, 2016, we expensed as incurred $14.0 million and $18.6 million , respectively, related to our completed 2016 transactions. 2015 Acquisitions HCT Acquisition In January 2015, we acquired American Realty Healthcare Trust, Inc. (“HCT”) in a stock and cash transaction, which added 152 properties to our portfolio. At the effective time of the merger, each share of HCT common stock outstanding (other than shares held by us, HCT or our respective subsidiaries, which shares were canceled) was converted into the right to receive either 0.1688 shares of our common stock (with cash paid in lieu of fractional shares) or $11.33 per share in cash, at the election of each HCT shareholder. Shares of HCT common stock for which a valid election was not made were converted into the stock consideration. We funded the transaction through the issuance of approximately 28.4 million shares of our common stock and 1.1 million limited partnership units that are redeemable for shares of our common stock and the payment of approximately $11.0 million in cash (excluding cash in lieu of fractional shares). In addition, we assumed $167.0 million of mortgage debt and repaid approximately $730.0 million of debt, net of HCT cash on hand. In August 2015, 20 of the properties that we acquired in the HCT acquisition were disposed of as part of the CCP Spin-Off. Ardent Health Services Acquisition On August 4, 2015, we completed our acquisition of Ardent Health Services, Inc. (“AHS”) and simultaneous separation and sale of Ardent to a consortium composed of an entity controlled by Equity Group Investments, Ardent’s management team and us (collectively the “Ardent Transaction”). As of the acquisition date, we recorded the estimated fair value of our investment in owned hospital and other real estate of approximately $1.3 billion . At closing, we paid $26.3 million for our 9.9% interest in Ardent which represents our estimate of the acquisition date fair value of this interest. Upon closing, we entered into a long-term triple-net master lease with Ardent to operate the 10 hospitals and other real estate we acquired. Other 2015 Acquisitions In 2015, we made other investments totaling approximately $612.0 million , including the acquisition of 11 triple-net leased properties; 11 MOBs (including eight MOBs that we had previously accounted for as investments in unconsolidated entities; and 12 skilled nursing facilities (all of which were disposed of as part of the CCP Spin-Off). Completed Developments During 2015, we completed the development of one triple-net leased seniors housing community, representing $9.3 million of net real estate property on our Consolidated Balance Sheets as of December 31, 2015. Estimated Fair Value We are accounting for our 2015 acquisitions under the acquisition method in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Our initial accounting for acquisitions completed during the year ended December 31, 2015 remains subject to further adjustment. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations Office Operations Total (In thousands) Land and improvements $ 190,566 $ 70,713 $ 173,307 $ 434,586 Buildings and improvements 1,726,064 703,080 1,214,403 3,643,547 Acquired lease intangibles 169,362 83,867 184,540 437,769 Other assets 174,093 272,888 403,046 850,027 Total assets acquired 2,260,085 1,130,548 1,975,296 5,365,929 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 45,924 45,408 46,734 138,066 Total liabilities assumed 45,924 123,348 146,651 315,923 Net assets acquired 2,214,161 1,007,200 1,828,645 5,050,006 Redeemable OP unitholder interests assumed 88,085 Cash acquired 59,584 Equity issued 2,216,355 Total cash used $ 2,685,982 Included in other assets above is $746.9 million of goodwill, which represents the excess of the purchase price over the fair value of the assets acquired and liabilities assumed as of the acquisition date. Goodwill has been allocated to our reportable business segments based on the respective fair value of the net assets acquired, as follows: triple-net leased properties - $133.6 million ; senior living operations - $219.1 million ; and office operations - $394.2 million .

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	9 Months Ended
	Sep. 30, 2016
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2016 and December 31, 2015 , we had $874.3 million 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 September 30, 2016 and December 31, 2015 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: September 30, 2016 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 757,107 $ 757,107 $ 776,410 $ — Government-sponsored pooled loan investments (1) 64,556 62,849 64,556 1,707 Total investments reported as Secured loans receivable and investments, net 821,663 819,956 840,966 1,707 Non-mortgage loans receivable 52,664 52,664 53,736 — Total investments reported as Other assets 52,664 52,664 53,736 — Total loans receivable and investments, net $ 874,327 $ 872,620 $ 894,702 $ 1,707 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 (1) 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 loans receivable and investments, net $ 895,038 $ 893,489 $ 919,334 $ 1,549 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023 for September 30, 2016 and 2022 and 2023 for December 31, 2015 . 2016 Activity For the nine months ended September 30, 2016 , we received aggregate proceeds of $198.5 million in final repayment of three secured loans receivable and recognized gains of $8.7 million that is recorded in income from loans and investments in our Consolidated Statements of Income. In connection with the Wexford Acquisition, we acquired three non-mortgage loans receivable totaling $13.4 million . 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 . In October 2016, we committed to provide secured debt financing in the amount of $700 million to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc. (“LHP”). The loan (the “Loan”) has a five -year term and is LIBOR-based with an initial interest rate of approximately 8% and is guaranteed by Ardent’s parent company. Ardent will also receive an equity contribution from its majority owner, an affiliate of Equity Group Investments. The Loan is subject to the satisfaction of customary closing conditions. Ardent’s acquisition of LHP is expected to close in the first quarter of 2017, but there can be no assurance as to whether, when or on what terms Ardent’s acquisition of LHP or the Loan will be completed. 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.

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 5—DISPOSITIONS 2016 Activity During the nine months ended September 30, 2016 , we sold three triple-net leased properties, one seniors housing community included in our senior living operations reportable business segment and one MOB for aggregate consideration of $63.8 million . We recognized a gain on the sales of these assets of $31.8 million . 2015 Activity During the nine months ended September 30, 2015 , we sold 32 triple-net leased properties and 25 MOBs for aggregate consideration of $436.0 million , including $6.0 million of lease termination fees (included within triple-net leased rental income in our Consolidated Statements of Income). For the nine months ended September 30, 2015 , we recognized a gain on the sales of these assets of $32.8 million (net of taxes), of which $18.1 million was deferred due to an unsecured loan we made to the buyer in connection with the sale of certain assets. The gain is being recognized into income as principal payments are made on the loan over its five -year term. Real Estate Impairment There was no impairment recognized for the three months ended September 30, 2016 . An impairment of $2.5 million was recognized for the three months ended September 30, 2015 . We recognized impairments of $14.5 million and $31.3 million for the nine months ended September 30, 2016 and 2015 , respectively, which are recorded in depreciation and amortization. Of these impairments, none and $13.0 million for the nine months ended September 30, 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 September 30, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets. September 30, 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 25 $ 140,948 $ 76,092 2 $ 4,488 $ 44 Office Operations 7 52,487 1,507 8 68,619 24,759 Senior Living Operations* — 1,817 9 1 19,953 9,537 Total 32 $ 195,252 $ 77,608 11 $ 93,060 $ 34,340 * As of September 30, 2016 there is one vacant land parcel classified as held for sale. Set forth below is a summary of our results of operations for properties within discontinued operations for the three and nine months ended September 30, 2016 and 2015 . For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Revenues: Rental income $ — $ 40,641 $ — $ 196,848 Income from loans and investments — 449 — 2,148 Interest and other income — — — 63 — 41,090 — 199,059 Expenses: Interest — 12,172 — 60,428 Depreciation and amortization — 13,878 — 79,608 General, administrative and professional fees — 2 — 9 Merger-related expenses and deal costs 118 37,190 754 44,069 Other — 175 — 1,620 118 63,417 754 185,734 (Loss) income before real estate dispositions and noncontrolling interest (118 ) (22,327 ) (754 ) 13,325 (Loss) gain on real estate dispositions — (48 ) (1 ) 229 Net (loss) income from discontinued operations (118 ) (22,375 ) (755 ) 13,554 Net income attributable to noncontrolling interest — 8 — 120 Net (loss) income from discontinued operations attributable to common stockholders $ (118 ) $ (22,383 ) $ (755 ) $ 13,434 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") was $2.5 million for one year. For the three and nine months ended September 30, 2016 , we recognized income of $0.4 million and $1.6 million , respectively, relating to the Service Fee, which was payable in four quarterly installments. The transition services agreement expired on August 31, 2016.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At September 30, 2016 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 39 properties, excluding properties in development. 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 $1.8 million and $1.4 million for the three months ended September 30, 2016 and 2015 , respectively, and $5.0 million and $5.1 million for the nine months ended September 30, 2016 and 2015 , respectively (which is included in office building and other services revenue in our Consolidated Statements of Income).

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2016
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	llowing is a summary of our intangibles as of September 30, 2016 and December 31, 2015 : September 30, 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 $ 186,424 7.4 $ 155,161 7.0 In-place and other lease intangibles 1,336,284 23.3 1,189,261 20.9 Goodwill 1,043,075 N/A 1,047,497 N/A Other intangibles 35,819 10.3 35,792 8.6 Accumulated amortization (748,554 ) N/A (655,176 ) N/A Net intangible assets $ 1,853,048 21.2 $ 1,772,535 19.2 Intangible liabilities: Below market lease intangibles $ 350,637 14.2 $ 256,034 14.2 Other lease intangibles 40,851 38.0 35,925 30.1 Accumulated amortization (127,426 ) N/A (113,647 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 267,630 15.9 $ 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	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	llowing is a summary of our other assets as of September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 239,046 $ 219,064 Non-mortgage loans receivable, net 52,664 37,926 Other intangibles, net 9,466 13,224 Investment in unconsolidated operating entities 28,832 28,199 Other 158,250 113,990 Total other assets $ 488,258 $ 412,403

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (In thousands) Unsecured revolving credit facility (1) $ 232,405 $ 180,683 1.55% Senior Notes due 2016 — 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) 373,353 468,477 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 304,715 289,038 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) 190,447 180,649 3.125% Senior Notes due 2023 400,000 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 190,447 180,649 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 — 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) 1,742,347 1,987,401 Total 11,317,837 11,271,020 Deferred financing costs, net (64,238 ) (69,121 ) Unamortized fair value adjustment 27,416 33,570 Unamortized discounts (28,688 ) (28,473 ) Senior notes payable and other debt $ 11,252,327 $ 11,206,996 (1) $155.4 million and $9.7 million of aggregate borrowings are denominated in Canadian dollars as of September 30, 2016 and December 31, 2015 , respectively. (2) These amounts represent in aggregate the $573.4 million of unsecured term loan borrowings under our unsecured credit facility, of which $94.8 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 $66.0 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 Sheets. As of September 30, 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) $ — $ — $ 7,467 $ 7,467 2017 631,902 — 26,044 657,946 2018 1,101,879 232,405 21,085 1,355,369 2019 1,702,650 — 14,607 1,717,257 2020 1,416,913 — 11,620 1,428,533 Thereafter (3) 6,023,925 — 127,340 6,151,265 Total maturities $ 10,877,269 $ 232,405 $ 208,163 $ 11,317,837 (1) As of September 30, 2016 , we had $89.3 million of unrestricted cash and cash equivalents, for $143.1 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Excludes $66.0 million of mortgage debt related to real estate assets classified as held for sale as of September 30, 2016 that are scheduled to mature in 2017. (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 September 30, 2016 , and a $200.0 million fully funded four -year term loan and an $800.0 million five -year term loan (with $373.4 million outstanding), each priced at LIBOR plus 1.05% as of September 30, 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 September 30, 2016 , we had $232.4 million of borrowings outstanding, $14.1 million of letters of credit outstanding and $1.8 billion of unused borrowing capacity available under our unsecured revolving credit facility. As of September 30, 2016 , we also had a $900.0 million fully funded term loan due 2020 priced at LIBOR plus 97.5 basis points. In May 2016, we repaid $100.0 million outstanding on our unsecured term loan due 2019 using cash on hand and recognized a loss on extinguishment of debt of $0.4 million . Senior Notes In May 2016, we issued and sold $400.0 million aggregate principal amount of 3.125% senior notes due 2023 at a public offering price equal to 99.343% of par, for total proceeds of $397.4 million before the underwriting discount and expenses. In June 2016, we redeemed $455.5 million aggregate principal amount then outstanding of our 1.55% senior notes due September 2016 at a public offering price of 100.335% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $2.1 million . The redemption was funded using proceeds from our May 2016 senior note issuance, cash on hand and borrowings under our revolving credit facility. In July 2016, we repaid the remaining balance then outstanding of our 1.55% senior notes due September 2016 of $94.5 million and recognized a loss on extinguishment of debt of $0.3 million . In September 2016, we issued and sold $450.0 million aggregate principal amount of 3.25% senior notes due 2026 at a public offering price equal to 99.811% of par, for total proceeds of $449.1 million before the underwriting discount and expenses. Mortgages During the nine months ended September 30, 2016 , we repaid in full mortgage loans outstanding in the aggregate principal amount of $254.7 million with a weighted average maturity of 2.1 years and recognized a loss on extinguishment of debt of $0.4 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. In July 2016, we entered into $225 million notional forward starting swaps that reduced our exposure to fluctuations in interest rates between July and the September issuance of 3.25% senior notes due 2026. On the issuance date, we realized a gain of $1.9 million from these swaps which will be recognized over the life of the notes using an effective interest method.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS As of September 30, 2016 and December 31, 2015 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 89,279 $ 89,279 $ 53,023 $ 53,023 Secured loans receivable, net 757,107 776,410 793,433 816,849 Non-mortgage loans receivable, net 52,664 53,736 37,926 38,806 Government-sponsored pooled loan investments 64,556 64,556 63,679 63,679 Liabilities: Senior notes payable and other debt, gross 11,317,837 11,832,430 11,271,020 11,384,880 Derivative instruments and other liabilities 4,118 4,118 2,696 2,696 Redeemable OP unitholder interests 201,113 201,113 188,546 188,546 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	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 12—LITIGATION 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 Office 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 office operations or otherwise in the course of our business. In limited circumstances, the manager of the applicable seniors housing community or office building may be contractually obligated to indemnify, defend and hold us harmless against such actions, investigations and claims. It is the opinion of management that 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, if any. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13—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 13 . 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 nine months ended September 30, 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 September 30, 2016 and 2015 was a benefit of $8.5 million and $10.7 million , respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2016 and 2015 was a benefit of $28.5 million and $27.7 million , respectively. The income tax benefit for the nine months ended September 30, 2016 and 2015 were each due primarily to operating losses at our TRS entities, however for the nine months ended September 30, 2016 , $5.9 million of the income tax benefit is due to the reversal of the net deferred tax liability at one TRS entity and $3.6 million of the income tax benefit is due to the release of a tax reserve at the REIT. Realization of a deferred tax benefit related to NOLs depends in part upon generating sufficient taxable income in future periods. Our NOL carryforwards begin to expire in 2024 with respect to our TRS entities and in 2016 for the REIT. Each TRS and foreign entity is a tax paying component for purposes of classifying deferred tax assets and liabilities. Net deferred tax liabilities with respect to our TRS and foreign entities totaled $315.7 million and $338.4 million as of September 30, 2016 and December 31, 2015, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. A deferred tax liability of $2.3 million was recorded in the three months ended September 30, 2016 in connection with the Wexford Acquisition. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 2013 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 certain 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. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2015.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
STOCKHOLDERS' EQUITY	Stock During the nine months ended September 30, 2016 , we issued and sold 18,566,822 shares of common stock under our “at-the-market” (“ATM”) equity offering program and public offerings. Aggregate net proceeds for these activities were $1.3 billion , after sales agent commissions. We used the proceeds to fund a portion of the Wexford Acquisition, for working capital and other general corporate purposes. See NOTE 4. ''ACQUISITIONS OF REAL ESTATE PROPERTY'' for additional information. Subsequent to September 30, 2016 , we issued and sold 297,019 shares of common stock under our ATM equity offering program for aggregate net proceeds of $21.2 million , after sales agent commissions of $0.3 million . As of September 30, 2016 , approximately $252.1 million of our common stock remained available for sale under our ATM equity offering program. During the nine months ended September 30, 2016 , third party investors redeemed 65,581 OP Units and 311,208 Class C Units for 370,558 shares of Ventas common stock, valued at $23.0 million . Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (In thousands) Foreign currency translation $ (53,730 ) $ (13,926 ) Unrealized gain on marketable securities 1,707 1,549 Other 2,409 4,812 Total accumulated other comprehensive loss $ (49,614 ) $ (7,565 ) The change in foreign currency translation during the nine months ended September 30, 2016 was due primarily to the remeasurement of our properties located in the United Kingdom.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	NOTE 15—EARNINGS PER COMMON SHARE The following table shows the amounts used in computing our basic and diluted earnings per common share: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 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 $ 149,570 $ 45,235 $ 442,349 $ 279,681 Discontinued operations (118 ) (22,383 ) (755 ) 13,434 Net income attributable to common stockholders $ 149,452 $ 22,852 $ 441,594 $ 293,115 Denominator: Denominator for basic earnings per share—weighted average shares 350,274 332,491 341,610 329,440 Effect of dilutive securities: Stock options 847 307 594 401 Restricted stock awards 193 22 168 49 OP units 2,872 3,518 2,980 3,320 Denominator for diluted earnings per share—adjusted weighted average shares 354,186 336,338 345,352 333,210 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.43 $ 0.14 $ 1.29 $ 0.85 Discontinued operations (0.00 ) (0.07 ) (0.00 ) 0.04 Net income attributable to common stockholders $ 0.43 $ 0.07 $ 1.29 $ 0.89 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.42 $ 0.14 $ 1.28 $ 0.84 Discontinued operations (0.00 ) (0.07 ) (0.00 ) 0.04 Net income attributable to common stockholders $ 0.42 $ 0.07 $ 1.28 $ 0.88

