Ventas (VTR) 10-Q 28 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		356,150,173

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Real estate investments:
Land and improvements	$ 2,117,692	$ 2,089,591
Buildings and improvements	21,827,419	21,516,396
Construction in progress	281,093	210,599
Acquired lease intangibles	1,534,173	1,510,629
Gross real estate investments	25,760,377	25,327,215
Accumulated depreciation and amortization	(5,220,611)	(4,932,461)
Net real estate property	20,539,766	20,394,754
Secured loans receivable and investments, net	1,395,404	702,021
Investments in unconsolidated real estate entities	119,794	95,921
Net real estate investments	22,054,964	21,192,696
Cash and cash equivalents	103,353	286,707
Escrow deposits and restricted cash	68,343	80,647
Goodwill	1,034,054	1,033,225
Assets held for sale	89,569	54,961
Other assets	505,475	518,364
Total assets	23,855,758	23,166,600
Liabilities:
Senior notes payable and other debt	11,907,997	11,127,326
Accrued interest	87,248	83,762
Accounts payable and other liabilities	929,573	907,928
Liabilities related to assets held for sale	9,812	1,462
Deferred income taxes	296,822	316,641
Total liabilities	13,231,452	12,437,119
Redeemable OP unitholder and noncontrolling interests	182,154	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, 356,134 and 354,125 shares issued at June 30, 2017 and December 31, 2016, respectively	89,016	88,514
Capital in excess of par value	13,019,023	12,917,002
Accumulated other comprehensive loss	(45,035)	(57,534)
Retained earnings (deficit)	(2,688,946)	(2,487,695)
Treasury stock, 0 and 1 shares at June 30, 2017 and December 31, 2016, respectively	0	(47)
Total Ventas stockholders’ equity	10,374,058	10,460,240
Noncontrolling interests	68,094	68,513
Total equity	10,442,152	10,528,753
Total liabilities and equity	$ 23,855,758	$ 23,166,600

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	356,134,000	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Rental income:
Triple-net leased	$ 213,258	$ 210,119	$ 422,585	$ 424,606
Office	186,240	144,087	372,135	288,223
Total rental income	399,498	354,206	794,720	712,829
Resident fees and services	460,243	464,437	924,431	928,413
Office building and other services revenue	3,179	5,504	6,585	12,689
Income from loans and investments	32,368	24,146	52,514	46,532
Interest and other income	202	111	683	230
Total revenues	895,490	848,404	1,778,933	1,700,693
Expenses
Interest	113,572	103,665	222,376	206,938
Depreciation and amortization	224,108	221,961	441,891	458,348
Property-level operating expenses:
Senior living	308,625	307,989	620,698	620,530
Office	57,205	43,966	114,119	87,647
Total property-level operating expenses	365,830	351,955	734,817	708,177
Office building services costs	552	1,852	1,290	5,303
General, administrative and professional fees	33,282	32,094	67,243	63,820
Loss on extinguishment of debt, net	36	2,468	345	2,782
Merger-related expenses and deal costs	6,043	7,224	8,099	8,856
Other	1,848	2,303	3,036	6,471
Total expenses	745,271	723,522	1,479,097	1,460,695
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	150,219	124,882	299,836	239,998
(Loss) income from unconsolidated entities	(106)	1,418	3,044	1,220
Income tax benefit	2,159	11,549	5,304	19,970
Income from continuing operations	152,272	137,849	308,184	261,188
Discontinued operations	(23)	(148)	(76)	(637)
Gain on real estate dispositions	719	5,739	44,008	31,923
Net income	152,968	143,440	352,116	292,474
Net income attributable to noncontrolling interests	1,137	278	2,158	332
Net income attributable to common stockholders	$ 151,831	$ 143,162	$ 349,958	$ 292,142
Basic:
Income from continuing operations (in usd per share)	$ 0.43	$ 0.41	$ 0.87	$ 0.77
Net income attributable to common stockholders (in usd per share)	0.43	0.42	0.99	0.87
Diluted:
Income from continuing operations (in usd per share)	0.42	0.40	0.86	0.77
Net income attributable to common stockholders (in usd per share)	$ 0.42	$ 0.42	$ 0.98	$ 0.86
Weighted average shares used in computing earnings per common share:
Basic (in shares)	355,024	338,901	354,719	337,230
Diluted (in shares)	358,311	342,571	357,919	340,851
Dividends declared per common share (in usd per share)	$ 0.775	$ 0.73	$ 1.55	$ 1.46

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 152,968	$ 143,440	$ 352,116	$ 292,474	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	8,286	(22,715)	12,368	(33,383)
Change in unrealized gain on marketable securities	(62)	69	(185)	250
Other	398	(1,617)	316	(3,497)
Total other comprehensive income (loss)	8,622	(24,263)	12,499	(36,630)	$ (49,969)
Comprehensive income	161,590	119,177	364,615	255,844
Comprehensive income attributable to noncontrolling interests	1,137	278	2,158	332
Comprehensive income attributable to common stockholders	$ 160,453	$ 118,899	$ 362,457	$ 255,512

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 Interests
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 income/(loss)	(49,969)			(49,969)			(49,969)
Impact of CCP Spin-Off	640	0	640	0	0	0	640	0
Net change in noncontrolling interests	16,829	0	(2,179)	0	0	0	(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)
Redemption of OP units	23,812	92	22,622			1,098	23,812
Grant of restricted stock, net of forfeitures	6,200	28	7,339	0	0	(1,167)	6,200	0
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	352,116				349,958	0	349,958	2,158
Other comprehensive income/(loss)	12,499	0	0	12,499	0	0	12,499	0
Impact of CCP Spin-Off	74	0	74	0	0	0	74	0
Net change in noncontrolling interests	(9,699)		(1,427)				(1,427)	(8,272)
Dividends to common stockholders	(551,209)				(551,209)		(551,209)
Issuance of common stock	73,596	276	72,768			552	73,596
Issuance of common stock for stock plans	18,176	80	17,870			226	18,176
Change in redeemable noncontrolling interests	6,441		746				746	5,695
Adjust redeemable OP unitholder interests to current fair value	(20,163)		(20,163)				(20,163)
Redemption of OP units	22,507	80	19,644			2,783	22,507
Grant of restricted stock, net of forfeitures	9,061	66	12,509			(3,514)	9,061
Ending Balance at Jun. 30, 2017	$ 10,442,152	$ 89,016	$ 13,019,023	$ (45,035)	$ (2,688,946)	$ 0	$ 10,374,058	$ 68,094

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 1.55	$ 2.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 352,116	$ 292,474
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	441,891	458,348
Amortization of deferred revenue and lease intangibles, net	(10,849)	(10,090)
Other non-cash amortization	6,584	4,687
Stock-based compensation	13,396	10,037
Straight-lining of rental income, net	(11,155)	(15,426)
Loss on extinguishment of debt, net	345	2,782
Gain on real estate dispositions	(44,008)	(31,923)
Gain on re-measurement of equity interest upon acquisition, net	(3,027)	0
Gain on real estate loan investments	(4)	(33)
Income tax benefit	(7,104)	(21,443)
Income from unconsolidated entities	(17)	(1,220)
Distributions from unconsolidated entities	3,134	3,873
Other	1,348	724
Changes in operating assets and liabilities:
Decrease in other assets	29,934	10,609
Increase (decrease) in accrued interest	4,550	(769)
Decrease in accounts payable and other liabilities	(39,878)	(41,894)
Net cash provided by operating activities	737,256	660,736
Cash flows from investing activities:
Net investment in real estate property	(239,498)	(34,453)
Investment in loans receivable and other	(718,233)	(152,450)
Proceeds from real estate disposals	19,570	63,561
Proceeds from loans receivable	25,067	7,644
Development project expenditures	(143,269)	(69,679)
Capital expenditures	(55,952)	(46,925)
Investment in unconsolidated entities	(39,048)	(4,265)
Net cash used in investing activities	(1,151,363)	(236,567)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	364,456	24,304
Proceeds from debt	1,028,509	416,217
Repayment of debt	(656,536)	(740,337)
Purchase of noncontrolling interests	(15,809)	(1,604)
Payment of deferred financing costs	(19,687)	(3,844)
Issuance of common stock, net	73,596	377,739
Cash distribution to common stockholders	(550,965)	(493,471)
Cash distribution to redeemable OP unitholders	(3,720)	(4,437)
Contributions from noncontrolling interests	2,227	5,680
Distributions to noncontrolling interests	(4,156)	(3,582)
Other	9,702	3,622
Net cash provided by (used in) financing activities	227,617	(419,713)
Net (decrease) increase in cash and cash equivalents	(186,490)	4,456
Effect of foreign currency translation on cash and cash equivalents	3,136	(157)
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	103,353	57,322
Assets and liabilities assumed from acquisitions:
Real estate investments	205,266	8,665
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	(84,995)	(6,954)
Other assets acquired	(4,096)	861
Debt assumed	64,629	0
Other liabilities	65,754	2,638
Deferred income tax liability	(16,180)	(66)
Noncontrolling interest	1,972	0
Equity issued for purchase of OP and Class C units	$ 22,359	$ 20,770

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017 , we leased a total of 580 properties (excluding MOBs) 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 301 seniors housing communities for us pursuant to long-term management agreements. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, Inc. (together with its subsidiaries, “Kindred”) leased from us 141 properties (excluding one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 10 properties and 68 properties (excluding one MOB included within our office operations reportable business segment), respectively, as of June 30, 2017 . Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, 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 non-mortgage loans and other investments relating to seniors housing and healthcare operators or properties.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own 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 VIE; and • we are 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 we are 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. June 30, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 626,227 $ 194,369 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,945,402 332,971 1,882,336 354,034 Tax credit VIEs 949,241 222,644 981,752 234,109 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 the HLBV 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 June 30, 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 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 June 30, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $171.1 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 June 30, 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 of our life science and innovation centers, we are party to 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”). As of June 30, 2017 , we owned ten properties ( two of which were in development) that had syndicated HTCs or NMTCs, or both, to TCIs. In general, capital contributions are made by TCIs into special purpose entities that invest in entities owning the subject property that generates the tax credits. The TCIs receive substantially all of the tax credits and hold only a noncontrolling interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the ownership interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. 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 Accounting Standards Update (“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 and Intangible 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 a 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. ◦ Interest rate caps - We observe forward yield curves and other relevant information; ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and ◦ 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 lev

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2017
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of June 30, 2017 , Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 21.9% , 10.9% , 7.7% , 4.9% and 1.1% , 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 June 30, 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 lease tenants. Seniors housing communities, based on gross book value, constituted approximately 25.1% of real estate investments in the triple-net leased properties reportable business segment and 35.3% 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 June 30, 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 39.6% of real estate investments. Our consolidated properties were located in 46 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 2017 , with properties in one state (California) accounting for more than 10% of our total continuing revenues and 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) for the three months then ended. Triple-Net Leased Properties For the Three Months Ended June 30, 2017 2016 Revenues (1) : Kindred (2) 5.1 % 5.4 % Brookdale Senior Living (3) 4.7 4.9 Ardent 3.1 3.1 NOI: Kindred (2) 8.6 % 9.3 % Brookdale Senior Living (3) 7.9 8.3 Ardent 5.2 5.4 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Includes 36 skilled nursing facilities classified as held for sale at June 30, 2017 that are included in continuing operations. (3) Excludes one seniors housing community included in senior living operations and includes one seniors housing community classified as held for sale at June 30, 2017 that is included in continuing operations. Each of our leases with Brookdale Senior Living, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of our Brookdale Senior Living, Ardent and Kindred 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, Ardent and Kindred accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the three months ended June 30, 2017 and 2016 . If any of Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all. Senior Living Operations As of June 30, 2017 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 269 of our 301 seniors housing communities, for which we pay annual management fees pursuant to long-term management agreements. We rely on our managers’ personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior living operations efficiently and effectively. We also rely on our managers to set appropriate resident fees and otherwise operate our seniors housing communities in compliance with the terms of our management agreements and all applicable laws and regulations. Although we have various rights as the property owner under our management agreements, including various rights to terminate and exercise remedies under the agreements as provided therein, Atria’s or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or equity ownership or any adverse developments in their businesses and affairs or financial condition could have a Material Adverse Effect on us. Our 34% ownership interest in Atria entitles us to certain rights and minority protections, as well as the right to appoint two of six members on the Atria Board of Directors. Atria, Sunrise, Brookdale Senior Living, Ardent, and Kindred 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 , we acquired 14 triple-net leased properties (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 $404.4 million . Each of these acquisitions was accounted for as an asset acquisition.

