Ventas (VTR) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 26, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	VENTAS INC
Entity Central Index Key	740,260
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		354,873,863

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate investments:
Land and improvements	$ 2,123,266	$ 2,089,591
Buildings and improvements	21,869,961	21,516,396
Construction in progress	213,281	210,599
Acquired lease intangibles	1,532,365	1,510,629
Gross real estate investments	25,738,873	25,327,215
Accumulated depreciation and amortization	(5,123,144)	(4,932,461)
Net real estate property	20,615,729	20,394,754
Secured loans receivable and investments, net	1,398,417	702,021
Investments in unconsolidated real estate entities	108,976	95,921
Net real estate investments	22,123,122	21,192,696
Cash and cash equivalents	91,284	286,707
Escrow deposits and restricted cash	92,175	80,647
Goodwill	1,033,484	1,033,225
Assets held for sale	61,983	54,961
Other assets	517,283	518,364
Total assets	23,919,331	23,166,600
Liabilities:
Senior notes payable and other debt	11,943,733	11,127,326
Accrued interest	78,219	83,762
Accounts payable and other liabilities	946,674	907,928
Liabilities related to assets held for sale	1,389	1,462
Deferred income taxes	294,057	316,641
Total liabilities	13,264,072	12,437,119
Redeemable OP unitholder and noncontrolling interests	171,384	200,728
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, 354,863 and 354,125 shares issued at March 31, 2017 and December 31, 2016, respectively	88,698	88,514
Capital in excess of par value	12,944,501	12,917,002
Accumulated other comprehensive loss	(53,657)	(57,534)
Retained earnings (deficit)	(2,564,936)	(2,487,695)
Treasury stock, 0 and 1 shares at March 31, 2017 and December 31, 2016, respectively	0	(47)
Total Ventas stockholders’ equity	10,414,606	10,460,240
Noncontrolling interests	69,269	68,513
Total equity	10,483,875	10,528,753
Total liabilities and equity	$ 23,919,331	$ 23,166,600

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	354,863,000	354,125,000
Treasury stock, shares	0	1,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Rental income:
Triple-net leased	$ 209,327	$ 214,487
Office	185,895	144,136
Total rental income	395,222	358,623
Resident fees and services	464,188	463,976
Office building and other services revenue	3,406	7,185
Income from loans and investments	20,146	22,386
Interest and other income	481	119
Total revenues	883,443	852,289
Expenses
Interest	108,804	103,273
Depreciation and amortization	217,783	236,387
Property-level operating expenses:
Senior living	312,073	312,541
Office	56,914	43,681
Total property-level operating expenses	368,987	356,222
Office building services costs	738	3,451
General, administrative and professional fees	33,961	31,726
Loss on extinguishment of debt, net	309	314
Merger-related expenses and deal costs	2,056	1,632
Other	1,188	4,168
Total expenses	733,826	737,173
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	149,617	115,116
Income (loss) from unconsolidated entities	3,150	(198)
Income tax benefit	3,145	8,421
Income from continuing operations	155,912	123,339
Discontinued operations	(53)	(489)
Gain on real estate dispositions	43,289	26,184
Net income	199,148	149,034
Net income attributable to noncontrolling interests	1,021	54
Net income attributable to common stockholders	$ 198,127	$ 148,980
Basic:
Income from continuing operations (in usd per share)	$ 0.44	$ 0.37
Net income attributable to common stockholders (in usd per share)	0.56	0.44
Diluted:
Income from continuing operations (in usd per share)	0.44	0.36
Net income attributable to common stockholders (in usd per share)	$ 0.55	$ 0.44
Weighted average shares used in computing earnings per common share:
Basic (in shares)	354,410	335,559
Diluted (in shares)	357,572	339,202
Dividends declared per common share (in usd per share)	$ 0.775	$ 0.73

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 199,148	$ 149,034	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	4,082	(10,668)
Change in unrealized gain on marketable securities	(123)	181
Other	(82)	(1,880)
Total other comprehensive income (loss)	3,877	(12,367)	$ (49,969)
Comprehensive income	203,025	136,667
Comprehensive income attributable to noncontrolling interests	1,021	54
Comprehensive income attributable to common stockholders	$ 202,004	$ 136,613

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, 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	651,490				649,231	0	649,231	2,259
Other comprehensive loss	(49,969)			(49,969)			(49,969)
Impact of CCP Spin-Off	640		640				640	0
Net change in noncontrolling interests	16,829		(2,179)				(2,179)	19,008
Dividends to common stockholders	(1,024,968)				(1,024,968)		(1,024,968)
Issuance of common stock	1,286,680	4,716	1,281,947			17	1,286,680
Issuance of common stock for stock plans	29,265	99	26,594			2,572	29,265
Change in redeemable noncontrolling interests	(15,568)		(1,714)				(1,714)	(13,854)
Adjust redeemable OP unitholder interests to current fair value	(21,085)		(21,085)				(21,085)
Purchase of OP units	23,812	92	22,622			1,098	23,812
Grant of restricted stock, net of forfeitures	6,200	28	7,339			(1,167)	6,200
Ending Balance at Dec. 31, 2016	10,528,753	88,514	12,917,002	(57,534)	(2,487,695)	(47)	10,460,240	68,513
Increase (decrease) in stockholders' equity
Net income	199,148				198,127	0	198,127	1,021
Other comprehensive loss	3,877			3,877			3,877
Impact of CCP Spin-Off	53		53				53
Net change in noncontrolling interests	(8,073)		(1,427)				(1,427)	(6,646)
Dividends to common stockholders	(275,368)				(275,368)		(275,368)
Issuance of common stock for stock plans	10,284	41	9,501			742	10,284
Change in redeemable noncontrolling interests	6,573		192				192	6,381
Adjust redeemable OP unitholder interests to current fair value	(7,575)		(7,575)				(7,575)
Purchase of OP units	22,385	79	19,523			2,783	22,385
Grant of restricted stock, net of forfeitures	3,818	64	7,232			(3,478)	3,818
Ending Balance at Mar. 31, 2017	$ 10,483,875	$ 88,698	$ 12,944,501	$ (53,657)	$ (2,564,936)	$ 0	$ 10,414,606	$ 69,269

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.775	$ 2.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 199,148	$ 149,034
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	217,783	236,387
Amortization of deferred revenue and lease intangibles, net	(5,015)	(5,037)
Other non-cash amortization	2,460	2,446
Stock-based compensation	6,701	5,029
Straight-lining of rental income, net	(5,377)	(9,845)
Loss on extinguishment of debt, net	309	314
Gain on real estate dispositions	(43,289)	(26,184)
Gain on re-measurement of equity interest upon acquisition, net	(3,027)	0
Income tax benefit	(4,145)	(9,156)
(Income) loss from unconsolidated entities	(123)	198
Distributions from unconsolidated entities	2,380	1,989
Other	652	1,099
Changes in operating assets and liabilities:
Increase in other assets	(3,714)	(4,835)
Decrease in accrued interest	(4,741)	(14,311)
Decrease in accounts payable and other liabilities	(24,271)	(49,979)
Net cash provided by operating activities	335,731	277,149
Cash flows from investing activities:
Net investment in real estate property	(198,843)	(13,620)
Investment in loans receivable and other	(701,358)	(146,214)
Proceeds from real estate disposals	0	54,211
Proceeds from loans receivable	3,363	1,625
Development project expenditures	(86,452)	(34,767)
Capital expenditures	(23,835)	(23,721)
Investment in unconsolidated operating entity	(14,850)	0
Other	(12,090)	(4,265)
Net cash used in investing activities	(1,034,065)	(166,751)
Cash flows from financing activities:
Net change in borrowings under credit facility	22,822	137,440
Proceeds from debt	797,214	145
Repayment of debt	(20,496)	(151,309)
Purchase of noncontrolling interest	(15,809)	0
Payment of deferred financing costs	(6,384)	(76)
Issuance of common stock, net	0	149,631
Cash distribution to common stockholders	(275,368)	(245,496)
Cash distribution to redeemable OP unitholders	(1,893)	(2,323)
Contributions from noncontrolling interests	2,102	0
Distributions to noncontrolling interests	(2,410)	(1,743)
Other	3,297	1,893
Net cash provided by (used in) financing activities	503,075	(111,838)
Net decrease in cash and cash equivalents	(195,259)	(1,440)
Effect of foreign currency translation on cash and cash equivalents	(164)	118
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	91,284	51,701
Assets and liabilities assumed from acquisitions:
Real estate investments	188,919	2,558
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	(84,995)	0
Other assets acquired	(373)	(66)
Debt assumed	52,462	0
Other liabilities	68,676	2,558
Deferred income tax liability	(19,564)	(66)
Noncontrolling interest	1,977	0
Equity issued for purchase of OP and Class C units	$ 22,071	$ 19,348

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , we owned approximately 1,300 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, general acute care hospitals and skilled nursing facilities (“SNFs”), and we had eight properties under development, including one property that is owned by an unconsolidated real estate entity. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. We primarily invest in seniors housing and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of March 31, 2017 , we leased a total of 582 properties (excluding MOBs and including properties owned through investments in unconsolidated entities) 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 299 seniors housing communities (including one property owned through an investment in unconsolidated entities) for us pursuant to long-term management agreements. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”) and Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) leased from us 140 properties (excluding six properties owned through investments in unconsolidated entities and excluding one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 68 properties (excluding one MOB included within our office operations reportable business segment) and ten properties, respectively, as of March 31, 2017 . Through our Lillibridge Healthcare Services, Inc. (“Lillibridge”) subsidiary and our ownership interest in PMB Real Estate Services LLC (“PMBRES”), we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and other loans and investments relating to seniors housing and healthcare operators or properties.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . 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, 2016 , filed with the SEC on February 14, 2017. 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. We consolidate several VIEs that share 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. We have separately 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 consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 628,544 $ 193,398 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,926,041 343,431 1,882,336 354,034 Wexford tax credit VIEs 1,101,000 240,089 981,752 234,109 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. Under this method of accounting, our share of the investee’s earnings or losses is included in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss is allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under this method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions received or than the amount we may receive in the event of an actual liquidation. Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC. We consolidate NHP/PMB, as our wholly owned subsidiary is the general partner, who is the primary beneficiary of this VIE. As of March 31, 2017 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.5% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 72.5% . 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 OP 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. Prior to January 2017, we owned only a majority interest in Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”) and we consolidated this entity, as our wholly owned subsidiary is the general partner, and was the primary beneficiary of this VIE. In January 2017, third party investors redeemed the remaining 341,776 limited partnership units (“Class C Units”) outstanding for 341,776 shares of Ventas common stock, valued at $20.9 million . After giving effect to such redemptions, Ventas Realty OP is our wholly owned subsidiary. As redemption rights are outside of our control, the redeemable OP Units and Class C Units (together, the “OP Unitholder Interests”) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Unitholder Interests at the greater of cost or fair value. As of March 31, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $160.5 million and $177.2 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 Unitholder Interests. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at March 31, 2017 and December 31, 2016 . Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ 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. In March 2017, certain joint venture partners redeemed all (or a portion) of their interests for $15.8 million . 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 HLBV 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 For certain life science assets, we are party to certain contractual arrangements with 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 March 31, 2017 , we own twelve 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 interests 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. Accounting for Real Estate Acquisitions On January 1, 2017 we adopted ASU 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We are applying ASU 2017-01 prospectively for acquisitions after January 1, 2017. Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses (or assets) acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Intangibles primarily include the value of in-place leases and acquired lease contracts. 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 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 an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally 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 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 assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument. Impairment of Long-Lived Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. 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. 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 Unitholde

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of March 31, 2017 , Atria, Sunrise, Brookdale Senior Living, Kindred and Ardent managed or operated approximately 21.8% , 10.8% , 7.7% , 1.7% and 4.9% , respectively, of our real estate investments based on gross book value (excluding properties classified as held for sale and properties owned through investments in unconsolidated entities as of March 31, 2017 ). 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, based on gross book value, approximately 24.9% of real estate investments in the triple-net leased properties reportable business segment and 35.1% of real estate investments in the senior living operations reportable business segment (excluding properties classified as held for sale and properties owned through investments in unconsolidated entities as of March 31, 2017 ). MOBs, life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, general acute care hospitals, SNFs and secured loans receivable and investments collectively comprised the remaining 40.0% . Our properties were located in 46 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of March 31, 2017 , 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 March 31, 2017 2016 Revenues (1) : Kindred 5.0 % 5.3 % Brookdale Senior Living (2) 4.7 4.8 Ardent 3.1 3.1 NOI (3) : Kindred 8.7 % 9.2 % Brookdale Senior Living (2) 8.2 8.3 Ardent 5.3 5.3 (1) Total revenues include office building and other services revenue, revenue from loans and investments and interest and other income (excluding amounts in discontinued operations). (2) Excludes one seniors housing community included in senior living operations. (3) Excludes amounts in discontinued operations. 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 lease renewals by lease agreement or by pool of assets. The properties we lease to Brookdale Senior Living, Kindred and Ardent accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the three months ended March 31, 2017 and 2016 . 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. Senior Living Operations As of March 31, 2017 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 267 of our 299 seniors housing communities (including one property owned through an investment in unconsolidated entities), for which we pay annual management fees pursuant to long-term management agreements. We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior living operations efficiently and effectively. We also rely on our managers to set appropriate resident fees and otherwise operate our seniors housing communities in compliance with the terms of our management agreements and all applicable laws and regulations. Although we have various rights as the property owner under our management agreements, including various rights to terminate and exercise remedies under the agreements as provided therein, Atria’s or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or equity ownership or any adverse developments in their businesses and affairs or financial condition could have a Material Adverse Effect on us. Our 34% ownership interest in Atria entitles us to certain rights and minority protections, as well as the right to appoint two of 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	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
ACQUISITIONS OF REAL ESTATE PROPERTY	NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY 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. During the three months ended March 31, 2017 , we acquired eleven triple-net leased seniors housing communities (including six assets previously owned by an equity method investee) and one life science, research and medical campus (reported within our office operations reportable business segment) for an aggregate purchase price of $353.4 million . Each of these acquisitions was accounted for as an asset acquisition.