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of September 30, 2016 , we operated through three reportable business segments: triple-net leased properties, senior living operations and office 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 office operations segment, we primarily acquire, own, develop, lease and manage MOBs and life science and innovation centers 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 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 September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 210,424 $ — $ 158,273 $ — $ 368,697 Resident fees and services — 461,974 — — 461,974 Office building and other services revenue 1,246 — 2,211 860 4,317 Income from loans and investments — — — 31,566 31,566 Interest and other income — — — 562 562 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Less: Interest and other income — — — 562 562 Property-level operating expenses — 312,145 48,972 — 361,117 Office building services costs — — 974 — 974 Segment NOI 211,670 149,829 110,538 32,426 504,463 Income from unconsolidated entities 584 75 238 34 931 Segment profit $ 212,254 $ 149,904 $ 110,776 $ 32,460 505,394 Interest and other income 562 Interest expense (105,063 ) Depreciation and amortization (208,387 ) General, administrative and professional fees (31,567 ) Loss on extinguishment of debt, net (383 ) Merger-related expenses and deal costs (16,217 ) Other (2,430 ) Income tax benefit 8,537 Income from continuing operations $ 150,446 For the Three Months Ended September 30, 2015 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 201,028 $ — $ 142,755 $ — $ 343,783 Resident fees and services — 454,825 — — 454,825 Office building and other services revenue 1,011 — 8,459 530 10,000 Income from loans and investments — — — 18,924 18,924 Interest and other income — — — 74 74 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Less: Interest and other income — — — 74 74 Property-level operating expenses — 304,540 43,305 — 347,845 Office building services costs — — 6,416 — 6,416 Segment NOI 202,039 150,285 101,493 19,454 473,271 (Loss) income from unconsolidated entities (1,431 ) 433 108 (65 ) (955 ) Segment profit $ 200,608 $ 150,718 $ 101,601 $ 19,389 472,316 Interest and other income 74 Interest expense (97,135 ) Depreciation and amortization (226,332 ) General, administrative and professional fees (32,114 ) Loss on extinguishment of debt, net (15,331 ) Merger-related expenses and deal costs (62,145 ) Other (4,795 ) Income tax benefit 10,697 Income from continuing operations $ 45,235 For the Nine Months Ended September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 635,030 $ — $ 446,496 $ — $ 1,081,526 Resident fees and services — 1,390,387 — — 1,390,387 Office building and other services revenue 3,676 — 10,556 2,774 17,006 Income from loans and investments — — — 78,098 78,098 Interest and other income — — — 792 792 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Less: Interest and other income — — — 792 792 Property-level operating expenses — 932,675 136,619 — 1,069,294 Office building services costs — — 6,277 — 6,277 Segment NOI 638,706 457,712 314,156 80,872 1,491,446 Income from unconsolidated entities 738 732 301 380 2,151 Segment profit $ 639,444 $ 458,444 $ 314,457 $ 81,252 1,493,597 Interest and other income 792 Interest expense (312,001 ) Depreciation and amortization (666,735 ) General, administrative and professional fees (95,387 ) Loss on extinguishment of debt, net (3,165 ) Merger-related expenses and deal costs (25,073 ) Other (8,901 ) Income tax benefit 28,507 Income from continuing operations $ 411,634 For the Nine Months Ended September 30, 2015 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 571,591 $ — $ 420,287 $ — $ 991,878 Resident fees and services — 1,356,384 — — 1,356,384 Office building and other services revenue 3,286 — 25,066 1,599 29,951 Income from loans and investments — — — 66,192 66,192 Interest and other income — — — 719 719 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Less: Interest and other income — — — 719 719 Property-level operating expenses — 902,154 129,152 — 1,031,306 Office building services costs — — 19,098 — 19,098 Segment NOI 574,877 454,230 297,103 67,791 1,394,001 (Loss) income from unconsolidated entities (785 ) (221 ) 226 (417 ) (1,197 ) Segment profit $ 574,092 $ 454,009 $ 297,329 $ 67,374 1,392,804 Interest and other income 719 Interest expense (263,422 ) Depreciation and amortization (657,262 ) General, administrative and professional fees (100,399 ) Loss on extinguishment of debt, net (14,897 ) Merger-related expenses and deal costs (105,023 ) Other (13,948 ) Income tax benefit 27,736 Income from continuing operations $ 266,308 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Capital expenditures: Triple-net leased properties $ 12,992 $ 1,318,868 $ 69,642 $ 1,878,857 Senior living operations 26,495 34,104 70,297 345,910 Office operations 1,400,742 10,317 1,451,347 498,491 Total capital expenditures $ 1,440,229 $ 1,363,289 $ 1,591,286 $ 2,723,258 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Revenues: United States $ 815,719 $ 777,320 $ 2,417,314 $ 2,294,780 Canada 45,021 42,756 130,195 131,542 United Kingdom 6,376 7,530 20,300 18,802 Total revenues $ 867,116 $ 827,606 $ 2,567,809 $ 2,445,124 As of September 30, 2016 As of December 31, 2015 (In thousands) Net real estate property: United States $ 19,266,865 $ 18,271,829 Canada 1,066,924 1,039,561 United Kingdom 267,613 313,830 Total net real estate property $ 20,601,402 $ 19,625,220

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATING INFORMATION (Unaudited)	NOTE 17—CONDENSED CONSOLIDATING INFORMATION (Unaudited) 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. Certain of Ventas Realty’s outstanding senior notes reflected in our condensed consolidating information were issued jointly with Ventas Capital Corporation. 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 September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 : CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,027 $ 177,952 $ 21,340,900 $ — $ 21,520,879 Cash and cash equivalents 12,039 — 77,240 — 89,279 Escrow deposits and restricted cash 198 1,437 87,886 — 89,521 Investment in and advances to affiliates 14,476,749 2,994,463 — (17,471,212 ) — Goodwill — — 1,043,075 — 1,043,075 Assets held for sale 5 1,624 193,623 — 195,252 Other assets 46,116 3,161 438,981 — 488,258 Total assets $ 14,537,134 $ 3,178,637 $ 23,181,705 $ (17,471,212 ) $ 23,426,264 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,480,339 $ 2,771,988 $ — $ 11,252,327 Intercompany loans 6,971,785 (6,324,940 ) (646,845 ) — — Accrued interest — 55,924 14,866 — 70,790 Accounts payable and other liabilities 91,143 40,732 798,228 — 930,103 Liabilities held for sale — 1,479 76,129 — 77,608 Deferred income taxes 315,713 — — — 315,713 Total liabilities 7,378,641 2,253,534 3,014,366 — 12,646,541 Redeemable OP unitholder and noncontrolling interests — — 209,278 — 209,278 Total equity 7,158,493 925,103 19,958,061 (17,471,212 ) 10,570,445 Total liabilities and equity $ 14,537,134 $ 3,178,637 $ 23,181,705 $ (17,471,212 ) $ 23,426,264 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,798 $ 195,015 $ 20,377,226 $ — $ 20,578,039 Cash and cash equivalents 11,733 — 41,290 — 53,023 Escrow deposits and restricted cash 7,154 1,644 69,098 — 77,896 Investment in and advances to affiliates 12,989,643 3,545,183 — (16,534,826 ) — Goodwill — — 1,047,497 — 1,047,497 Assets held for sale — 4,488 88,572 — 93,060 Other assets 17,869 4,182 390,352 — 412,403 Total assets $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,370,670 $ 2,836,326 $ — $ 11,206,996 Intercompany loans 7,294,158 (6,571,512 ) (722,646 ) — — Accrued interest — 64,561 16,303 — 80,864 Accounts payable and other liabilities 68,604 45,226 665,550 — 779,380 Liabilities held for sale — 44 34,296 — 34,340 Deferred income taxes 338,382 — — — 338,382 Total liabilities 7,701,144 1,908,989 2,829,829 — 12,439,962 Redeemable OP unitholder and noncontrolling interests — — 196,529 — 196,529 Total equity 5,331,053 1,841,523 18,987,677 (16,534,826 ) 9,625,427 Total liabilities and equity $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 585 $ 49,652 $ 318,460 $ — $ 368,697 Resident fees and services — — 461,974 — 461,974 Office building and other services revenue 401 — 3,916 — 4,317 Income from loans and investments 82 — 31,484 — 31,566 Equity earnings in affiliates 143,782 — (281 ) (143,501 ) — Interest and other income 476 — 86 — 562 Total revenues 145,326 49,652 815,639 (143,501 ) 867,116 Expenses: Interest (11,779 ) 70,371 46,471 — 105,063 Depreciation and amortization 1,414 2,833 204,140 — 208,387 Property-level operating expenses — 80 361,037 — 361,117 Office building services costs — — 974 — 974 General, administrative and professional fees (1,359 ) 4,940 27,986 — 31,567 (Gain) loss on extinguishment of debt, net (58 ) 340 101 — 383 Merger-related expenses and deal costs 15,952 — 265 — 16,217 Other (21 ) 4 2,447 — 2,430 Total expenses 4,149 78,568 643,421 — 726,138 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 141,177 (28,916 ) 172,218 (143,501 ) 140,978 Income from unconsolidated entities — 783 148 — 931 Income tax benefit 8,537 — — — 8,537 Income (loss) from continuing operations 149,714 (28,133 ) 172,366 (143,501 ) 150,446 Discontinued operations (118 ) — — — (118 ) Loss on real estate dispositions (144 ) — — — (144 ) Net income (loss) 149,452 (28,133 ) 172,366 (143,501 ) 150,184 Net income attributable to noncontrolling interest — — 732 — 732 Net income (loss) attributable to common stockholders $ 149,452 $ (28,133 ) $ 171,634 $ (143,501 ) $ 149,452 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,425 $ 293,442 $ — $ 343,783 Resident fees and services — — 454,825 — 454,825 Office building and other services revenue 293 — 9,707 — 10,000 Income from loans and investments 50 180 18,694 — 18,924 Equity earnings in affiliates 99,873 — (243 ) (99,630 ) — Interest and other income 106 (2 ) (30 ) — 74 Total revenues 101,238 49,603 776,395 (99,630 ) 827,606 Expenses: Interest (10,788 ) 67,521 40,402 — 97,135 Depreciation and amortization 1,347 3,455 221,530 — 226,332 Property-level operating expenses — 81 347,764 — 347,845 Office building services costs — — 6,416 — 6,416 General, administrative and professional fees (678 ) 5,225 27,567 — 32,114 Loss on extinguishment of debt, net — 4,523 10,808 — 15,331 Merger-related expenses and deal costs 62,007 138 — 62,145 Other 271 5 4,519 — 4,795 Total expenses 52,159 80,810 659,144 — 792,113 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 49,079 (31,207 ) 117,251 (99,630 ) 35,493 Loss from unconsolidated entities — (469 ) (486 ) — (955 ) Income tax benefit 10,697 — — — 10,697 Income (loss) from continuing operations 59,776 (31,676 ) 116,765 (99,630 ) 45,235 Discontinued operations (37,189 ) 7,371 7,435 — (22,383 ) Gain on real estate dispositions 265 — — — 265 Net income (loss) 22,852 (24,305 ) 124,200 (99,630 ) 23,117 Net income attributable to noncontrolling interest — — 265 — 265 Net income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 123,935 $ (99,630 ) $ 22,852 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,084 $ 147,795 $ 931,647 $ — $ 1,081,526 Resident fees and services — — 1,390,387 — 1,390,387 Office building and other services revenue 1,605 — 15,401 — 17,006 Income from loans and investments 82 — 78,016 — 78,098 Equity earnings in affiliates 376,570 — (913 ) (375,657 ) — Interest and other income 546 — 246 — 792 Total revenues 380,887 147,795 2,414,784 (375,657 ) 2,567,809 Expenses: Interest (33,668 ) 207,961 137,708 — 312,001 Depreciation and amortization 7,549 15,614 643,572 — 666,735 Property-level operating expenses — 236 1,069,058 — 1,069,294 Office building services costs — — 6,277 — 6,277 General, administrative and professional fees 872 13,657 80,858 — 95,387 Loss on extinguishment of debt, net — 2,772 393 — 3,165 Merger-related expenses and deal costs 24,067 — 1,006 — 25,073 Other 4 8 8,889 — 8,901 Total expenses (1,176 ) 240,248 1,947,761 — 2,186,833 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 382,063 (92,453 ) 467,023 (375,657 ) 380,976 Income from unconsolidated entities — 1,230 921 — 2,151 Income tax benefit 28,507 — — — 28,507 Income (loss) from continuing operations 410,570 (91,223 ) 467,944 (375,657 ) 411,634 Discontinued operations (755 ) — — — (755 ) Gain on real estate dispositions 31,779 — — — 31,779 Net income (loss) 441,594 (91,223 ) 467,944 (375,657 ) 442,658 Net income attributable to noncontrolling interest — — 1,064 — 1,064 Net income (loss) attributable to common stockholders $ 441,594 $ (91,223 ) $ 466,880 $ (375,657 ) $ 441,594 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,747 $ 148,833 $ 840,298 $ — $ 991,878 Resident fees and services — — 1,356,384 — 1,356,384 Office building and other services revenue 293 — 29,658 — 29,951 Income from loans and investments 8,655 483 57,054 — 66,192 Equity earnings in affiliates 360,988 — (383 ) (360,605 ) — Interest and other income 482 (6 ) 243 — 719 Total revenues 373,165 149,310 2,283,254 (360,605 ) 2,445,124 Expenses: Interest (27,548 ) 189,716 101,254 — 263,422 Depreciation and amortization 4,047 11,394 641,821 — 657,262 Property-level operating expenses — 285 1,031,021 — 1,031,306 Office building services costs — — 19,098 — 19,098 General, administrative and professional fees (598 ) 16,640 84,357 — 100,399 Loss on extinguishment of debt, net — 4,523 10,374 — 14,897 Merger-related expenses and deal costs 101,306 75 3,642 — 105,023 Other 453 49 13,446 — 13,948 Total expenses 77,660 222,682 1,905,013 — 2,205,355 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 295,505 (73,372 ) 378,241 (360,605 ) 239,769 Income (loss) from unconsolidated entities — 291 (1,488 ) — (1,197 ) Income tax benefit 27,736 — — — 27,736 Income (loss) from continuing operations 323,241 (73,081 ) 376,753 (360,605 ) 266,308 Discontinued operations (44,546 ) 34,748 23,232 — 13,434 Gain on real estate dispositions 14,420 — — — 14,420 Net income (loss) 293,115 (38,333 ) 399,985 (360,605 ) 294,162 Net income attributable to noncontrolling interest — — 1,047 — 1,047 Net income (loss) attributable to common stockholders $ 293,115 $ (38,333 ) $ 398,938 $ (360,605 ) $ 293,115 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 149,452 $ (28,133 ) $ 172,366 $ (143,501 ) 150,184 Other comprehensive loss: Foreign currency translation — — (6,421 ) — (6,421 ) Change in unrealized gain on marketable securities (92 ) — — — (92 ) Other — — 1,094 — 1,094 Total other comprehensive loss (92 ) — (5,327 ) — (5,419 ) Comprehensive income (loss) 149,360 (28,133 ) 167,039 (143,501 ) 144,765 Comprehensive income attributable to noncontrolling interest — — 732 — 732 Comprehensive income (loss) attributable to common stockholders $ 149,360 $ (28,133 ) $ 166,307 $ (143,501 ) $ 144,033 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 22,852 $ (24,305 ) $ 124,200 $ (99,630 ) $ 23,117 Other comprehensive loss: Foreign currency translation — — (11,239 ) — (11,239 ) Other — — 467 — 467 Total other comprehensive loss — — (10,772 ) — (10,772 ) Comprehensive income (loss) 22,852 (24,305 ) 113,428 (99,630 ) 12,345 Comprehensive income attributable to noncontrolling interest — — 265 — 265 Comprehensive income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 113,163 $ (99,630 ) $ 12,080 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 441,594 $ (91,223 ) $ 467,944 $ (375,657 ) 442,658 Other comprehensive income (loss): Foreign currency translation — — (39,804 ) — (39,804 ) Change in unrealized gain on marketable securities 158 — — — 158 Other — — (2,403 ) — (2,403 ) Total other comprehensive income (loss) 158 — (42,207 ) — (42,049 ) Comprehensive income (loss) 441,752 (91,223 ) 425,737 (375,657 ) 400,609 Comprehensive income attributable to noncontrolling interest — — 1,064 — 1,064 Comprehensive income (loss) attributable to common stockholders $ 441,752 $ (91,223 ) $ 424,673 $ (375,657 ) $ 399,545 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 293,115 $ (38,333 ) $ 399,985 $ (360,605 ) 294,162 Other comprehensive loss: Foreign currency translation — — (7,718 ) — (7,718 ) Change in unrealized gain on marketable securities (5,046 ) — — — (5,046 ) Other — — (949 ) — (949 ) Total other comprehensive loss (5,046 ) — (8,667 ) — (13,713 ) Comprehensive income (loss) 288,069 (38,333 ) 391,318 (360,605 ) 280,449 Comprehensive income attributable to noncontrolling interest — — 1,047 — 1,047 Comprehensive income (loss) attributable to common stockholders $ 288,069 $ (38,333 ) $ 390,271 $ (360,605 ) $ 279,402 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 39,559 $ (73,856 ) $ 1,035,567 $ — $ 1,001,270 Cash flows from investing activities: Net investment in real estate property (1,440,710 ) — 19,118 — (1,421,592 ) Proceeds from loans receivable — — 194,063 — 194,063 Investment in loans receivable and other — — (154,949 ) — (154,949 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Capital expenditures — (18 ) (75,278 ) — (75,296 ) Development project expenditures — — (94,398 ) — (94,398 ) Other — — (6,175 ) — (6,175 ) Net cash used in investing activities (1,420,269 ) (18 ) (74,499 ) — (1,494,786 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (94,000 ) 140,728 — 46,728 Proceeds from debt — 846,521 30,096 — 876,617 Repayment of debt — (651,820 ) (264,685 ) — (916,505 ) Purchase of noncontrolling interest — — (1,604 ) — (1,604 ) Net change in intercompany debt 877,609 (32,967 ) (844,642 ) — — Payment of deferred financing costs — (5,485 ) (662 ) — (6,147 ) Issuance of common stock, net 1,265,702 — — — 1,265,702 Cash distribution from (to) affiliates 7,859 11,625 (19,484 ) — — Cash distribution to common stockholders (750,402 ) — — — (750,402 ) Cash distribution to redeemable OP unitholders — — (6,486 ) — (6,486 ) Contributions from noncontrolling interest — — 5,926 — 5,926 Distributions to noncontrolling interest — — (5,121 ) — (5,121 ) Other 21,507 — — — 21,507 Net cash provided by (used in) financing activities 1,422,275 73,874 (965,934 ) — 530,215 Net increase (decrease) in cash and cash equivalents 41,565 — (4,866 ) — 36,699 Effect of foreign currency translation on cash and cash equivalents (41,259 ) — 40,816 — (443 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,039 $ — $ 77,240 $ — $ 89,279 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (103,734 ) $ 31,319 $ 1,094,460 $ — $ 1,022,045 Cash flows from investing activities: Net investment in real estate property (2,556,988 ) — — — (2,556,988 ) Proceeds from loans receivable — — 106,909 — 106,909 Investment in loans receivable and other — — (74,386 ) — (74,386 ) Funds held in escrow for future development expenditures — — 4,003 — 4,003 Proceeds from real estate disposals 409,633 — — — 409,633 Proceeds from sale or maturity of marketable securities 76,800 — — — 76,800 Capital expenditures — (15,731 ) (60,081 ) — (75,812 ) Development capital expenditures — — (90,458 ) — (90,458 ) Investment in unconsolidated operating entity (26,282 ) — — — (26,282 ) Other — — (27,984 ) — (27,984 ) Net cash used in investing activities (2,096,837 ) (15,731 ) (141,997 ) — (2,254,565 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (658,000 ) (132,406 ) — (790,406 ) Net cash impact of CCP Spin-Off 1,273,000 — (1,401,749 ) — (128,749 ) Proceeds from debt — 2,292,568 218,493 — 2,511,061 Proceeds from debt related to CCP Spin-Off — — 1,400,000 — 1,400,000 Repayment of debt — (705,000 ) (624,070 ) — (1,329,070 ) Net change in intercompany debt 1,495,355 (946,310 ) (549,045 ) — — Purchase of noncontrolling interest — — (3,819 ) — (3,819 ) Payment of deferred financing costs — (21,932 ) (1,961 ) — (23,893 ) Issuance of common stock, net 417,818 — — — 417,818 Cash distribution (to) from affiliates (235,140 ) 23,086 212,054 — — Cash distribution to common stockholders (759,575 ) — — — (759,575 ) Cash distribution to redeemable OP unitholders — — (12,776 ) — (12,776 ) Purchases of redeemable OP units — — (33,188 ) — (33,188 ) Distributions to noncontrolling interest — — (11,250 ) — (11,250 ) Other 6,489 — — — 6,489 Net cash provided by (used in) financing activities 2,197,947 (15,588 ) (939,717 ) — 1,242,642 Net (decrease) increase in cash and cash equivalents (2,624 ) — 12,746 — 10,122 Effect of foreign currency translation on cash and cash equivalents (8,324 ) — 8,085 — (239 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 13,909 $ — $ 51,322 $ — $ 65,231