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 5—DISPOSITIONS 2017 Activity During the six months ended June 30, 2017 , we sold 10 triple-net leased properties, two MOBs, and two vacant land parcels for aggregate consideration of $104.6 million and we recognized a gain on the sale of these assets of $44.0 million . Pending Kindred Dispositions In November 2016, we entered into agreements with Kindred providing that Kindred will either acquire all 36 SNFs owned by us and operated by Kindred (the “Ventas SNFs”) for $700 million , in connection with Kindred’s previously announced plan to exit its SNF business; or, renew the current lease on all unpurchased Ventas SNFs not purchased by Kindred by April 30, 2018 until 2025 at the current rent level plus annual escalations. On June 30, 2017 , Kindred announced that it had signed definitive agreements to sell its entire SNF business to an affiliate of Blue Mountain Capital Management, LLC and that, as Kindred closes on the sale of its SNFs, Kindred will pay to us its allocable portion of the sale proceeds for a total $700 million aggregate purchase price for the Ventas SNFs and we will convey the applicable Ventas SNFs to the ultimate buyer. We expect to record a gain exceeding $600 million upon the sale of the Ventas SNFs, which are classified as held for sale on our Consolidated Balance Sheets as of June 30, 2017 . Kindred expects the closings of the sale of the Ventas SNFs to occur in phases, beginning in the third quarter of 2017 and completed by year end 2017. However, there can be no assurance that the closings will occur or the timing of any such closings. Real Estate Impairment We recognized impairments of $15.6 million and $14.5 million , respectively, for the six months ended June 30, 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 June 30, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. June 30, 2017 December 31, 2016 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale (Dollars in thousands) Triple-net Leased Properties 37 $ 36,500 $ 8,547 — $ — $ — Office Operations 7 53,069 1,265 7 53,151 1,462 Senior Living Operations* — — — — 1,810 — Total 44 $ 89,569 $ 9,812 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of December 31, 2016 and sold in June 2017.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2017
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2017 and December 31, 2016 , we had $1.4 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 June 30, 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 June 30, 2017: Secured/mortgage loans and other $ 1,339,886 $ 1,339,886 $ 1,359,831 $ — Government-sponsored pooled loan investments (1) 55,518 54,464 55,518 1,054 Total investments reported as Secured loans receivable and investments, net 1,395,404 1,394,350 1,415,349 1,054 Non-mortgage loans receivable, net 53,724 53,724 54,587 — Total investments reported as Other assets 53,724 53,724 54,587 — Total loans receivable and investments, net $ 1,449,128 $ 1,448,074 $ 1,469,936 $ 1,054 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., which included a $700.0 million term loan and a $60.0 million revolving line of credit feature (of which $27.5 million was outstanding at June 30, 2017 ). The LIBOR-based debt financing has a five -year term with a weighted average interest rate of approximately 9.0% as of June 30, 2017 and is guaranteed by Ardent’s parent company. During the six months ended June 30, 2017 , we received $13.7 million for the partial prepayment of secured and unsecured loans receivable and $6.0 million for the full repayment of one secured loan receivable that was due to mature on July 5, 2017.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 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 June 30, 2017 , we had ownership interests (ranging from 5% to 25% ) in joint ventures that owned 31 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 $1.4 million and $1.6 million for the three months ended June 30, 2017 and 2016 , respectively, and $3.0 million and $3.2 million for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 8—INTANGIBLES The following is a summary of our intangibles as of June 30, 2017 and December 31, 2016 : June 30, 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 $ 186,323 7.2 $ 184,993 6.9 In-place and other lease intangibles 1,347,850 23.6 1,325,636 23.6 Goodwill 1,034,054 N/A 1,033,225 N/A Other intangibles 35,840 12.0 35,783 11.3 Accumulated amortization (818,055 ) N/A (769,558 ) N/A Net intangible assets $ 1,786,012 21.5 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 361,009 13.8 $ 345,103 14.1 Other lease intangibles 40,343 39.5 40,843 38.5 Accumulated amortization (148,110 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 256,810 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 256,160 $ 244,580 Non-mortgage loans receivable, net 53,724 52,544 Other intangibles, net 7,138 8,190 Investments in unconsolidated operating entities 43,668 28,431 Other 144,785 184,619 Total other assets $ 505,475 $ 518,364

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 516,455 $ 146,538 1.250% Senior Notes due 2017 — 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) 278,586 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 308,595 297,841 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) 192,871 186,150 3.125% Senior Notes due 2023 400,000 400,000 3.100% Senior Notes due 2023 400,000 — 2.55% Senior Notes, Series D due 2023 (3) 212,159 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 192,872 186,150 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 1,506,572 1,718,897 Total 11,992,233 11,190,914 Deferred financing costs, net (73,679 ) (61,304 ) Unamortized fair value adjustment 20,696 25,224 Unamortized discounts (31,253 ) (27,508 ) Senior notes payable and other debt $ 11,907,997 $ 11,127,326 (1) As of June 30, 2017 and December 31, 2016 , respectively, $33.1 million and $146.5 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $30.4 million were denominated in British pounds as of June 30, 2017 . There were no aggregate borrowings denominated in British pounds as of December 31, 2016 . (2) These amounts represent in aggregate the $478.6 million and $571.2 million of unsecured term loan borrowings under our unsecured credit facility as of June 30, 2017 and December 31, 2016 , respectively. As of December 31, 2016 , $92.6 million due 2019 was in the form of Canadian dollars, which was repaid in full during the six months ended June 30, 2017 . (3) These borrowings are in the form of Canadian dollars. As of June 30, 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 $ 103,561 $ — $ 11,611 $ 115,172 2018 1,101,879 — 20,559 1,122,438 2019 1,599,713 — 14,596 1,614,309 2020 1,422,547 — 11,697 1,434,244 2021 772,838 516,455 10,228 1,299,521 Thereafter (2) 6,291,984 — 114,565 6,406,549 Total maturities $ 11,292,522 $ 516,455 $ 183,256 $ 11,992,233 (1) As of June 30, 2017 , we had $103.4 million of unrestricted cash and cash equivalents, for $413.1 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 In April 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 is also comprised of our $200.0 million term loan that is scheduled to mature in 2018 and our $278.6 million term loan that is scheduled to mature in 2019. The 2018 and 2019 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 revolving 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 June 30, 2017 , we had $516.5 million of borrowings outstanding, $14.5 million of letters of credit outstanding and $2.5 billion of unused borrowing capacity available under our new revolving credit facility. As of June 30, 2017 , we also had a $900.0 million term loan due 2020 priced at LIBOR plus 0.975% . Senior Notes In March 2017, Ventas Realty, Limited Partnership (“Ventas Realty”) 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. In April 2017, we repaid in full, at par, $300.0 million aggregate principal amount then outstanding of our 1.250% senior notes due 2017 upon maturity. In June 2017, Ventas Canada Finance Limited issued and sold C$275.0 million aggregate principal amount of 2.55% senior notes, Series D due 2023 at a price equal to 99.954% of par, for total proceeds of C$274.9 million before the agent fees and expenses. The notes were offered on a private placement basis in Canada. We used part of the proceeds to repay C $124.4 million on our unsecured term loan due 2019. Mortgage Loan Obligations During the six months ended June 30, 2017 , we repaid in full mortgage loans outstanding in the aggregate principal amount of $237.0 million with a weighted average maturity of 1.7 years and recognized a gain on extinguishment of debt of $0.4 million in connection with these repayments. 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 our 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% . In June 2017, we entered into a total of $125 million of notional forward starting swaps with an effective date of January 15, 2018 and a maturity of January 15, 2028, 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 2.1832% .

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS As of June 30, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 103,353 $ 103,353 $ 286,707 $ 286,707 Secured mortgage loans and other, net 1,339,886 1,359,831 646,972 655,981 Non-mortgage loans receivable, net 53,724 54,587 52,544 53,626 Government-sponsored pooled loan investments 55,518 55,518 55,049 55,049 Derivative instruments 6,716 6,716 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 11,992,233 12,234,725 11,190,914 11,369,440 Derivative instruments 2,358 2,358 2,316 2,316 Redeemable OP unitholder interests 171,114 171,114 177,177 177,177 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	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 12—LITIGATION Proceedings against Tenants, Operators and Managers From time to time, Atria, Sunrise, Brookdale Senior Living, Kindred, Ardent 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 and 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2017 and 2016 was a benefit of $2.2 million and $11.5 million , respectively. Our consolidated provision for income taxes for the six months ended June 30, 2017 and 2016 was a benefit of $5.3 million and $20.0 million , respectively. The income tax benefits for the three months and six months ended June 30, 2017 and 2016 were each due primarily to operating losses at our taxable REIT subsidiaries; however, $0.8 million and $5.9 million of the income tax benefit for the three and six months ended June 30, 2017 and 2016 , respectively, were due to the reversal of a net deferred tax liability at a TRS entity. 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 $296.8 million and $316.6 million as of June 30, 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	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock During the six months ended June 30, 2017 , we sold 1.1 million shares of common stock under our “at-the-market” (“ATM”) equity offering program for aggregate net proceeds of $73.9 million , after sales agent commissions. As of June 30, 2017 , approximately $155.6 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 June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (53,824 ) $ (66,192 ) Unrealized gain on marketable securities 1,054 1,239 Other 7,735 7,419 Total accumulated other comprehensive loss $ (45,035 ) $ (57,534 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 152,272 $ 137,849 $ 308,184 $ 261,188 Discontinued operations (23 ) (148 ) (76 ) (637 ) Gain on real estate dispositions 719 5,739 44,008 31,923 Net income 152,968 143,440 352,116 292,474 Net income attributable to noncontrolling interests 1,137 278 2,158 332 Net income attributable to common stockholders $ 151,831 $ 143,162 $ 349,958 $ 292,142 Denominator: Denominator for basic earnings per share—weighted average shares 355,024 338,901 354,719 337,230 Effect of dilutive securities: Stock options 596 630 501 475 Restricted stock awards 225 154 193 153 OP Unitholder interests 2,466 2,886 2,506 2,993 Denominator for diluted earnings per share—adjusted weighted average shares 358,311 342,571 357,919 340,851 Basic earnings per share: Income from continuing operations $ 0.43 $ 0.41 $ 0.87 $ 0.77 Net income attributable to common stockholders 0.43 0.42 0.99 0.87 Diluted earnings per share: Income from continuing operations $ 0.42 $ 0.40 $ 0.86 $ 0.77 Net income attributable to common stockholders 0.42 0.42 0.98 0.86

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of June 30, 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, 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 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 June 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 213,258 $ — $ 186,240 $ — $ 399,498 Resident fees and services — 460,243 — — 460,243 Office building and other services revenue 1,125 — 1,848 206 3,179 Income from loans and investments — — — 32,368 32,368 Interest and other income — — — 202 202 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Less: Interest and other income — — — 202 202 Property-level operating expenses — 308,625 57,205 — 365,830 Office building services costs — — 552 — 552 Segment NOI 214,383 151,618 130,331 32,574 528,906 Income (loss) from unconsolidated entities 377 (381 ) 298 (400 ) (106 ) Segment profit $ 214,760 $ 151,237 $ 130,629 $ 32,174 528,800 Interest and other income 202 Interest expense (113,572 ) Depreciation and amortization (224,108 ) General, administrative and professional fees (33,282 ) Loss on extinguishment of debt, net (36 ) Merger-related expenses and deal costs (6,043 ) Other (1,848 ) Income tax benefit 2,159 Income from continuing operations $ 152,272 For the Three Months Ended June 30, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 210,119 $ — $ 144,087 $ — $ 354,206 Resident fees and services — 464,437 — — 464,437 Office building and other services revenue 1,231 — 3,369 904 5,504 Income from loans and investments — — — 24,146 24,146 Interest and other income — — — 111 111 Total revenues $ 211,350 $ 464,437 $ 147,456 $ 25,161 $ 848,404 Total revenues $ 211,350 $ 464,437 $ 147,456 $ 25,161 $ 848,404 Less: Interest and other income — — — 111 111 Property-level operating expenses — 307,989 43,966 — 351,955 Office building services costs — — 1,852 — 1,852 Segment NOI 211,350 156,448 101,638 25,050 494,486 Income from unconsolidated entities 825 336 173 84 1,418 Segment profit $ 212,175 $ 156,784 $ 101,811 $ 25,134 495,904 Interest and other income 111 Interest expense (103,665 ) Depreciation and amortization (221,961 ) General, administrative and professional fees (32,094 ) Loss on extinguishment of debt, net (2,468 ) Merger-related expenses and deal costs (7,224 ) Other (2,303 ) Income tax benefit 11,549 Income from continuing operations $ 137,849 For the Six Months Ended June 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 422,585 $ — $ 372,135 $ — $ 794,720 Resident fees and services — 924,431 — — 924,431 Office building and other services revenue 2,330 — 3,779 476 6,585 Income from loans and investments — — — 52,514 52,514 Interest and other income — — — 683 683 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Less: Interest and other income — — — 683 683 Property-level operating expenses — 620,698 114,119 — 734,817 Office building services costs — — 1,290 — 1,290 Segment NOI 424,915 303,733 260,505 52,990 1,042,143 Income (loss) from unconsolidated entities 3,646 (457 ) 633 (778 ) 3,044 Segment profit $ 428,561 $ 303,276 $ 261,138 $ 52,212 1,045,187 Interest and other income 683 Interest expense (222,376 ) Depreciation and amortization (441,891 ) General, administrative and professional fees (67,243 ) Loss on extinguishment of debt, net (345 ) Merger-related expenses and deal costs (8,099 ) Other (3,036 ) Income tax benefit 5,304 Income from continuing operations $ 308,184 For the Six Months Ended June 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 424,606 $ — $ 288,223 $ — $ 712,829 Resident fees and services — 928,413 — — 928,413 Office building and other services revenue 2,430 — 8,345 1,914 12,689 Income from loans and investments — — — 46,532 46,532 Interest and other income — — — 230 230 Total revenues $ 427,036 $ 928,413 $ 296,568 $ 48,676 $ 1,700,693 Total revenues $ 427,036 $ 928,413 $ 296,568 $ 48,676 $ 1,700,693 Less: Interest and other income — — — 230 230 Property-level operating expenses — 620,530 87,647 — 708,177 Office building services costs — — 5,303 — 5,303 Segment NOI 427,036 307,883 203,618 48,446 986,983 Income from unconsolidated entities 154 673 47 346 1,220 Segment profit $ 427,190 $ 308,556 $ 203,665 $ 48,792 988,203 Interest and other income 230 Interest expense (206,938 ) Depreciation and amortization (458,348 ) General, administrative and professional fees (63,820 ) Loss on extinguishment of debt, net (2,782 ) Merger-related expenses and deal costs (8,856 ) Other (6,471 ) Income tax benefit 19,970 Income from continuing operations $ 261,188 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 48,143 $ 15,949 $ 141,952 $ 56,650 Senior living operations 30,056 24,808 51,381 43,802 Office operations 51,390 38,192 245,386 50,605 Total capital expenditures $ 129,589 $ 78,949 $ 438,719 $ 151,057 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Revenues: United States $ 844,623 $ 797,394 $ 1,677,443 $ 1,601,595 Canada 44,412 44,045 89,008 85,174 United Kingdom 6,455 6,965 12,482 13,924 Total revenues $ 895,490 $ 848,404 $ 1,778,933 $ 1,700,693 As of June 30, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,190,206 $ 19,105,939 Canada 1,056,233 1,037,105 United Kingdom 293,327 251,710 Total net real estate property $ 20,539,766 20,394,754

