Ventas (VTR) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 25, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		356,163,849

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Real estate investments:
Land and improvements	$ 2,121,214	$ 2,089,591
Buildings and improvements	21,935,860	21,516,396
Construction in progress	306,095	210,599
Acquired lease intangibles	1,536,476	1,510,629
Gross real estate investments	25,899,645	25,327,215
Accumulated depreciation and amortization	(5,434,772)	(4,932,461)
Net real estate property	20,464,873	20,394,754
Secured loans receivable and investments, net	1,352,434	702,021
Investments in unconsolidated real estate entities	117,185	95,921
Net real estate investments	21,934,492	21,192,696
Cash and cash equivalents	85,063	286,707
Escrow deposits and restricted cash	76,522	80,647
Goodwill	1,034,497	1,033,225
Assets held for sale	68,926	54,961
Other assets	540,295	518,364
Total assets	23,739,795	23,166,600
Liabilities:
Senior notes payable and other debt	11,424,145	11,127,326
Accrued interest	95,684	83,762
Accounts payable and other liabilities	943,800	907,928
Liabilities related to assets held for sale	9,837	1,462
Deferred income taxes	296,272	316,641
Total liabilities	12,769,738	12,437,119
Redeemable OP unitholder and noncontrolling interests	171,813	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, 356,163 and 354,125 shares issued at September 30, 2017 and December 31, 2016, respectively	89,023	88,514
Capital in excess of par value	13,034,527	12,917,002
Accumulated other comprehensive loss	(40,780)	(57,534)
Retained earnings (deficit)	(2,351,430)	(2,487,695)
Treasury stock, 0 and 1 share at September 30, 2017 and December 31, 2016, respectively	0	(47)
Total Ventas stockholders’ equity	10,731,340	10,460,240
Noncontrolling interests	66,904	68,513
Total equity	10,798,244	10,528,753
Total liabilities and equity	$ 23,739,795	$ 23,166,600

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	356,163,000	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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Rental income:
Triple-net leased	$ 212,370	$ 210,424	$ 634,955	$ 635,030
Office	189,506	158,273	561,641	446,496
Total rental income	401,876	368,697	1,196,596	1,081,526
Resident fees and services	461,700	461,974	1,386,131	1,390,387
Office building and other services revenue	3,196	4,317	9,781	17,006
Income from loans and investments	32,985	31,566	85,499	78,098
Interest and other income	171	562	854	792
Total revenues	899,928	867,116	2,678,861	2,567,809
Expenses
Interest	113,869	105,063	336,245	312,001
Depreciation and amortization	213,407	208,387	655,298	666,735
Property-level operating expenses:
Senior living	315,598	312,145	936,296	932,675
Office	60,609	48,972	174,728	136,619
Total property-level operating expenses	376,207	361,117	1,111,024	1,069,294
Office building services costs	418	974	1,708	6,277
General, administrative and professional fees	33,317	31,567	100,560	95,387
Loss on extinguishment of debt, net	511	383	856	3,165
Merger-related expenses and deal costs	804	16,217	8,903	25,073
Other	13,030	2,430	16,066	8,901
Total expenses	751,563	726,138	2,230,660	2,186,833
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	148,365	140,978	448,201	380,976
Income (loss) from unconsolidated entities	750	931	3,794	2,151
Income tax benefit	7,815	8,537	13,119	28,507
Income from continuing operations	156,930	150,446	465,114	411,634
Discontinued operations	(19)	(118)	(95)	(755)
Gain (loss) on real estate dispositions	458,280	(144)	502,288	31,779
Net income	615,191	150,184	967,307	442,658
Net income attributable to noncontrolling interests	1,233	732	3,391	1,064
Net income attributable to common stockholders	$ 613,958	$ 149,452	$ 963,916	$ 441,594
Basic:
Income from continuing operations (in usd per share)	$ 0.44	$ 0.43	$ 1.31	$ 1.20
Net income attributable to common stockholders (in usd per share)	1.72	0.43	2.71	1.29
Diluted:
Income from continuing operations (in usd per share)	0.44	0.42	1.30	1.19
Net income attributable to common stockholders (in usd per share)	$ 1.71	$ 0.42	$ 2.69	$ 1.28
Weighted average shares used in computing earnings per common share:
Basic (in shares)	355,929	350,274	355,110	341,610
Diluted (in shares)	359,333	354,186	358,365	345,352
Dividends declared per common share (in usd per share)	$ 0.775	$ 0.73	$ 2.325	$ 2.19