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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. As part of the Wexford Acquisition, we identified certain special purpose entities that were established to allow investments in life science projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs and that Ventas is the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. 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 September 30, 2016 , third party investors owned 2,746,737 Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.7% of the total units then outstanding, and we owned 7,156,146 Class B limited partnership units in NHP/PMB, representing the remaining 72.3% . 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 September 30, 2016 , third party investors owned 361,776 Class C Units, which represented 1.2% of the total units then outstanding, and we owned 29,307,561 Class C Units and 176,374 OP units in Ventas Realty OP, representing the remaining 98.8% . During the nine months ended September 30, 2016 , third party investors redeemed 65,581 OP Units and 311,208 Class C Units for 370,558 shares of Ventas common stock, valued at $23.0 million . As redemption rights are outside of our control, the redeemable OP unitholder interests (OP Units and Class C Units) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP unitholder interests at the greater of cost or fair value. As of September 30, 2016 and December 31, 2015 , the fair value of the redeemable OP unitholder interests was $201.1 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 September 30, 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.
Accounting for Historic and New Markets Tax Credits	Accounting for Historic and New Markets Tax Credits As part of the Wexford Acquisition, we are party to certain contractual arrangements with tax credit investors (“TCIs”) that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new market tax credits (“NMTCs”) for certain properties owned by Ventas. As of September 30, 2016, we own eleven properties ( two of which were in development) that had syndicated HTCs or NMTCs, or both, to TCIs. In general, capital contributions are made by TCIs into special purpose entities that invest in entities owning the subject property that generates the tax credits. The TCIs receive substantially all of the tax credits and hold only a noncontrolling interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the ownership interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights. The portion of the TCI’s capital contribution that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s capital contribution is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above.
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 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 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, and default rates. • 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, similar to those used in determining fair value of loans receivable (above). • 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 Office Operations Certain of our triple-net leases and most of our MOB and life science and innovation center (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2016 and December 31, 2015 , this cumulative excess totaled $239.0 million (net of allowances of $106.9 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 June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which provides for an impairment model that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes as an allowance its estimate of expected credit losses. ASU 2016-13 is effective for the Company beginning January 1, 2020 and we do not expect its adoption will have a significant effect 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 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 ASU 2014-09 (and related clarifying guidance issued by the FASB); 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 is specifically excluded from ASU 2014-09.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 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. September 30, 2016 December 31, 2015 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 645,846 $ 202,200 $ 645,109 $ 203,235 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. 2,165,226 162,019 2,367,296 233,600 Other identified VIEs 1,886,133 381,933 1,582,430 431,582 Wexford tax credit VIEs (1) 982,233 223,723 — — (1) Balances relate to our September 2016 Wexford Acquisition.

ACQUISITIONS OF REAL ESTATE P28

ACQUISITIONS OF REAL ESTATE PROPERTY (Tables)	9 Months Ended
	Sep. 30, 2016
2016 Acquisitions
Business Acquisition [Line Items]
Acquisition Date Fair Values of the Assets Acquired and Liabilities Assumed	The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed in our 2016 real estate acquisitions, which we determined using level two and level three inputs: Triple-Net Leased Properties Office Operations Total (In thousands) Land and improvements $ 1,279 $ 48,366 $ 49,645 Buildings and improvements 12,558 1,322,598 1,335,156 Acquired lease intangibles 163 203,174 203,337 Other assets — 98,137 98,137 Total assets acquired 14,000 1,672,275 1,686,275 Notes payable and other debt — 47,641 47,641 Intangible liabilities — 108,132 108,132 Other liabilities 380 60,233 60,613 Total liabilities assumed 380 216,006 216,386 Noncontrolling interest assumed — 22,225 22,225 Net assets acquired 13,620 1,434,044 1,447,664 Cash acquired — 19,119 19,119 Total cash used $ 13,620 $ 1,414,925 $ 1,428,545
2015 Acquisitions
Business Acquisition [Line Items]
Acquisition Date Fair Values of the Assets Acquired and Liabilities Assumed	lowing table summarizes the acquisition date fair values of the assets acquired and liabilities assumed, which we determined using level two and level three inputs: Triple-Net Leased Properties Senior Living Operations Office Operations Total (In thousands) Land and improvements $ 190,566 $ 70,713 $ 173,307 $ 434,586 Buildings and improvements 1,726,064 703,080 1,214,403 3,643,547 Acquired lease intangibles 169,362 83,867 184,540 437,769 Other assets 174,093 272,888 403,046 850,027 Total assets acquired 2,260,085 1,130,548 1,975,296 5,365,929 Notes payable and other debt — 77,940 99,917 177,857 Other liabilities 45,924 45,408 46,734 138,066 Total liabilities assumed 45,924 123,348 146,651 315,923 Net assets acquired 2,214,161 1,007,200 1,828,645 5,050,006 Redeemable OP unitholder interests assumed 88,085 Cash acquired 59,584 Equity issued 2,216,355 Total cash used $ 2,685,982

LOANS RECEIVABLE AND INVESTME29

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: September 30, 2016 Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) Secured mortgage loans and other $ 757,107 $ 757,107 $ 776,410 $ — Government-sponsored pooled loan investments (1) 64,556 62,849 64,556 1,707 Total investments reported as Secured loans receivable and investments, net 821,663 819,956 840,966 1,707 Non-mortgage loans receivable 52,664 52,664 53,736 — Total investments reported as Other assets 52,664 52,664 53,736 — Total loans receivable and investments, net $ 874,327 $ 872,620 $ 894,702 $ 1,707 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 (1) 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 loans receivable and investments, net $ 895,038 $ 893,489 $ 919,334 $ 1,549 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023 for September 30, 2016 and 2022 and 2023 for December 31, 2015 .