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	6 Months Ended
	Jun. 30, 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, 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 June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,917 $ 122,140 $ 21,930,907 $ — $ 22,054,964 Cash and cash equivalents 16,910 — 86,443 — 103,353 Escrow deposits and restricted cash 197 1,581 66,565 — 68,343 Investment in and advances to affiliates 14,716,005 2,938,442 — (17,654,447 ) — Goodwill — — 1,034,054 — 1,034,054 Assets held for sale — 35,688 53,881 — 89,569 Other assets 42,103 9,360 454,012 — 505,475 Total assets $ 14,777,132 $ 3,107,211 $ 23,625,862 $ (17,654,447 ) $ 23,855,758 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 9,346,233 $ 2,561,764 $ — $ 11,907,997 Intercompany loans 7,720,779 (7,102,600 ) (618,179 ) — — Accrued interest (4,896 ) 71,831 20,313 — 87,248 Accounts payable and other liabilities 133,472 22,618 773,483 — 929,573 Liabilities related to assets held for sale — 8,517 1,295 — 9,812 Deferred income taxes 296,822 — — — 296,822 Total liabilities 8,146,177 2,346,599 2,738,676 — 13,231,452 Redeemable OP unitholder and noncontrolling interests — — 182,154 — 182,154 Total equity 6,630,955 760,612 20,705,032 (17,654,447 ) 10,442,152 Total liabilities and equity $ 14,777,132 $ 3,107,211 $ 23,625,862 $ (17,654,447 ) $ 23,855,758 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 14,258,931 2,938,441 — (17,197,372 ) — 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 $ 14,506,907 $ 3,119,996 $ 22,737,069 $ (17,197,372 ) $ 23,166,600 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,406,979 $ 2,720,347 $ — $ 11,127,326 Intercompany loans 7,088,838 (6,209,707 ) (879,131 ) — — Accrued interest (1,753 ) 67,156 18,359 — 83,762 Accounts payable and other liabilities 89,115 35,587 783,226 — 907,928 Liabilities related to assets held for sale — (1 ) 1,463 — 1,462 Deferred income taxes 316,641 — — — 316,641 Total liabilities 7,492,841 2,300,014 2,644,264 — 12,437,119 Redeemable OP unitholder and noncontrolling interests — — 200,728 — 200,728 Total equity 7,014,066 819,982 19,892,077 (17,197,372 ) 10,528,753 Total liabilities and equity $ 14,506,907 $ 3,119,996 $ 22,737,069 $ (17,197,372 ) $ 23,166,600 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 596 $ 48,451 $ 350,451 $ — $ 399,498 Resident fees and services — — 460,243 — 460,243 Office building and other services revenue — — 3,179 — 3,179 Income from loans and investments 319 — 32,049 — 32,368 Equity earnings in affiliates 128,196 — (405 ) (127,791 ) — Interest and other income 28 — 174 — 202 Total revenues 129,139 48,451 845,691 (127,791 ) 895,490 Expenses Interest (27,694 ) 81,516 59,750 — 113,572 Depreciation and amortization 1,419 2,239 220,450 — 224,108 Property-level operating expenses — 83 365,747 — 365,830 Office building services costs — — 552 — 552 General, administrative and professional fees 189 4,630 28,463 — 33,282 Loss (gain) on extinguishment of debt, net — 418 (382 ) — 36 Merger-related expenses and deal costs 5,783 — 260 — 6,043 Other 466 — 1,382 — 1,848 Total expenses (19,837 ) 88,886 676,222 — 745,271 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 148,976 (40,435 ) 169,469 (127,791 ) 150,219 Loss from unconsolidated entities — (16 ) (90 ) — (106 ) Income tax benefit 2,159 — — — 2,159 Income (loss) from continuing operations 151,135 (40,451 ) 169,379 (127,791 ) 152,272 Discontinued operations (23 ) (23 ) Gain on real estate dispositions 719 719 Net income (loss) 151,831 (40,451 ) 169,379 (127,791 ) 152,968 Net income attributable to noncontrolling interests — — 1,137 — 1,137 Net income (loss) attributable to common stockholders $ 151,831 $ (40,451 ) $ 168,242 $ (127,791 ) $ 151,831 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 583 $ 49,418 $ 304,205 $ — $ 354,206 Resident fees and services — — 464,437 — 464,437 Office building and other services revenue 602 — 4,902 — 5,504 Income from loans and investments — — 24,146 — 24,146 Equity earnings in affiliates 124,028 — (288 ) (123,740 ) — Interest and other income 41 — 70 — 111 Total revenues 125,254 49,418 797,472 (123,740 ) 848,404 Expenses Interest (11,094 ) 69,011 45,748 — 103,665 Depreciation and amortization 1,203 2,867 217,891 — 221,961 Property-level operating expenses — 77 351,878 — 351,955 Office building services costs — — 1,852 — 1,852 General, administrative and professional fees 2,246 4,213 25,635 — 32,094 Loss (gain) on extinguishment of debt, net 58 2,432 (22 ) — 2,468 Merger-related expenses and deal costs 6,743 — 481 — 7,224 Other 76 4 2,223 — 2,303 Total expenses (768 ) 78,604 645,686 — 723,522 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 126,022 (29,186 ) 151,786 (123,740 ) 124,882 Income from unconsolidated entities — 344 1,074 — 1,418 Income tax benefit 11,549 — — — 11,549 Income (loss) from continuing operations 137,571 (28,842 ) 152,860 (123,740 ) 137,849 Discontinued operations (148 ) — — — (148 ) Gain on real estate dispositions 5,739 — — — 5,739 Net income (loss) 143,162 (28,842 ) 152,860 (123,740 ) 143,440 Net income attributable to noncontrolling interests — — 278 — 278 Net income (loss) attributable to common stockholders $ 143,162 $ (28,842 ) $ 152,582 $ (123,740 ) $ 143,162 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,181 $ 96,270 $ 697,269 $ — $ 794,720 Resident fees and services — — 924,431 — 924,431 Office building and other services revenue — — 6,585 — 6,585 Income from loans and investments 599 — 51,915 — 52,514 Equity earnings in affiliates 265,188 — (713 ) (264,475 ) — Interest and other income 371 — 312 — 683 Total revenues 267,339 96,270 1,679,799 (264,475 ) 1,778,933 Expenses Interest (44,293 ) 156,303 110,366 — 222,376 Depreciation and amortization 2,826 4,608 434,457 — 441,891 Property-level operating expenses — 165 734,652 — 734,817 Office building services costs — — 1,290 — 1,290 General, administrative and professional fees 319 9,330 57,594 — 67,243 Loss (gain) on extinguishment of debt, net — 439 (94 ) — 345 Merger-related expenses and deal costs 7,646 — 453 — 8,099 Other 119 — 2,917 — 3,036 Total expenses (33,383 ) 170,845 1,341,635 — 1,479,097 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 300,722 (74,575 ) 338,164 (264,475 ) 299,836 Income (loss) from unconsolidated entities — 3,305 (261 ) — 3,044 Income tax benefit 5,304 — — — 5,304 Income (loss) from continuing operations 306,026 (71,270 ) 337,903 (264,475 ) 308,184 Discontinued operations (76 ) — — — (76 ) Gain on real estate dispositions 44,008 — — — 44,008 Net income (loss) 349,958 (71,270 ) 337,903 (264,475 ) 352,116 Net income attributable to noncontrolling interests — — 2,158 — 2,158 Net income (loss) attributable to common stockholders $ 349,958 $ (71,270 ) $ 335,745 $ (264,475 ) $ 349,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,499 $ 98,143 $ 613,187 $ — $ 712,829 Resident fees and services — — 928,413 — 928,413 Office building and other services revenue 1,204 — 11,485 — 12,689 Income from loans and investments — — 46,532 — 46,532 Equity earnings in affiliates 232,790 — (631 ) (232,159 ) — Interest and other income 70 — 160 — 230 Total revenues 235,563 98,143 1,599,146 (232,159 ) 1,700,693 Expenses Interest (21,889 ) 137,590 91,237 — 206,938 Depreciation and amortization 6,135 12,781 439,432 — 458,348 Property-level operating expenses — 156 708,021 — 708,177 Office building services costs — — 5,303 — 5,303 General, administrative and professional fees 2,231 8,717 52,872 — 63,820 Loss on extinguishment of debt, net 58 2,432 292 — 2,782 Merger-related expenses and deal costs 8,115 — 741 — 8,856 Other 27 4 6,440 — 6,471 Total expenses (5,323 ) 161,680 1,304,338 — 1,460,695 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 240,886 (63,537 ) 294,808 (232,159 ) 239,998 Income from unconsolidated entities — 447 773 — 1,220 Income tax benefit 19,970 — — — 19,970 Income (loss) from continuing operations 260,856 (63,090 ) 295,581 (232,159 ) 261,188 Discontinued operations (637 ) — — — (637 ) Gain on real estate dispositions 31,923 — — — 31,923 Net income (loss) 292,142 (63,090 ) 295,581 (232,159 ) 292,474 Net income attributable to noncontrolling interests — — 332 — 332 Net income (loss) attributable to common stockholders $ 292,142 $ (63,090 ) $ 295,249 $ (232,159 ) $ 292,142 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 151,831 $ (40,451 ) $ 169,379 $ (127,791 ) 152,968 Other comprehensive (loss) income: Foreign currency translation — — 8,286 — 8,286 Change in unrealized gain on marketable securities (62 ) — — — (62 ) Other — — 398 — 398 Total other comprehensive (loss) income (62 ) — 8,684 — 8,622 Comprehensive income (loss) 151,769 (40,451 ) 178,063 (127,791 ) 161,590 Comprehensive income attributable to noncontrolling interests — — 1,137 — 1,137 Comprehensive income (loss) attributable to common stockholders $ 151,769 $ (40,451 ) $ 176,926 $ (127,791 ) $ 160,453 For the Three Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 143,162 $ (28,842 ) $ 152,860 $ (123,740 ) $ 143,440 Other comprehensive income (loss): Foreign currency translation — — (22,715 ) — (22,715 ) Change in unrealized gain on marketable securities 69 — — — 69 Other — — (1,617 ) — (1,617 ) Total other comprehensive income (loss) 69 — (24,332 ) — (24,263 ) Comprehensive income (loss) 143,231 (28,842 ) 128,528 (123,740 ) 119,177 Comprehensive income attributable to noncontrolling interests — — 278 — 278 Comprehensive income (loss) attributable to common stockholders $ 143,231 $ (28,842 ) $ 128,250 $ (123,740 ) $ 118,899 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 349,958 $ (71,270 ) $ 337,903 $ (264,475 ) $ 352,116 Other comprehensive (loss) income: Foreign currency translation — — 12,368 — 12,368 Change in unrealized gain on marketable securities (185 ) — — — (185 ) Other — — 316 — 316 Total other comprehensive (loss) income (185 ) — 12,684 — 12,499 Comprehensive income (loss) 349,773 (71,270 ) 350,587 (264,475 ) 364,615 Comprehensive income attributable to noncontrolling interests — — 2,158 — 2,158 Comprehensive income (loss) attributable to common stockholders $ 349,773 $ (71,270 ) $ 348,429 $ (264,475 ) $ 362,457 For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 292,142 $ (63,090 ) $ 295,581 $ (232,159 ) $ 292,474 Other comprehensive income (loss): Foreign currency translation — — (33,383 ) — (33,383 ) Change in unrealized gain on marketable securities 250 — — — 250 Other — — (3,497 ) — (3,497 ) Total other comprehensive income (loss) 250 — (36,880 ) — (36,630 ) Comprehensive income (loss) 292,392 (63,090 ) 258,701 (232,159 ) 255,844 Comprehensive income attributable to noncontrolling interests — — 332 — 332 Comprehensive income (loss) attributable to common stockholders $ 292,392 $ (63,090 ) $ 258,369 $ (232,159 ) $ 255,512 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 41,514 $ (61,787 ) $ 757,529 $ — $ 737,256 Cash flows from investing activities: Net investment in real estate property (210,120 ) — (29,378 ) — (239,498 ) Investment in loans receivable and other (2,575 ) — (715,658 ) — (718,233 ) Proceeds from real estate disposals 19,570 — — — 19,570 Proceeds from loans receivable 21 — 25,046 — 25,067 Development project expenditures — — (143,269 ) — (143,269 ) Capital expenditures — (15 ) (55,937 ) — (55,952 ) Investment in unconsolidated entities — — (39,048 ) — (39,048 ) Net cash used in investing activities (193,104 ) (15 ) (958,244 ) — (1,151,363 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 453,000 (88,544 ) — 364,456 Proceeds from debt — 793,904 234,605 — 1,028,509 Repayment of debt — (300,019 ) (356,517 ) — (656,536 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 795,695 (892,893 ) 97,198 — — Payment of deferred financing costs — (18,262 ) (1,425 ) — (19,687 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (370,551 ) 26,072 344,479 — — Cash distribution to common stockholders (550,965 ) — — — (550,965 ) Cash distribution to redeemable OP unitholders — — (3,720 ) — (3,720 ) Contributions from noncontrolling interests — — 2,227 — 2,227 Distributions to noncontrolling interests — — (4,156 ) — (4,156 ) Other 9,702 — — — 9,702 Net cash (used in) provided by financing activities (58,332 ) 61,802 224,147 — 227,617 Net (decrease) increase in cash and cash equivalents (209,922 ) — 23,432 — (186,490 ) Effect of foreign currency translation on cash and cash equivalents 16,529 — (13,393 ) — 3,136 Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 16,910 $ — $ 86,443 $ — $ 103,353 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 40,671 $ (45,313 ) $ 665,378 $ — $ 660,736 Cash flows from investing activities: Net investment in real estate property (34,453 ) — — — (34,453 ) Investment in loans receivable and other — — (152,450 ) — (152,450 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Proceeds from loans receivable — — 7,644 — 7,644 Development project expenditures — — (69,679 ) — (69,679 ) Capital expenditures — (18 ) (46,907 ) — (46,925 ) Investment in unconsolidated entities — — (4,265 ) — (4,265 ) Net cash used in investing activities (14,012 ) (18 ) (222,537 ) — (236,567 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (114,000 ) 138,304 — 24,304 Proceeds from debt — 400,000 16,217 — 416,217 Repayment of debt — (555,470 ) (184,867 ) — (740,337 ) Purchase of noncontrolling interests — — (1,604 ) — (1,604 ) Net change in intercompany debt 128,165 308,816 (436,981 ) — — Payment of deferred financing costs — (3,422 ) (422 ) — (3,844 ) Issuance of common stock, net 377,739 — — — 377,739 Cash distribution (to) from affiliates (8,096 ) 9,407 (1,311 ) — — Cash distribution to common stockholders (493,471 ) — — — (493,471 ) Cash distribution to redeemable OP unitholders — — (4,437 ) — (4,437 ) Contributions from noncontrolling interest — — 5,680 — 5,680 Distributions to noncontrolling interests — — (3,582 ) — (3,582 ) Other 3,622 — — — 3,622 Net cash provided by (used in) financing activities 7,959 45,331 (473,003 ) — (419,713 ) Net increase (decrease) in cash and cash equivalents 34,618 — (30,162 ) — 4,456 Effect of foreign currency translation on cash and cash equivalents (33,353 ) — 33,196 — (157 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,998 $ — $ 44,324 $ — $ 57,322