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 5—DISPOSITIONS 2017 Activity During the three months ended March 31, 2017 , we sold five triple-net leased properties for aggregate consideration of $85.0 million and we recognized a gain on the sale of these assets of $43.3 million . Real Estate Impairment We recognized impairments of $5.2 million and $10.3 million , respectively, for the three months ended March 31, 2017 and 2016 , which are recorded in depreciation and amortization in our Consolidated Statements of Income. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale as of March 31, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. March 31, 2017 December 31, 2016 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) Office Operations 9 60,173 1,389 7 53,151 1,462 Senior Living Operations* — 1,810 — — 1,810 — Total 9 $ 61,983 $ 1,389 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of March 31, 2017 and December 31, 2016.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	3 Months Ended
	Mar. 31, 2017
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of March 31, 2017 and December 31, 2016 , we had $1.5 billion and $754.6 million , respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our net loans receivable and investments as of March 31, 2017 and December 31, 2016 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of March 31, 2017: Secured/mortgage loans and other $ 1,343,173 $ 1,343,173 $ 1,361,388 $ — Government-sponsored pooled loan investments (1) 55,244 54,128 55,244 1,116 Total investments reported as Secured loans receivable and investments, net 1,398,417 1,397,301 1,416,632 1,116 Non-mortgage loans receivable, net 54,630 54,630 55,218 — Total investments reported as Other assets 54,630 54,630 55,218 — Total loans receivable and investments, net $ 1,453,047 $ 1,451,931 $ 1,471,850 $ 1,116 As of December 31, 2016: Secured/mortgage loans and other $ 646,972 $ 646,972 $ 655,981 $ — Government-sponsored pooled loan investments (1) 55,049 53,810 55,049 1,239 Total investments reported as Secured loans receivable and investments, net 702,021 700,782 711,030 1,239 Non-mortgage loans receivable, net 52,544 52,544 53,626 — Total investments reported as Other assets 52,544 52,544 53,626 — Total loans receivable and investments, net $ 754,565 $ 753,326 $ 764,656 $ 1,239 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. 2017 Activity In March 2017, we provided secured debt financing to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc. (“LHP”), which included a $700 million term loan and a $60.0 million revolving line of credit feature (of which $15.0 million was outstanding at March 31, 2017 ). The LIBOR-based debt financing has a five -year term with a weighted average interest rate of approximately 8.9% and is guaranteed by Ardent’s parent company. In April 2017, we received $5.8 million as a partial prepayment of a secured loan receivable.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 33 properties, excluding properties under development and properties classified as held for sale. 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 $1.6 million and $1.7 million for the three months ended March 31, 2017 and 2016 , respectively (which is included in office building and other services revenue in our Consolidated Statements of Income). In February 2017, we acquired the controlling interest in six triple-net leased seniors housing communities for a purchase price of $100.0 million . In connection with this acquisition, we re-measured the fair value of our previously held equity interest, resulting in a gain on re-measurement of $3.0 million , which is included in income (loss) from unconsolidated entities in our Consolidated Statements of Income.

INTANGIBLES

INTANGIBLES	3 Months Ended
	Mar. 31, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 8—INTANGIBLES The following is a summary of our intangibles as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 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 $ 188,684 7.3 $ 184,993 6.9 In-place and other lease intangibles 1,343,682 23.3 1,325,636 23.6 Goodwill 1,033,484 N/A 1,033,225 N/A Other intangibles 35,797 11.9 35,783 11.3 Accumulated amortization (793,927 ) N/A (769,558 ) N/A Net intangible assets $ 1,807,720 21.2 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 361,388 13.8 $ 345,103 14.1 Other lease intangibles 40,343 39.0 40,843 38.5 Accumulated amortization (140,822 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 264,477 15.6 $ 256,046 15.9 N/A—Not Applicable. Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 9—OTHER ASSETS The following is a summary of our other assets as of March 31, 2017 and December 31, 2016 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 250,083 $ 244,580 Non-mortgage loans receivable, net 54,630 52,544 Other intangibles, net 7,484 8,190 Investment in unconsolidated operating entities 43,003 28,431 Other 162,083 184,619 Total other assets $ 517,283 $ 518,364

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 170,731 $ 146,538 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) 372,042 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 300,503 297,841 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 900,000 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (3) 187,815 186,150 3.125% Senior Notes due 2023 400,000 400,000 3.100% 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) 187,815 186,150 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.850% Senior Notes due 2027 400,000 — 6.90% Senior Notes due 2037 52,400 52,400 6.59% Senior Notes due 2038 22,973 22,973 5.45% Senior Notes due 2043 258,750 258,750 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 Mortgage loans and other 1,717,529 1,718,897 Total 12,020,558 11,190,914 Deferred financing costs, net (64,086 ) (61,304 ) Unamortized fair value adjustment 19,708 25,224 Unamortized discounts (32,447 ) (27,508 ) Senior notes payable and other debt $ 11,943,733 $ 11,127,326 (1) $152.7 million and $146.5 million of aggregate borrowings are denominated in Canadian dollars as of March 31, 2017 and December 31, 2016 , respectively. (2) These amounts represent in aggregate the $572.0 million of unsecured term loan borrowings under our unsecured credit facility, of which $93.5 million included in the 2019 tranche is in the form of Canadian dollars. (3) These borrowings are in the form of Canadian dollars. As of March 31, 2017 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2017 $ 609,499 $ — $ 19,375 $ 628,874 2018 1,101,879 170,731 21,206 1,293,816 2019 1,697,131 — 14,789 1,711,920 2020 1,416,913 — 11,809 1,428,722 2021 772,838 — 10,325 783,163 Thereafter (2) 6,056,092 — 117,971 6,174,063 Total maturities $ 11,654,352 $ 170,731 $ 195,475 $ 12,020,558 (1) As of March 31, 2017 , we had $91.3 million of unrestricted cash and cash equivalents, for $79.4 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028. Unsecured Revolving Credit Facility and Unsecured Term Loans On April 25, 2017 , we entered into a new unsecured credit facility comprised of a $3.0 billion unsecured revolving credit facility, initially priced at LIBOR plus 0.875% , that replaced our previous $2.0 billion unsecured revolving credit facility priced at LIBOR plus 1.0% . The new unsecured credit facility also amends certain provisions within our $200.0 million term loan that is scheduled to mature in 2018 and our $372.0 million term loan that is scheduled to mature in 2019. The term loans remain priced at LIBOR plus 1.05% . The new revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The new unsecured credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion . As of March 31, 2017 , our unsecured credit facility was comprised of a $2.0 billion revolving credit facility priced at LIBOR plus 1.0% and a $200.0 million four -year term loan and a $372.0 million five -year term loan, each priced at LIBOR plus 1.05% . As of March 31, 2017 , we had $170.7 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 March 31, 2017 , we also had a $900.0 million term loan due 2020 priced at LIBOR plus 97.5 basis points. Senior Notes In March 2017, we issued and sold $400.0 million aggregate principal amount of 3.100% senior notes due 2023 at a public offering price equal to 99.280% of par, for total proceeds of $397.1 million before the underwriting discount and expenses, and $400.0 million aggregate principal amount of 3.850% senior notes due 2027 at a public offering price equal to 99.196% of par, for total proceeds of $396.8 million before the underwriting discount and expenses. Derivatives and Hedging In January and February 2017, we entered into a total of $275 million of notional forward starting swaps with an effective date of April 3, 2017 that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.33% . In March 2017, these swaps were terminated in conjunction with the issuance of the 3.850% senior notes due 2027, which resulted in a $0.8 million gain which will be recognized over the life of the notes using the effective interest method. In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023 , effectively converting fixed rate debt to three month LIBOR-based floating rate debt. As a result, we will receive a fixed rate on the swap of 3.10% and will pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98% .

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS As of March 31, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 91,284 $ 91,284 $ 286,707 $ 286,707 Secured mortgage loans and other 1,343,173 1,361,388 646,972 655,981 Non-mortgage loans receivable, net 54,630 55,218 52,544 53,626 Government-sponsored pooled loan investments 55,244 55,244 55,049 55,049 Derivative instruments 3,445 3,445 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 12,020,558 12,173,575 11,190,914 11,369,440 Derivative instruments 3,049 3,049 2,316 2,316 Redeemable OP unitholder interests 160,475 160,475 177,177 177,177 For a discussion of the assumptions considered, refer to “ NOTE 2—ACCOUNTING POLICIES .” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

LITIGATION

LITIGATION	3 Months Ended
	Mar. 31, 2017
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, MOB or life science innovation center may be contractually obligated to indemnify, defend and hold us harmless against such actions, investigations and claims. It is the opinion of management, except as otherwise set forth in this Note 12 , 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. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2017
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 Internal Revenue Code of 1986, as amended 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 three months ended March 31, 2017 , their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other operations grow. Such increases could be significant. Our consolidated provision for income taxes for the three months ended March 31, 2017 and 2016 was a benefit of $3.1 million and $8.4 million , respectively. The income tax benefits for the three months ended March 31, 2017 and 2016 , were each due primarily to operating losses at our taxable REIT subsidiaries. Realization of a deferred tax benefit related to NOLs depends in part upon generating sufficient taxable income in future periods. The NOL carryforwards have begun to expire annually for the REIT and begin to expire in 2024 with respect to the TRS entities. Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. Net deferred tax liabilities with respect to our TRS entities totaled $294.1 million and $316.6 million as of March 31, 2017 and December 31, 2016 , respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. 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, 2012 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada Revenue Agency and provincial authorities with respect to the Canadian entities for years ended December 31, 2012 and subsequent years. 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	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock We may sell from time to time our common stock under our “at-the-market” (“ATM”) equity offering program. As of March 31, 2017 , approximately $230.6 million of our common stock remained available for sale under our ATM equity offering program. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (62,110 ) $ (66,192 ) Unrealized gain on marketable securities 1,116 1,239 Other 7,337 7,419 Total accumulated other comprehensive loss $ (53,657 ) $ (57,534 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	NOTE 15—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 155,912 $ 123,339 Discontinued operations (53 ) (489 ) Gain on real estate dispositions 43,289 26,184 Net income 199,148 149,034 Net income attributable to noncontrolling interests 1,021 54 Net income attributable to common stockholders $ 198,127 $ 148,980 Denominator: Denominator for basic earnings per share—weighted average shares 354,410 335,559 Effect of dilutive securities: Stock options 452 311 Restricted stock awards 164 149 OP Units 2,546 3,183 Denominator for diluted earnings per share—adjusted weighted average shares 357,572 339,202 Basic earnings per share: Income from continuing operations $ 0.44 $ 0.37 Net income attributable to common stockholders 0.56 0.44 Diluted earnings per share: Income from continuing operations $ 0.44 $ 0.36 Net income attributable to common stockholders 0.55 0.44