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015, including the amounts reported on our Consolidated Balance Sheets. September 30, 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 25 $ 140,948 $ 76,092 2 $ 4,488 $ 44 Office Operations 7 52,487 1,507 8 68,619 24,759 Senior Living Operations* — 1,817 9 1 19,953 9,537 Total 32 $ 195,252 $ 77,608 11 $ 93,060 $ 34,340 * As of September 30, 2016 there is one vacant land parcel classified as held for sale.
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 and nine months ended September 30, 2016 and 2015 . For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Revenues: Rental income $ — $ 40,641 $ — $ 196,848 Income from loans and investments — 449 — 2,148 Interest and other income — — — 63 — 41,090 — 199,059 Expenses: Interest — 12,172 — 60,428 Depreciation and amortization — 13,878 — 79,608 General, administrative and professional fees — 2 — 9 Merger-related expenses and deal costs 118 37,190 754 44,069 Other — 175 — 1,620 118 63,417 754 185,734 (Loss) income before real estate dispositions and noncontrolling interest (118 ) (22,327 ) (754 ) 13,325 (Loss) gain on real estate dispositions — (48 ) (1 ) 229 Net (loss) income from discontinued operations (118 ) (22,375 ) (755 ) 13,554 Net income attributable to noncontrolling interest — 8 — 120 Net (loss) income from discontinued operations attributable to common stockholders $ (118 ) $ (22,383 ) $ (755 ) $ 13,434

INTANGIBLES (Tables)

INTANGIBLES (Tables)	9 Months Ended
	Sep. 30, 2016
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of September 30, 2016 and December 31, 2015 : September 30, 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 $ 186,424 7.4 $ 155,161 7.0 In-place and other lease intangibles 1,336,284 23.3 1,189,261 20.9 Goodwill 1,043,075 N/A 1,047,497 N/A Other intangibles 35,819 10.3 35,792 8.6 Accumulated amortization (748,554 ) N/A (655,176 ) N/A Net intangible assets $ 1,853,048 21.2 $ 1,772,535 19.2 Intangible liabilities: Below market lease intangibles $ 350,637 14.2 $ 256,034 14.2 Other lease intangibles 40,851 38.0 35,925 30.1 Accumulated amortization (127,426 ) N/A (113,647 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 267,630 15.9 $ 181,880 15.6 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 239,046 $ 219,064 Non-mortgage loans receivable, net 52,664 37,926 Other intangibles, net 9,466 13,224 Investment in unconsolidated operating entities 28,832 28,199 Other 158,250 113,990 Total other assets $ 488,258 $ 412,403

SENIOR NOTES PAYABLE AND OTHE33

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (In thousands) Unsecured revolving credit facility (1) $ 232,405 $ 180,683 1.55% Senior Notes due 2016 — 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) 373,353 468,477 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 304,715 289,038 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) 190,447 180,649 3.125% Senior Notes due 2023 400,000 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 190,447 180,649 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 — 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) 1,742,347 1,987,401 Total 11,317,837 11,271,020 Deferred financing costs, net (64,238 ) (69,121 ) Unamortized fair value adjustment 27,416 33,570 Unamortized discounts (28,688 ) (28,473 ) Senior notes payable and other debt $ 11,252,327 $ 11,206,996 (1) $155.4 million and $9.7 million of aggregate borrowings are denominated in Canadian dollars as of September 30, 2016 and December 31, 2015 , respectively. (2) These amounts represent in aggregate the $573.4 million of unsecured term loan borrowings under our unsecured credit facility, of which $94.8 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 $66.0 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 Sheets.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 30, 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) $ — $ — $ 7,467 $ 7,467 2017 631,902 — 26,044 657,946 2018 1,101,879 232,405 21,085 1,355,369 2019 1,702,650 — 14,607 1,717,257 2020 1,416,913 — 11,620 1,428,533 Thereafter (3) 6,023,925 — 127,340 6,151,265 Total maturities $ 10,877,269 $ 232,405 $ 208,163 $ 11,317,837 (1) As of September 30, 2016 , we had $89.3 million of unrestricted cash and cash equivalents, for $143.1 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Excludes $66.0 million of mortgage debt related to real estate assets classified as held for sale as of September 30, 2016 that are scheduled to mature in 2017. (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 INST34

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of September 30, 2016 and December 31, 2015 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 89,279 $ 89,279 $ 53,023 $ 53,023 Secured loans receivable, net 757,107 776,410 793,433 816,849 Non-mortgage loans receivable, net 52,664 53,736 37,926 38,806 Government-sponsored pooled loan investments 64,556 64,556 63,679 63,679 Liabilities: Senior notes payable and other debt, gross 11,317,837 11,832,430 11,271,020 11,384,880 Derivative instruments and other liabilities 4,118 4,118 2,696 2,696 Redeemable OP unitholder interests 201,113 201,113 188,546 188,546

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 (In thousands) Foreign currency translation $ (53,730 ) $ (13,926 ) Unrealized gain on marketable securities 1,707 1,549 Other 2,409 4,812 Total accumulated other comprehensive loss $ (49,614 ) $ (7,565 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 30, 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 September 30, For the Nine Months Ended September 30, 2016 2015 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 $ 149,570 $ 45,235 $ 442,349 $ 279,681 Discontinued operations (118 ) (22,383 ) (755 ) 13,434 Net income attributable to common stockholders $ 149,452 $ 22,852 $ 441,594 $ 293,115 Denominator: Denominator for basic earnings per share—weighted average shares 350,274 332,491 341,610 329,440 Effect of dilutive securities: Stock options 847 307 594 401 Restricted stock awards 193 22 168 49 OP units 2,872 3,518 2,980 3,320 Denominator for diluted earnings per share—adjusted weighted average shares 354,186 336,338 345,352 333,210 Basic earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.43 $ 0.14 $ 1.29 $ 0.85 Discontinued operations (0.00 ) (0.07 ) (0.00 ) 0.04 Net income attributable to common stockholders $ 0.43 $ 0.07 $ 1.29 $ 0.89 Diluted earnings per share: Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.42 $ 0.14 $ 1.28 $ 0.84 Discontinued operations (0.00 ) (0.07 ) (0.00 ) 0.04 Net income attributable to common stockholders $ 0.42 $ 0.07 $ 1.28 $ 0.88

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 210,424 $ — $ 158,273 $ — $ 368,697 Resident fees and services — 461,974 — — 461,974 Office building and other services revenue 1,246 — 2,211 860 4,317 Income from loans and investments — — — 31,566 31,566 Interest and other income — — — 562 562 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Less: Interest and other income — — — 562 562 Property-level operating expenses — 312,145 48,972 — 361,117 Office building services costs — — 974 — 974 Segment NOI 211,670 149,829 110,538 32,426 504,463 Income from unconsolidated entities 584 75 238 34 931 Segment profit $ 212,254 $ 149,904 $ 110,776 $ 32,460 505,394 Interest and other income 562 Interest expense (105,063 ) Depreciation and amortization (208,387 ) General, administrative and professional fees (31,567 ) Loss on extinguishment of debt, net (383 ) Merger-related expenses and deal costs (16,217 ) Other (2,430 ) Income tax benefit 8,537 Income from continuing operations $ 150,446 For the Three Months Ended September 30, 2015 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 201,028 $ — $ 142,755 $ — $ 343,783 Resident fees and services — 454,825 — — 454,825 Office building and other services revenue 1,011 — 8,459 530 10,000 Income from loans and investments — — — 18,924 18,924 Interest and other income — — — 74 74 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Total revenues $ 202,039 $ 454,825 $ 151,214 $ 19,528 $ 827,606 Less: Interest and other income — — — 74 74 Property-level operating expenses — 304,540 43,305 — 347,845 Office building services costs — — 6,416 — 6,416 Segment NOI 202,039 150,285 101,493 19,454 473,271 (Loss) income from unconsolidated entities (1,431 ) 433 108 (65 ) (955 ) Segment profit $ 200,608 $ 150,718 $ 101,601 $ 19,389 472,316 Interest and other income 74 Interest expense (97,135 ) Depreciation and amortization (226,332 ) General, administrative and professional fees (32,114 ) Loss on extinguishment of debt, net (15,331 ) Merger-related expenses and deal costs (62,145 ) Other (4,795 ) Income tax benefit 10,697 Income from continuing operations $ 45,235 For the Nine Months Ended September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 635,030 $ — $ 446,496 $ — $ 1,081,526 Resident fees and services — 1,390,387 — — 1,390,387 Office building and other services revenue 3,676 — 10,556 2,774 17,006 Income from loans and investments — — — 78,098 78,098 Interest and other income — — — 792 792 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Less: Interest and other income — — — 792 792 Property-level operating expenses — 932,675 136,619 — 1,069,294 Office building services costs — — 6,277 — 6,277 Segment NOI 638,706 457,712 314,156 80,872 1,491,446 Income from unconsolidated entities 738 732 301 380 2,151 Segment profit $ 639,444 $ 458,444 $ 314,457 $ 81,252 1,493,597 Interest and other income 792 Interest expense (312,001 ) Depreciation and amortization (666,735 ) General, administrative and professional fees (95,387 ) Loss on extinguishment of debt, net (3,165 ) Merger-related expenses and deal costs (25,073 ) Other (8,901 ) Income tax benefit 28,507 Income from continuing operations $ 411,634 For the Nine Months Ended September 30, 2015 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 571,591 $ — $ 420,287 $ — $ 991,878 Resident fees and services — 1,356,384 — — 1,356,384 Office building and other services revenue 3,286 — 25,066 1,599 29,951 Income from loans and investments — — — 66,192 66,192 Interest and other income — — — 719 719 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Total revenues $ 574,877 $ 1,356,384 $ 445,353 $ 68,510 $ 2,445,124 Less: Interest and other income — — — 719 719 Property-level operating expenses — 902,154 129,152 — 1,031,306 Office building services costs — — 19,098 — 19,098 Segment NOI 574,877 454,230 297,103 67,791 1,394,001 (Loss) income from unconsolidated entities (785 ) (221 ) 226 (417 ) (1,197 ) Segment profit $ 574,092 $ 454,009 $ 297,329 $ 67,374 1,392,804 Interest and other income 719 Interest expense (263,422 ) Depreciation and amortization (657,262 ) General, administrative and professional fees (100,399 ) Loss on extinguishment of debt, net (14,897 ) Merger-related expenses and deal costs (105,023 ) Other (13,948 ) Income tax benefit 27,736 Income from continuing operations $ 266,308
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 September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Capital expenditures: Triple-net leased properties $ 12,992 $ 1,318,868 $ 69,642 $ 1,878,857 Senior living operations 26,495 34,104 70,297 345,910 Office operations 1,400,742 10,317 1,451,347 498,491 Total capital expenditures $ 1,440,229 $ 1,363,289 $ 1,591,286 $ 2,723,258
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (In thousands) Revenues: United States $ 815,719 $ 777,320 $ 2,417,314 $ 2,294,780 Canada 45,021 42,756 130,195 131,542 United Kingdom 6,376 7,530 20,300 18,802 Total revenues $ 867,116 $ 827,606 $ 2,567,809 $ 2,445,124
Net real estate property by geographic area	As of September 30, 2016 As of December 31, 2015 (In thousands) Net real estate property: United States $ 19,266,865 $ 18,271,829 Canada 1,066,924 1,039,561 United Kingdom 267,613 313,830 Total net real estate property $ 20,601,402 $ 19,625,220