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”).
Variable Interest Entity	We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own 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 VIE; and • we are 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 we are 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.
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 the HLBV 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 June 30, 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 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 June 30, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $171.1 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 June 30, 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 of our life science and innovation centers, we are party to 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”). As of June 30, 2017 , we owned ten properties ( two of which were in development) that had syndicated HTCs or NMTCs, or both, to TCIs. In general, capital contributions are made by TCIs into special purpose entities that invest in entities owning the subject property that generates the tax credits. The TCIs receive substantially all of the tax credits and hold only a noncontrolling interest in the economic risk and benefits of the special purpose entities. HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the ownership interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods. 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 Accounting Standards Update (“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 and Intangible Assets	Impairment of Long-Lived and Intangible 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 a 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. ◦ Interest rate caps - We observe forward yield curves and other relevant information; ◦ Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates; and ◦ 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 June 30, 2017 and December 31, 2016 , this cumulative excess totaled $256.2 million (net of allowances of $113.1 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 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 ASU 2016-09 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 606 specifically references contracts with customers, it may also apply to certain other transactions such as the sale of real estate. ASC 606 is effective for us beginning January 1, 2018 and we plan to adopt ASC 606 using the modified retrospective method. We have evaluated all of our 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 items in our Consolidated Statements of Income are subject to ASC 606: office building and other services revenue, certain elements of our resident fees and services, common area maintenance in our office operations and gains on the sale of real estate. Our office building and other services revenues are primarily generated by management contracts where we provide management, leasing, marketing, facility development and advisory services. Resident fees and services include 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 will not apply the principles of ASC 606 to our common area maintenance revenues until January 1, 2019, when we adopt ASU 2016-02, Leases (“ASU 2016-02”). As it relates to gains on sale of real estate, we expect to recognize any gains when we transfer control of a property and will no longer apply existing sales criteria in ASC 360 Property, Plant, and Equipment. We are evaluating the impact of ASC 606 to $31.2 million of deferred gains relating to sales of real estate assets in 2015. Other than the potential cumulative effect adjustment relating to such deferred gains, we do not expect the adoption of ASC 606 to have a significant impact on our Consolidated Financial Statements. Our remaining implementation items include calculating the cumulative effect adjustment, if any, to be recorded upon adoption of ASC 606, drafting revised disclosures in accordance with the new standard and implementing changes to internal control policies and procedures, if any. In February 2016, the FASB issued 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. In 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) (“ASU 2016-15”), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows and ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires an entity to show the changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. ASU 2016-15 and ASU 2016-18 are effective for us beginning January 1, 2018 and will be applied by us using a retrospective transition method. Adoption of these standards is not expected to have a significant impact on our Consolidated Financial Statements. In 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires a company to recognize the tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. ASU 2016-16 is effective for us beginning January 1, 2018, with early adoption permitted. ASU 2016-16 will be applied by us using a modified retrospective method. Adoption of this standard is not expected to have a significant impact on our Consolidated Financial Statements.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 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. June 30, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 626,227 $ 194,369 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,945,402 332,971 1,882,336 354,034 Tax credit VIEs 949,241 222,644 981,752 234,109

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	For the Three Months Ended June 30, 2017 2016 Revenues (1) : Kindred (2) 5.1 % 5.4 % Brookdale Senior Living (3) 4.7 4.9 Ardent 3.1 3.1 NOI: Kindred (2) 8.6 % 9.3 % Brookdale Senior Living (3) 7.9 8.3 Ardent 5.2 5.4 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Includes 36 skilled nursing facilities classified as held for sale at June 30, 2017 that are included in continuing operations. (3) Excludes one seniors housing community included in senior living operations and includes one seniors housing community classified as held for sale at June 30, 2017 that is included in continuing operations.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. June 30, 2017 December 31, 2016 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale (Dollars in thousands) Triple-net Leased Properties 37 $ 36,500 $ 8,547 — $ — $ — Office Operations 7 53,069 1,265 7 53,151 1,462 Senior Living Operations* — — — — 1,810 — Total 44 $ 89,569 $ 9,812 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of December 31, 2016 and sold in June 2017.

LOANS RECEIVABLE AND INVESTME30

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2017: Secured/mortgage loans and other $ 1,339,886 $ 1,339,886 $ 1,359,831 $ — Government-sponsored pooled loan investments (1) 55,518 54,464 55,518 1,054 Total investments reported as Secured loans receivable and investments, net 1,395,404 1,394,350 1,415,349 1,054 Non-mortgage loans receivable, net 53,724 53,724 54,587 — Total investments reported as Other assets 53,724 53,724 54,587 — Total loans receivable and investments, net $ 1,449,128 $ 1,448,074 $ 1,469,936 $ 1,054 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)	6 Months Ended
	Jun. 30, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of June 30, 2017 and December 31, 2016 : June 30, 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 $ 186,323 7.2 $ 184,993 6.9 In-place and other lease intangibles 1,347,850 23.6 1,325,636 23.6 Goodwill 1,034,054 N/A 1,033,225 N/A Other intangibles 35,840 12.0 35,783 11.3 Accumulated amortization (818,055 ) N/A (769,558 ) N/A Net intangible assets $ 1,786,012 21.5 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 361,009 13.8 $ 345,103 14.1 Other lease intangibles 40,343 39.5 40,843 38.5 Accumulated amortization (148,110 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 256,810 15.6 $ 256,046 15.9 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 256,160 $ 244,580 Non-mortgage loans receivable, net 53,724 52,544 Other intangibles, net 7,138 8,190 Investments in unconsolidated operating entities 43,668 28,431 Other 144,785 184,619 Total other assets $ 505,475 $ 518,364

SENIOR NOTES PAYABLE AND OTHE33

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 516,455 $ 146,538 1.250% Senior Notes due 2017 — 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) 278,586 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 308,595 297,841 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) 192,871 186,150 3.125% Senior Notes due 2023 400,000 400,000 3.100% Senior Notes due 2023 400,000 — 2.55% Senior Notes, Series D due 2023 (3) 212,159 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 192,872 186,150 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 1,506,572 1,718,897 Total 11,992,233 11,190,914 Deferred financing costs, net (73,679 ) (61,304 ) Unamortized fair value adjustment 20,696 25,224 Unamortized discounts (31,253 ) (27,508 ) Senior notes payable and other debt $ 11,907,997 $ 11,127,326 (1) As of June 30, 2017 and December 31, 2016 , respectively, $33.1 million and $146.5 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $30.4 million were denominated in British pounds as of June 30, 2017 . There were no aggregate borrowings denominated in British pounds as of December 31, 2016 . (2) These amounts represent in aggregate the $478.6 million and $571.2 million of unsecured term loan borrowings under our unsecured credit facility as of June 30, 2017 and December 31, 2016 , respectively. As of December 31, 2016 , $92.6 million due 2019 was in the form of Canadian dollars, which was repaid in full during the six months ended June 30, 2017 . (3) These borrowings are in the form of Canadian dollars.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 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 $ 103,561 $ — $ 11,611 $ 115,172 2018 1,101,879 — 20,559 1,122,438 2019 1,599,713 — 14,596 1,614,309 2020 1,422,547 — 11,697 1,434,244 2021 772,838 516,455 10,228 1,299,521 Thereafter (2) 6,291,984 — 114,565 6,406,549 Total maturities $ 11,292,522 $ 516,455 $ 183,256 $ 11,992,233 (1) As of June 30, 2017 , we had $103.4 million of unrestricted cash and cash equivalents, for $413.1 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1 in each of 2017 and 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.

FAIR VALUES OF FINANCIAL INST34

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of June 30, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 103,353 $ 103,353 $ 286,707 $ 286,707 Secured mortgage loans and other, net 1,339,886 1,359,831 646,972 655,981 Non-mortgage loans receivable, net 53,724 54,587 52,544 53,626 Government-sponsored pooled loan investments 55,518 55,518 55,049 55,049 Derivative instruments 6,716 6,716 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 11,992,233 12,234,725 11,190,914 11,369,440 Derivative instruments 2,358 2,358 2,316 2,316 Redeemable OP unitholder interests 171,114 171,114 177,177 177,177

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of June 30, 2017 and December 31, 2016 : June 30, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (53,824 ) $ (66,192 ) Unrealized gain on marketable securities 1,054 1,239 Other 7,735 7,419 Total accumulated other comprehensive loss $ (45,035 ) $ (57,534 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 152,272 $ 137,849 $ 308,184 $ 261,188 Discontinued operations (23 ) (148 ) (76 ) (637 ) Gain on real estate dispositions 719 5,739 44,008 31,923 Net income 152,968 143,440 352,116 292,474 Net income attributable to noncontrolling interests 1,137 278 2,158 332 Net income attributable to common stockholders $ 151,831 $ 143,162 $ 349,958 $ 292,142 Denominator: Denominator for basic earnings per share—weighted average shares 355,024 338,901 354,719 337,230 Effect of dilutive securities: Stock options 596 630 501 475 Restricted stock awards 225 154 193 153 OP Unitholder interests 2,466 2,886 2,506 2,993 Denominator for diluted earnings per share—adjusted weighted average shares 358,311 342,571 357,919 340,851 Basic earnings per share: Income from continuing operations $ 0.43 $ 0.41 $ 0.87 $ 0.77 Net income attributable to common stockholders 0.43 0.42 0.99 0.87 Diluted earnings per share: Income from continuing operations $ 0.42 $ 0.40 $ 0.86 $ 0.77 Net income attributable to common stockholders 0.42 0.42 0.98 0.86

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended June 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 213,258 $ — $ 186,240 $ — $ 399,498 Resident fees and services — 460,243 — — 460,243 Office building and other services revenue 1,125 — 1,848 206 3,179 Income from loans and investments — — — 32,368 32,368 Interest and other income — — — 202 202 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Less: Interest and other income — — — 202 202 Property-level operating expenses — 308,625 57,205 — 365,830 Office building services costs — — 552 — 552 Segment NOI 214,383 151,618 130,331 32,574 528,906 Income (loss) from unconsolidated entities 377 (381 ) 298 (400 ) (106 ) Segment profit $ 214,760 $ 151,237 $ 130,629 $ 32,174 528,800 Interest and other income 202 Interest expense (113,572 ) Depreciation and amortization (224,108 ) General, administrative and professional fees (33,282 ) Loss on extinguishment of debt, net (36 ) Merger-related expenses and deal costs (6,043 ) Other (1,848 ) Income tax benefit 2,159 Income from continuing operations $ 152,272 For the Three Months Ended June 30, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 210,119 $ — $ 144,087 $ — $ 354,206 Resident fees and services — 464,437 — — 464,437 Office building and other services revenue 1,231 — 3,369 904 5,504 Income from loans and investments — — — 24,146 24,146 Interest and other income — — — 111 111 Total revenues $ 211,350 $ 464,437 $ 147,456 $ 25,161 $ 848,404 Total revenues $ 211,350 $ 464,437 $ 147,456 $ 25,161 $ 848,404 Less: Interest and other income — — — 111 111 Property-level operating expenses — 307,989 43,966 — 351,955 Office building services costs — — 1,852 — 1,852 Segment NOI 211,350 156,448 101,638 25,050 494,486 Income from unconsolidated entities 825 336 173 84 1,418 Segment profit $ 212,175 $ 156,784 $ 101,811 $ 25,134 495,904 Interest and other income 111 Interest expense (103,665 ) Depreciation and amortization (221,961 ) General, administrative and professional fees (32,094 ) Loss on extinguishment of debt, net (2,468 ) Merger-related expenses and deal costs (7,224 ) Other (2,303 ) Income tax benefit 11,549 Income from continuing operations $ 137,849 For the Six Months Ended June 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 422,585 $ — $ 372,135 $ — $ 794,720 Resident fees and services — 924,431 — — 924,431 Office building and other services revenue 2,330 — 3,779 476 6,585 Income from loans and investments — — — 52,514 52,514 Interest and other income — — — 683 683 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Less: Interest and other income — — — 683 683 Property-level operating expenses — 620,698 114,119 — 734,817 Office building services costs — — 1,290 — 1,290 Segment NOI 424,915 303,733 260,505 52,990 1,042,143 Income (loss) from unconsolidated entities 3,646 (457 ) 633 (778 ) 3,044 Segment profit $ 428,561 $ 303,276 $ 261,138 $ 52,212 1,045,187 Interest and other income 683 Interest expense (222,376 ) Depreciation and amortization (441,891 ) General, administrative and professional fees (67,243 ) Loss on extinguishment of debt, net (345 ) Merger-related expenses and deal costs (8,099 ) Other (3,036 ) Income tax benefit 5,304 Income from continuing operations $ 308,184 For the Six Months Ended June 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 424,606 $ — $ 288,223 $ — $ 712,829 Resident fees and services — 928,413 — — 928,413 Office building and other services revenue 2,430 — 8,345 1,914 12,689 Income from loans and investments — — — 46,532 46,532 Interest and other income — — — 230 230 Total revenues $ 427,036 $ 928,413 $ 296,568 $ 48,676 $ 1,700,693 Total revenues $ 427,036 $ 928,413 $ 296,568 $ 48,676 $ 1,700,693 Less: Interest and other income — — — 230 230 Property-level operating expenses — 620,530 87,647 — 708,177 Office building services costs — — 5,303 — 5,303 Segment NOI 427,036 307,883 203,618 48,446 986,983 Income from unconsolidated entities 154 673 47 346 1,220 Segment profit $ 427,190 $ 308,556 $ 203,665 $ 48,792 988,203 Interest and other income 230 Interest expense (206,938 ) Depreciation and amortization (458,348 ) General, administrative and professional fees (63,820 ) Loss on extinguishment of debt, net (2,782 ) Merger-related expenses and deal costs (8,856 ) Other (6,471 ) Income tax benefit 19,970 Income from continuing operations $ 261,188
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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 48,143 $ 15,949 $ 141,952 $ 56,650 Senior living operations 30,056 24,808 51,381 43,802 Office operations 51,390 38,192 245,386 50,605 Total capital expenditures $ 129,589 $ 78,949 $ 438,719 $ 151,057
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (In thousands) Revenues: United States $ 844,623 $ 797,394 $ 1,677,443 $ 1,601,595 Canada 44,412 44,045 89,008 85,174 United Kingdom 6,455 6,965 12,482 13,924 Total revenues $ 895,490 $ 848,404 $ 1,778,933 $ 1,700,693
Net real estate property by geographic area	As of June 30, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,190,206 $ 19,105,939 Canada 1,056,233 1,037,105 United Kingdom 293,327 251,710 Total net real estate property $ 20,539,766 20,394,754