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of March 31, 2017 , 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. Our chief operating decision makers evaluate performance of the combined properties in each reportable business segment and determine how to allocate resources to those segments, in significant part, based on segment net operating income (“NOI”) and related measures. We define segment NOI as NOI adjusted for income or loss from unconsolidated entities, and we define NOI as total revenues, less interest and other income, property-level operating expenses and office building services costs. We consider segment NOI 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 NOI should be examined in conjunction with income from continuing operations 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 and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows: For the Three Months Ended March 31, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 209,327 $ — $ 185,895 $ — $ 395,222 Resident fees and services — 464,188 — — 464,188 Office building and other services revenue 1,205 — 1,931 270 3,406 Income from loans and investments — — — 20,146 20,146 Interest and other income — — — 481 481 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Less: Interest and other income — — — 481 481 Property-level operating expenses — 312,073 56,914 — 368,987 Office building services costs — — 738 — 738 Segment NOI 210,532 152,115 130,174 20,416 513,237 Income (loss) from unconsolidated entities 3,269 (76 ) 335 (378 ) 3,150 Segment profit $ 213,801 $ 152,039 $ 130,509 $ 20,038 516,387 Interest and other income 481 Interest expense (108,804 ) Depreciation and amortization (217,783 ) General, administrative and professional fees (33,961 ) Loss on extinguishment of debt, net (309 ) Merger-related expenses and deal costs (2,056 ) Other (1,188 ) Income tax benefit 3,145 Income from continuing operations $ 155,912 For the Three Months Ended March 31, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 214,487 $ — $ 144,136 $ — $ 358,623 Resident fees and services — 463,976 — — 463,976 Office building and other services revenue 1,199 — 4,976 1,010 7,185 Income from loans and investments — — — 22,386 22,386 Interest and other income — — — 119 119 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Less: Interest and other income — — — 119 119 Property-level operating expenses — 312,541 43,681 — 356,222 Office building services costs — — 3,451 — 3,451 Segment NOI 215,686 151,435 101,980 23,396 492,497 (Loss) income from unconsolidated entities (671 ) 337 (126 ) 262 (198 ) Segment profit $ 215,015 $ 151,772 $ 101,854 $ 23,658 492,299 Interest and other income 119 Interest expense (103,273 ) Depreciation and amortization (236,387 ) General, administrative and professional fees (31,726 ) Loss on extinguishment of debt, net (314 ) Merger-related expenses and deal costs (1,632 ) Other (4,168 ) Income tax benefit 8,421 Income from continuing operations $ 123,339 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 93,809 $ 40,701 Senior living operations 21,325 18,994 Office operations 193,996 12,413 Total capital expenditures $ 309,130 $ 72,108 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended March 31, 2017 2016 (In thousands) Revenues: United States $ 832,820 $ 804,201 Canada 44,595 41,129 United Kingdom 6,028 6,959 Total revenues $ 883,443 $ 852,289 As of March 31, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,325,618 $ 19,105,939 Canada 1,036,815 1,037,105 United Kingdom 253,296 251,710 Total net real estate property $ 20,615,729 20,394,754

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	3 Months Ended
	Mar. 31, 2017
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. The following pages summarize our condensed consolidating information as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,954 $ 159,621 $ 21,961,547 $ — $ 22,123,122 Cash and cash equivalents 9,602 — 81,682 — 91,284 Escrow deposits and restricted cash 199 1,548 90,428 — 92,175 Investment in and advances to affiliates 14,790,298 2,938,442 — (17,728,740 ) — Goodwill — — 1,033,484 — 1,033,484 Assets held for sale — — 61,983 — 61,983 Other assets 38,801 4,831 473,651 — 517,283 Total assets $ 14,840,854 $ 3,104,442 $ 23,702,775 $ (17,728,740 ) $ 23,919,331 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 9,215,783 $ 2,727,950 $ — $ 11,943,733 Intercompany loans 7,501,737 (7,009,900 ) (491,837 ) — — Accrued interest — 60,432 17,787 — 78,219 Accounts payable and other liabilities 245,454 33,347 667,873 — 946,674 Liabilities held for sale — (1 ) 1,390 — 1,389 Deferred income taxes 294,057 — — — 294,057 Total liabilities 8,041,248 2,299,661 2,923,163 — 13,264,072 Redeemable OP unitholder and noncontrolling interests — — 171,384 — 171,384 Total equity 6,799,606 804,781 20,608,228 (17,728,740 ) 10,483,875 Total liabilities and equity $ 14,840,854 $ 3,104,442 $ 23,702,775 $ (17,728,740 ) $ 23,919,331 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,007 $ 173,259 $ 21,017,430 $ — $ 21,192,696 Cash and cash equivalents 210,303 — 76,404 — 286,707 Escrow deposits and restricted cash 198 1,504 78,945 — 80,647 Investment in and advances to affiliates 14,258,380 2,938,442 — (17,196,822 ) — Goodwill — — 1,033,225 — 1,033,225 Assets held for sale — — 54,961 — 54,961 Other assets 35,468 6,792 476,104 — 518,364 Total assets $ 14,506,356 $ 3,119,997 $ 22,737,069 $ (17,196,822 ) $ 23,166,600 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,406,979 $ 2,720,347 $ — $ 11,127,326 Intercompany loans 7,088,289 (6,209,707 ) (878,582 ) — — Accrued interest — 65,403 18,359 — 83,762 Accounts payable and other liabilities 89,115 35,587 783,226 — 907,928 Liabilities held for sale — (1 ) 1,463 — 1,462 Deferred income taxes 316,641 — — — 316,641 Total liabilities 7,494,045 2,298,261 2,644,813 — 12,437,119 Redeemable OP unitholder and noncontrolling interests — — 200,728 — 200,728 Total equity 7,012,311 821,736 19,891,528 (17,196,822 ) 10,528,753 Total liabilities and equity $ 14,506,356 $ 3,119,997 $ 22,737,069 $ (17,196,822 ) $ 23,166,600 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 47,819 $ 346,818 $ — $ 395,222 Resident fees and services — — 464,188 — 464,188 Office building and other services revenue — — 3,406 — 3,406 Income from loans and investments 281 — 19,865 — 20,146 Equity earnings in affiliates 136,989 — (308 ) (136,681 ) — Interest and other income 343 — 138 — 481 Total revenues 138,198 47,819 834,107 (136,681 ) 883,443 Expenses Interest (16,600 ) 74,789 50,615 — 108,804 Depreciation and amortization 1,409 2,371 214,003 — 217,783 Property-level operating expenses — 83 368,904 — 368,987 Office building services costs — — 738 — 738 General, administrative and professional fees 130 4,700 29,131 — 33,961 Loss on extinguishment of debt, net — 19 290 — 309 Merger-related expenses and deal costs 1,863 — 193 — 2,056 Other (349 ) — 1,537 — 1,188 Total expenses (13,547 ) 81,962 665,411 — 733,826 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interests 151,745 (34,143 ) 168,696 (136,681 ) 149,617 Income (loss) from unconsolidated entities — 3,321 (171 ) — 3,150 Income tax benefit 3,145 — — — 3,145 Income (loss) from continuing operations 154,890 (30,822 ) 168,525 (136,681 ) 155,912 Discontinued operations (53 ) — — — (53 ) Gain (loss) on real estate dispositions 43,290 — (1 ) — 43,289 Net income (loss) 198,127 (30,822 ) 168,524 (136,681 ) 199,148 Net income attributable to noncontrolling interests — — 1,021 — 1,021 Net income (loss) attributable to common stockholders $ 198,127 $ (30,822 ) $ 167,503 $ (136,681 ) $ 198,127 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 916 $ 48,725 $ 308,982 $ — $ 358,623 Resident fees and services — — 463,976 — 463,976 Office building and other services revenue 602 — 6,583 — 7,185 Income from loans and investments — — 22,386 — 22,386 Equity earnings in affiliates 108,762 — (342 ) (108,420 ) — Interest and other income 29 — 90 — 119 Total revenues 110,309 48,725 801,675 (108,420 ) 852,289 Expenses Interest (10,795 ) 68,579 45,489 — 103,273 Depreciation and amortization 4,932 9,914 221,541 — 236,387 Property-level operating expenses — 79 356,143 — 356,222 Office building services costs — — 3,451 — 3,451 General, administrative and professional fees (15 ) 4,504 27,237 — 31,726 Loss on extinguishment of debt, net — — 314 — 314 Merger-related expenses and deal costs 1,372 260 — 1,632 Other (49 ) — 4,217 — 4,168 Total expenses (4,555 ) 83,076 658,652 — 737,173 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interests 114,864 (34,351 ) 143,023 (108,420 ) 115,116 Income (loss) from unconsolidated entities — 103 (301 ) — (198 ) Income tax benefit 8,421 — — — 8,421 Income (loss) from continuing operations 123,285 (34,248 ) 142,722 (108,420 ) 123,339 Discontinued operations (489 ) — — — (489 ) Gain on real estate dispositions 26,184 — — — 26,184 Net income (loss) 148,980 (34,248 ) 142,722 (108,420 ) 149,034 Net income attributable to noncontrolling interests — — 54 — 54 Net income (loss) attributable to common stockholders $ 148,980 $ (34,248 ) $ 142,668 $ (108,420 ) $ 148,980 CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 198,127 $ (30,822 ) $ 168,524 $ (136,681 ) 199,148 Other comprehensive (loss) income: Foreign currency translation — — 4,082 — 4,082 Change in unrealized gain on marketable securities (123 ) — — — (123 ) Other — — (82 ) — (82 ) Total other comprehensive (loss) income (123 ) — 4,000 — 3,877 Comprehensive income (loss) 198,004 (30,822 ) 172,524 (136,681 ) 203,025 Comprehensive income attributable to noncontrolling interests — — 1,021 — 1,021 Comprehensive income (loss) attributable to common stockholders $ 198,004 $ (30,822 ) $ 171,503 $ (136,681 ) $ 202,004 For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 148,980 $ (34,248 ) $ 142,722 $ (108,420 ) $ 149,034 Other comprehensive income (loss): Foreign currency translation — — (10,668 ) — (10,668 ) Change in unrealized gain on marketable securities 181 — — — 181 Other — — (1,880 ) — (1,880 ) Total other comprehensive income (loss) 181 — (12,548 ) — (12,367 ) Comprehensive income (loss) 149,161 (34,248 ) 130,174 (108,420 ) 136,667 Comprehensive income attributable to noncontrolling interests — — 54 — 54 Comprehensive income (loss) attributable to common stockholders $ 149,161 $ (34,248 ) $ 130,120 $ (108,420 ) $ 136,613 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,280 $ (32,666 ) $ 364,117 $ — $ 335,731 Cash flows from investing activities: Net investment in real estate property (198,843 ) — — — (198,843 ) Proceeds from loans receivable — — 3,363 — 3,363 Investment in loans receivable and other (2,313 ) — (699,045 ) — (701,358 ) Capital expenditures — (9 ) (23,826 ) — (23,835 ) Development project expenditures — — (86,452 ) — (86,452 ) Investment in unconsolidated operating entity — — (14,850 ) — (14,850 ) Other — — (12,090 ) — (12,090 ) Net cash used in investing activities (201,156 ) (9 ) (832,900 ) — (1,034,065 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 18,000 4,822 — 22,822 Proceeds from debt — 793,904 3,310 — 797,214 Repayment of debt — (19 ) (20,477 ) — (20,496 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 577,099 (800,193 ) 223,094 — — Payment of deferred financing costs — (6,384 ) — — (6,384 ) Cash distribution (to) from affiliates (298,190 ) 27,367 270,823 — — Cash distribution to common stockholders (275,368 ) — — — (275,368 ) Cash distribution to redeemable OP unitholders — — (1,893 ) — (1,893 ) Contributions from noncontrolling interests — — 2,102 — 2,102 Distributions to noncontrolling interests — — (2,410 ) — (2,410 ) Other 3,297 — — — 3,297 Net cash (used in) provided by financing activities (8,971 ) 32,675 479,371 — 503,075 Net (decrease) increase in cash and cash equivalents (205,847 ) — 10,588 — (195,259 ) Effect of foreign currency translation on cash and cash equivalents 5,146 — (5,310 ) — (164 ) Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 9,602 $ — $ 81,682 $ — $ 91,284 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 26,413 $ (34,344 ) $ 285,080 $ — $ 277,149 Cash flows from investing activities: Net investment in real estate property (13,620 ) — — — (13,620 ) Proceeds from loans receivable — — 1,625 — 1,625 Investment in loans receivable and other — — (146,214 ) — (146,214 ) Proceeds from real estate disposals 11,091 — 43,120 — 54,211 Capital expenditures — — (23,721 ) — (23,721 ) Development capital expenditures — — (34,767 ) — (34,767 ) Other — — (4,265 ) — (4,265 ) Net cash used in investing activities (2,529 ) — (164,222 ) — (166,751 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (10,000 ) 147,440 — 137,440 Proceeds from debt — — 145 — 145 Repayment of debt — — (151,309 ) — (151,309 ) Net change in intercompany debt 81,812 41,031 (122,843 ) — — Payment of deferred financing costs — — (76 ) — (76 ) Issuance of common stock, net 149,631 — — — 149,631 Cash distribution (to) from affiliates (7,440 ) 3,313 4,127 — — Cash distribution to common stockholders (245,496 ) — — — (245,496 ) Cash distribution to redeemable OP unitholders — — (2,323 ) — (2,323 ) Distributions to noncontrolling interests — — (1,743 ) — (1,743 ) Other 1,893 — — — 1,893 Net cash (used in) provided by financing activities (19,600 ) 34,344 (126,582 ) — (111,838 ) Net increase (decrease) in cash and cash equivalents 4,284 — (5,724 ) — (1,440 ) Effect of foreign currency translation on cash and cash equivalents (8,710 ) — 8,828 — 118 Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 7,307 $ — $ 44,394 $ — $ 51,701