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 615,191	$ 150,184	$ 967,307	$ 442,658	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	5,239	(6,421)	17,607	(39,804)
Unrealized (loss) gain on government-sponsored pooled loan investments	(48)	(92)	(233)	158
Other	(936)	1,094	(620)	(2,403)
Total other comprehensive income (loss)	4,255	(5,419)	16,754	(42,049)	$ (49,969)
Comprehensive income	619,446	144,765	984,061	400,609
Comprehensive income attributable to noncontrolling interests	1,233	732	3,391	1,064
Comprehensive income attributable to common stockholders	$ 618,213	$ 144,033	$ 980,670	$ 399,545

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	0	0	0	649,231	0	649,231	2,259
Other comprehensive income/(loss)	(49,969)	0	0	(49,969)	0	0	(49,969)	0
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)	0	0	0	(1,024,968)	0	(1,024,968)	0
Issuance of common stock	1,286,680	4,716	1,281,947	0	0	17	1,286,680	0
Issuance of common stock for stock plans	29,265	99	26,594	0	0	2,572	29,265	0
Change in redeemable noncontrolling interests	(15,568)	0	(1,714)	0	0	0	(1,714)	(13,854)
Adjust redeemable OP unitholder interests to current fair value	(21,085)	0	(21,085)	0	0	0	(21,085)	0
Redemption of OP units	23,812	92	22,622	0	0	1,098	23,812	0
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	967,307	0	0	0	963,916	0	963,916	3,391
Other comprehensive income/(loss)	16,754	0	0	16,754	0	0	16,754	0
Impact of CCP Spin-Off	93	0	93	0	0	0	93	0
Net change in noncontrolling interests	(12,450)	0	(1,427)	0	0	0	(1,427)	(11,023)
Dividends to common stockholders	(827,651)	0	0	0	(827,651)	0	(827,651)	0
Issuance of common stock	73,551	276	72,723	0	0	552	73,551	0
Issuance of common stock for stock plans	20,774	84	20,265	0	0	425	20,774	0
Change in redeemable noncontrolling interests	6,435	0	412	0	0	0	412	6,023
Adjust redeemable OP unitholder interests to current fair value	(12,030)	0	(12,030)	0	0	0	(12,030)	0
Redemption of OP units	22,764	81	19,900	0	0	2,783	22,764	0
Grant of restricted stock, net of forfeitures	13,944	68	17,589	0	0	(3,713)	13,944	0
Ending Balance at Sep. 30, 2017	$ 10,798,244	$ 89,023	$ 13,034,527	$ (40,780)	$ (2,351,430)	$ 0	$ 10,731,340	$ 66,904