CONDENSED CONSOLIDATING INFOR38

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of June 30, 2017 and December 31, 2016 and for the three and six months ended June 30, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,917 $ 122,140 $ 21,930,907 $ — $ 22,054,964 Cash and cash equivalents 16,910 — 86,443 — 103,353 Escrow deposits and restricted cash 197 1,581 66,565 — 68,343 Investment in and advances to affiliates 14,716,005 2,938,442 — (17,654,447 ) — Goodwill — — 1,034,054 — 1,034,054 Assets held for sale — 35,688 53,881 — 89,569 Other assets 42,103 9,360 454,012 — 505,475 Total assets $ 14,777,132 $ 3,107,211 $ 23,625,862 $ (17,654,447 ) $ 23,855,758 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 9,346,233 $ 2,561,764 $ — $ 11,907,997 Intercompany loans 7,720,779 (7,102,600 ) (618,179 ) — — Accrued interest (4,896 ) 71,831 20,313 — 87,248 Accounts payable and other liabilities 133,472 22,618 773,483 — 929,573 Liabilities related to assets held for sale — 8,517 1,295 — 9,812 Deferred income taxes 296,822 — — — 296,822 Total liabilities 8,146,177 2,346,599 2,738,676 — 13,231,452 Redeemable OP unitholder and noncontrolling interests — — 182,154 — 182,154 Total equity 6,630,955 760,612 20,705,032 (17,654,447 ) 10,442,152 Total liabilities and equity $ 14,777,132 $ 3,107,211 $ 23,625,862 $ (17,654,447 ) $ 23,855,758 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 14,258,931 2,938,441 — (17,197,372 ) — 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 $ 14,506,907 $ 3,119,996 $ 22,737,069 $ (17,197,372 ) $ 23,166,600 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,406,979 $ 2,720,347 $ — $ 11,127,326 Intercompany loans 7,088,838 (6,209,707 ) (879,131 ) — — Accrued interest (1,753 ) 67,156 18,359 — 83,762 Accounts payable and other liabilities 89,115 35,587 783,226 — 907,928 Liabilities related to assets held for sale — (1 ) 1,463 — 1,462 Deferred income taxes 316,641 — — — 316,641 Total liabilities 7,492,841 2,300,014 2,644,264 — 12,437,119 Redeemable OP unitholder and noncontrolling interests — — 200,728 — 200,728 Total equity 7,014,066 819,982 19,892,077 (17,197,372 ) 10,528,753 Total liabilities and equity $ 14,506,907 $ 3,119,996 $ 22,737,069 $ (17,197,372 ) $ 23,166,600
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 596 $ 48,451 $ 350,451 $ — $ 399,498 Resident fees and services — — 460,243 — 460,243 Office building and other services revenue — — 3,179 — 3,179 Income from loans and investments 319 — 32,049 — 32,368 Equity earnings in affiliates 128,196 — (405 ) (127,791 ) — Interest and other income 28 — 174 — 202 Total revenues 129,139 48,451 845,691 (127,791 ) 895,490 Expenses Interest (27,694 ) 81,516 59,750 — 113,572 Depreciation and amortization 1,419 2,239 220,450 — 224,108 Property-level operating expenses — 83 365,747 — 365,830 Office building services costs — — 552 — 552 General, administrative and professional fees 189 4,630 28,463 — 33,282 Loss (gain) on extinguishment of debt, net — 418 (382 ) — 36 Merger-related expenses and deal costs 5,783 — 260 — 6,043 Other 466 — 1,382 — 1,848 Total expenses (19,837 ) 88,886 676,222 — 745,271 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 148,976 (40,435 ) 169,469 (127,791 ) 150,219 Loss from unconsolidated entities — (16 ) (90 ) — (106 ) Income tax benefit 2,159 — — — 2,159 Income (loss) from continuing operations 151,135 (40,451 ) 169,379 (127,791 ) 152,272 Discontinued operations (23 ) (23 ) Gain on real estate dispositions 719 719 Net income (loss) 151,831 (40,451 ) 169,379 (127,791 ) 152,968 Net income attributable to noncontrolling interests — — 1,137 — 1,137 Net income (loss) attributable to common stockholders $ 151,831 $ (40,451 ) $ 168,242 $ (127,791 ) $ 151,831 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 583 $ 49,418 $ 304,205 $ — $ 354,206 Resident fees and services — — 464,437 — 464,437 Office building and other services revenue 602 — 4,902 — 5,504 Income from loans and investments — — 24,146 — 24,146 Equity earnings in affiliates 124,028 — (288 ) (123,740 ) — Interest and other income 41 — 70 — 111 Total revenues 125,254 49,418 797,472 (123,740 ) 848,404 Expenses Interest (11,094 ) 69,011 45,748 — 103,665 Depreciation and amortization 1,203 2,867 217,891 — 221,961 Property-level operating expenses — 77 351,878 — 351,955 Office building services costs — — 1,852 — 1,852 General, administrative and professional fees 2,246 4,213 25,635 — 32,094 Loss (gain) on extinguishment of debt, net 58 2,432 (22 ) — 2,468 Merger-related expenses and deal costs 6,743 — 481 — 7,224 Other 76 4 2,223 — 2,303 Total expenses (768 ) 78,604 645,686 — 723,522 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 126,022 (29,186 ) 151,786 (123,740 ) 124,882 Income from unconsolidated entities — 344 1,074 — 1,418 Income tax benefit 11,549 — — — 11,549 Income (loss) from continuing operations 137,571 (28,842 ) 152,860 (123,740 ) 137,849 Discontinued operations (148 ) — — — (148 ) Gain on real estate dispositions 5,739 — — — 5,739 Net income (loss) 143,162 (28,842 ) 152,860 (123,740 ) 143,440 Net income attributable to noncontrolling interests — — 278 — 278 Net income (loss) attributable to common stockholders $ 143,162 $ (28,842 ) $ 152,582 $ (123,740 ) $ 143,162 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,181 $ 96,270 $ 697,269 $ — $ 794,720 Resident fees and services — — 924,431 — 924,431 Office building and other services revenue — — 6,585 — 6,585 Income from loans and investments 599 — 51,915 — 52,514 Equity earnings in affiliates 265,188 — (713 ) (264,475 ) — Interest and other income 371 — 312 — 683 Total revenues 267,339 96,270 1,679,799 (264,475 ) 1,778,933 Expenses Interest (44,293 ) 156,303 110,366 — 222,376 Depreciation and amortization 2,826 4,608 434,457 — 441,891 Property-level operating expenses — 165 734,652 — 734,817 Office building services costs — — 1,290 — 1,290 General, administrative and professional fees 319 9,330 57,594 — 67,243 Loss (gain) on extinguishment of debt, net — 439 (94 ) — 345 Merger-related expenses and deal costs 7,646 — 453 — 8,099 Other 119 — 2,917 — 3,036 Total expenses (33,383 ) 170,845 1,341,635 — 1,479,097 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 300,722 (74,575 ) 338,164 (264,475 ) 299,836 Income (loss) from unconsolidated entities — 3,305 (261 ) — 3,044 Income tax benefit 5,304 — — — 5,304 Income (loss) from continuing operations 306,026 (71,270 ) 337,903 (264,475 ) 308,184 Discontinued operations (76 ) — — — (76 ) Gain on real estate dispositions 44,008 — — — 44,008 Net income (loss) 349,958 (71,270 ) 337,903 (264,475 ) 352,116 Net income attributable to noncontrolling interests — — 2,158 — 2,158 Net income (loss) attributable to common stockholders $ 349,958 $ (71,270 ) $ 335,745 $ (264,475 ) $ 349,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,499 $ 98,143 $ 613,187 $ — $ 712,829 Resident fees and services — — 928,413 — 928,413 Office building and other services revenue 1,204 — 11,485 — 12,689 Income from loans and investments — — 46,532 — 46,532 Equity earnings in affiliates 232,790 — (631 ) (232,159 ) — Interest and other income 70 — 160 — 230 Total revenues 235,563 98,143 1,599,146 (232,159 ) 1,700,693 Expenses Interest (21,889 ) 137,590 91,237 — 206,938 Depreciation and amortization 6,135 12,781 439,432 — 458,348 Property-level operating expenses — 156 708,021 — 708,177 Office building services costs — — 5,303 — 5,303 General, administrative and professional fees 2,231 8,717 52,872 — 63,820 Loss on extinguishment of debt, net 58 2,432 292 — 2,782 Merger-related expenses and deal costs 8,115 — 741 — 8,856 Other 27 4 6,440 — 6,471 Total expenses (5,323 ) 161,680 1,304,338 — 1,460,695 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 240,886 (63,537 ) 294,808 (232,159 ) 239,998 Income from unconsolidated entities — 447 773 — 1,220 Income tax benefit 19,970 — — — 19,970 Income (loss) from continuing operations 260,856 (63,090 ) 295,581 (232,159 ) 261,188 Discontinued operations (637 ) — — — (637 ) Gain on real estate dispositions 31,923 — — — 31,923 Net income (loss) 292,142 (63,090 ) 295,581 (232,159 ) 292,474 Net income attributable to noncontrolling interests — — 332 — 332 Net income (loss) attributable to common stockholders $ 292,142 $ (63,090 ) $ 295,249 $ (232,159 ) $ 292,142
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 151,831 $ (40,451 ) $ 169,379 $ (127,791 ) 152,968 Other comprehensive (loss) income: Foreign currency translation — — 8,286 — 8,286 Change in unrealized gain on marketable securities (62 ) — — — (62 ) Other — — 398 — 398 Total other comprehensive (loss) income (62 ) — 8,684 — 8,622 Comprehensive income (loss) 151,769 (40,451 ) 178,063 (127,791 ) 161,590 Comprehensive income attributable to noncontrolling interests — — 1,137 — 1,137 Comprehensive income (loss) attributable to common stockholders $ 151,769 $ (40,451 ) $ 176,926 $ (127,791 ) $ 160,453 For the Three Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 143,162 $ (28,842 ) $ 152,860 $ (123,740 ) $ 143,440 Other comprehensive income (loss): Foreign currency translation — — (22,715 ) — (22,715 ) Change in unrealized gain on marketable securities 69 — — — 69 Other — — (1,617 ) — (1,617 ) Total other comprehensive income (loss) 69 — (24,332 ) — (24,263 ) Comprehensive income (loss) 143,231 (28,842 ) 128,528 (123,740 ) 119,177 Comprehensive income attributable to noncontrolling interests — — 278 — 278 Comprehensive income (loss) attributable to common stockholders $ 143,231 $ (28,842 ) $ 128,250 $ (123,740 ) $ 118,899 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 349,958 $ (71,270 ) $ 337,903 $ (264,475 ) $ 352,116 Other comprehensive (loss) income: Foreign currency translation — — 12,368 — 12,368 Change in unrealized gain on marketable securities (185 ) — — — (185 ) Other — — 316 — 316 Total other comprehensive (loss) income (185 ) — 12,684 — 12,499 Comprehensive income (loss) 349,773 (71,270 ) 350,587 (264,475 ) 364,615 Comprehensive income attributable to noncontrolling interests — — 2,158 — 2,158 Comprehensive income (loss) attributable to common stockholders $ 349,773 $ (71,270 ) $ 348,429 $ (264,475 ) $ 362,457 For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 292,142 $ (63,090 ) $ 295,581 $ (232,159 ) $ 292,474 Other comprehensive income (loss): Foreign currency translation — — (33,383 ) — (33,383 ) Change in unrealized gain on marketable securities 250 — — — 250 Other — — (3,497 ) — (3,497 ) Total other comprehensive income (loss) 250 — (36,880 ) — (36,630 ) Comprehensive income (loss) 292,392 (63,090 ) 258,701 (232,159 ) 255,844 Comprehensive income attributable to noncontrolling interests — — 332 — 332 Comprehensive income (loss) attributable to common stockholders $ 292,392 $ (63,090 ) $ 258,369 $ (232,159 ) $ 255,512
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 41,514 $ (61,787 ) $ 757,529 $ — $ 737,256 Cash flows from investing activities: Net investment in real estate property (210,120 ) — (29,378 ) — (239,498 ) Investment in loans receivable and other (2,575 ) — (715,658 ) — (718,233 ) Proceeds from real estate disposals 19,570 — — — 19,570 Proceeds from loans receivable 21 — 25,046 — 25,067 Development project expenditures — — (143,269 ) — (143,269 ) Capital expenditures — (15 ) (55,937 ) — (55,952 ) Investment in unconsolidated entities — — (39,048 ) — (39,048 ) Net cash used in investing activities (193,104 ) (15 ) (958,244 ) — (1,151,363 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 453,000 (88,544 ) — 364,456 Proceeds from debt — 793,904 234,605 — 1,028,509 Repayment of debt — (300,019 ) (356,517 ) — (656,536 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 795,695 (892,893 ) 97,198 — — Payment of deferred financing costs — (18,262 ) (1,425 ) — (19,687 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (370,551 ) 26,072 344,479 — — Cash distribution to common stockholders (550,965 ) — — — (550,965 ) Cash distribution to redeemable OP unitholders — — (3,720 ) — (3,720 ) Contributions from noncontrolling interests — — 2,227 — 2,227 Distributions to noncontrolling interests — — (4,156 ) — (4,156 ) Other 9,702 — — — 9,702 Net cash (used in) provided by financing activities (58,332 ) 61,802 224,147 — 227,617 Net (decrease) increase in cash and cash equivalents (209,922 ) — 23,432 — (186,490 ) Effect of foreign currency translation on cash and cash equivalents 16,529 — (13,393 ) — 3,136 Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 16,910 $ — $ 86,443 $ — $ 103,353 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 40,671 $ (45,313 ) $ 665,378 $ — $ 660,736 Cash flows from investing activities: Net investment in real estate property (34,453 ) — — — (34,453 ) Investment in loans receivable and other — — (152,450 ) — (152,450 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Proceeds from loans receivable — — 7,644 — 7,644 Development project expenditures — — (69,679 ) — (69,679 ) Capital expenditures — (18 ) (46,907 ) — (46,925 ) Investment in unconsolidated entities — — (4,265 ) — (4,265 ) Net cash used in investing activities (14,012 ) (18 ) (222,537 ) — (236,567 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (114,000 ) 138,304 — 24,304 Proceeds from debt — 400,000 16,217 — 416,217 Repayment of debt — (555,470 ) (184,867 ) — (740,337 ) Purchase of noncontrolling interests — — (1,604 ) — (1,604 ) Net change in intercompany debt 128,165 308,816 (436,981 ) — — Payment of deferred financing costs — (3,422 ) (422 ) — (3,844 ) Issuance of common stock, net 377,739 — — — 377,739 Cash distribution (to) from affiliates (8,096 ) 9,407 (1,311 ) — — Cash distribution to common stockholders (493,471 ) — — — (493,471 ) Cash distribution to redeemable OP unitholders — — (4,437 ) — (4,437 ) Contributions from noncontrolling interest — — 5,680 — 5,680 Distributions to noncontrolling interests — — (3,582 ) — (3,582 ) Other 3,622 — — — 3,622 Net cash provided by (used in) financing activities 7,959 45,331 (473,003 ) — (419,713 ) Net increase (decrease) in cash and cash equivalents 34,618 — (30,162 ) — 4,456 Effect of foreign currency translation on cash and cash equivalents (33,353 ) — 33,196 — (157 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,998 $ — $ 44,324 $ — $ 57,322