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
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	We consolidate several VIEs that share 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. We have separately 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 consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 628,544 $ 193,398 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,926,041 343,431 1,882,336 354,034 Wexford tax credit VIEs 1,101,000 240,089 981,752 234,109
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, our share of the investee’s earnings or losses is included in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments. We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances, net income or loss is allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under this method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions received or than the amount we may receive in the event of an actual liquidation.
Redeemable OP Unitholder and Noncontrolling Interests	Redeemable OP Unitholder and Noncontrolling Interests We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC. We consolidate NHP/PMB, as our wholly owned subsidiary is the general partner, who is the primary beneficiary of this VIE. As of March 31, 2017 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.5% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 72.5% . 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 OP 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. Prior to January 2017, we owned only a majority interest in Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”) and we consolidated this entity, as our wholly owned subsidiary is the general partner, and was the primary beneficiary of this VIE. In January 2017, third party investors redeemed the remaining 341,776 limited partnership units (“Class C Units”) outstanding for 341,776 shares of Ventas common stock, valued at $20.9 million . After giving effect to such redemptions, Ventas Realty OP is our wholly owned subsidiary. As redemption rights are outside of our control, the redeemable OP Units and Class C Units (together, the “OP Unitholder Interests”) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Unitholder Interests at the greater of cost or fair value. As of March 31, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $160.5 million and $177.2 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 Unitholder Interests. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at March 31, 2017 and December 31, 2016 . Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ 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. In March 2017, certain joint venture partners redeemed all (or a portion) of their interests for $15.8 million . 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 HLBV 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 For certain life science assets, we are party to certain contractual arrangements with 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 March 31, 2017 , we own twelve 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 interests 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.
Accounting for Real Estate Acquisitions	Accounting for Real Estate Acquisitions On January 1, 2017 we adopted ASU 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We are applying ASU 2017-01 prospectively for acquisitions after January 1, 2017. Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses (or assets) acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Intangibles primarily include the value of in-place leases and acquired lease contracts. 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 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 an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally 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 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 assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.
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.
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 previously 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 March 31, 2017 and December 31, 2016 , this cumulative excess totaled $250.1 million (net of allowances of $112.0 million ) and $244.6 million (net of allowances of $109.8 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, 2017 we adopted ASU 2016-09, Compensation - Stock Compensation (“ASU 2016-09”) which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. Adoption of this ASU did not have a significant impact on our consolidated financial statements. In 2014, the FASB issued ASU 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”, as codified in “ASC 606”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASC 606 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 ASC specifically references contracts with customers, it may also apply to certain other transactions such as the sale of real estate or equipment. ASC 606 is effective for us beginning January 1, 2018 and we have evaluated all revenue streams to identify any differences in the timing, measurement or presentation of revenue recognition. Based on a review of our various revenue streams, we believe the following line items in our Consolidated Statements of Income are subject to ASC 606: office building and other services revenue, as well as certain elements of our resident fees and services. More specifically, our office building and other services revenues are primarily generated by management contracts where we provide management, leasing, marketing, facility development and advisory services. Included within resident fees and services are revenues generated through services we provide to residents of our seniors housing communities that are ancillary to the residents’ contractual rights to occupy living and common-area space at the communities such as care, meals, transportation and activities. While these revenue streams are subject to the application of ASC 606, we believe that the recognition of income will be consistent with the current accounting model because currently the revenues associated with these services are generally recognized on a monthly basis, the period in which the related services are performed. We do not expect its adoption to have a significant impact on our consolidated financial statements. Remaining implementation matters include evaluating quantitative impacts and implementing changes to internal control policies and procedures, if any. We plan to adopt ASC 606 using a modified retrospective method. 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 among 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 us 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.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 628,544 $ 193,398 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,926,041 343,431 1,882,336 354,034 Wexford tax credit VIEs 1,101,000 240,089 981,752 234,109

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	3 Months Ended
	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	For the Three Months Ended March 31, 2017 2016 Revenues (1) : Kindred 5.0 % 5.3 % Brookdale Senior Living (2) 4.7 4.8 Ardent 3.1 3.1 NOI (3) : Kindred 8.7 % 9.2 % Brookdale Senior Living (2) 8.2 8.3 Ardent 5.3 5.3 (1) Total revenues include office building and other services revenue, revenue from loans and investments and interest and other income (excluding amounts in discontinued operations). (2) Excludes one seniors housing community included in senior living operations. (3) Excludes amounts in discontinued operations.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale as of March 31, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. March 31, 2017 December 31, 2016 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) Office Operations 9 60,173 1,389 7 53,151 1,462 Senior Living Operations* — 1,810 — — 1,810 — Total 9 $ 61,983 $ 1,389 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of March 31, 2017 and December 31, 2016.

LOANS RECEIVABLE AND INVESTME30

LOANS RECEIVABLE AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our net loans receivable and investments as of March 31, 2017 and December 31, 2016 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of March 31, 2017: Secured/mortgage loans and other $ 1,343,173 $ 1,343,173 $ 1,361,388 $ — Government-sponsored pooled loan investments (1) 55,244 54,128 55,244 1,116 Total investments reported as Secured loans receivable and investments, net 1,398,417 1,397,301 1,416,632 1,116 Non-mortgage loans receivable, net 54,630 54,630 55,218 — Total investments reported as Other assets 54,630 54,630 55,218 — Total loans receivable and investments, net $ 1,453,047 $ 1,451,931 $ 1,471,850 $ 1,116 As of December 31, 2016: Secured/mortgage loans and other $ 646,972 $ 646,972 $ 655,981 $ — Government-sponsored pooled loan investments (1) 55,049 53,810 55,049 1,239 Total investments reported as Secured loans receivable and investments, net 702,021 700,782 711,030 1,239 Non-mortgage loans receivable, net 52,544 52,544 53,626 — Total investments reported as Other assets 52,544 52,544 53,626 — Total loans receivable and investments, net $ 754,565 $ 753,326 $ 764,656 $ 1,239 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023

INTANGIBLES (Tables)

INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 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 $ 188,684 7.3 $ 184,993 6.9 In-place and other lease intangibles 1,343,682 23.3 1,325,636 23.6 Goodwill 1,033,484 N/A 1,033,225 N/A Other intangibles 35,797 11.9 35,783 11.3 Accumulated amortization (793,927 ) N/A (769,558 ) N/A Net intangible assets $ 1,807,720 21.2 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 361,388 13.8 $ 345,103 14.1 Other lease intangibles 40,343 39.0 40,843 38.5 Accumulated amortization (140,822 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 264,477 15.6 $ 256,046 15.9 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets as of March 31, 2017 and December 31, 2016 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 250,083 $ 244,580 Non-mortgage loans receivable, net 54,630 52,544 Other intangibles, net 7,484 8,190 Investment in unconsolidated operating entities 43,003 28,431 Other 162,083 184,619 Total other assets $ 517,283 $ 518,364

SENIOR NOTES PAYABLE AND OTHE33

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 170,731 $ 146,538 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) 372,042 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 300,503 297,841 2.700% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 900,000 900,000 4.750% Senior Notes due 2021 700,000 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.300% Senior Notes due 2022 (3) 187,815 186,150 3.125% Senior Notes due 2023 400,000 400,000 3.100% 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) 187,815 186,150 3.500% Senior Notes due 2025 600,000 600,000 4.125% Senior Notes due 2026 500,000 500,000 3.25% Senior Notes due 2026 450,000 450,000 3.850% Senior Notes due 2027 400,000 — 6.90% Senior Notes due 2037 52,400 52,400 6.59% Senior Notes due 2038 22,973 22,973 5.45% Senior Notes due 2043 258,750 258,750 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 Mortgage loans and other 1,717,529 1,718,897 Total 12,020,558 11,190,914 Deferred financing costs, net (64,086 ) (61,304 ) Unamortized fair value adjustment 19,708 25,224 Unamortized discounts (32,447 ) (27,508 ) Senior notes payable and other debt $ 11,943,733 $ 11,127,326 (1) $152.7 million and $146.5 million of aggregate borrowings are denominated in Canadian dollars as of March 31, 2017 and December 31, 2016 , respectively. (2) These amounts represent in aggregate the $572.0 million of unsecured term loan borrowings under our unsecured credit facility, of which $93.5 million included in the 2019 tranche is in the form of Canadian dollars. (3) These borrowings are in the form of Canadian dollars.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of March 31, 2017 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2017 $ 609,499 $ — $ 19,375 $ 628,874 2018 1,101,879 170,731 21,206 1,293,816 2019 1,697,131 — 14,789 1,711,920 2020 1,416,913 — 11,809 1,428,722 2021 772,838 — 10,325 783,163 Thereafter (2) 6,056,092 — 117,971 6,174,063 Total maturities $ 11,654,352 $ 170,731 $ 195,475 $ 12,020,558 (1) As of March 31, 2017 , we had $91.3 million of unrestricted cash and cash equivalents, for $79.4 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028. U

FAIR VALUES OF FINANCIAL INST34

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of March 31, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 91,284 $ 91,284 $ 286,707 $ 286,707 Secured mortgage loans and other 1,343,173 1,361,388 646,972 655,981 Non-mortgage loans receivable, net 54,630 55,218 52,544 53,626 Government-sponsored pooled loan investments 55,244 55,244 55,049 55,049 Derivative instruments 3,445 3,445 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 12,020,558 12,173,575 11,190,914 11,369,440 Derivative instruments 3,049 3,049 2,316 2,316 Redeemable OP unitholder interests 160,475 160,475 177,177 177,177

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (62,110 ) $ (66,192 ) Unrealized gain on marketable securities 1,116 1,239 Other 7,337 7,419 Total accumulated other comprehensive loss $ (53,657 ) $ (57,534 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
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 share: For the Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 155,912 $ 123,339 Discontinued operations (53 ) (489 ) Gain on real estate dispositions 43,289 26,184 Net income 199,148 149,034 Net income attributable to noncontrolling interests 1,021 54 Net income attributable to common stockholders $ 198,127 $ 148,980 Denominator: Denominator for basic earnings per share—weighted average shares 354,410 335,559 Effect of dilutive securities: Stock options 452 311 Restricted stock awards 164 149 OP Units 2,546 3,183 Denominator for diluted earnings per share—adjusted weighted average shares 357,572 339,202 Basic earnings per share: Income from continuing operations $ 0.44 $ 0.37 Net income attributable to common stockholders 0.56 0.44 Diluted earnings per share: Income from continuing operations $ 0.44 $ 0.36 Net income attributable to common stockholders 0.55 0.44