CONDENSED CONSOLIDATING INFOR38

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following summarizes our condensed consolidating information as of September 30, 2016 and December 31, 2015 and for the three and nine months ended September 30, 2016 and 2015 : CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,027 $ 177,952 $ 21,340,900 $ — $ 21,520,879 Cash and cash equivalents 12,039 — 77,240 — 89,279 Escrow deposits and restricted cash 198 1,437 87,886 — 89,521 Investment in and advances to affiliates 14,476,749 2,994,463 — (17,471,212 ) — Goodwill — — 1,043,075 — 1,043,075 Assets held for sale 5 1,624 193,623 — 195,252 Other assets 46,116 3,161 438,981 — 488,258 Total assets $ 14,537,134 $ 3,178,637 $ 23,181,705 $ (17,471,212 ) $ 23,426,264 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,480,339 $ 2,771,988 $ — $ 11,252,327 Intercompany loans 6,971,785 (6,324,940 ) (646,845 ) — — Accrued interest — 55,924 14,866 — 70,790 Accounts payable and other liabilities 91,143 40,732 798,228 — 930,103 Liabilities held for sale — 1,479 76,129 — 77,608 Deferred income taxes 315,713 — — — 315,713 Total liabilities 7,378,641 2,253,534 3,014,366 — 12,646,541 Redeemable OP unitholder and noncontrolling interests — — 209,278 — 209,278 Total equity 7,158,493 925,103 19,958,061 (17,471,212 ) 10,570,445 Total liabilities and equity $ 14,537,134 $ 3,178,637 $ 23,181,705 $ (17,471,212 ) $ 23,426,264 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 5,798 $ 195,015 $ 20,377,226 $ — $ 20,578,039 Cash and cash equivalents 11,733 — 41,290 — 53,023 Escrow deposits and restricted cash 7,154 1,644 69,098 — 77,896 Investment in and advances to affiliates 12,989,643 3,545,183 — (16,534,826 ) — Goodwill — — 1,047,497 — 1,047,497 Assets held for sale — 4,488 88,572 — 93,060 Other assets 17,869 4,182 390,352 — 412,403 Total assets $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,370,670 $ 2,836,326 $ — $ 11,206,996 Intercompany loans 7,294,158 (6,571,512 ) (722,646 ) — — Accrued interest — 64,561 16,303 — 80,864 Accounts payable and other liabilities 68,604 45,226 665,550 — 779,380 Liabilities held for sale — 44 34,296 — 34,340 Deferred income taxes 338,382 — — — 338,382 Total liabilities 7,701,144 1,908,989 2,829,829 — 12,439,962 Redeemable OP unitholder and noncontrolling interests — — 196,529 — 196,529 Total equity 5,331,053 1,841,523 18,987,677 (16,534,826 ) 9,625,427 Total liabilities and equity $ 13,032,197 $ 3,750,512 $ 22,014,035 $ (16,534,826 ) $ 22,261,918
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 585 $ 49,652 $ 318,460 $ — $ 368,697 Resident fees and services — — 461,974 — 461,974 Office building and other services revenue 401 — 3,916 — 4,317 Income from loans and investments 82 — 31,484 — 31,566 Equity earnings in affiliates 143,782 — (281 ) (143,501 ) — Interest and other income 476 — 86 — 562 Total revenues 145,326 49,652 815,639 (143,501 ) 867,116 Expenses: Interest (11,779 ) 70,371 46,471 — 105,063 Depreciation and amortization 1,414 2,833 204,140 — 208,387 Property-level operating expenses — 80 361,037 — 361,117 Office building services costs — — 974 — 974 General, administrative and professional fees (1,359 ) 4,940 27,986 — 31,567 (Gain) loss on extinguishment of debt, net (58 ) 340 101 — 383 Merger-related expenses and deal costs 15,952 — 265 — 16,217 Other (21 ) 4 2,447 — 2,430 Total expenses 4,149 78,568 643,421 — 726,138 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 141,177 (28,916 ) 172,218 (143,501 ) 140,978 Income from unconsolidated entities — 783 148 — 931 Income tax benefit 8,537 — — — 8,537 Income (loss) from continuing operations 149,714 (28,133 ) 172,366 (143,501 ) 150,446 Discontinued operations (118 ) — — — (118 ) Loss on real estate dispositions (144 ) — — — (144 ) Net income (loss) 149,452 (28,133 ) 172,366 (143,501 ) 150,184 Net income attributable to noncontrolling interest — — 732 — 732 Net income (loss) attributable to common stockholders $ 149,452 $ (28,133 ) $ 171,634 $ (143,501 ) $ 149,452 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 916 $ 49,425 $ 293,442 $ — $ 343,783 Resident fees and services — — 454,825 — 454,825 Office building and other services revenue 293 — 9,707 — 10,000 Income from loans and investments 50 180 18,694 — 18,924 Equity earnings in affiliates 99,873 — (243 ) (99,630 ) — Interest and other income 106 (2 ) (30 ) — 74 Total revenues 101,238 49,603 776,395 (99,630 ) 827,606 Expenses: Interest (10,788 ) 67,521 40,402 — 97,135 Depreciation and amortization 1,347 3,455 221,530 — 226,332 Property-level operating expenses — 81 347,764 — 347,845 Office building services costs — — 6,416 — 6,416 General, administrative and professional fees (678 ) 5,225 27,567 — 32,114 Loss on extinguishment of debt, net — 4,523 10,808 — 15,331 Merger-related expenses and deal costs 62,007 138 — 62,145 Other 271 5 4,519 — 4,795 Total expenses 52,159 80,810 659,144 — 792,113 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 49,079 (31,207 ) 117,251 (99,630 ) 35,493 Loss from unconsolidated entities — (469 ) (486 ) — (955 ) Income tax benefit 10,697 — — — 10,697 Income (loss) from continuing operations 59,776 (31,676 ) 116,765 (99,630 ) 45,235 Discontinued operations (37,189 ) 7,371 7,435 — (22,383 ) Gain on real estate dispositions 265 — — — 265 Net income (loss) 22,852 (24,305 ) 124,200 (99,630 ) 23,117 Net income attributable to noncontrolling interest — — 265 — 265 Net income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 123,935 $ (99,630 ) $ 22,852 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,084 $ 147,795 $ 931,647 $ — $ 1,081,526 Resident fees and services — — 1,390,387 — 1,390,387 Office building and other services revenue 1,605 — 15,401 — 17,006 Income from loans and investments 82 — 78,016 — 78,098 Equity earnings in affiliates 376,570 — (913 ) (375,657 ) — Interest and other income 546 — 246 — 792 Total revenues 380,887 147,795 2,414,784 (375,657 ) 2,567,809 Expenses: Interest (33,668 ) 207,961 137,708 — 312,001 Depreciation and amortization 7,549 15,614 643,572 — 666,735 Property-level operating expenses — 236 1,069,058 — 1,069,294 Office building services costs — — 6,277 — 6,277 General, administrative and professional fees 872 13,657 80,858 — 95,387 Loss on extinguishment of debt, net — 2,772 393 — 3,165 Merger-related expenses and deal costs 24,067 — 1,006 — 25,073 Other 4 8 8,889 — 8,901 Total expenses (1,176 ) 240,248 1,947,761 — 2,186,833 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 382,063 (92,453 ) 467,023 (375,657 ) 380,976 Income from unconsolidated entities — 1,230 921 — 2,151 Income tax benefit 28,507 — — — 28,507 Income (loss) from continuing operations 410,570 (91,223 ) 467,944 (375,657 ) 411,634 Discontinued operations (755 ) — — — (755 ) Gain on real estate dispositions 31,779 — — — 31,779 Net income (loss) 441,594 (91,223 ) 467,944 (375,657 ) 442,658 Net income attributable to noncontrolling interest — — 1,064 — 1,064 Net income (loss) attributable to common stockholders $ 441,594 $ (91,223 ) $ 466,880 $ (375,657 ) $ 441,594 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues: Rental income $ 2,747 $ 148,833 $ 840,298 $ — $ 991,878 Resident fees and services — — 1,356,384 — 1,356,384 Office building and other services revenue 293 — 29,658 — 29,951 Income from loans and investments 8,655 483 57,054 — 66,192 Equity earnings in affiliates 360,988 — (383 ) (360,605 ) — Interest and other income 482 (6 ) 243 — 719 Total revenues 373,165 149,310 2,283,254 (360,605 ) 2,445,124 Expenses: Interest (27,548 ) 189,716 101,254 — 263,422 Depreciation and amortization 4,047 11,394 641,821 — 657,262 Property-level operating expenses — 285 1,031,021 — 1,031,306 Office building services costs — — 19,098 — 19,098 General, administrative and professional fees (598 ) 16,640 84,357 — 100,399 Loss on extinguishment of debt, net — 4,523 10,374 — 14,897 Merger-related expenses and deal costs 101,306 75 3,642 — 105,023 Other 453 49 13,446 — 13,948 Total expenses 77,660 222,682 1,905,013 — 2,205,355 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interest 295,505 (73,372 ) 378,241 (360,605 ) 239,769 Income (loss) from unconsolidated entities — 291 (1,488 ) — (1,197 ) Income tax benefit 27,736 — — — 27,736 Income (loss) from continuing operations 323,241 (73,081 ) 376,753 (360,605 ) 266,308 Discontinued operations (44,546 ) 34,748 23,232 — 13,434 Gain on real estate dispositions 14,420 — — — 14,420 Net income (loss) 293,115 (38,333 ) 399,985 (360,605 ) 294,162 Net income attributable to noncontrolling interest — — 1,047 — 1,047 Net income (loss) attributable to common stockholders $ 293,115 $ (38,333 ) $ 398,938 $ (360,605 ) $ 293,115
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 149,452 $ (28,133 ) $ 172,366 $ (143,501 ) 150,184 Other comprehensive loss: Foreign currency translation — — (6,421 ) — (6,421 ) Change in unrealized gain on marketable securities (92 ) — — — (92 ) Other — — 1,094 — 1,094 Total other comprehensive loss (92 ) — (5,327 ) — (5,419 ) Comprehensive income (loss) 149,360 (28,133 ) 167,039 (143,501 ) 144,765 Comprehensive income attributable to noncontrolling interest — — 732 — 732 Comprehensive income (loss) attributable to common stockholders $ 149,360 $ (28,133 ) $ 166,307 $ (143,501 ) $ 144,033 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 22,852 $ (24,305 ) $ 124,200 $ (99,630 ) $ 23,117 Other comprehensive loss: Foreign currency translation — — (11,239 ) — (11,239 ) Other — — 467 — 467 Total other comprehensive loss — — (10,772 ) — (10,772 ) Comprehensive income (loss) 22,852 (24,305 ) 113,428 (99,630 ) 12,345 Comprehensive income attributable to noncontrolling interest — — 265 — 265 Comprehensive income (loss) attributable to common stockholders $ 22,852 $ (24,305 ) $ 113,163 $ (99,630 ) $ 12,080 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty (1) Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 441,594 $ (91,223 ) $ 467,944 $ (375,657 ) 442,658 Other comprehensive income (loss): Foreign currency translation — — (39,804 ) — (39,804 ) Change in unrealized gain on marketable securities 158 — — — 158 Other — — (2,403 ) — (2,403 ) Total other comprehensive income (loss) 158 — (42,207 ) — (42,049 ) Comprehensive income (loss) 441,752 (91,223 ) 425,737 (375,657 ) 400,609 Comprehensive income attributable to noncontrolling interest — — 1,064 — 1,064 Comprehensive income (loss) attributable to common stockholders $ 441,752 $ (91,223 ) $ 424,673 $ (375,657 ) $ 399,545 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 293,115 $ (38,333 ) $ 399,985 $ (360,605 ) 294,162 Other comprehensive loss: Foreign currency translation — — (7,718 ) — (7,718 ) Change in unrealized gain on marketable securities (5,046 ) — — — (5,046 ) Other — — (949 ) — (949 ) Total other comprehensive loss (5,046 ) — (8,667 ) — (13,713 ) Comprehensive income (loss) 288,069 (38,333 ) 391,318 (360,605 ) 280,449 Comprehensive income attributable to noncontrolling interest — — 1,047 — 1,047 Comprehensive income (loss) attributable to common stockholders $ 288,069 $ (38,333 ) $ 390,271 $ (360,605 ) $ 279,402
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 39,559 $ (73,856 ) $ 1,035,567 $ — $ 1,001,270 Cash flows from investing activities: Net investment in real estate property (1,440,710 ) — 19,118 — (1,421,592 ) Proceeds from loans receivable — — 194,063 — 194,063 Investment in loans receivable and other — — (154,949 ) — (154,949 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Capital expenditures — (18 ) (75,278 ) — (75,296 ) Development project expenditures — — (94,398 ) — (94,398 ) Other — — (6,175 ) — (6,175 ) Net cash used in investing activities (1,420,269 ) (18 ) (74,499 ) — (1,494,786 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (94,000 ) 140,728 — 46,728 Proceeds from debt — 846,521 30,096 — 876,617 Repayment of debt — (651,820 ) (264,685 ) — (916,505 ) Purchase of noncontrolling interest — — (1,604 ) — (1,604 ) Net change in intercompany debt 877,609 (32,967 ) (844,642 ) — — Payment of deferred financing costs — (5,485 ) (662 ) — (6,147 ) Issuance of common stock, net 1,265,702 — — — 1,265,702 Cash distribution from (to) affiliates 7,859 11,625 (19,484 ) — — Cash distribution to common stockholders (750,402 ) — — — (750,402 ) Cash distribution to redeemable OP unitholders — — (6,486 ) — (6,486 ) Contributions from noncontrolling interest — — 5,926 — 5,926 Distributions to noncontrolling interest — — (5,121 ) — (5,121 ) Other 21,507 — — — 21,507 Net cash provided by (used in) financing activities 1,422,275 73,874 (965,934 ) — 530,215 Net increase (decrease) in cash and cash equivalents 41,565 — (4,866 ) — 36,699 Effect of foreign currency translation on cash and cash equivalents (41,259 ) — 40,816 — (443 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,039 $ — $ 77,240 $ — $ 89,279 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2015 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (103,734 ) $ 31,319 $ 1,094,460 $ — $ 1,022,045 Cash flows from investing activities: Net investment in real estate property (2,556,988 ) — — — (2,556,988 ) Proceeds from loans receivable — — 106,909 — 106,909 Investment in loans receivable and other — — (74,386 ) — (74,386 ) Funds held in escrow for future development expenditures — — 4,003 — 4,003 Proceeds from real estate disposals 409,633 — — — 409,633 Proceeds from sale or maturity of marketable securities 76,800 — — — 76,800 Capital expenditures — (15,731 ) (60,081 ) — (75,812 ) Development capital expenditures — — (90,458 ) — (90,458 ) Investment in unconsolidated operating entity (26,282 ) — — — (26,282 ) Other — — (27,984 ) — (27,984 ) Net cash used in investing activities (2,096,837 ) (15,731 ) (141,997 ) — (2,254,565 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (658,000 ) (132,406 ) — (790,406 ) Net cash impact of CCP Spin-Off 1,273,000 — (1,401,749 ) — (128,749 ) Proceeds from debt — 2,292,568 218,493 — 2,511,061 Proceeds from debt related to CCP Spin-Off — — 1,400,000 — 1,400,000 Repayment of debt — (705,000 ) (624,070 ) — (1,329,070 ) Net change in intercompany debt 1,495,355 (946,310 ) (549,045 ) — — Purchase of noncontrolling interest — — (3,819 ) — (3,819 ) Payment of deferred financing costs — (21,932 ) (1,961 ) — (23,893 ) Issuance of common stock, net 417,818 — — — 417,818 Cash distribution (to) from affiliates (235,140 ) 23,086 212,054 — — Cash distribution to common stockholders (759,575 ) — — — (759,575 ) Cash distribution to redeemable OP unitholders — — (12,776 ) — (12,776 ) Purchases of redeemable OP units — — (33,188 ) — (33,188 ) Distributions to noncontrolling interest — — (11,250 ) — (11,250 ) Other 6,489 — — — 6,489 Net cash provided by (used in) financing activities 2,197,947 (15,588 ) (939,717 ) — 1,242,642 Net (decrease) increase in cash and cash equivalents (2,624 ) — 12,746 — 10,122 Effect of foreign currency translation on cash and cash equivalents (8,324 ) — 8,085 — (239 ) Cash and cash equivalents at beginning of period 24,857 — 30,491 — 55,348 Cash and cash equivalents at end of period $ 13,909 $ — $ 51,322 $ — $ 65,231

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 30, 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
Number of properties classified as held-for-sale	32	11
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	68
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	25	2
Development Projects
Real estate properties
Number of real estate properties	5
Number of properties included in investments in unconsolidated entities	2
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	298

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	$ 645,846	$ 645,109
Total Liabilities	202,200	203,235
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Total Assets	2,165,226	2,367,296
Total Liabilities	162,019	233,600
Other identified VIEs
Variable Interest Entity [Line Items]
Total Assets	1,886,133	1,582,430
Total Liabilities	381,933	431,582
Wexford tax credit VIEs
Variable Interest Entity [Line Items]
Total Assets	982,233	0
Total Liabilities	$ 223,723	$ 0

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)shares	Dec. 31, 2015USD ($)
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, value redeemed | $	$ 23
Fair value of operating partnership units exceeding cost | $	$ 201.1	$ 188.5
Common Stock
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, shares Issued (in shares)	370,558
Class C Units
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, redeemed (in shares)	311,208
Ventas Realty OP Units
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, redeemed (in shares)	65,581
NHP/PMB L.P.
Redeemable Noncontrolling Interest [Line Items]
Unit conversion factor for common stock	0.9051
NHP/PMB L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)	2,746,737
Percentage of ownership interest on total units outstanding	27.70%
NHP/PMB L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding	72.30%
Limited partnership units outstanding (in shares)	7,156,146
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding	1.20%
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)	361,776
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding	98.80%
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)	29,307,561
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

ACCOUNTING POLICIES (Accounting

ACCOUNTING POLICIES (Accounting for Historic and New Markets Tax Credits) (Details)	Sep. 30, 2016property
Business Acquisition [Line Items]
Number of real estate properties	1,300
Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	11
Development Assets | Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	2

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 239,046	$ 219,064
Straight-line rent receivables, allowance	$ 106,900	$ 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)	Oct. 01, 2016USD ($)	Apr. 03, 2016Lease	Apr. 30, 2016USD ($)	Sep. 30, 2016USD ($)board_memberpropertystateprovince	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)board_memberpropertystateprovince	Sep. 30, 2015USD ($)
Concentration Risk [Line Items]
Number of states | state				46		46
Number of Canadian provinces | province				7		7
Impairment of real estate				$ 0	$ 2,500,000	$ 14,500,000	$ 31,300,000
Rental income				$ 368,697,000	$ 343,783,000	$ 1,081,526,000	$ 991,878,000
Atria
Concentration Risk [Line Items]
Ownership interests accounted for under the equity method				34.00%		34.00%
Number of board members appointed | board_member				2		2
Number of board members | board_member				6		6
LTACS
Concentration Risk [Line Items]
Lease modifications, number of properties | Lease		7
Original expected annual lease income				$ 8,000,000		$ 8,000,000
Impairment of real estate						$ 10,300,000
Rental income			$ 3,500,000
Seniors Housing Communities
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property				298		298
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property				266		266
Total gross book value of properties | Atria
Concentration Risk [Line Items]
Concentration percentage						22.40%
Total gross book value of properties | Sunrise
Concentration Risk [Line Items]
Concentration percentage						11.20%
Total gross book value of properties | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage						8.00%
Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage						1.70%
Total gross book value of properties | Ardent
Concentration Risk [Line Items]
Concentration percentage						5.10%
Total gross book value of properties | Seniors Housing Communities
Concentration Risk [Line Items]
Concentration percentage						61.40%
Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage						38.60%
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%	5.10%
Total revenues | Kindred
Concentration Risk [Line Items]
Concentration percentage				5.30%	5.60%
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		1
Total NOI | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage				8.20%	8.90%
Total NOI | Kindred
Concentration Risk [Line Items]
Concentration percentage				9.10%	9.70%
Total NOI | Ardent
Concentration Risk [Line Items]
Concentration percentage				5.30%
Subsequent Event | LTACS
Concentration Risk [Line Items]
Proceeds from sale of real estate	$ 3,000,000
Gain on sale of real estate	$ 2,800,000