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016property	Jun. 30, 2017propertytenant
Real estate properties
Number of real estate properties		1,300
Number of properties leased		580
Concentration risk, number of tenants | tenant		3
Number of senior housing community included in senior living operations	1	1
Brookdale Senior Living
Real estate properties
Number of properties leased		141
Number of senior housing community included in senior living operations		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
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		301

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Total Assets	$ 949,241	$ 981,752
Total Liabilities	222,644	234,109
NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	626,227	639,763
Total Liabilities	194,369	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	1,945,402	1,882,336
Total Liabilities	$ 332,971	$ 354,034

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	Jun. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)	Jan. 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 | $	$ 171.1			$ 177.2
Partner redemptions | $		$ 15.8
Common Stock
Redeemable Noncontrolling Interest [Line Items]
Conversion of stock, shares Issued (in shares)			341,776
Class A
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)	2,721,522
Class B
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)	7,181,361
Class C
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
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest [Line Items]
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%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Jun. 30, 2017property
Business Acquisition [Line Items]
Number of real estate properties	1,300
Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	10
Development Assets | Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	2

ACCOUNTING POLICIES - Business

ACCOUNTING POLICIES - Business Combinations (Details)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Estimated remaining years	35 years

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 256,160	$ 244,580
Straight-line rent receivables, allowance	$ 113,100	$ 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

ACCOUNTING POLICIES - Recently

ACCOUNTING POLICIES - Recently Issued or Adopted Accounting Standards (Details) $ in Millions	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Deferred gain on sale of property	$ 31.2

CONCENTRATION OF CREDIT RISK (D

CONCENTRATION OF CREDIT RISK (Details)	6 Months Ended
	Jun. 30, 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	301
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property	269
NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10% of 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	21.90%
Customer Concentration Risk | Total gross book value of properties | Sunrise
Concentration Risk [Line Items]
Concentration percentage	10.90%
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 | Ardent
Concentration Risk [Line Items]
Concentration percentage	4.90%
Customer Concentration Risk | Total gross book value of properties | Kindred
Concentration Risk [Line Items]
Concentration percentage	1.10%
Customer Concentration Risk | Total gross book value of properties | Hospitals, Medical Office Building, and Other
Concentration Risk [Line Items]
Concentration percentage	39.60%
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	25.10%
Senior Living Operations | Customer Concentration Risk | Total gross book value of properties
Concentration Risk [Line Items]
Concentration percentage	35.30%

CONCENTRATION OF CREDIT RISK (S

CONCENTRATION OF CREDIT RISK (Schedule of Concentration Risks) (Details) - property		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017
Concentration Risk [Line Items]
Number of Properties Held for Sale		36		36
Number of senior housing community included in senior living operations			(1)	(1)
Kindred | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	[1],[2]	5.10%	5.40%
Kindred | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	[1]	8.60%	9.30%
Brookdale Senior Living | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	[2],[3]	4.70%	4.90%
Brookdale Senior Living | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	[3]	7.90%	8.30%
Ardent | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	[2]	3.10%	3.10%
Ardent | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage		5.20%	5.40%
[1]	Includes 36 skilled nursing facilities classified as held for sale at June 30, 2017 that are included in continuing operations.
[2]	Total revenues include office building and other services revenue, income from loans and investments and interest and other income.
[3]	Excludes one seniors housing community included in senior living operations and includes one seniors housing community classified as held for sale at June 30, 2017 that is included in continuing operations.

ACQUISITIONS OF REAL ESTATE P48

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2017USD ($)property	Jun. 30, 2017USD ($)property
Business Acquisition [Line Items]
Purchase price | $		$ 404.4
Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of businesses acquired		14
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

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)propertyparcel	Jun. 30, 2016USD ($)	Nov. 30, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Vacant parcels sold | parcel	2
Proceeds from sale of real estate	$ 104.6
Gain on disposition	44
Potential proceeds from sale of property under agreement			$ 700
Impairment of real estate	$ 15.6	$ 14.5
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	10
Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	2
Skilled Nursing Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Potential properties for sale under agreement | property			36
Potential gain on sale of real estate	$ 600
Kindred
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Potential proceeds from sale of property under agreement			$ 700

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Jun. 30, 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	44	7
Assets held for sale	$ 89,569	$ 54,961
Liabilities related to assets held for sale	$ 9,812	$ 1,462
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	37	0
Assets held for sale	$ 36,500	$ 0
Liabilities related to assets held for sale	$ 8,547	$ 0
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties Held for Sale | property	7	7
Assets held for sale	$ 53,069	$ 53,151
Liabilities related to assets held for sale	$ 1,265	$ 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	$ 0	$ 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

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 1,400	$ 754.6

LOANS RECEIVABLE AND INVESTME52

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	$ 1,449,128	$ 754,565
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,448,074	753,326
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,469,936	764,656
Available-for-sale securities, unrealized gain (loss)	1,054	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	1,395,404	702,021
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,394,350	700,782
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,415,349	711,030
Available-for-sale securities, unrealized gain (loss)	1,054	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	53,724	52,544
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	53,724	52,544
Secured loans, unsecured loans, and other available-for-sale securities, fair value	54,587	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	55,518	55,049
Available-for-sale securities, amortized cost	54,464	53,810
Available-for-sale securities, unrealized gain (loss)	1,054	1,239
Secured/mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	1,339,886	646,972
Mortgage loans and other, fair value	1,359,831	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	53,724	52,544
Mortgage loans and other, fair value	54,587	53,626
Available-for-sale securities, unrealized gain (loss)	$ 0	$ 0

LOANS RECEIVABLE AND INVESTME53

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)loan
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		9.00%
Revolving Credit Facility | LHP | Secured Debt
Accounts, Notes, Loans and Financing Receivable [Line Items]
Debt instrument, face amount	$ 60,000,000
Financing receivable		$ 27,500,000
Partial Prepayment of Loan Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from loan receivable		13,700,000
Repayment of Loan Receivable - July 2017 Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from loan receivable		$ 6,000,000
Number of Loans Repaid | loan		1

INVESTMENTS IN UNCONSOLIDATED54

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017USD ($)property	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)
Equity method investments
Number of real estate properties | property		31		31
Management fees earned		$ 1,400	$ 1,600	$ 3,000	$ 3,200
Purchase price				404,400
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%		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method		9.90%		9.90%
Minimum
Equity method investments
Ownership interests accounted for under the equity method		5.00%		5.00%
Maximum
Equity method investments
Ownership interests accounted for under the equity method		25.00%		25.00%
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	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Intangible assets:
Goodwill	$ 1,034,054	$ 1,033,225
Accumulated amortization	(818,055)	(769,558)
Net intangible assets	$ 1,786,012	$ 1,810,079
Remaining Weighted Average Amortization Period in Years	21 years 6 months	21 years 6 months
Intangible liabilities:
Below market lease intangibles	$ 361,009	$ 345,103
Other lease intangibles	40,343	40,843
Accumulated amortization	(148,110)	(133,468)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 256,810	$ 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 6 months	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	$ 186,323	$ 184,993
Remaining Weighted Average Amortization Period in Years	7 years 2 months 13 days	6 years 10 months 24 days
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,347,850	$ 1,325,636
Remaining Weighted Average Amortization Period in Years	23 years 7 months 9 days	23 years 7 months 6 days
Other intangibles
Intangible assets:
Other intangibles	$ 35,840	$ 35,783
Remaining Weighted Average Amortization Period in Years	12 years	11 years 3 months 18 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 256,160	$ 244,580
Non-mortgage loans receivable, net	53,724	52,544
Other intangibles, net	7,138	8,190
Investments in unconsolidated operating entities	43,668	28,431
Other	144,785	184,619
Total other assets	$ 505,475	$ 518,364

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) $ in Thousands, CAD in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Jun. 30, 2017CAD	Apr. 30, 2017	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016CAD
Debt instruments
Principal amount outstanding	$ 11,992,233					$ 11,190,914
Deferred financing costs, net	(73,679)					(61,304)
Unamortized fair value adjustment	20,696					25,224
Unamortized discounts	(31,253)					(27,508)
Senior notes payable and other debt	11,907,997					11,127,326
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding	516,455	£ 30,400,000	CAD 33.1			146,538	£ 0	CAD 146.5
1.250% Senior Notes due 2017
Debt instruments
Principal amount outstanding	$ 0					300,000
Interest rate	1.25%	1.25%	1.25%	1.25%
2.00% Senior Notes due 2018
Debt instruments
Principal amount outstanding	$ 700,000					700,000
Interest rate	2.00%	2.00%	2.00%
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding	$ 200,000					200,000
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding	278,586					371,215		CAD 92.6
4.00% Senior Notes due 2019
Debt instruments
Principal amount outstanding	$ 600,000					600,000
Interest rate	4.00%	4.00%	4.00%
3.00% Senior Notes, Series A due 2019
Debt instruments
Principal amount outstanding	$ 308,595					297,841
Interest rate	3.00%	3.00%	3.00%
2.700% Senior Notes due 2020
Debt instruments
Principal amount outstanding	$ 500,000					500,000
Interest rate	2.70%	2.70%	2.70%
Unsecured term loan due 2020
Debt instruments
Principal amount outstanding	$ 900,000					900,000
4.750% Senior Notes due 2021
Debt instruments
Principal amount outstanding	$ 700,000					700,000
Interest rate	4.75%	4.75%	4.75%
4.25% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 600,000					600,000
Interest rate	4.25%	4.25%	4.25%
3.25% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 500,000					500,000
Interest rate	3.25%	3.25%	3.25%
3.300% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 192,871					186,150
Interest rate	3.30%	3.30%	3.30%
3.125% Senior Notes due 2023
Debt instruments
Principal amount outstanding	$ 400,000					400,000
Interest rate	3.125%	3.125%	3.125%
3.100% Senior Notes due 2023
Debt instruments
Principal amount outstanding	$ 400,000				$ 400,000	0
Interest rate	3.10%	3.10%	3.10%		3.10%
2.55% Senior Notes, Series D due 2023
Debt instruments
Principal amount outstanding	$ 212,159					0
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding	$ 400,000					400,000
Interest rate	3.75%	3.75%	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding	$ 192,872					186,150
Interest rate	4.125%	4.125%	4.125%
3.500% Senior Notes due 2025
Debt instruments
Principal amount outstanding	$ 600,000					600,000
Interest rate	3.50%	3.50%	3.50%
4.125% Senior Notes due 2026
Debt instruments
Principal amount outstanding	$ 500,000					500,000
Interest rate	4.125%	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%	3.25%
3.850% Senior Notes due 2027
Debt instruments
Principal amount outstanding	$ 400,000				$ 400,000	0
Interest rate	3.85%	3.85%	3.85%		3.85%
6.90% Senior Notes due 2037
Debt instruments
Principal amount outstanding						52,400
Interest rate	6.90%	6.90%	6.90%
6.59% Senior Notes due 2038
Debt instruments
Principal amount outstanding						22,973
Interest rate	6.59%	6.59%	6.59%
5.45% Senior Notes due 2043
Debt instruments
Principal amount outstanding	$ 258,750					258,750
Interest rate	5.45%	5.45%	5.45%
5.70% Senior Notes due 2043
Debt instruments
Principal amount outstanding	$ 300,000					300,000
Interest rate	5.70%	5.70%	5.70%
4.375% Senior Notes due 2045
Debt instruments
Principal amount outstanding	$ 300,000					300,000
Interest rate	4.375%	4.375%	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding	$ 1,506,572					1,718,897
Unsecured term loan
Debt instruments
Principal amount outstanding	$ 478,600					$ 571,200