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended March 31, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 209,327 $ — $ 185,895 $ — $ 395,222 Resident fees and services — 464,188 — — 464,188 Office building and other services revenue 1,205 — 1,931 270 3,406 Income from loans and investments — — — 20,146 20,146 Interest and other income — — — 481 481 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Less: Interest and other income — — — 481 481 Property-level operating expenses — 312,073 56,914 — 368,987 Office building services costs — — 738 — 738 Segment NOI 210,532 152,115 130,174 20,416 513,237 Income (loss) from unconsolidated entities 3,269 (76 ) 335 (378 ) 3,150 Segment profit $ 213,801 $ 152,039 $ 130,509 $ 20,038 516,387 Interest and other income 481 Interest expense (108,804 ) Depreciation and amortization (217,783 ) General, administrative and professional fees (33,961 ) Loss on extinguishment of debt, net (309 ) Merger-related expenses and deal costs (2,056 ) Other (1,188 ) Income tax benefit 3,145 Income from continuing operations $ 155,912 For the Three Months Ended March 31, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 214,487 $ — $ 144,136 $ — $ 358,623 Resident fees and services — 463,976 — — 463,976 Office building and other services revenue 1,199 — 4,976 1,010 7,185 Income from loans and investments — — — 22,386 22,386 Interest and other income — — — 119 119 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Total revenues $ 215,686 $ 463,976 $ 149,112 $ 23,515 $ 852,289 Less: Interest and other income — — — 119 119 Property-level operating expenses — 312,541 43,681 — 356,222 Office building services costs — — 3,451 — 3,451 Segment NOI 215,686 151,435 101,980 23,396 492,497 (Loss) income from unconsolidated entities (671 ) 337 (126 ) 262 (198 ) Segment profit $ 215,015 $ 151,772 $ 101,854 $ 23,658 492,299 Interest and other income 119 Interest expense (103,273 ) Depreciation and amortization (236,387 ) General, administrative and professional fees (31,726 ) Loss on extinguishment of debt, net (314 ) Merger-related expenses and deal costs (1,632 ) Other (4,168 ) Income tax benefit 8,421 Income from continuing operations $ 123,339
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 93,809 $ 40,701 Senior living operations 21,325 18,994 Office operations 193,996 12,413 Total capital expenditures $ 309,130 $ 72,108
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows: For the Three Months Ended March 31, 2017 2016 (In thousands) Revenues: United States $ 832,820 $ 804,201 Canada 44,595 41,129 United Kingdom 6,028 6,959 Total revenues $ 883,443 $ 852,289
Net real estate property by geographic area	As of March 31, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,325,618 $ 19,105,939 Canada 1,036,815 1,037,105 United Kingdom 253,296 251,710 Total net real estate property $ 20,615,729 20,394,754

CONDENSED CONSOLIDATING INFOR38

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of March 31, 2017 and December 31, 2016 and for the three months ended March 31, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,954 $ 159,621 $ 21,961,547 $ — $ 22,123,122 Cash and cash equivalents 9,602 — 81,682 — 91,284 Escrow deposits and restricted cash 199 1,548 90,428 — 92,175 Investment in and advances to affiliates 14,790,298 2,938,442 — (17,728,740 ) — Goodwill — — 1,033,484 — 1,033,484 Assets held for sale — — 61,983 — 61,983 Other assets 38,801 4,831 473,651 — 517,283 Total assets $ 14,840,854 $ 3,104,442 $ 23,702,775 $ (17,728,740 ) $ 23,919,331 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 9,215,783 $ 2,727,950 $ — $ 11,943,733 Intercompany loans 7,501,737 (7,009,900 ) (491,837 ) — — Accrued interest — 60,432 17,787 — 78,219 Accounts payable and other liabilities 245,454 33,347 667,873 — 946,674 Liabilities held for sale — (1 ) 1,390 — 1,389 Deferred income taxes 294,057 — — — 294,057 Total liabilities 8,041,248 2,299,661 2,923,163 — 13,264,072 Redeemable OP unitholder and noncontrolling interests — — 171,384 — 171,384 Total equity 6,799,606 804,781 20,608,228 (17,728,740 ) 10,483,875 Total liabilities and equity $ 14,840,854 $ 3,104,442 $ 23,702,775 $ (17,728,740 ) $ 23,919,331 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 2,007 $ 173,259 $ 21,017,430 $ — $ 21,192,696 Cash and cash equivalents 210,303 — 76,404 — 286,707 Escrow deposits and restricted cash 198 1,504 78,945 — 80,647 Investment in and advances to affiliates 14,258,380 2,938,442 — (17,196,822 ) — Goodwill — — 1,033,225 — 1,033,225 Assets held for sale — — 54,961 — 54,961 Other assets 35,468 6,792 476,104 — 518,364 Total assets $ 14,506,356 $ 3,119,997 $ 22,737,069 $ (17,196,822 ) $ 23,166,600 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,406,979 $ 2,720,347 $ — $ 11,127,326 Intercompany loans 7,088,289 (6,209,707 ) (878,582 ) — — Accrued interest — 65,403 18,359 — 83,762 Accounts payable and other liabilities 89,115 35,587 783,226 — 907,928 Liabilities held for sale — (1 ) 1,463 — 1,462 Deferred income taxes 316,641 — — — 316,641 Total liabilities 7,494,045 2,298,261 2,644,813 — 12,437,119 Redeemable OP unitholder and noncontrolling interests — — 200,728 — 200,728 Total equity 7,012,311 821,736 19,891,528 (17,196,822 ) 10,528,753 Total liabilities and equity $ 14,506,356 $ 3,119,997 $ 22,737,069 $ (17,196,822 ) $ 23,166,600
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 47,819 $ 346,818 $ — $ 395,222 Resident fees and services — — 464,188 — 464,188 Office building and other services revenue — — 3,406 — 3,406 Income from loans and investments 281 — 19,865 — 20,146 Equity earnings in affiliates 136,989 — (308 ) (136,681 ) — Interest and other income 343 — 138 — 481 Total revenues 138,198 47,819 834,107 (136,681 ) 883,443 Expenses Interest (16,600 ) 74,789 50,615 — 108,804 Depreciation and amortization 1,409 2,371 214,003 — 217,783 Property-level operating expenses — 83 368,904 — 368,987 Office building services costs — — 738 — 738 General, administrative and professional fees 130 4,700 29,131 — 33,961 Loss on extinguishment of debt, net — 19 290 — 309 Merger-related expenses and deal costs 1,863 — 193 — 2,056 Other (349 ) — 1,537 — 1,188 Total expenses (13,547 ) 81,962 665,411 — 733,826 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interests 151,745 (34,143 ) 168,696 (136,681 ) 149,617 Income (loss) from unconsolidated entities — 3,321 (171 ) — 3,150 Income tax benefit 3,145 — — — 3,145 Income (loss) from continuing operations 154,890 (30,822 ) 168,525 (136,681 ) 155,912 Discontinued operations (53 ) — — — (53 ) Gain (loss) on real estate dispositions 43,290 — (1 ) — 43,289 Net income (loss) 198,127 (30,822 ) 168,524 (136,681 ) 199,148 Net income attributable to noncontrolling interests — — 1,021 — 1,021 Net income (loss) attributable to common stockholders $ 198,127 $ (30,822 ) $ 167,503 $ (136,681 ) $ 198,127 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 916 $ 48,725 $ 308,982 $ — $ 358,623 Resident fees and services — — 463,976 — 463,976 Office building and other services revenue 602 — 6,583 — 7,185 Income from loans and investments — — 22,386 — 22,386 Equity earnings in affiliates 108,762 — (342 ) (108,420 ) — Interest and other income 29 — 90 — 119 Total revenues 110,309 48,725 801,675 (108,420 ) 852,289 Expenses Interest (10,795 ) 68,579 45,489 — 103,273 Depreciation and amortization 4,932 9,914 221,541 — 236,387 Property-level operating expenses — 79 356,143 — 356,222 Office building services costs — — 3,451 — 3,451 General, administrative and professional fees (15 ) 4,504 27,237 — 31,726 Loss on extinguishment of debt, net — — 314 — 314 Merger-related expenses and deal costs 1,372 260 — 1,632 Other (49 ) — 4,217 — 4,168 Total expenses (4,555 ) 83,076 658,652 — 737,173 Income (loss) from continuing operations before unconsolidated entities, income taxes, real estate dispositions and noncontrolling interests 114,864 (34,351 ) 143,023 (108,420 ) 115,116 Income (loss) from unconsolidated entities — 103 (301 ) — (198 ) Income tax benefit 8,421 — — — 8,421 Income (loss) from continuing operations 123,285 (34,248 ) 142,722 (108,420 ) 123,339 Discontinued operations (489 ) — — — (489 ) Gain on real estate dispositions 26,184 — — — 26,184 Net income (loss) 148,980 (34,248 ) 142,722 (108,420 ) 149,034 Net income attributable to noncontrolling interests — — 54 — 54 Net income (loss) attributable to common stockholders $ 148,980 $ (34,248 ) $ 142,668 $ (108,420 ) $ 148,980
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 198,127 $ (30,822 ) $ 168,524 $ (136,681 ) 199,148 Other comprehensive (loss) income: Foreign currency translation — — 4,082 — 4,082 Change in unrealized gain on marketable securities (123 ) — — — (123 ) Other — — (82 ) — (82 ) Total other comprehensive (loss) income (123 ) — 4,000 — 3,877 Comprehensive income (loss) 198,004 (30,822 ) 172,524 (136,681 ) 203,025 Comprehensive income attributable to noncontrolling interests — — 1,021 — 1,021 Comprehensive income (loss) attributable to common stockholders $ 198,004 $ (30,822 ) $ 171,503 $ (136,681 ) $ 202,004 For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 148,980 $ (34,248 ) $ 142,722 $ (108,420 ) $ 149,034 Other comprehensive income (loss): Foreign currency translation — — (10,668 ) — (10,668 ) Change in unrealized gain on marketable securities 181 — — — 181 Other — — (1,880 ) — (1,880 ) Total other comprehensive income (loss) 181 — (12,548 ) — (12,367 ) Comprehensive income (loss) 149,161 (34,248 ) 130,174 (108,420 ) 136,667 Comprehensive income attributable to noncontrolling interests — — 54 — 54 Comprehensive income (loss) attributable to common stockholders $ 149,161 $ (34,248 ) $ 130,120 $ (108,420 ) $ 136,613
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,280 $ (32,666 ) $ 364,117 $ — $ 335,731 Cash flows from investing activities: Net investment in real estate property (198,843 ) — — — (198,843 ) Proceeds from loans receivable — — 3,363 — 3,363 Investment in loans receivable and other (2,313 ) — (699,045 ) — (701,358 ) Capital expenditures — (9 ) (23,826 ) — (23,835 ) Development project expenditures — — (86,452 ) — (86,452 ) Investment in unconsolidated operating entity — — (14,850 ) — (14,850 ) Other — — (12,090 ) — (12,090 ) Net cash used in investing activities (201,156 ) (9 ) (832,900 ) — (1,034,065 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 18,000 4,822 — 22,822 Proceeds from debt — 793,904 3,310 — 797,214 Repayment of debt — (19 ) (20,477 ) — (20,496 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 577,099 (800,193 ) 223,094 — — Payment of deferred financing costs — (6,384 ) — — (6,384 ) Cash distribution (to) from affiliates (298,190 ) 27,367 270,823 — — Cash distribution to common stockholders (275,368 ) — — — (275,368 ) Cash distribution to redeemable OP unitholders — — (1,893 ) — (1,893 ) Contributions from noncontrolling interests — — 2,102 — 2,102 Distributions to noncontrolling interests — — (2,410 ) — (2,410 ) Other 3,297 — — — 3,297 Net cash (used in) provided by financing activities (8,971 ) 32,675 479,371 — 503,075 Net (decrease) increase in cash and cash equivalents (205,847 ) — 10,588 — (195,259 ) Effect of foreign currency translation on cash and cash equivalents 5,146 — (5,310 ) — (164 ) Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 9,602 $ — $ 81,682 $ — $ 91,284 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 26,413 $ (34,344 ) $ 285,080 $ — $ 277,149 Cash flows from investing activities: Net investment in real estate property (13,620 ) — — — (13,620 ) Proceeds from loans receivable — — 1,625 — 1,625 Investment in loans receivable and other — — (146,214 ) — (146,214 ) Proceeds from real estate disposals 11,091 — 43,120 — 54,211 Capital expenditures — — (23,721 ) — (23,721 ) Development capital expenditures — — (34,767 ) — (34,767 ) Other — — (4,265 ) — (4,265 ) Net cash used in investing activities (2,529 ) — (164,222 ) — (166,751 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (10,000 ) 147,440 — 137,440 Proceeds from debt — — 145 — 145 Repayment of debt — — (151,309 ) — (151,309 ) Net change in intercompany debt 81,812 41,031 (122,843 ) — — Payment of deferred financing costs — — (76 ) — (76 ) Issuance of common stock, net 149,631 — — — 149,631 Cash distribution (to) from affiliates (7,440 ) 3,313 4,127 — — Cash distribution to common stockholders (245,496 ) — — — (245,496 ) Cash distribution to redeemable OP unitholders — — (2,323 ) — (2,323 ) Distributions to noncontrolling interests — — (1,743 ) — (1,743 ) Other 1,893 — — — 1,893 Net cash (used in) provided by financing activities (19,600 ) 34,344 (126,582 ) — (111,838 ) Net increase (decrease) in cash and cash equivalents 4,284 — (5,724 ) — (1,440 ) Effect of foreign currency translation on cash and cash equivalents (8,710 ) — 8,828 — 118 Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 7,307 $ — $ 44,394 $ — $ 51,701