ACQUISITIONS OF REAL ESTATE P45

ACQUISITIONS OF REAL ESTATE PROPERTY - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 05, 2016USD ($)property	Aug. 04, 2015USD ($)	Aug. 31, 2015property	Jan. 31, 2015USD ($)property$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)property
Business Acquisition [Line Items]
Investment in unconsolidated operating entity							$ 0	$ 26,282
Total net real estate property					$ 20,601,402		20,601,402		$ 19,625,220
Total revenues					867,116	$ 827,606	2,567,809	$ 2,445,124
Goodwill					1,043,075		1,043,075		$ 1,047,497
Limited Partnership Units
Business Acquisition [Line Items]
Equity interest issued, number of shares | shares				1.1
Wexford Acquisition
Business Acquisition [Line Items]
Total cash used	$ 1,500,000
Wexford Acquisition | Operating Property
Business Acquisition [Line Items]
Number of real estate properties acquired | property	23
Wexford Acquisition | Development Assets
Business Acquisition [Line Items]
Number of real estate properties acquired | property	2
Wexford Acquisition | Future Development Sites
Business Acquisition [Line Items]
Number of real estate properties acquired | property	9
Other 2016 Acquisitions
Business Acquisition [Line Items]
Investment in unconsolidated operating entity							42,000
Other 2016 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property									1
Other 2016 Acquisitions | Unconsolidated Properties | Office Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property									2
2016 Acquisitions
Business Acquisition [Line Items]
Total cash used							1,428,545
Acquisition costs					14,000		18,600
Assumed mortgage debt					47,641		47,641
2016 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Total cash used							13,620
Assumed mortgage debt					0		0
2016 Acquisitions | Office Operations
Business Acquisition [Line Items]
Total cash used							1,414,925
Assumed mortgage debt					47,641		$ 47,641
2016 Acquisitions | Development Assets
Business Acquisition [Line Items]
Number of real estate properties completed | property							3
Total net real estate property					31,600		$ 31,600
2016 Acquisitions | Expansion of Senior Housing
Business Acquisition [Line Items]
Number of real estate properties completed | property							2
2015 Acquisitions
Business Acquisition [Line Items]
Total cash used									$ 2,685,982
Number of real estate properties acquired | property				152
Assumed mortgage debt									177,857
Equity issued									2,216,355
Goodwill									746,900
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Assumed mortgage debt									0
Goodwill									133,600
2015 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Assumed mortgage debt									77,940
Goodwill									219,100
2015 Acquisitions | Office Operations
Business Acquisition [Line Items]
Assumed mortgage debt									99,917
Goodwill									394,200
American Realty Capital Healthcare Trust
Business Acquisition [Line Items]
Total cash used				$ 11,000
Number of real estate properties acquired | property				20
Consideration transferred, stock conversion ratio, per acquiree share				0.1688
Consideration transferred, price per acquiree share | $ / shares				$ 11.33
Assumed mortgage debt				$ 167,000
Repayments of debt				$ 730,000
American Realty Capital Healthcare Trust | Skilled Nursing Facilities
Business Acquisition [Line Items]
Number of real estate properties acquired | property			10
American Realty Capital Healthcare Trust | Common Stock Par Value
Business Acquisition [Line Items]
Equity interest issued, number of shares | shares				28.4
Ardent
Business Acquisition [Line Items]
Investment in unconsolidated operating entity		$ 26,300
Business combination assets acquired, property plant and equipment		$ 1,300,000
Ownership interests accounted for under the equity method		9.90%
Other 2015 Acquisitions
Business Acquisition [Line Items]
Other investments									$ 612,000
Other 2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties acquired | property									11
Other 2015 Acquisitions | Office Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property									11
Other 2015 Acquisitions | Skilled Nursing Facilities
Business Acquisition [Line Items]
Number of real estate properties acquired | property									12
Other 2015 Acquisitions | Unconsolidated Properties | Office Operations
Business Acquisition [Line Items]
Number of real estate properties acquired | property									8
2015 Development Projects | Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of real estate properties completed | property									1
Total net real estate property									$ 9,300
Aggregate Revenue | 2016 Acquisitions
Business Acquisition [Line Items]
Total revenues					14,000		$ 14,700
Net Operating Income | 2016 Acquisitions
Business Acquisition [Line Items]
Total revenues					$ 9,600		$ 10,200

LOANS RECEIVABLE AND INVESTME46

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 874.3	$ 895

ACQUISITIONS OF REAL ESTATE P47

ACQUISITIONS OF REAL ESTATE PROPERTY - Fair Value of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
2016 Acquisitions
Business Acquisition [Line Items]
Land and improvements	$ 49,645
Buildings and improvements	1,335,156
Acquired lease intangibles	203,337
Other assets	98,137
Total assets acquired	1,686,275
Notes payable and other debt	47,641
Intangible liabilities	108,132
Other liabilities	60,613
Total liabilities assumed	216,386
Noncontrolling interest assumed	22,225
Net assets acquired	1,447,664
Cash acquired	19,119
Total cash used	1,428,545
2016 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Land and improvements	1,279
Buildings and improvements	12,558
Acquired lease intangibles	163
Other assets	0
Total assets acquired	14,000
Notes payable and other debt	0
Intangible liabilities	0
Other liabilities	380
Total liabilities assumed	380
Noncontrolling interest assumed	0
Net assets acquired	13,620
Cash acquired	0
Total cash used	13,620
2016 Acquisitions | Office Operations
Business Acquisition [Line Items]
Land and improvements	48,366
Buildings and improvements	1,322,598
Acquired lease intangibles	203,174
Other assets	98,137
Total assets acquired	1,672,275
Notes payable and other debt	47,641
Intangible liabilities	108,132
Other liabilities	60,233
Total liabilities assumed	216,006
Noncontrolling interest assumed	22,225
Net assets acquired	1,434,044
Cash acquired	19,119
Total cash used	$ 1,414,925
2015 Acquisitions
Business Acquisition [Line Items]
Land and improvements		$ 434,586
Buildings and improvements		3,643,547
Acquired lease intangibles		437,769
Other assets		850,027
Total assets acquired		5,365,929
Notes payable and other debt		177,857
Other liabilities		138,066
Total liabilities assumed		315,923
Noncontrolling interest assumed		88,085
Net assets acquired		5,050,006
Cash acquired		59,584
Equity issued		2,216,355
Total cash used		2,685,982
2015 Acquisitions | Triple-Net Leased Properties
Business Acquisition [Line Items]
Land and improvements		190,566
Buildings and improvements		1,726,064
Acquired lease intangibles		169,362
Other assets		174,093
Total assets acquired		2,260,085
Notes payable and other debt		0
Other liabilities		45,924
Total liabilities assumed		45,924
Net assets acquired		2,214,161
2015 Acquisitions | Senior Living Operations
Business Acquisition [Line Items]
Land and improvements		70,713
Buildings and improvements		703,080
Acquired lease intangibles		83,867
Other assets		272,888
Total assets acquired		1,130,548
Notes payable and other debt		77,940
Other liabilities		45,408
Total liabilities assumed		123,348
Net assets acquired		1,007,200
2015 Acquisitions | Office Operations
Business Acquisition [Line Items]
Land and improvements		173,307
Buildings and improvements		1,214,403
Acquired lease intangibles		184,540
Other assets		403,046
Total assets acquired		1,975,296
Notes payable and other debt		99,917
Other liabilities		46,734
Total liabilities assumed		146,651
Net assets acquired		$ 1,828,645

LOANS RECEIVABLE AND INVESTME48

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	$ 874,327	$ 895,038
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	872,620	893,489
Secured loans, unsecured loans, and other available-for-sale securities, fair value	894,702	919,334
Available-for-sale securities, unrealized gain (loss)	1,707	1,549
Total investments reported as 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	821,663	857,112
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	819,956	855,563
Secured loans, unsecured loans, and other available-for-sale securities, fair value	840,966	880,528
Available-for-sale securities, unrealized gain (loss)	1,707	1,549
Total investments reported as Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	52,664	37,926
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	52,664	37,926
Secured loans, unsecured loans, and other available-for-sale securities, fair value	53,736	38,806
Available-for-sale securities, unrealized gain (loss)	0	0
Government-sponsored pooled loan investments (1)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities	64,556	63,679
Available-for-sale securities, amortized cost	62,849	62,130
Available-for-sale securities, unrealized gain (loss)	1,707	1,549
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	757,107	793,433
Mortgage loans and other, fair value	776,410	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	52,664	37,926
Mortgage loans and other, fair value	53,736	38,806
Available-for-sale securities, unrealized gain (loss)	$ 0	$ 0

LOANS RECEIVABLE AND INVESTME49

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details)	1 Months Ended			9 Months Ended		12 Months Ended
	Oct. 28, 2016USD ($)	Feb. 29, 2016USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2016USD ($)loan	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from sale of loans				$ 198,500,000		$ 97,000,000
Investment in loans receivable and other				$ 154,949,000	$ 74,386,000
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				3		1
Debt instrument, face amount						$ 78,400,000
Secured mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recognized gain on sale of investments				$ 8,700,000
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]
Recognized gain on sale of investments			$ 5,800,000
Available-for-sale securities, amortized cost basis			71,000,000
Proceeds from sale of investment			$ 76,800,000
Unrealized gain on investment							$ 5,000,000
Wexford Acquisition | Non-mortgage loans receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan				3
Loans receivable				$ 13,371,496
Subsequent Event | LHP | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, face amount	$ 700,000,000
Debt instrument, term of loan	5 years
Interest rate	8.00%

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)installment	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)propertyinstallment	Sep. 30, 2015USD ($)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	$ (48,000)	$ (1,000)	$ 229,000
Impairment of real estate	0	2,500,000	14,500,000	31,300,000
Impairment of long-lived assets to be disposed of			0	13,000,000
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			63,800,000
Gain on real estate dispositions, net			$ 31,800,000
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			3
2016 Dispositions | Seniors Housing Communities | Office 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 | Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property			25
2015 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from disposition of assets, including termination fees				436,000,000
Gain on real estate dispositions, net				32,800,000
Lease termination fees				6,000,000
Deferred gain on sale of property		$ 18,100,000		$ 18,100,000
Deferred gain on sale of property, term					5 years
2015 Dispositions | Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property				32
2015 Dispositions | Medical Office Buildings | Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property				1
CCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount charge for Service Fee			$ 2,500,000
Durations of services provided			1 year
Income related to Service Fee	$ 400,000		$ 1,600,000
Number of quarterly installments | installment	4		4

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Sep. 30, 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	32	11
Assets held for sale	$ 195,252	$ 93,060
Liabilities related to assets held for sale	$ 77,608	$ 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	25	2
Assets held for sale	$ 140,948	$ 4,488
Liabilities related to assets held for sale	$ 76,092	$ 44
Office 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	$ 52,487	$ 68,619
Liabilities related to assets held for sale	$ 1,507	$ 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	$ 1,817	$ 19,953
Liabilities related to assets held for sale	$ 9	$ 9,537
Vacant Land Parcel | 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		1

DISPOSITIONS - Summary of Opera

DISPOSITIONS - Summary of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 0	$ 40,641	$ 0	$ 196,848
Income from loans and investments	0	449	0	2,148
Interest and other income	0	0	0	63
Total Revenues	0	41,090	0	199,059
Expenses:
Interest	0	12,172	0	60,428
Depreciation and amortization	0	13,878	0	79,608
General, administrative and professional fees	0	2	0	9
Merger-related expenses and deal costs	118	37,190	754	44,069
Other	0	175	0	1,620
Total expenses	118	63,417	754	185,734
(Loss) income before real estate dispositions and noncontrolling interest	(118)	(22,327)	(754)	13,325
(Loss) gain on real estate dispositions	0	(48)	(1)	229
Net (loss) income from discontinued operations	(118)	(22,375)	(755)	13,554
Net income attributable to noncontrolling interest	0	8	0	120
Net (loss) income from discontinued operations attributable to common stockholders	$ (118)	$ (22,383)	$ (755)	$ 13,434

INVESTMENTS IN UNCONSOLIDATED53

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)
Equity method investments
Number of real estate properties | property	39		39
Management fees earned | $	$ 1.8	$ 1.4	$ 5	$ 5.1
Atria
Equity method investments
Ownership interests accounted for under the equity method	34.00%		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method	9.90%		9.90%
Minimum
Equity method investments
Ownership interests accounted for under the equity method	5.00%		5.00%
Maximum
Equity method investments
Ownership interests accounted for under the equity method	25.00%		25.00%

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Intangible assets:
Goodwill	$ 1,043,075	$ 1,047,497
Accumulated amortization	(748,554)	(655,176)
Net intangible assets	$ 1,853,048	$ 1,772,535
Remaining Weighted Average Amortization Period in Years	21 years 2 months 12 days	19 years 2 months 12 days
Intangible liabilities:
Below market lease intangibles	$ 350,637	$ 256,034
Other lease intangibles	40,851	35,925
Accumulated amortization	(127,426)	(113,647)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 267,630	$ 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)	38 years	30 years 1 month 6 days
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 10 months 24 days	15 years 7 months 6 days
Above market lease intangibles
Intangible assets:
Intangible assets	$ 186,424	$ 155,161
Remaining Weighted Average Amortization Period in Years	7 years 4 months 24 days	7 years
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,336,284	$ 1,189,261
Remaining Weighted Average Amortization Period in Years	23 years 3 months 18 days	20 years 10 months 24 days
Other intangibles
Intangible assets:
Other intangibles	$ 35,819	$ 35,792
Remaining Weighted Average Amortization Period in Years	10 years 3 months 18 days	8 years 7 months 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 239,046	$ 219,064
Non-mortgage loans receivable, net	52,664	37,926
Other intangibles, net	9,466	13,224
Investment in unconsolidated operating entities	28,832	28,199
Other	158,250	113,990
Total other assets	$ 488,258	$ 412,403

SENIOR NOTES PAYABLE AND OTHE56

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) CAD in Thousands, $ in Thousands	Sep. 30, 2016USD ($)	Sep. 30, 2016CAD	May 31, 2016CAD	Dec. 31, 2015USD ($)	Dec. 31, 2015CAD
Debt instruments
Principal amount outstanding	$ 11,317,837			$ 11,271,020
Deferred financing costs, net	(64,238)			(69,121)
Unamortized fair value adjustment	27,416			33,570
Unamortized discounts	(28,688)			(28,473)
Senior notes payable and other debt	11,252,327			11,206,996
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding	232,405			180,683
Unsecured revolving credit facilities | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD		CAD 155,400			CAD 9,700
1.55% Senior Notes due 2016
Debt instruments
Principal amount outstanding	$ 0			$ 550,000
Interest rate	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	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	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	373,353			468,477
4.00% Senior Notes due 2019
Debt instruments
Principal amount outstanding	$ 600,000			$ 600,000
Interest rate	4.00%	4.00%		4.00%	4.00%
3.00% Senior Notes, Series A due 2019
Debt instruments
Principal amount outstanding | CAD		CAD 304,715			CAD 289,038
Interest rate	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	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	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	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	3.25%	3.25%		3.25%	3.25%
3.300% Senior Notes due 2022
Debt instruments
Principal amount outstanding | CAD		CAD 190,447			CAD 180,649
Interest rate	3.30%	3.30%		3.30%	3.30%
3.125% Senior Notes due 2023
Debt instruments
Principal amount outstanding | CAD		CAD 400,000	CAD 400,000		CAD 0
Interest rate	3.125%	3.125%	3.125%
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding	$ 400,000			$ 400,000
Interest rate	3.75%	3.75%		3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding | CAD		CAD 190,447			CAD 180,649
Interest rate	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	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	4.125%	4.125%		4.125%	4.125%
3.25% Senior Notes due 2026
Debt instruments
Principal amount outstanding	$ 450,000	CAD 450,000		$ 0
Interest rate	3.25%	3.25%
6.90% Senior Notes due 2037
Debt instruments
Principal amount outstanding	$ 52,400			$ 52,400
Interest rate	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	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	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	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	4.375%	4.375%		4.375%	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding	$ 1,742,347			$ 1,987,401
Unsecured term loan
Debt instruments
Principal amount outstanding | CAD		CAD 573,400
Unsecured term loan | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD		CAD 94,800
Mortgage Loans Held-for-Sale
Debt instruments
Principal amount outstanding	$ 66,000			$ 22,900