SENIOR NOTES PAYABLE AND OTHE58

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) $ in Thousands, CAD in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Jun. 30, 2017CAD	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016CAD	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	$ 115,172
2,018	1,122,438
2,019	1,614,309
2,020	1,434,244
2,021	1,299,521
Thereafter	6,406,549
Total maturities	11,992,233			$ 11,190,914
Unrestricted cash and cash equivalents	103,353			286,707			$ 57,322	$ 53,023
Amount outstanding, net of cash and cash equivalents	413,100
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	103,561
2,018	1,101,879
2,019	1,599,713
2,020	1,422,547
2,021	772,838
Thereafter	6,291,984
Total maturities	11,292,522
Principal Amount Due at Maturity | 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
Principal Amount Due at Maturity | 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
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	0
2,018	0
2,019	0
2,020	0
2,021	516,455
Thereafter	0
Total maturities	516,455	£ 30,400,000	CAD 33.1	$ 146,538	£ 0	CAD 146.5
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	11,611
2,018	20,559
2,019	14,596
2,020	11,697
2,021	10,228
Thereafter	114,565
Total maturities	183,256
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%	6.90%	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	$ 22,973
Interest rate	6.59%	6.59%	6.59%

SENIOR NOTES PAYABLE AND OTHE59

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details) CAD in Millions	Apr. 25, 2017USD ($)period	Jun. 30, 2017CAD	May 31, 2017CAD	Apr. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017GBP (£)	Jun. 30, 2017CAD	Apr. 03, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016CAD
Debt instruments
Principal amount outstanding						$ 11,992,233,000		$ 11,992,233,000					$ 11,190,914,000
Gain on repayment of debt						$ (36,000)	$ (2,468,000)	$ (345,000)	$ (2,782,000)
Derivative gain					$ 800,000
Forward Contracts
Debt instruments
Derivative notional amount												$ 275,000,000
Debt, weighted average interest rate												2.33%
Interest Rate Swap
Debt instruments
Derivative notional amount					400,000,000
Derivative fixed interest rate						3.10%		3.10%		3.10%	3.10%
Swap
Debt instruments
Derivative notional amount						$ 125,000,000		$ 125,000,000
LIBOR | Interest Rate Swap
Debt instruments
Debt, weighted average interest rate						0.98%		0.98%		0.98%	0.98%
LIBOR | Swap
Debt instruments
Debt, weighted average interest rate						2.1832%		2.1832%		2.1832%	2.1832%
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding						$ 516,455,000		$ 516,455,000		£ 30,400,000	CAD 33.1		146,538,000	£ 0	CAD 146.5
Unsecured Term Loan Due 2018 [Member]
Debt instruments
Principal amount outstanding						200,000,000		200,000,000
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding						200,000,000		200,000,000					200,000,000
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding						278,586,000		$ 278,586,000					371,215,000		CAD 92.6
Repayments of debt | CAD		CAD 124.4
Unsecured term loan due 2019 | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	1.05%
Unsecured term loan due 2020
Debt instruments
Debt instrument, basis spread on variable rate								0.975%
Principal amount outstanding						900,000,000		$ 900,000,000					900,000,000
Mortgage Loans [Member]
Debt instruments
Debt instrument, term of loan								1 year 8 months
Repayments of debt								$ 237,000,000
Gain on repayment of debt								400,000
3.100% Senior Notes due 2023
Debt instruments
Principal amount outstanding					$ 400,000,000	$ 400,000,000		$ 400,000,000					0
Interest rate					3.10%	3.10%		3.10%		3.10%	3.10%
Public offering price as percent of par					99.28%
Proceeds from public offering sale of debt					$ 397,120,000
3.850% Senior Notes due 2027
Debt instruments
Principal amount outstanding					$ 400,000,000	$ 400,000,000		$ 400,000,000					0
Interest rate					3.85%	3.85%		3.85%		3.85%	3.85%
Public offering price as percent of par					99.196%
Proceeds from public offering sale of debt					$ 396,800,000
1.250% Senior Notes due 2017
Debt instruments
Principal amount outstanding						$ 0		$ 0					$ 300,000,000
Interest rate				1.25%		1.25%		1.25%		1.25%	1.25%
Repayments of debt				$ 300,000,000
2.55% Senior Notes, Series D due 2023 (3)
Debt instruments
Principal amount outstanding | CAD			CAD 275
Interest rate			2.55%			2.55%		2.55%		2.55%	2.55%
Public offering price as percent of par			99.954%
Proceeds from public offering sale of debt | CAD			CAD 274.9
Revolving Credit Facility
Debt instruments
Line of Credit Facility, Fair Value of Amount Outstanding						$ 516,500,000		$ 516,500,000
Additional periods | period	2
Debt instrument, additional period	6 months
Letters of credit outstanding						14,500,000		14,500,000
Unused borrowing capacity available						$ 2,500,000,000		$ 2,500,000,000
Revolving Credit Facility | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	0.875%
Revolving Credit Facility | Unsecured revolving credit facilities
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 3,000,000,000
Revolving Credit Facility | Accordion Feature
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 3,750,000,000
Previous Revolving Credit Facility [Member] | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate	1.00%
Previous Revolving Credit Facility [Member] | Unsecured revolving credit facilities
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)	$ 2,000,000,000

FAIR VALUES OF FINANCIAL INST60

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Non-mortgage loans receivable, net	$ 53,724	$ 52,544
Liabilities:
Redeemable OP unitholder interests	171,100	177,200
Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,518	55,049
Carrying Amount
Assets:
Cash and cash equivalents	103,353	286,707
Secured mortgage loans and other, net	1,339,886	646,972
Non-mortgage loans receivable, net		52,544
Liabilities:
Senior notes payable and other debt, gross	11,992,233	11,190,914
Derivative instruments	2,358	2,316
Redeemable OP unitholder interests	171,114	177,177
Carrying Amount | Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,518	55,049
Carrying Amount | Derivative instruments
Assets:
Derivative instruments	6,716	3,302
Fair Value
Assets:
Cash and cash equivalents	103,353	286,707
Secured mortgage loans and other, net	1,359,831	655,981
Non-mortgage loans receivable, net	54,587	53,626
Liabilities:
Senior notes payable and other debt, gross	12,234,725	11,369,440
Derivative instruments	2,358	2,316
Redeemable OP unitholder interests	171,114	177,177
Fair Value | Government-sponsored pooled loan investments
Assets:
Derivative instruments	55,518	55,049
Fair Value | Derivative instruments
Assets:
Derivative instruments	$ 6,716	$ 3,302

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 2,159	$ 11,549	$ 5,304	$ 19,970
Income tax benefits, reversal of net deferred tax liability			800	$ 5,900
Net deferred tax liabilities	$ 296,800		$ 296,800		$ 316,600

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)shares
Equity [Abstract]
Issuance of common staock, shares | shares	1.1
Proceeds from issuance of common stock	$ 73.9
Equity offering program, remaining authorized offering amount	$ 155.6

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Equity [Abstract]
Foreign currency translation	$ (53,824)	$ (66,192)
Unrealized gain on marketable securities	1,054	1,239
Other	7,735	7,419
Total accumulated other comprehensive loss	$ (45,035)	$ (57,534)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 152,272	$ 137,849	$ 308,184	$ 261,188
Discontinued operations	(23)	(148)	(76)	(637)
Gain on real estate dispositions	719	5,739	44,008	31,923
Net income	152,968	143,440	352,116	292,474	$ 651,490
Net income attributable to noncontrolling interests	1,137	278	2,158	332
Net income attributable to common stockholders	$ 151,831	$ 143,162	$ 349,958	$ 292,142
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	355,024	338,901	354,719	337,230
Effect of dilutive securities:
Stock options (in shares)	596	630	501	475
Restricted stock awards (in shares)	225	154	193	153
OP units (in shares)	2,466	2,886	2,506	2,993
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	358,311	342,571	357,919	340,851
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.43	$ 0.41	$ 0.87	$ 0.77
Net income attributable to common stockholders (in usd per share)	0.43	0.42	0.99	0.87
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.42	0.40	0.86	0.77
Net income attributable to common stockholders (in usd per share)	$ 0.42	$ 0.42	$ 0.98	$ 0.86

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			3
Revenues:
Rental income	$ 399,498	$ 354,206	$ 794,720	$ 712,829
Resident fees and services	460,243	464,437	924,431	928,413
Office building and other services revenue	3,179	5,504	6,585	12,689
Income from loans and investments	32,368	24,146	52,514	46,532
Interest and other income	202	111	683	230
Total revenues	895,490	848,404	1,778,933	1,700,693
Less:
Interest and other income	202	111	683	230
Property-level operating expenses	365,830	351,955	734,817	708,177
Office building services costs	552	1,852	1,290	5,303
Segment NOI	528,906	494,486	1,042,143	986,983
Income (loss) from unconsolidated entities	(106)	1,418	3,044	1,220
Segment profit	528,800	495,904	1,045,187	988,203
Interest and other income	202	111	683	230
Interest expense	(113,572)	(103,665)	(222,376)	(206,938)
Depreciation and amortization	(224,108)	(221,961)	(441,891)	(458,348)
General, administrative and professional fees	(33,282)	(32,094)	(67,243)	(63,820)
Loss on extinguishment of debt, net	(36)	(2,468)	(345)	(2,782)
Merger-related expenses and deal costs	(6,043)	(7,224)	(8,099)	(8,856)
Other	(1,848)	(2,303)	(3,036)	(6,471)
Income tax benefit	2,159	11,549	5,304	19,970
Income from continuing operations	152,272	137,849	308,184	261,188
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	213,258	210,119	422,585	424,606
Resident fees and services	0	0	0	0
Office building and other services revenue	1,125	1,231	2,330	2,430
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	214,383	211,350	424,915	427,036
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	214,383	211,350	424,915	427,036
Income (loss) from unconsolidated entities	377	825	3,646	154
Segment profit	214,760	212,175	428,561	427,190
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	460,243	464,437	924,431	928,413
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	460,243	464,437	924,431	928,413
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	308,625	307,989	620,698	620,530
Office building services costs	0	0	0	0
Segment NOI	151,618	156,448	303,733	307,883
Income (loss) from unconsolidated entities	(381)	336	(457)	673
Segment profit	151,237	156,784	303,276	308,556
Interest and other income	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	186,240	144,087	372,135	288,223
Resident fees and services	0	0	0	0
Office building and other services revenue	1,848	3,369	3,779	8,345
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	188,088	147,456	375,914	296,568
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	57,205	43,966	114,119	87,647
Office building services costs	552	1,852	1,290	5,303
Segment NOI	130,331	101,638	260,505	203,618
Income (loss) from unconsolidated entities	298	173	633	47
Segment profit	130,629	101,811	261,138	203,665
Interest and other income	0	0	0	0
All Other
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	206	904	476	1,914
Income from loans and investments	32,368	24,146	52,514	46,532
Interest and other income	202	111	683	230
Total revenues	32,776	25,161	53,673	48,676
Less:
Interest and other income	202	111	683	230
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	32,574	25,050	52,990	48,446
Income (loss) from unconsolidated entities	(400)	84	(778)	346
Segment profit	32,174	25,134	52,212	48,792
Interest and other income	$ 202	$ 111	$ 683	$ 230

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Capital expenditures	$ 129,589	$ 78,949	$ 438,719	$ 151,057
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	48,143	15,949	141,952	56,650
Operating Segments | Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	30,056	24,808	51,381	43,802
Operating Segments | Office Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 51,390	$ 38,192	$ 245,386	$ 50,605

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenues:
Total revenues	$ 895,490	$ 848,404	$ 1,778,933	$ 1,700,693
Net real estate property:
Total net real estate property	20,539,766		20,539,766		$ 20,394,754
United States
Revenues:
Total revenues	844,623	797,394	1,677,443	1,601,595
Net real estate property:
Total net real estate property	19,190,206		19,190,206		19,105,939
Canada
Revenues:
Total revenues	44,412	44,045	89,008	85,174
Net real estate property:
Total net real estate property	1,056,233		1,056,233		1,037,105
United Kingdom
Revenues:
Total revenues	6,455	$ 6,965	12,482	$ 13,924
Net real estate property:
Total net real estate property	$ 293,327		$ 293,327		$ 251,710