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Mar. 31, 2017propertytenant
Real estate properties
Number of real estate properties	1,300
Number of properties leased	582
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
Development Projects
Real estate properties
Number of real estate properties	8
Number of properties included in investments in unconsolidated entities	1
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	299
Unconsolidated Properties
Real estate properties
Number of properties included in investments in unconsolidated entities, pursuant to management agreement	1

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	$ 628,544	$ 639,763
Total Liabilities	193,398	199,674
Ventas Realty Capital Healthcare Trust Operating Partnership, L.P.
Variable Interest Entity [Line Items]
Total Assets	0	2,143,139
Total Liabilities	0	162,426
Other identified VIEs
Variable Interest Entity [Line Items]
Total Assets	1,926,041	1,882,336
Total Liabilities	343,431	354,034
Wexford tax credit VIEs
Variable Interest Entity [Line Items]
Total Assets	1,101,000	981,752
Total Liabilities	$ 240,089	$ 234,109

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	1 Months Ended		3 Months Ended
	Mar. 31, 2017USD ($)shares	Jan. 31, 2017USD ($)shares	Mar. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, value redeemed | $		$ 20.9
Fair value of operating partnership units exceeding cost | $	$ 160.5		$ 160.5	$ 177.2
Partner redemptions | $	$ 15.8
Common Stock
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, shares Issued (in shares)		341,776
Class C Units
Redeemable Noncontrolling Interest [Line Items]
Partners' capital account, units, redeemed (in shares)		341,776
NHP/PMB L.P.
Redeemable Noncontrolling Interest [Line Items]
Unit conversion factor for common stock	0.9051		0.9051
NHP/PMB L.P. | Limited Partner
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units, outstanding (in shares)	2,726,442		2,726,442
Percentage of ownership interest on total units outstanding			27.50%
NHP/PMB L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding			72.50%
Limited partnership units outstanding (in shares)	7,176,441		7,176,441

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Mar. 31, 2017property
Business Acquisition [Line Items]
Number of real estate properties	1,300
Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	12
Development Assets | Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	2

ACCOUNTING POLICIES - Business

ACCOUNTING POLICIES - Business Combinations (Details)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Estimated remaining years	35 years

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 250,083	$ 244,580
Straight-line rent receivables, allowance	$ 112,000	$ 109,800
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)	3 Months Ended
	Mar. 31, 2017board_memberpropertystateprovince
Atria
Concentration Risk [Line Items]
Ownership interests accounted for under the equity method	34.00%
Number of board members appointed | board_member	2
Number of board members | board_member	6
Seniors Housing Communities
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property	299
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property	267
NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10% of net operating income	1
Customer Concentration Risk
Concentration Risk [Line Items]
Number of states	46
Number of Canadian provinces | province	7
Customer Concentration Risk | Total gross book value of properties | Atria
Concentration Risk [Line Items]
Concentration percentage	21.80%
Customer Concentration Risk | Total gross book value of properties | Sunrise
Concentration Risk [Line Items]
Concentration percentage	10.80%
Customer Concentration Risk | Total gross book value of properties | Brookdale Senior Living
Concentration Risk [Line Items]
Concentration percentage	7.70%
Customer Concentration Risk | Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage	1.70%
Customer Concentration Risk | Total gross book value of properties | Ardent
Concentration Risk [Line Items]
Concentration percentage	4.90%
Customer Concentration Risk | Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage	40.00%
Customer Concentration Risk | Total revenues
Concentration Risk [Line Items]
Number of states accounting for more than 10% of total revenues	1
Triple-Net Leased Properties | Customer Concentration Risk | Total gross book value of properties
Concentration Risk [Line Items]
Concentration percentage	24.90%
Senior Living Operations | Customer Concentration Risk | Total gross book value of properties
Concentration Risk [Line Items]
Concentration percentage	35.10%

CONCENTRATION OF CREDIT RISK (S

CONCENTRATION OF CREDIT RISK (Schedule of Concentration Risks) (Details) - Revenue from Rights Concentration Risk	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Kindred | Revenues
Concentration Risk [Line Items]
Concentration percentage	5.00%	5.30%
Kindred | NOI
Concentration Risk [Line Items]
Concentration percentage	8.70%	9.20%
Brookdale Senior Living | Revenues
Concentration Risk [Line Items]
Concentration percentage	4.70%	4.80%
Brookdale Senior Living | NOI
Concentration Risk [Line Items]
Concentration percentage	8.20%	8.30%
Ardent | Revenues
Concentration Risk [Line Items]
Concentration percentage	3.10%	3.10%
Ardent | NOI
Concentration Risk [Line Items]
Concentration percentage	5.30%	5.30%

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of real estate	$ 5.2	$ 10.3
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	5
Proceeds from sale of real estate	$ 85
Gain on disposition	$ 43.3

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Mar. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	9	7
Assets held for sale	$ 61,983	$ 54,961
Liabilities related to assets held for sale	$ 1,389	$ 1,462
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	9	7
Assets held for sale	$ 60,173	$ 53,151
Liabilities related to assets held for sale	$ 1,389	$ 1,462
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	0
Assets held for sale	$ 1,810	$ 1,810
Liabilities related to assets held for sale	$ 0	$ 0
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	1

ACQUISITIONS OF REAL ESTATE P49

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2017USD ($)property	Mar. 31, 2017USD ($)property
Business Acquisition [Line Items]
Purchase price | $		$ 353.4
Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of businesses acquired		11
Seniors Housing Communities
Business Acquisition [Line Items]
Property acquired previously owned by equity method investee	6	6
Purchase price | $	$ 100
Office Operations
Business Acquisition [Line Items]
Number of businesses acquired		1

LOANS RECEIVABLE AND INVESTME50

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 1,500	$ 754.6

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	$ 1,453,047	$ 754,565
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,451,931	753,326
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,471,850	764,656
Available-for-sale securities, unrealized gain (loss)	1,116	1,239
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	1,398,417	702,021
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,397,301	700,782
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,416,632	711,030
Available-for-sale securities, unrealized gain (loss)	1,116	1,239
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	54,630	52,544
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	54,630	52,544
Secured loans, unsecured loans, and other available-for-sale securities, fair value	55,218	53,626
Available-for-sale securities, unrealized gain (loss)	0	0
Government-sponsored pooled loan investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Marketable securities	55,244	55,049
Available-for-sale securities, amortized cost	54,128	53,810
Available-for-sale securities, unrealized gain (loss)	1,116	1,239
Secured/mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	1,343,173	646,972
Mortgage loans and other, fair value	1,361,388	655,981
Available-for-sale securities, unrealized gain (loss)	0	0
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	54,630	52,544
Mortgage loans and other, fair value	55,218	53,626
Available-for-sale securities, unrealized gain (loss)	$ 0	$ 0

LOANS RECEIVABLE AND INVESTME52

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 28, 2017	Mar. 31, 2017
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
Debt, weighted average interest rate		8.90%
Revolving Credit Facility | LHP | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, face amount		$ 60,000,000
Financing receivable		$ 15,000,000
Subsequent Event
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from loan receivable	$ 5,800,000

INVESTMENTS IN UNCONSOLIDATED53

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2017USD ($)property	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)
Equity method investments
Number of real estate properties | property		33
Management fees earned		$ 1,600	$ 1,700
Purchase price		353,400
Gain on re-measurement of equity interest upon acquisition, net		$ 3,027	$ 0
Atria
Equity method investments
Ownership interests accounted for under the equity method		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method		9.90%
Minimum
Equity method investments
Ownership interests accounted for under the equity method		5.00%
Maximum
Equity method investments
Ownership interests accounted for under the equity method		25.00%
Seniors Housing Communities
Equity method investments
Property acquired previously owned by equity method investee | property	6	6
Purchase price	$ 100,000
Gain on re-measurement of equity interest upon acquisition, net	$ 3,000

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Intangible assets:
Goodwill	$ 1,033,484	$ 1,033,225
Accumulated amortization	(793,927)	(769,558)
Net intangible assets	$ 1,807,720	$ 1,810,079
Remaining Weighted Average Amortization Period in Years	21 years 2 months 12 days	21 years 6 months
Intangible liabilities:
Below market lease intangibles	$ 361,388	$ 345,103
Other lease intangibles	40,343	40,843
Accumulated amortization	(140,822)	(133,468)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 264,477	$ 256,046
Below market leases, remaining weighted average amortization period (in years)	13 years 9 months 18 days	14 years 1 month 6 days
Other lease intangibles, remaining weighted average amortization period (in years)	39 years	38 years 6 months
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 7 months 6 days	15 years 10 months 24 days
Above market lease intangibles
Intangible assets:
Intangible assets	$ 188,684	$ 184,993
Remaining Weighted Average Amortization Period in Years	7 years 3 months 18 days	6 years 10 months 24 days
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,343,682	$ 1,325,636
Remaining Weighted Average Amortization Period in Years	23 years 3 months 18 days	23 years 7 months 6 days
Other intangibles
Intangible assets:
Other intangibles	$ 35,797	$ 35,783
Remaining Weighted Average Amortization Period in Years	11 years 10 months 24 days	11 years 3 months 18 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 250,083	$ 244,580
Non-mortgage loans receivable, net	54,630	52,544
Other intangibles, net	7,484	8,190
Investment in unconsolidated operating entities	43,003	28,431
Other	162,083	184,619
Total other assets	$ 517,283	$ 518,364

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	Mar. 31, 2017CAD	Mar. 31, 2017USD ($)	Dec. 31, 2016CAD	Dec. 31, 2016USD ($)	Sep. 30, 2016CAD
Debt instruments
Principal amount outstanding		$ 12,020,558		$ 11,190,914
Deferred financing costs, net		(64,086)		(61,304)
Unamortized fair value adjustment		19,708		25,224
Unamortized discounts		(32,447)		(27,508)
Senior notes payable and other debt		11,943,733		11,127,326
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding		170,731		146,538
Unsecured revolving credit facilities | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 152,700		CAD 146,500
1.250% Senior Notes due 2017
Debt instruments
Principal amount outstanding		$ 300,000		300,000
Interest rate	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%
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding		$ 200,000		200,000
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding		372,042		371,215
4.00% Senior Notes due 2019
Debt instruments
Principal amount outstanding		$ 600,000		600,000
Interest rate	4.00%	4.00%
3.00% Senior Notes, Series A due 2019
Debt instruments
Principal amount outstanding | CAD	CAD 300,503		297,841
Interest rate	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%
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%
4.25% Senior Notes due 2022
Debt instruments
Principal amount outstanding		$ 600,000		600,000
Interest rate	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%
3.300% Senior Notes due 2022
Debt instruments
Principal amount outstanding | CAD	CAD 187,815		186,150
Interest rate	3.30%	3.30%
3.125% Senior Notes due 2023
Debt instruments
Principal amount outstanding | CAD	CAD 400,000		400,000
Interest rate	3.125%	3.125%
3.100% Senior Notes due 2023
Debt instruments
Principal amount outstanding | CAD	CAD 400,000		0
Interest rate	3.10%	3.10%
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding		$ 400,000		400,000
Interest rate	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding | CAD	CAD 187,815		CAD 186,150
Interest rate	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%
4.125% Senior Notes due 2026
Debt instruments
Principal amount outstanding		$ 500,000		500,000
Interest rate	4.125%	4.125%
3.25% Senior Notes due 2026
Debt instruments
Principal amount outstanding		$ 450,000		450,000
Interest rate	3.25%	3.25%
3.850% Senior Notes due 2027
Debt instruments
Principal amount outstanding		$ 400,000		0	CAD 400,000
Interest rate	3.85%	3.85%
6.90% Senior Notes due 2037
Debt instruments
Principal amount outstanding		$ 52,400		52,400
Interest rate	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%
5.45% Senior Notes due 2043
Debt instruments
Principal amount outstanding		$ 258,750		258,750
Interest rate	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%
4.375% Senior Notes due 2045
Debt instruments
Principal amount outstanding		$ 300,000		300,000
Interest rate	4.375%	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding		$ 1,717,529		$ 1,718,897
Unsecured term loan
Debt instruments
Principal amount outstanding | CAD	CAD 572,000
Unsecured term loan | Canada, Dollars
Debt instruments
Principal amount outstanding | CAD	CAD 93,500