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	$ 7,467
2,017	657,946
2,018	1,355,369
2,019	1,717,257
2,020	1,428,533
Thereafter	6,151,265
Total maturities	11,317,837	$ 11,271,020
Unrestricted cash and cash equivalents	89,279	53,023	$ 65,231	$ 55,348
Amount outstanding, net of cash and cash equivalents	143,100
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	0
2,017	631,902
2,018	1,101,879
2,019	1,702,650
2,020	1,416,913
Thereafter	6,023,925
Total maturities	10,877,269
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	0
2,017	0
2,018	232,405
2,019	0
2,020	0
Thereafter	0
Total maturities	232,405	180,683
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,016	7,467
2,017	26,044
2,018	21,085
2,019	14,607
2,020	11,620
Thereafter	127,340
Total maturities	208,163
Mortgage Loans Held-for-Sale
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	66,000	$ 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	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	6.59%

SENIOR NOTES PAYABLE AND OTHE58

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details) CAD in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Jul. 31, 2016USD ($)	Jun. 30, 2016USD ($)	May 31, 2016USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016CAD	May 31, 2016CAD	Feb. 29, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2015CAD
Debt instruments
Principal amount outstanding	$ 11,317,837,000				$ 11,317,837,000		$ 11,317,837,000					$ 11,271,020,000
Loss on extinguishment of debt, net					(383,000)	$ (15,331,000)	(3,165,000)	$ (14,897,000)
Derivative notional amount		$ 225,000,000									$ 200,000,000
Derivative fixed interest rate											1.132%
Derivative gain		1,900,000
Unsecured revolving credit facilities
Debt instruments
Line of credit facility, current borrowing capacity	2,000,000,000				2,000,000,000		$ 2,000,000,000
Debt instrument, additional period							1 year
Amount outstanding	232,400,000				232,400,000		$ 232,400,000
Letters of credit outstanding	14,100,000				14,100,000		14,100,000
Unused borrowing capacity available	1,800,000,000				1,800,000,000		1,800,000,000
Principal amount outstanding	232,405,000				232,405,000		$ 232,405,000					180,683,000
Unsecured revolving credit facilities | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate							1.00%
Unsecured Term Loan Due 2018
Debt instruments
Line of credit facility, current borrowing capacity	200,000,000				200,000,000		$ 200,000,000
Debt instrument, term of loan							4 years
Principal amount outstanding	200,000,000				200,000,000		$ 200,000,000					200,000,000
Unsecured Term Loan Due 2018 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate							1.05%
Unsecured term loan due 2019
Debt instruments
Line of credit facility, current borrowing capacity	800,000,000				800,000,000		$ 800,000,000
Debt instrument, term of loan							5 years
Principal amount outstanding	373,353,000				373,353,000		$ 373,353,000					468,477,000
Repayments of debt				$ 100,000,000
Loss on extinguishment of debt, net				(400,000)
Unsecured term loan due 2020
Debt instruments
Debt instrument, basis spread on variable rate							97.50%
Principal amount outstanding	900,000,000				900,000,000		$ 900,000,000					900,000,000
Unsecured Debt
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 3,500,000,000				$ 3,500,000,000		$ 3,500,000,000
Debt instrument, face amount												20,000,000
3.125% Senior Notes due 2023
Debt instruments
Principal amount outstanding | CAD									CAD 400,000	CAD 400,000			CAD 0
Interest rate	3.125%				3.125%		3.125%		3.125%	3.125%
Public offering price as percent of par			100.335%							99.343%
Proceeds from public offering sale of debt				$ 397,400,000
Loss on extinguishment of debt, net			$ 2,100,000
1.55% Senior Notes due 2016
Debt instruments
Principal amount outstanding	$ 0				$ 0		$ 0					$ 550,000,000
Repayments of debt		94,500,000	$ 455,500,000
Interest rate	1.55%				1.55%		1.55%		1.55%			1.55%	1.55%
Loss on extinguishment of debt, net		$ (300,000)
3.25% Senior Notes due 2026
Debt instruments
Principal amount outstanding	$ 450,000,000				$ 450,000,000		$ 450,000,000		CAD 450,000			$ 0
Interest rate	3.25%				3.25%		3.25%		3.25%
Public offering price as percent of par	99.811%				99.811%		99.811%		99.811%
Proceeds from public offering sale of debt	$ 449,100,000
Mortgages
Debt instruments
Loss on extinguishment of debt, net							$ (400,000)
Debt instrument, face amount	$ 254,700,000				$ 254,700,000		$ 254,700,000
Weighted average maturity (in years)							2 years 1 month

FAIR VALUES OF FINANCIAL INST59

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Non-mortgage loans receivable, net	$ 52,664	$ 37,926
Liabilities:
Redeemable OP unitholder interests	201,100	188,500
Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	64,556	63,679
Carrying Amount
Assets:
Cash and cash equivalents	89,279	53,023
Secured loans receivable, net	757,107	793,433
Non-mortgage loans receivable, net	52,664	37,926
Liabilities:
Senior notes payable and other debt, gross	11,317,837	11,271,020
Derivative instruments and other liabilities	4,118	2,696
Redeemable OP unitholder interests	201,113	188,546
Carrying Amount | Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	64,556	63,679
Fair Value
Assets:
Cash and cash equivalents	89,279	53,023
Secured loans receivable, net	776,410	816,849
Non-mortgage loans receivable, net	53,736	38,806
Liabilities:
Senior notes payable and other debt, gross	11,832,430	11,384,880
Derivative instruments and other liabilities	4,118	2,696
Redeemable OP unitholder interests	201,113	188,546
Fair Value | Government-sponsored pooled loan investments (1)
Assets:
Government-sponsored pooled loan investments	$ 64,556	$ 63,679

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)entity	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)entity	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Provision (benefit) for income taxes
Income tax benefit	$ 8,537	$ 10,697	$ 28,507	$ 27,736
Income tax due to the reversal of the net deferred tax liability at TRS			5,900
Income tax due to the reversal of the net deferred tax liability			$ 3,600
Number of entities with related income tax benefit | entity	1		1
Net deferred tax liabilities	$ 315,700		$ 315,700		$ 338,400
Wexford Acquisition
Provision (benefit) for income taxes
Net deferred tax liabilities	$ 2,300		$ 2,300

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 28, 2016	Sep. 30, 2016
Business Acquisition [Line Items]
Issuance of common stock, shares		18,566,822
Proceeds for the issuance of common stock		$ 1,300
Equity offering program, remaining authorized offering amount		252.1
Conversion of stock, value redeemed		$ 23
Common Stock
Business Acquisition [Line Items]
Conversion of stock, number of Ventas shares issued		370,558
Ventas Realty OP Units
Business Acquisition [Line Items]
Partners' capital account, units, redeemed (in shares)		65,581
Class C Units
Business Acquisition [Line Items]
Partners' capital account, units, redeemed (in shares)		311,208
Subsequent Event
Business Acquisition [Line Items]
Issuance of common stock, shares	297,019
Proceeds for the issuance of common stock	$ 21.2
Sales agent commissions for common stock sales	$ 0.3

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Equity [Abstract]
Foreign currency translation	$ (53,730)	$ (13,926)
Unrealized gain on marketable securities	1,707	1,549
Other	2,409	4,812
Total accumulated other comprehensive loss	$ (49,614)	$ (7,565)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator for basic and diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions	$ 149,570	$ 45,235	$ 442,349	$ 279,681
Discontinued operations	(118)	(22,383)	(755)	13,434
Net income attributable to common stockholders	$ 149,452	$ 22,852	$ 441,594	$ 293,115
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	350,274	332,491	341,610	329,440
Effect of dilutive securities:
Stock options (in shares)	847	307	594	401
Restricted stock awards (in shares)	193	22	168	49
OP units (in shares)	2,872	3,518	2,980	3,320
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	354,186	336,338	345,352	333,210
Basic earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	$ 0.43	$ 0.14	$ 1.29	$ 0.85
Discontinued operations (in usd per share)	0	(0.07)	0	0.04
Net income attributable to common stockholders (in usd per share)	0.43	0.07	1.29	0.89
Diluted earnings per share:
Income from continuing operations attributable to common stockholders, including real estate dispositions (in usd per share)	0.42	0.14	1.28	0.84
Discontinued operations (in usd per share)	0	(0.07)	0	0.04
Net income attributable to common stockholders (in usd per share)	$ 0.42	$ 0.07	$ 1.28	$ 0.88

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			3
Revenues:
Rental income	$ 368,697	$ 343,783	$ 1,081,526	$ 991,878
Resident fees and services	461,974	454,825	1,390,387	1,356,384
Office building and other services revenue	4,317	10,000	17,006	29,951
Income from loans and investments	31,566	18,924	78,098	66,192
Interest and other income	562	74	792	719
Total revenues	867,116	827,606	2,567,809	2,445,124
Less:
Interest and other income	562	74	792	719
Property-level operating expenses	361,117	347,845	1,069,294	1,031,306
Office building services costs	974	6,416	6,277	19,098
Segment NOI	504,463	473,271	1,491,446	1,394,001
Income (loss) from unconsolidated entities	931	(955)	2,151	(1,197)
Segment profit	505,394	472,316	1,493,597	1,392,804
Interest and other income	562	74	792	719
Interest expense	(105,063)	(97,135)	(312,001)	(263,422)
Depreciation and amortization	(208,387)	(226,332)	(666,735)	(657,262)
General, administrative and professional fees	(31,567)	(32,114)	(95,387)	(100,399)
Loss on extinguishment of debt, net	(383)	(15,331)	(3,165)	(14,897)
Merger-related expenses and deal costs	(16,217)	(62,145)	(25,073)	(105,023)
Other	(2,430)	(4,795)	(8,901)	(13,948)
Income tax benefit	8,537	10,697	28,507	27,736
Income from continuing operations	150,446	45,235	411,634	266,308
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	210,424	201,028	635,030	571,591
Resident fees and services	0	0	0	0
Office building and other services revenue	1,246	1,011	3,676	3,286
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	211,670	202,039	638,706	574,877
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	211,670	202,039	638,706	574,877
Income (loss) from unconsolidated entities	584	(1,431)	738	(785)
Segment profit	212,254	200,608	639,444	574,092
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	461,974	454,825	1,390,387	1,356,384
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	461,974	454,825	1,390,387	1,356,384
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	312,145	304,540	932,675	902,154
Office building services costs	0	0	0	0
Segment NOI	149,829	150,285	457,712	454,230
Income (loss) from unconsolidated entities	75	433	732	(221)
Segment profit	149,904	150,718	458,444	454,009
Interest and other income	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	158,273	142,755	446,496	420,287
Resident fees and services	0	0	0	0
Office building and other services revenue	2,211	8,459	10,556	25,066
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	160,484	151,214	457,052	445,353
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	48,972	43,305	136,619	129,152
Office building services costs	974	6,416	6,277	19,098
Segment NOI	110,538	101,493	314,156	297,103
Income (loss) from unconsolidated entities	238	108	301	226
Segment profit	110,776	101,601	314,457	297,329
Interest and other income	0	0	0	0
All Other
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	860	530	2,774	1,599
Income from loans and investments		18,924	78,098	66,192
Interest and other income		74
Total revenues	32,988	19,528	81,664	68,510
Less:
Interest and other income		74
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	32,426	19,454	80,872	67,791
Income (loss) from unconsolidated entities	34	(65)	380	(417)
Segment profit	$ 32,460	19,389	$ 81,252	$ 67,374
Interest and other income		$ 74

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,440,229	$ 1,363,289	$ 1,591,286	$ 2,723,258
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	12,992	1,318,868	69,642	1,878,857
Operating Segments | Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	26,495	34,104	70,297	345,910
Operating Segments | Office Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 1,400,742	$ 10,317	$ 1,451,347	$ 498,491

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Revenues:
Total revenues	$ 867,116	$ 827,606	$ 2,567,809	$ 2,445,124
Net real estate property:
Total net real estate property	20,601,402		20,601,402		$ 19,625,220
United States
Revenues:
Total revenues	815,719	777,320	2,417,314	2,294,780
Net real estate property:
Total net real estate property	19,266,865		19,266,865		18,271,829
Canada
Revenues:
Total revenues	45,021	42,756	130,195	131,542
Net real estate property:
Total net real estate property	1,066,924		1,066,924		1,039,561
United Kingdom
Revenues:
Total revenues	6,376	$ 7,530	20,300	$ 18,802
Net real estate property:
Total net real estate property	$ 267,613		$ 267,613		$ 313,830

CONDENSED CONSOLIDATING INFOR67

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Assets
Net real estate investments	$ 21,520,879	$ 20,578,039
Cash and cash equivalents	89,279	53,023	$ 65,231	$ 55,348
Escrow deposits and restricted cash	89,521	77,896
Investment in and advances to affiliates	0	0
Goodwill	1,043,075	1,047,497
Assets held for sale	195,252	93,060
Other assets	488,258	412,403
Total assets	23,426,264	22,261,918
Liabilities:
Senior notes payable and other debt	11,252,327	11,206,996
Intercompany loans	0	0
Accrued interest	70,790	80,864
Accounts payable and other liabilities	930,103	779,380
Liabilities related to assets held for sale	77,608	34,340
Deferred income taxes	315,713	338,382
Total liabilities	12,646,541	12,439,962
Redeemable OP unitholder and noncontrolling interests	209,278	196,529
Total equity	10,570,445	9,625,427		8,754,397
Total liabilities and equity	23,426,264	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	(17,471,212)	(16,534,826)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,471,212)	(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	(17,471,212)	(16,534,826)
Total liabilities and equity	$ (17,471,212)	(16,534,826)
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage by parent	100.00%
Ventas, Inc.
Assets
Net real estate investments	$ 2,027	5,798
Cash and cash equivalents	12,039	11,733	13,909	24,857
Escrow deposits and restricted cash	198	7,154
Investment in and advances to affiliates	14,476,749	12,989,643
Goodwill	0	0
Assets held for sale	5	0
Other assets	46,116	17,869
Total assets	14,537,134	13,032,197
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	6,971,785	7,294,158
Accrued interest	0	0
Accounts payable and other liabilities	91,143	68,604
Liabilities related to assets held for sale	0	0
Deferred income taxes	315,713	338,382
Total liabilities	7,378,641	7,701,144
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	7,158,493	5,331,053
Total liabilities and equity	$ 14,537,134	13,032,197
Ventas Realty
Condensed financial statements, captions
Ownership percentage by parent	100.00%
Assets
Net real estate investments	$ 177,952	195,015
Cash and cash equivalents	0	0	0	0
Escrow deposits and restricted cash	1,437	1,644
Investment in and advances to affiliates	2,994,463	3,545,183
Goodwill	0	0
Assets held for sale	1,624	4,488
Other assets	3,161	4,182
Total assets	3,178,637	3,750,512
Liabilities:
Senior notes payable and other debt	8,480,339	8,370,670
Intercompany loans	(6,324,940)	(6,571,512)
Accrued interest	55,924	64,561
Accounts payable and other liabilities	40,732	45,226
Liabilities related to assets held for sale	1,479	44
Deferred income taxes	0	0
Total liabilities	2,253,534	1,908,989
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	925,103	1,841,523
Total liabilities and equity	3,178,637	3,750,512
Ventas Subsidiaries
Assets
Net real estate investments	21,340,900	20,377,226
Cash and cash equivalents	77,240	41,290	$ 51,322	$ 30,491
Escrow deposits and restricted cash	87,886	69,098
Investment in and advances to affiliates	0	0
Goodwill	1,043,075	1,047,497
Assets held for sale	193,623	88,572
Other assets	438,981	390,352
Total assets	23,181,705	22,014,035
Liabilities:
Senior notes payable and other debt	2,771,988	2,836,326
Intercompany loans	(646,845)	(722,646)
Accrued interest	14,866	16,303
Accounts payable and other liabilities	798,228	665,550
Liabilities related to assets held for sale	76,129	34,296
Deferred income taxes	0	0
Total liabilities	3,014,366	2,829,829
Redeemable OP unitholder and noncontrolling interests	209,278	196,529
Total equity	19,958,061	18,987,677
Total liabilities and equity	$ 23,181,705	$ 22,014,035