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets
Net real estate investments	$ 22,054,964	$ 21,192,696
Cash and cash equivalents	103,353	286,707	$ 57,322	$ 53,023
Escrow deposits and restricted cash	68,343	80,647
Investment in and advances to affiliates	0	0
Goodwill	1,034,054	1,033,225
Assets held for sale	89,569	54,961
Other assets	505,475	518,364
Total assets	23,855,758	23,166,600
Liabilities:
Senior notes payable and other debt	11,907,997	11,127,326
Intercompany loans	0	0
Accrued interest	87,248	83,762
Accounts payable and other liabilities	929,573	907,928
Liabilities related to assets held for sale	9,812	1,462
Deferred income taxes	296,822	316,641
Total liabilities	13,231,452	12,437,119
Redeemable OP unitholder and noncontrolling interests	182,154	200,728
Total equity	10,442,152	10,528,753		9,625,427
Total liabilities and equity	23,855,758	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	(17,654,447)	(17,197,372)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,654,447)	(17,197,372)
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	(17,654,447)	(17,197,372)
Total liabilities and equity	(17,654,447)	(17,197,372)
Ventas, Inc.
Assets
Net real estate investments	1,917	2,007
Cash and cash equivalents	16,910	210,303	12,998	11,733
Escrow deposits and restricted cash	197	198
Investment in and advances to affiliates	14,716,005	14,258,931
Goodwill	0	0
Assets held for sale	0	0
Other assets	42,103	35,468
Total assets	14,777,132	14,506,907
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,720,779	7,088,838
Accrued interest	(4,896)	(1,753)
Accounts payable and other liabilities	133,472	89,115
Liabilities related to assets held for sale	0	0
Deferred income taxes	296,822	316,641
Total liabilities	8,146,177	7,492,841
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	6,630,955	7,014,066
Total liabilities and equity	$ 14,777,132	14,506,907
Ventas Realty
Condensed financial statements, captions
Ownership percentage by parent	100.00%
Assets
Net real estate investments	$ 122,140	173,259
Cash and cash equivalents	0	0		0
Escrow deposits and restricted cash	1,581	1,504
Investment in and advances to affiliates	2,938,442	2,938,441
Goodwill	0	0
Assets held for sale	35,688	0
Other assets	9,360	6,792
Total assets	3,107,211	3,119,996
Liabilities:
Senior notes payable and other debt	9,346,233	8,406,979
Intercompany loans	(7,102,600)	(6,209,707)
Accrued interest	71,831	67,156
Accounts payable and other liabilities	22,618	35,587
Liabilities related to assets held for sale	8,517	(1)
Deferred income taxes	0	0
Total liabilities	2,346,599	2,300,014
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	760,612	819,982
Total liabilities and equity	3,107,211	3,119,996
Ventas Subsidiaries
Assets
Net real estate investments	21,930,907	21,017,430
Cash and cash equivalents	86,443	76,404	$ 44,324	$ 41,290
Escrow deposits and restricted cash	66,565	78,945
Investment in and advances to affiliates	0	0
Goodwill	1,034,054	1,033,225
Assets held for sale	53,881	54,961
Other assets	454,012	476,104
Total assets	23,625,862	22,737,069
Liabilities:
Senior notes payable and other debt	2,561,764	2,720,347
Intercompany loans	(618,179)	(879,131)
Accrued interest	20,313	18,359
Accounts payable and other liabilities	773,483	783,226
Liabilities related to assets held for sale	1,295	1,463
Deferred income taxes	0	0
Total liabilities	2,738,676	2,644,264
Redeemable OP unitholder and noncontrolling interests	182,154	200,728
Total equity	20,705,032	19,892,077
Total liabilities and equity	$ 23,625,862	$ 22,737,069
Nationwide Health Properties
Condensed financial statements, captions
Ownership percentage by parent	100.00%

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 399,498	$ 354,206	$ 794,720	$ 712,829
Resident fees and services	460,243	464,437	924,431	928,413
Office building and other services revenue	3,179	5,504	6,585	12,689
Income from loans and investments	32,368	24,146	52,514	46,532
Equity earnings in affiliates	0	0	0	0
Interest and other income	202	111	683	230
Total revenues	895,490	848,404	1,778,933	1,700,693
Expenses
Interest	113,572	103,665	222,376	206,938
Depreciation and amortization	224,108	221,961	441,891	458,348
Property-level operating expenses	365,830	351,955	734,817	708,177
Office building services costs	552	1,852	1,290	5,303
General, administrative and professional fees	33,282	32,094	67,243	63,820
Loss (gain) on extinguishment of debt, net	36	2,468	345	2,782
Merger-related expenses and deal costs	6,043	7,224	8,099	8,856
Other	1,848	2,303	3,036	6,471
Total expenses	745,271	723,522	1,479,097	1,460,695
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	150,219	124,882	299,836	239,998
Income (loss) from unconsolidated entities	(106)	1,418	3,044	1,220
Income tax benefit	2,159	11,549	5,304	19,970
Income from continuing operations	152,272	137,849	308,184	261,188
Discontinued operations	(23)	(148)	(76)	(637)
Gain on real estate dispositions	719	5,739	44,008	31,923
Net income	152,968	143,440	352,116	292,474	$ 651,490
Net income attributable to noncontrolling interests	1,137	278	2,158	332
Net income attributable to common stockholders	151,831	143,162	349,958	292,142
Consolidated Elimination
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(127,791)	(123,740)	(264,475)	(232,159)
Interest and other income	0	0	0	0
Total revenues	(127,791)	(123,740)	(264,475)	(232,159)
Expenses
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	0	0	0	0
Loss (gain) on extinguishment of debt, net	0	0	0	0
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(127,791)	(123,740)	(264,475)	(232,159)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(127,791)	(123,740)	(264,475)	(232,159)
Discontinued operations		0	0	0
Gain on real estate dispositions		0	0	0
Net income	(127,791)	(123,740)	(264,475)	(232,159)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(127,791)	(123,740)	(264,475)	(232,159)
Ventas, Inc.
Revenues:
Rental income	596	583	1,181	1,499
Resident fees and services	0	0	0	0
Office building and other services revenue	0	602	0	1,204
Income from loans and investments	319	0	599	0
Equity earnings in affiliates	128,196	124,028	265,188	232,790
Interest and other income	28	41	371	70
Total revenues	129,139	125,254	267,339	235,563
Expenses
Interest	(27,694)	(11,094)	(44,293)	(21,889)
Depreciation and amortization	1,419	1,203	2,826	6,135
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	189	2,246	319	2,231
Loss (gain) on extinguishment of debt, net	0	58	0	58
Merger-related expenses and deal costs	5,783	6,743	7,646	8,115
Other	466	76	119	27
Total expenses	(19,837)	(768)	(33,383)	(5,323)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	148,976	126,022	300,722	240,886
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	2,159	11,549	5,304	19,970
Income from continuing operations	151,135	137,571	306,026	260,856
Discontinued operations	(23)	(148)	(76)	(637)
Gain on real estate dispositions	719	5,739	44,008	31,923
Net income	151,831	143,162	349,958	292,142
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	151,831	143,162	349,958	292,142
Ventas Realty
Revenues:
Rental income	48,451	49,418	96,270	98,143
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	48,451	49,418	96,270	98,143
Expenses
Interest	81,516	69,011	156,303	137,590
Depreciation and amortization	2,239	2,867	4,608	12,781
Property-level operating expenses	83	77	165	156
Office building services costs	0	0	0	0
General, administrative and professional fees	4,630	4,213	9,330	8,717
Loss (gain) on extinguishment of debt, net	418	2,432	439	2,432
Merger-related expenses and deal costs	0	0	0	0
Other	0	4	0	4
Total expenses	88,886	78,604	170,845	161,680
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(40,435)	(29,186)	(74,575)	(63,537)
Income (loss) from unconsolidated entities	(16)	344	3,305	447
Income tax benefit	0	0	0	0
Income from continuing operations	(40,451)	(28,842)	(71,270)	(63,090)
Discontinued operations		0	0	0
Gain on real estate dispositions		0	0	0
Net income	(40,451)	(28,842)	(71,270)	(63,090)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(40,451)	(28,842)	(71,270)	(63,090)
Ventas Subsidiaries
Revenues:
Rental income	350,451	304,205	697,269	613,187
Resident fees and services	460,243	464,437	924,431	928,413
Office building and other services revenue	3,179	4,902	6,585	11,485
Income from loans and investments	32,049	24,146	51,915	46,532
Equity earnings in affiliates	(405)	(288)	(713)	(631)
Interest and other income	174	70	312	160
Total revenues	845,691	797,472	1,679,799	1,599,146
Expenses
Interest	59,750	45,748	110,366	91,237
Depreciation and amortization	220,450	217,891	434,457	439,432
Property-level operating expenses	365,747	351,878	734,652	708,021
Office building services costs	552	1,852	1,290	5,303
General, administrative and professional fees	28,463	25,635	57,594	52,872
Loss (gain) on extinguishment of debt, net	(382)	(22)	(94)	292
Merger-related expenses and deal costs	260	481	453	741
Other	1,382	2,223	2,917	6,440
Total expenses	676,222	645,686	1,341,635	1,304,338
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	169,469	151,786	338,164	294,808
Income (loss) from unconsolidated entities	(90)	1,074	(261)	773
Income tax benefit	0	0	0	0
Income from continuing operations	169,379	152,860	337,903	295,581
Discontinued operations		0	0	0
Gain on real estate dispositions		0	0	0
Net income	169,379	152,860	337,903	295,581
Net income attributable to noncontrolling interests	1,137	278	2,158	332
Net income attributable to common stockholders	$ 168,242	$ 152,582	$ 335,745	$ 295,249

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Condensed financial statements, captions
Net income (loss)	$ 152,968	$ 143,440	$ 352,116	$ 292,474	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	8,286	(22,715)	12,368	(33,383)
Change in unrealized gain on marketable securities	(62)	69	(185)	250
Other	398	(1,617)	316	(3,497)
Total other comprehensive income (loss)	8,622	(24,263)	12,499	(36,630)	$ (49,969)
Comprehensive income	161,590	119,177	364,615	255,844
Comprehensive income attributable to noncontrolling interests	1,137	278	2,158	332
Comprehensive income attributable to common stockholders	160,453	118,899	362,457	255,512
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(127,791)	(123,740)	(264,475)	(232,159)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(127,791)	(123,740)	(264,475)	(232,159)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(127,791)	(123,740)	(264,475)	(232,159)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	151,831	143,162	349,958	292,142
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	(62)	69	(185)	250
Other	0	0	0	0
Total other comprehensive income (loss)	(62)	69	(185)	250
Comprehensive income	151,769	143,231	349,773	292,392
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	151,769	143,231	349,773	292,392
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(40,451)	(28,842)	(71,270)	(63,090)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Change in unrealized gain on marketable securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(40,451)	(28,842)	(71,270)	(63,090)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(40,451)	(28,842)	(71,270)	(63,090)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	169,379	152,860	337,903	295,581
Other comprehensive income (loss):
Foreign currency translation	8,286	(22,715)	12,368	(33,383)
Change in unrealized gain on marketable securities	0	0	0	0
Other	398	(1,617)	316	(3,497)
Total other comprehensive income (loss)	8,684	(24,332)	12,684	(36,880)
Comprehensive income	178,063	128,528	350,587	258,701
Comprehensive income attributable to noncontrolling interests	1,137	278	2,158	332
Comprehensive income attributable to common stockholders	$ 176,926	$ 128,250	$ 348,429	$ 258,369

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 737,256	$ 660,736
Cash flows from investing activities:
Net investment in real estate property	(239,498)	(34,453)
Payments to Acquire Loans Receivable	(718,233)	(152,450)
Proceeds from real estate disposals	19,570	63,561
Proceeds from loans receivable	25,067	7,644
Development project expenditures	(143,269)	(69,679)
Capital expenditures	(55,952)	(46,925)
Investment in unconsolidated entities	(39,048)	(4,265)
Net cash used in investing activities	(1,151,363)	(236,567)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	364,456	24,304
Proceeds from debt	1,028,509	416,217
Repayment of debt	(656,536)	(740,337)
Purchase of noncontrolling interests	(15,809)	(1,604)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(19,687)	(3,844)
Issuance of common stock, net	73,596	377,739
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(550,965)	(493,471)
Cash distribution to redeemable OP unitholders	(3,720)	(4,437)
Contributions from noncontrolling interests	2,227	5,680
Distributions to noncontrolling interests	(4,156)	(3,582)
Other	9,702	3,622
Net cash provided by (used in) financing activities	227,617	(419,713)
Net (decrease) increase in cash and cash equivalents	(186,490)	4,456
Effect of foreign currency translation on cash and cash equivalents	3,136	(157)
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	103,353	57,322
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
Payments to Acquire Loans Receivable	0	0
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	0	0
Investment in unconsolidated entities	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Issuance of common stock, net	0	0
Cash distribution (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	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash provided by (used in) financing activities	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Effect of foreign currency translation on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	41,514	40,671
Cash flows from investing activities:
Net investment in real estate property	(210,120)	(34,453)
Payments to Acquire Loans Receivable	(2,575)	0
Proceeds from real estate disposals	19,570	20,441
Proceeds from loans receivable	21	0
Development project expenditures	0	0
Capital expenditures	0	0
Investment in unconsolidated entities	0	0
Net cash used in investing activities	(193,104)	(14,012)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests	(15,809)	0
Net change in intercompany debt	795,695	128,165
Payment of deferred financing costs	0	0
Issuance of common stock, net	73,596	377,739
Cash distribution (to) from affiliates	(370,551)	(8,096)
Cash distribution to common stockholders	(550,965)	(493,471)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Other	9,702	3,622
Net cash provided by (used in) financing activities	(58,332)	7,959
Net (decrease) increase in cash and cash equivalents	(209,922)	34,618
Effect of foreign currency translation on cash and cash equivalents	16,529	(33,353)
Cash and cash equivalents at beginning of period	210,303	11,733
Cash and cash equivalents at end of period	16,910	12,998
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(61,787)	(45,313)
Cash flows from investing activities:
Net investment in real estate property	0	0
Payments to Acquire Loans Receivable	0	0
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	(15)	(18)
Investment in unconsolidated entities	0	0
Net cash used in investing activities	(15)	(18)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	453,000	(114,000)
Proceeds from debt	793,904	400,000
Repayment of debt	(300,019)	(555,470)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	(892,893)	308,816
Payment of deferred financing costs	(18,262)	(3,422)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	26,072	9,407
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash provided by (used in) financing activities	61,802	45,331
Net (decrease) increase 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	757,529	665,378
Cash flows from investing activities:
Net investment in real estate property	(29,378)	0
Payments to Acquire Loans Receivable	(715,658)	(152,450)
Proceeds from real estate disposals	0	43,120
Proceeds from loans receivable	25,046	7,644
Development project expenditures	(143,269)	(69,679)
Capital expenditures	(55,937)	(46,907)
Investment in unconsolidated entities	(39,048)	4,265
Net cash used in investing activities	(958,244)	(222,537)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	(88,544)	138,304
Proceeds from debt	234,605	16,217
Repayment of debt	(356,517)	(184,867)
Purchase of noncontrolling interests	0	(1,604)
Net change in intercompany debt	97,198	(436,981)
Payment of deferred financing costs	(1,425)	(422)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	344,479	(1,311)
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(3,720)	(4,437)
Contributions from noncontrolling interests	2,227	5,680
Distributions to noncontrolling interests	(4,156)	(3,582)
Other	0	0
Net cash provided by (used in) financing activities	224,147	(473,003)
Net (decrease) increase in cash and cash equivalents	23,432	(30,162)
Effect of foreign currency translation on cash and cash equivalents	(13,393)	33,196
Cash and cash equivalents at beginning of period	76,404	41,290
Cash and cash equivalents at end of period	$ 86,443	$ 44,324