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	$ 628,874
2,018	1,293,816
2,019	1,711,920
2,020	1,428,722
2,021	783,163
Thereafter	6,174,063
Total maturities	12,020,558	$ 11,190,914
Unrestricted cash and cash equivalents	91,284	286,707	$ 51,701	$ 53,023
Amount outstanding, net of cash and cash equivalents	79,400
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	609,499
2,018	1,101,879
2,019	1,697,131
2,020	1,416,913
2,021	772,838
Thereafter	6,056,092
Total maturities	11,654,352
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	0
2,018	170,731
2,019	0
2,020	0
2,021	0
Thereafter	0
Total maturities	170,731	$ 146,538
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	19,375
2,018	21,206
2,019	14,789
2,020	11,809
2,021	10,325
Thereafter	117,971
Total maturities	195,475
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, $ in Thousands	Apr. 25, 2017USD ($)period	Mar. 31, 2017USD ($)	Sep. 30, 2016USD ($)	Mar. 31, 2017USD ($)	Apr. 03, 2017USD ($)	Mar. 31, 2017CAD	Mar. 31, 2017USD ($)	Dec. 31, 2016CAD	Dec. 31, 2016USD ($)	Sep. 30, 2016CAD
Debt instruments
Principal amount outstanding							$ 12,020,558		$ 11,190,914
Derivative gain		$ 800
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding							170,731		146,538
Amount outstanding							170,700
Letters of credit outstanding							14,100
Unused borrowing capacity available							1,800,000
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding							200,000		200,000
Debt instrument, term of loan				4 years
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding							372,042		371,215
Debt instrument, term of loan				5 years
Unsecured term loan due 2020
Debt instruments
Debt instrument, basis spread on variable rate				97.50%
Principal amount outstanding							$ 900,000		900,000
3.100% Senior Notes due 2023
Debt instruments
Principal amount outstanding | CAD						CAD 400,000		CAD 0
Interest rate						3.10%	3.10%
Public offering price as percent of par						99.28%	99.28%
Proceeds from public offering sale of debt				$ 397,100
3.850% Senior Notes due 2027
Debt instruments
Principal amount outstanding							$ 400,000		$ 0	CAD 400,000
Interest rate						3.85%	3.85%
Public offering price as percent of par										99.196%
Proceeds from public offering sale of debt			$ 396,800
Revolving Credit Facility | Unsecured revolving credit facilities
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)							$ 2,000,000
Revolving Credit Facility | Unsecured revolving credit facilities | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.00%
Revolving Credit Facility | Unsecured Term Loan Due 2018
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)							200,000
Revolving Credit Facility | Unsecured Term Loan Due 2018 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.05%
Revolving Credit Facility | Unsecured term loan due 2019
Debt instruments
Principal amount outstanding							372,000
Subsequent Event | Revolving Credit Facility
Debt instruments
Additional periods | period	2
Debt instrument, additional period	6 months
Subsequent Event | Revolving Credit Facility | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	0.875%
Subsequent Event | Revolving Credit Facility | Unsecured revolving credit facilities
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 3,000,000
Subsequent Event | Revolving Credit Facility | Accordion Feature
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 3,750,000
Forward Contracts | Subsequent Event
Debt instruments
Derivative notional amount					$ 275,000
Debt, weighted average interest rate					2.33%
Interest Rate Swap
Debt instruments
Derivative notional amount							$ 400,000
Derivative fixed interest rate						3.10%	3.10%
Interest Rate Swap | LIBOR
Debt instruments
Debt, weighted average interest rate						0.98%	0.98%

FAIR VALUES OF FINANCIAL INST59

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Non-mortgage loans receivable, net	$ 54,630	$ 52,544
Liabilities:
Redeemable OP unitholder interests	160,500	177,200
Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,244	55,049
Carrying Amount
Assets:
Cash and cash equivalents	91,284	286,707
Secured mortgage loans and other	1,343,173	646,972
Non-mortgage loans receivable, net		52,544
Liabilities:
Senior notes payable and other debt, gross	12,020,558	11,190,914
Derivative instruments	3,049	2,316
Redeemable OP unitholder interests	160,475	177,177
Carrying Amount | Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,244	55,049
Carrying Amount | Derivative instruments
Assets:
Derivative instruments	3,445	3,302
Fair Value
Assets:
Cash and cash equivalents	91,284	286,707
Secured mortgage loans and other	1,361,388	655,981
Non-mortgage loans receivable, net	55,218	53,626
Liabilities:
Senior notes payable and other debt, gross	12,173,575	11,369,440
Derivative instruments	3,049	2,316
Redeemable OP unitholder interests	160,475	177,177
Fair Value | Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,244	55,049
Fair Value | Derivative instruments
Assets:
Derivative instruments	$ 3,445	$ 3,302

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Provision (benefit) for income taxes
Income tax benefit	$ 3,145	$ 8,421
Net deferred tax liabilities	$ 294,100		$ 316,600

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) $ in Millions	Mar. 31, 2017USD ($)
Equity [Abstract]
Equity offering program, remaining authorized offering amount	$ 230.6

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Foreign currency translation	$ (62,110)	$ (66,192)
Unrealized gain on marketable securities	1,116	1,239
Other	7,337	7,419
Total accumulated other comprehensive loss	$ (53,657)	$ (57,534)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 155,912	$ 123,339
Discontinued operations	(53)	(489)
Gain on real estate dispositions	43,289	26,184
Net income	199,148	149,034	$ 651,490
Net income attributable to noncontrolling interests	1,021	54
Net income attributable to common stockholders	$ 198,127	$ 148,980
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	354,410	335,559
Effect of dilutive securities:
Stock options (in shares)	452	311
Restricted stock awards (in shares)	164	149
OP units (in shares)	2,546	3,183
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	357,572	339,202
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.44	$ 0.37
Net income attributable to common stockholders (in usd per share)	0.56	0.44
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.44	0.36
Net income attributable to common stockholders (in usd per share)	$ 0.55	$ 0.44

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment	3
Revenues:
Rental income	$ 395,222	$ 358,623
Resident fees and services	464,188	463,976
Office building and other services revenue	3,406	7,185
Income from loans and investments	20,146	22,386
Interest and other income	481	119
Total revenues	883,443	852,289
Less:
Interest and other income	481	119
Property-level operating expenses	368,987	356,222
Office building services costs	738	3,451
Segment NOI	513,237	492,497
Income (loss) from unconsolidated entities	3,150	(198)
Segment profit	516,387	492,299
Interest and other income	481	119
Interest expense	(108,804)	(103,273)
Depreciation and amortization	(217,783)	(236,387)
General, administrative and professional fees	(33,961)	(31,726)
Loss on extinguishment of debt, net	(309)	(314)
Merger-related expenses and deal costs	(2,056)	(1,632)
Other	(1,188)	(4,168)
Income tax benefit	3,145	8,421
Income from continuing operations	155,912	123,339
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	209,327	214,487
Resident fees and services	0	0
Office building and other services revenue	1,205	1,199
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	210,532	215,686
Less:
Interest and other income	0	0
Property-level operating expenses	0	0
Office building services costs	0	0
Segment NOI	210,532	215,686
Income (loss) from unconsolidated entities	3,269	(671)
Segment profit	213,801	215,015
Interest and other income	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0
Resident fees and services	464,188	463,976
Office building and other services revenue	0	0
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	464,188	463,976
Less:
Interest and other income	0	0
Property-level operating expenses	312,073	312,541
Office building services costs	0	0
Segment NOI	152,115	151,435
Income (loss) from unconsolidated entities	(76)	337
Segment profit	152,039	151,772
Interest and other income	0	0
Operating Segments | Office Operations
Revenues:
Rental income	185,895	144,136
Resident fees and services	0	0
Office building and other services revenue	1,931	4,976
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	187,826	149,112
Less:
Interest and other income	0	0
Property-level operating expenses	56,914	43,681
Office building services costs	738	3,451
Segment NOI	130,174	101,980
Income (loss) from unconsolidated entities	335	(126)
Segment profit	130,509	101,854
Interest and other income	0	0
All Other
Revenues:
Rental income	0	0
Resident fees and services	0	0
Office building and other services revenue	270	1,010
Income from loans and investments	20,146	22,386
Interest and other income	481	119
Total revenues	20,897	23,515
Less:
Interest and other income	481	119
Property-level operating expenses	0	0
Office building services costs	0	0
Segment NOI	20,416	23,396
Income (loss) from unconsolidated entities	(378)	262
Segment profit	20,038	23,658
Interest and other income	$ 481	$ 119

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Reporting Information [Line Items]
Capital expenditures	$ 309,130	$ 72,108
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	93,809	40,701
Operating Segments | Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	21,325	18,994
Operating Segments | Office Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 193,996	$ 12,413

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues:
Total revenues	$ 883,443	$ 852,289
Net real estate property:
Total net real estate property	20,615,729		$ 20,394,754
United States
Revenues:
Total revenues	832,820	804,201
Net real estate property:
Total net real estate property	19,325,618		19,105,939
Canada
Revenues:
Total revenues	44,595	41,129
Net real estate property:
Total net real estate property	1,036,815		1,037,105
United Kingdom
Revenues:
Total revenues	6,028	$ 6,959
Net real estate property:
Total net real estate property	$ 253,296		$ 251,710

CONDENSED CONSOLIDATING INFOR67

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Net real estate investments	$ 22,123,122	$ 21,192,696
Cash and cash equivalents	91,284	286,707	$ 51,701	$ 53,023
Escrow deposits and restricted cash	92,175	80,647
Investment in and advances to affiliates	0	0
Goodwill	1,033,484	1,033,225
Assets held for sale	61,983	54,961
Other assets	517,283	518,364
Total assets	23,919,331	23,166,600
Liabilities:
Senior notes payable and other debt	11,943,733	11,127,326
Intercompany loans	0	0
Accrued interest	78,219	83,762
Accounts payable and other liabilities	946,674	907,928
Liabilities related to assets held for sale	1,389	1,462
Deferred income taxes	294,057	316,641
Total liabilities	13,264,072	12,437,119
Redeemable OP unitholder and noncontrolling interests	171,384	200,728
Total equity	10,483,875	10,528,753		9,625,427
Total liabilities and equity	23,919,331	23,166,600
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	(17,728,740)	(17,196,822)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,728,740)	(17,196,822)
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	(17,728,740)	(17,196,822)
Total liabilities and equity	$ (17,728,740)	(17,196,822)
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage by parent	100.00%
Ventas, Inc.
Assets
Net real estate investments	$ 1,954	2,007
Cash and cash equivalents	9,602	210,303	7,307	11,733
Escrow deposits and restricted cash	199	198
Investment in and advances to affiliates	14,790,298	14,258,380
Goodwill	0	0
Assets held for sale	0	0
Other assets	38,801	35,468
Total assets	14,840,854	14,506,356
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,501,737	7,088,289
Accrued interest	0	0
Accounts payable and other liabilities	245,454	89,115
Liabilities related to assets held for sale	0	0
Deferred income taxes	294,057	316,641
Total liabilities	8,041,248	7,494,045
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	6,799,606	7,012,311
Total liabilities and equity	$ 14,840,854	14,506,356
Ventas Realty
Condensed financial statements, captions
Ownership percentage by parent	100.00%
Assets
Net real estate investments	$ 159,621	173,259
Cash and cash equivalents	0	0		0
Escrow deposits and restricted cash	1,548	1,504
Investment in and advances to affiliates	2,938,442	2,938,442
Goodwill	0	0
Assets held for sale	0	0
Other assets	4,831	6,792
Total assets	3,104,442	3,119,997
Liabilities:
Senior notes payable and other debt	9,215,783	8,406,979
Intercompany loans	(7,009,900)	(6,209,707)
Accrued interest	60,432	65,403
Accounts payable and other liabilities	33,347	35,587
Liabilities related to assets held for sale	(1)	(1)
Deferred income taxes	0	0
Total liabilities	2,299,661	2,298,261
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	804,781	821,736
Total liabilities and equity	3,104,442	3,119,997
Ventas Subsidiaries
Assets
Net real estate investments	21,961,547	21,017,430
Cash and cash equivalents	81,682	76,404	$ 44,394	$ 41,290
Escrow deposits and restricted cash	90,428	78,945
Investment in and advances to affiliates	0	0
Goodwill	1,033,484	1,033,225
Assets held for sale	61,983	54,961
Other assets	473,651	476,104
Total assets	23,702,775	22,737,069
Liabilities:
Senior notes payable and other debt	2,727,950	2,720,347
Intercompany loans	(491,837)	(878,582)
Accrued interest	17,787	18,359
Accounts payable and other liabilities	667,873	783,226
Liabilities related to assets held for sale	1,390	1,463
Deferred income taxes	0	0
Total liabilities	2,923,163	2,644,813
Redeemable OP unitholder and noncontrolling interests	171,384	200,728
Total equity	20,608,228	19,891,528
Total liabilities and equity	$ 23,702,775	$ 22,737,069