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Revenues:
Rental income	$ 368,697	$ 343,783	$ 1,081,526	$ 991,878
Resident fees and services	461,974	454,825	1,390,387	1,356,384
Office building and other services revenue	4,317	10,000	17,006	29,951
Income from loans and investments	31,566	18,924	78,098	66,192
Equity earnings in affiliates	0	0	0	0
Interest and other income	562	74	792	719
Total revenues	867,116	827,606	2,567,809	2,445,124
Expenses:
Interest	105,063	97,135	312,001	263,422
Depreciation and amortization	208,387	226,332	666,735	657,262
Property-level operating expenses	361,117	347,845	1,069,294	1,031,306
Office building services costs	974	6,416	6,277	19,098
General, administrative and professional fees	31,567	32,114	95,387	100,399
(Gain) loss on extinguishment of debt, net	383	15,331	3,165	14,897
Merger-related expenses and deal costs	16,217	62,145	25,073	105,023
Other	2,430	4,795	8,901	13,948
Total expenses	726,138	792,113	2,186,833	2,205,355
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	140,978	35,493	380,976	239,769
Income (loss) from unconsolidated entities	931	(955)	2,151	(1,197)
Income tax benefit	8,537	10,697	28,507	27,736
Income from continuing operations	150,446	45,235	411,634	266,308
Discontinued operations	(118)	(22,383)	(755)	13,434
Gain on real estate dispositions	(144)	265	31,779	14,420
Net income	150,184	23,117	442,658	294,162	$ 419,222
Net income attributable to noncontrolling interest	732	265	1,064	1,047
Net income attributable to common stockholders	149,452	22,852	441,594	293,115
Consolidated Elimination
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(143,501)	(99,630)	(375,657)	(360,605)
Interest and other income	0	0	0	0
Total revenues	(143,501)	(99,630)	(375,657)	(360,605)
Expenses:
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	0	0	0	0
(Gain) loss on extinguishment of debt, net	0	0	0	0
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(143,501)	(99,630)	(375,657)	(360,605)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(143,501)	(99,630)	(375,657)	(360,605)
Discontinued operations	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Net income	(143,501)	(99,630)	(375,657)	(360,605)
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	(143,501)	(99,630)	(375,657)	(360,605)
Ventas, Inc.
Revenues:
Rental income	585	916	2,084	2,747
Resident fees and services	0	0	0	0
Office building and other services revenue	401	293	1,605	293
Income from loans and investments	82	50	82	8,655
Equity earnings in affiliates	143,782	99,873	376,570	360,988
Interest and other income	476	106	546	482
Total revenues	145,326	101,238	380,887	373,165
Expenses:
Interest	(11,779)	(10,788)	(33,668)	(27,548)
Depreciation and amortization	1,414	1,347	7,549	4,047
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	(1,359)	(678)	872	(598)
(Gain) loss on extinguishment of debt, net	(58)	0	0	0
Merger-related expenses and deal costs	15,952	62,007	24,067	101,306
Other	(21)	271	4	453
Total expenses	4,149	52,159	(1,176)	77,660
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	141,177	49,079	382,063	295,505
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	8,537	10,697	28,507	27,736
Income from continuing operations	149,714	59,776	410,570	323,241
Discontinued operations	(118)	(37,189)	(755)	(44,546)
Gain on real estate dispositions	(144)	265	31,779	14,420
Net income	149,452	22,852	441,594	293,115
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	149,452	22,852	441,594	293,115
Ventas Realty
Revenues:
Rental income	49,652	49,425	147,795	148,833
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	180	0	483
Equity earnings in affiliates	0	0	0	0
Interest and other income	0	(2)	0	(6)
Total revenues	49,652	49,603	147,795	149,310
Expenses:
Interest	70,371	67,521	207,961	189,716
Depreciation and amortization	2,833	3,455	15,614	11,394
Property-level operating expenses	80	81	236	285
Office building services costs	0	0	0	0
General, administrative and professional fees	4,940	5,225	13,657	16,640
(Gain) loss on extinguishment of debt, net	340	4,523	2,772	4,523
Merger-related expenses and deal costs	0		0	75
Other	4	5	8	49
Total expenses	78,568	80,810	240,248	222,682
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	(28,916)	(31,207)	(92,453)	(73,372)
Income (loss) from unconsolidated entities	783	(469)	1,230	291
Income tax benefit	0	0	0	0
Income from continuing operations	(28,133)	(31,676)	(91,223)	(73,081)
Discontinued operations	0	7,371	0	34,748
Gain on real estate dispositions	0	0	0	0
Net income	(28,133)	(24,305)	(91,223)	(38,333)
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	(28,133)	(24,305)	(91,223)	(38,333)
Ventas Subsidiaries
Revenues:
Rental income	318,460	293,442	931,647	840,298
Resident fees and services	461,974	454,825	1,390,387	1,356,384
Office building and other services revenue	3,916	9,707	15,401	29,658
Income from loans and investments	31,484	18,694	78,016	57,054
Equity earnings in affiliates	(281)	(243)	(913)	(383)
Interest and other income	86	(30)	246	243
Total revenues	815,639	776,395	2,414,784	2,283,254
Expenses:
Interest	46,471	40,402	137,708	101,254
Depreciation and amortization	204,140	221,530	643,572	641,821
Property-level operating expenses	361,037	347,764	1,069,058	1,031,021
Office building services costs	974	6,416	6,277	19,098
General, administrative and professional fees	27,986	27,567	80,858	84,357
(Gain) loss on extinguishment of debt, net	101	10,808	393	10,374
Merger-related expenses and deal costs	265	138	1,006	3,642
Other	2,447	4,519	8,889	13,446
Total expenses	643,421	659,144	1,947,761	1,905,013
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest	172,218	117,251	467,023	378,241
Income (loss) from unconsolidated entities	148	(486)	921	(1,488)
Income tax benefit	0	0	0	0
Income from continuing operations	172,366	116,765	467,944	376,753
Discontinued operations	0	7,435	0	23,232
Gain on real estate dispositions	0	0	0	0
Net income	172,366	124,200	467,944	399,985
Net income attributable to noncontrolling interest	732	265	1,064	1,047
Net income attributable to common stockholders	$ 171,634	$ 123,935	$ 466,880	$ 398,938

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Condensed financial statements, captions
Net income (loss)	$ 150,184	$ 23,117	$ 442,658	$ 294,162	$ 419,222
Other comprehensive income (loss):
Foreign currency translation	(6,421)	(11,239)	(39,804)	(7,718)
Change in unrealized gain on marketable securities	(92)	0	158	(5,046)
Other	1,094	467	(2,403)	(949)
Total other comprehensive loss	(5,419)	(10,772)	(42,049)	(13,713)	$ (20,686)
Comprehensive income	144,765	12,345	400,609	280,449
Comprehensive income attributable to noncontrolling interest	732	265	1,064	1,047
Comprehensive income attributable to common stockholders	144,033	12,080	399,545	279,402
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(143,501)	(99,630)	(375,657)	(360,605)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0		0	0
Other	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income	(143,501)	(99,630)	(375,657)	(360,605)
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	(143,501)	(99,630)	(375,657)	(360,605)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	149,452	22,852	441,594	293,115
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	(92)		158	(5,046)
Other	0	0	0	0
Total other comprehensive loss	(92)		158	(5,046)
Comprehensive income	149,360	22,852	441,752	288,069
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	149,360	22,852	441,752	288,069
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(28,133)	(24,305)	(91,223)	(38,333)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0		0	0
Other	0	0	0	0
Total other comprehensive loss	0	0	0	0
Comprehensive income	(28,133)	(24,305)	(91,223)	(38,333)
Comprehensive income attributable to noncontrolling interest	0	0	0	0
Comprehensive income attributable to common stockholders	(28,133)	(24,305)	(91,223)	(38,333)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	172,366	124,200	467,944	399,985
Other comprehensive income (loss):
Foreign currency translation	(6,421)	(11,239)	(39,804)	(7,718)
Change in unrealized gain on marketable securities	0		0	0
Other	1,094	467	(2,403)	(949)
Total other comprehensive loss	(5,327)	(10,772)	(42,207)	(8,667)
Comprehensive income	167,039	113,428	425,737	391,318
Comprehensive income attributable to noncontrolling interest	732	265	1,064	1,047
Comprehensive income attributable to common stockholders	$ 166,307	$ 113,163	$ 424,673	$ 390,271

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 1,001,270	$ 1,022,045
Cash flows from investing activities:
Net investment in real estate property	(1,421,592)	(2,556,988)
Proceeds from loans receivable	194,063	106,909
Investment in loans receivable and other	(154,949)	(74,386)
Funds held in escrow for future development expenditures	0	4,003
Proceeds from real estate disposals	63,561	409,633
Proceeds from sale or maturity of marketable securities	0	76,800
Capital expenditures	(75,296)	(75,812)
Development project expenditures	(94,398)	(90,458)
Investment in unconsolidated operating entity	0	(26,282)
Other	(6,175)	(27,984)
Net cash used in investing activities	(1,494,786)	(2,254,565)
Cash flows from financing activities:
Net change in borrowings under credit facility	46,728	(790,406)
Net cash impact of CCP Spin-Off	0	(128,749)
Proceeds from debt	876,617	2,511,061
Proceeds from debt related to CCP Spin-Off	0	1,400,000
Repayment of debt	(916,505)	(1,329,070)
Purchase of noncontrolling interest	(1,604)	(3,819)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(6,147)	(23,893)
Issuance of common stock, net	1,265,702	417,818
Cash distribution from (to) affiliates	0	0
Cash distribution to common stockholders	(750,402)	(759,575)
Cash distribution to redeemable OP unitholders	(6,486)	(12,776)
Contributions from noncontrolling interest	5,926	0
Purchases of redeemable OP units	0	(33,188)
Distributions to noncontrolling interest	(5,121)	(11,250)
Other	21,507	6,489
Net cash provided by financing activities	530,215	1,242,642
Net increase in cash and cash equivalents	36,699	10,122
Effect of foreign currency translation on cash and cash equivalents	(443)	(239)
Cash and cash equivalents at beginning of period	53,023	55,348
Cash and cash equivalents at end of period	89,279	65,231
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
Proceeds from sale or maturity of marketable securities		0
Capital expenditures	0	0
Development project expenditures	0	0
Investment in unconsolidated operating entity		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
Net cash impact of CCP Spin-Off		0
Proceeds from debt	0	0
Proceeds from debt related to CCP Spin-Off		0
Repayment of debt	0	0
Purchase of noncontrolling interest	0	0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Issuance of common stock, net	0	0
Cash distribution from (to) affiliates	0	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interest	0
Purchases of redeemable OP units		0
Distributions to noncontrolling interest	0	0
Other	0	0
Net cash provided by financing activities	0	0
Net increase 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	39,559	(103,734)
Cash flows from investing activities:
Net investment in real estate property	(1,440,710)	(2,556,988)
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	20,441	409,633
Proceeds from sale or maturity of marketable securities		76,800
Capital expenditures	0	0
Development project expenditures	0	0
Investment in unconsolidated operating entity		(26,282)
Other	0	0
Net cash used in investing activities	(1,420,269)	(2,096,837)
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Net cash impact of CCP Spin-Off		1,273,000
Proceeds from debt	0	0
Proceeds from debt related to CCP Spin-Off		0
Repayment of debt	0	0
Purchase of noncontrolling interest	0	0
Net change in intercompany debt	877,609	1,495,355
Payment of deferred financing costs	0	0
Issuance of common stock, net	1,265,702	417,818
Cash distribution from (to) affiliates	7,859	(235,140)
Cash distribution to common stockholders	(750,402)	(759,575)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interest	0
Purchases of redeemable OP units		0
Distributions to noncontrolling interest	0	0
Other	21,507	6,489
Net cash provided by financing activities	1,422,275	2,197,947
Net increase in cash and cash equivalents	41,565	(2,624)
Effect of foreign currency translation on cash and cash equivalents	(41,259)	(8,324)
Cash and cash equivalents at beginning of period	11,733	24,857
Cash and cash equivalents at end of period	12,039	13,909
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(73,856)	31,319
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
Proceeds from sale or maturity of marketable securities		0
Capital expenditures	(18)	(15,731)
Development project expenditures	0	0
Investment in unconsolidated operating entity		0
Other	0	0
Net cash used in investing activities	(18)	(15,731)
Cash flows from financing activities:
Net change in borrowings under credit facility	(94,000)	(658,000)
Net cash impact of CCP Spin-Off		0
Proceeds from debt	846,521	2,292,568
Proceeds from debt related to CCP Spin-Off		0
Repayment of debt	(651,820)	(705,000)
Purchase of noncontrolling interest	0	0
Net change in intercompany debt	(32,967)	(946,310)
Payment of deferred financing costs	(5,485)	(21,932)
Issuance of common stock, net	0	0
Cash distribution from (to) affiliates	11,625	23,086
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interest	0
Purchases of redeemable OP units		0
Distributions to noncontrolling interest	0	0
Other	0	0
Net cash provided by financing activities	73,874	(15,588)
Net 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 Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	1,035,567	1,094,460
Cash flows from investing activities:
Net investment in real estate property	19,118	0
Proceeds from loans receivable	194,063	106,909
Investment in loans receivable and other	(154,949)	(74,386)
Funds held in escrow for future development expenditures		4,003
Proceeds from real estate disposals	43,120	0
Proceeds from sale or maturity of marketable securities		0
Capital expenditures	(75,278)	(60,081)
Development project expenditures	(94,398)	(90,458)
Investment in unconsolidated operating entity		0
Other	(6,175)	(27,984)
Net cash used in investing activities	(74,499)	(141,997)
Cash flows from financing activities:
Net change in borrowings under credit facility	140,728	(132,406)
Net cash impact of CCP Spin-Off		(1,401,749)
Proceeds from debt	30,096	218,493
Proceeds from debt related to CCP Spin-Off		1,400,000
Repayment of debt	(264,685)	(624,070)
Purchase of noncontrolling interest	(1,604)	(3,819)
Net change in intercompany debt	(844,642)	(549,045)
Payment of deferred financing costs	(662)	(1,961)
Issuance of common stock, net	0	0
Cash distribution from (to) affiliates	(19,484)	212,054
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(6,486)	(12,776)
Contributions from noncontrolling interest	5,926
Purchases of redeemable OP units		(33,188)
Distributions to noncontrolling interest	(5,121)	(11,250)
Other	0	0
Net cash provided by financing activities	(965,934)	(939,717)
Net increase in cash and cash equivalents	(4,866)	12,746
Effect of foreign currency translation on cash and cash equivalents	40,816	8,085
Cash and cash equivalents at beginning of period	41,290	30,491
Cash and cash equivalents at end of period	$ 77,240	$ 51,322