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 395,222	$ 358,623
Resident fees and services	464,188	463,976
Office building and other services revenue	3,406	7,185
Income from loans and investments	20,146	22,386
Equity earnings in affiliates	0	0
Interest and other income	481	119
Total revenues	883,443	852,289
Expenses
Interest	108,804	103,273
Depreciation and amortization	217,783	236,387
Property-level operating expenses	368,987	356,222
Office building services costs	738	3,451
General, administrative and professional fees	33,961	31,726
(Gain) loss on extinguishment of debt, net	309	314
Merger-related expenses and deal costs	2,056	1,632
Other	1,188	4,168
Total expenses	733,826	737,173
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	149,617	115,116
Income (loss) from unconsolidated entities	3,150	(198)
Income tax benefit	3,145	8,421
Income from continuing operations	155,912	123,339
Discontinued operations	(53)	(489)
Gain on real estate dispositions	43,289	26,184
Net income	199,148	149,034	$ 651,490
Net income attributable to noncontrolling interests	1,021	54
Net income attributable to common stockholders	198,127	148,980
Consolidated Elimination
Revenues:
Rental income	0	0
Resident fees and services	0	0
Office building and other services revenue	0	0
Income from loans and investments	0	0
Equity earnings in affiliates	(136,681)	(108,420)
Interest and other income	0	0
Total revenues	(136,681)	(108,420)
Expenses
Interest	0	0
Depreciation and amortization	0	0
Property-level operating expenses	0	0
Office building services costs	0	0
General, administrative and professional fees	0	0
(Gain) loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	0	0
Other	0	0
Total expenses	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(136,681)	(108,420)
Income (loss) from unconsolidated entities	0	0
Income tax benefit	0	0
Income from continuing operations	(136,681)	(108,420)
Discontinued operations	0	0
Gain on real estate dispositions	0	0
Net income	(136,681)	(108,420)
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	(136,681)	(108,420)
Ventas, Inc.
Revenues:
Rental income	585	916
Resident fees and services	0	0
Office building and other services revenue	0	602
Income from loans and investments	281	0
Equity earnings in affiliates	136,989	108,762
Interest and other income	343	29
Total revenues	138,198	110,309
Expenses
Interest	(16,600)	(10,795)
Depreciation and amortization	1,409	4,932
Property-level operating expenses	0	0
Office building services costs	0	0
General, administrative and professional fees	130	(15)
(Gain) loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	1,863	1,372
Other	(349)	(49)
Total expenses	(13,547)	(4,555)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	151,745	114,864
Income (loss) from unconsolidated entities	0	0
Income tax benefit	3,145	8,421
Income from continuing operations	154,890	123,285
Discontinued operations	(53)	(489)
Gain on real estate dispositions	43,290	26,184
Net income	198,127	148,980
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	198,127	148,980
Ventas Realty
Revenues:
Rental income	47,819	48,725
Resident fees and services	0	0
Office building and other services revenue	0	0
Income from loans and investments	0	0
Equity earnings in affiliates	0	0
Interest and other income	0	0
Total revenues	47,819	48,725
Expenses
Interest	74,789	68,579
Depreciation and amortization	2,371	9,914
Property-level operating expenses	83	79
Office building services costs	0	0
General, administrative and professional fees	4,700	4,504
(Gain) loss on extinguishment of debt, net	19	0
Merger-related expenses and deal costs	0
Other	0	0
Total expenses	81,962	83,076
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(34,143)	(34,351)
Income (loss) from unconsolidated entities	3,321	103
Income tax benefit	0	0
Income from continuing operations	(30,822)	(34,248)
Discontinued operations	0	0
Gain on real estate dispositions	0	0
Net income	(30,822)	(34,248)
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	(30,822)	(34,248)
Ventas Subsidiaries
Revenues:
Rental income	346,818	308,982
Resident fees and services	464,188	463,976
Office building and other services revenue	3,406	6,583
Income from loans and investments	19,865	22,386
Equity earnings in affiliates	(308)	(342)
Interest and other income	138	90
Total revenues	834,107	801,675
Expenses
Interest	50,615	45,489
Depreciation and amortization	214,003	221,541
Property-level operating expenses	368,904	356,143
Office building services costs	738	3,451
General, administrative and professional fees	29,131	27,237
(Gain) loss on extinguishment of debt, net	290	314
Merger-related expenses and deal costs	193	260
Other	1,537	4,217
Total expenses	665,411	658,652
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	168,696	143,023
Income (loss) from unconsolidated entities	(171)	(301)
Income tax benefit	0	0
Income from continuing operations	168,525	142,722
Discontinued operations	0	0
Gain on real estate dispositions	(1)	0
Net income	168,524	142,722
Net income attributable to noncontrolling interests	1,021	54
Net income attributable to common stockholders	$ 167,503	$ 142,668

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Condensed financial statements, captions
Net income (loss)	$ 199,148	$ 149,034	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	4,082	(10,668)
Change in unrealized gain on marketable securities	(123)	181
Other	(82)	(1,880)
Total other comprehensive income (loss)	3,877	(12,367)	$ (49,969)
Comprehensive income	203,025	136,667
Comprehensive income attributable to noncontrolling interests	1,021	54
Comprehensive income attributable to common stockholders	202,004	136,613
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(136,681)	(108,420)
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	0	0
Other	0	0
Total other comprehensive income (loss)	0	0
Comprehensive income	(136,681)	(108,420)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	(136,681)	(108,420)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	198,127	148,980
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	(123)	181
Other	0	0
Total other comprehensive income (loss)	(123)	181
Comprehensive income	198,004	149,161
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	198,004	149,161
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(30,822)	(34,248)
Other comprehensive income (loss):
Foreign currency translation	0	0
Change in unrealized gain on marketable securities	0	0
Other	0	0
Total other comprehensive income (loss)	0	0
Comprehensive income	(30,822)	(34,248)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	(30,822)	(34,248)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	168,524	142,722
Other comprehensive income (loss):
Foreign currency translation	4,082	(10,668)
Change in unrealized gain on marketable securities	0	0
Other	(82)	(1,880)
Total other comprehensive income (loss)	4,000	(12,548)
Comprehensive income	172,524	130,174
Comprehensive income attributable to noncontrolling interests	1,021	54
Comprehensive income attributable to common stockholders	$ 171,503	$ 130,120

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 335,731	$ 277,149
Cash flows from investing activities:
Net investment in real estate property	(198,843)	(13,620)
Investment in loans receivable and other	(701,358)	(146,214)
Proceeds from real estate disposals	0	54,211
Proceeds from loans receivable	3,363	1,625
Development project expenditures	(86,452)	(34,767)
Capital expenditures	(23,835)	(23,721)
Investment in unconsolidated operating entity	(14,850)	0
Other	(12,090)	(4,265)
Net cash used in investing activities	(1,034,065)	(166,751)
Cash flows from financing activities:
Net change in borrowings under credit facility	22,822	137,440
Proceeds from debt	797,214	145
Repayment of debt	(20,496)	(151,309)
Purchase of noncontrolling interest	(15,809)	0
Net change in intercompany debt	0	0
Payment of deferred financing costs	(6,384)	(76)
Issuance of common stock, net	0	149,631
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(275,368)	(245,496)
Cash distribution to redeemable OP unitholders	(1,893)	(2,323)
Contributions from noncontrolling interests	2,102	0
Distributions to noncontrolling interests	(2,410)	(1,743)
Other	3,297	1,893
Net cash provided by (used in) financing activities	503,075	(111,838)
Net decrease in cash and cash equivalents	(195,259)	(1,440)
Effect of foreign currency translation on cash and cash equivalents	(164)	118
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	91,284	51,701
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
Investment in loans receivable and other	0	0
Proceeds from real estate disposals		0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital 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
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interest	0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Issuance of common stock, net		0
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash provided by (used in) financing activities	0	0
Net decrease in cash and cash equivalents	0	0
Effect of foreign currency translation on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	4,280	26,413
Cash flows from investing activities:
Net investment in real estate property	(198,843)	(13,620)
Investment in loans receivable and other	(2,313)	0
Proceeds from real estate disposals		11,091
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	0	0
Investment in unconsolidated operating entity	0
Other	0	0
Net cash used in investing activities	(201,156)	(2,529)
Cash flows from financing activities:
Net change in borrowings under credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interest	(15,809)
Net change in intercompany debt	577,099	81,812
Payment of deferred financing costs	0	0
Issuance of common stock, net		149,631
Cash distribution (to) from affiliates	(298,190)	(7,440)
Cash distribution to common stockholders	(275,368)	(245,496)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Distributions to noncontrolling interests	0	0
Other	3,297	1,893
Net cash provided by (used in) financing activities	(8,971)	(19,600)
Net decrease in cash and cash equivalents	(205,847)	4,284
Effect of foreign currency translation on cash and cash equivalents	5,146	(8,710)
Cash and cash equivalents at beginning of period	210,303	11,733
Cash and cash equivalents at end of period	9,602	7,307
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(32,666)	(34,344)
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable and other	0	0
Proceeds from real estate disposals		0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	(9)	0
Investment in unconsolidated operating entity	0
Other	0	0
Net cash used in investing activities	(9)	0
Cash flows from financing activities:
Net change in borrowings under credit facility	18,000	(10,000)
Proceeds from debt	793,904	0
Repayment of debt	(19)	0
Purchase of noncontrolling interest	0
Net change in intercompany debt	(800,193)	41,031
Payment of deferred financing costs	(6,384)	0
Issuance of common stock, net		0
Cash distribution (to) from affiliates	27,367	3,313
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash provided by (used in) financing activities	32,675	34,344
Net decrease in cash and cash equivalents	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
Ventas Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	364,117	285,080
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable and other	(699,045)	(146,214)
Proceeds from real estate disposals		43,120
Proceeds from loans receivable	3,363	1,625
Development project expenditures	(86,452)	(34,767)
Capital expenditures	(23,826)	(23,721)
Investment in unconsolidated operating entity	(14,850)
Other	(12,090)	(4,265)
Net cash used in investing activities	(832,900)	(164,222)
Cash flows from financing activities:
Net change in borrowings under credit facility	4,822	147,440
Proceeds from debt	3,310	145
Repayment of debt	(20,477)	(151,309)
Purchase of noncontrolling interest	0
Net change in intercompany debt	223,094	(122,843)
Payment of deferred financing costs	0	(76)
Issuance of common stock, net		0
Cash distribution (to) from affiliates	270,823	4,127
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(1,893)	(2,323)
Contributions from noncontrolling interests	2,102
Distributions to noncontrolling interests	(2,410)	(1,743)
Other	0	0
Net cash provided by (used in) financing activities	479,371	(126,582)
Net decrease in cash and cash equivalents	10,588	(5,724)
Effect of foreign currency translation on cash and cash equivalents	(5,310)	8,828
Cash and cash equivalents at beginning of period	76,404	41,290
Cash and cash equivalents at end of period	$ 81,682	$ 44,394