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 2.325	$ 2.965

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 967,307	$ 442,658
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	655,298	666,735
Amortization of deferred revenue and lease intangibles, net	(16,283)	(15,307)
Other non-cash amortization	11,186	7,174
Stock-based compensation	19,923	15,885
Straight-lining of rental income, net	(17,384)	(21,386)
Loss on extinguishment of debt, net	856	3,165
Gain on real estate dispositions	(502,288)	(31,779)
Gain on real estate loan investments	(124)	(2,271)
Income tax benefit	(15,619)	(30,832)
Income from unconsolidated entities	(767)	(2,151)
Gain on re-measurement of equity interest upon acquisition, net	(3,027)	0
Distributions from unconsolidated entities	3,909	5,574
Other	7,439	(1,075)
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(17,598)	1,753
Increase (decrease) in accrued interest	12,688	(10,053)
Decrease in accounts payable and other liabilities	(19,277)	(21,944)
Net cash provided by operating activities	1,086,239	1,006,146
Cash flows from investing activities:
Net investment in real estate property	(262,123)	(1,421,592)
Investment in loans receivable and other	(734,033)	(154,949)
Proceeds from real estate disposals	532,137	63,561
Proceeds from loans receivable	84,361	194,063
Development project expenditures	(210,423)	(94,398)
Capital expenditures	(83,387)	(75,296)
Distributions from unconsolidated entities	5,816	0
Investment in unconsolidated entities	(42,399)	(6,175)
Net cash used in investing activities	(710,051)	(1,494,786)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	384,738	46,728
Proceeds from debt	1,058,437	876,617
Repayment of debt	(1,225,525)	(916,505)
Purchase of noncontrolling interests	(15,809)	(1,604)
Payment of deferred financing costs	(26,426)	(6,147)
Issuance of common stock, net	73,596	1,265,702
Cash distribution to common stockholders	(827,285)	(750,402)
Cash distribution to redeemable OP unitholders	(5,677)	(6,486)
Contributions from noncontrolling interests	4,402	5,926
Distributions to noncontrolling interests	(9,248)	(5,121)
Other	10,543	16,631
Net cash (used in) provided by financing activities	(578,254)	525,339
Net (decrease) increase in cash and cash equivalents	(202,066)	36,699
Effect of foreign currency translation on cash and cash equivalents	422	(443)
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	85,063	89,279
Assets and liabilities assumed from acquisitions:
Real estate investments	206,771	59,666
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	(84,995)	(6,954)
Other assets acquired	(5,546)	79,879
Debt assumed	64,629	47,641
Other liabilities	64,090	60,446
Deferred income tax liability	(16,116)	2,279
Noncontrolling interest	3,627	22,225
Equity issued for purchase of OP and Class C units	$ 22,694	$ 22,970

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 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 September 30, 2017 , we owned more than 1,200 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, health systems and skilled nursing facilities (“SNFs”), and we had 13 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 September 30, 2017 , we leased a total of 558 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 296 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 136 properties (excluding one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 10 properties and 46 properties (excluding one MOB included within our office operations reportable business segment), respectively, as of September 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	9 Months Ended
	Sep. 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 nine months ended September 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. September 30, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 614,534 $ 195,529 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,950,131 335,106 1,882,336 354,034 Tax credit VIEs 975,093 230,973 981,752 234,109 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 we receive 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 and the primary beneficiary of this VIE. As of September 30, 2017 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.4% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 72.6% . 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 September 30, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $160.8 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 September 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 September 30, 2017 , we owned 11 properties ( three 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 that own the subject property and generate 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, then 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

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2017
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2017 , Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 22.1% , 10.9% , 7.6% , 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 September 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. Based on gross book value, approximately 25.2% and 35.2% of our real estate investments were seniors housing communities included in the triple-net leased properties and senior living operations reportable business segments, respectively (excluding properties classified as held for sale and properties owned through investments in unconsolidated entities as of September 30, 2017 ). MOBs, life science and innovation centers, inpatient rehabilitation and long-term acute care facilities, health systems, 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 September 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 The following table reflects our concentration risk for the periods presented: For the Three Months Ended September 30, 2017 2016 Revenues (1) : Kindred (2) 4.7 % 5.3 % Brookdale Senior Living (3) 4.9 4.8 Ardent 3.1 3.1 NOI: Kindred (2) 8.1 % 9.1 % Brookdale Senior Living (3) 8.4 8.2 Ardent 5.3 5.3 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Includes 14 SNFs classified as held for sale at September 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 September 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 September 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 September 30, 2017 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 269 of our 296 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 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 , we acquired 14 triple-net leased properties (including six assets previously owned by an equity method investee) and two properties reported within our office operations reportable business segment ( one life science, research and medical campus and one medical office building) for an aggregate purchase price of $410.8 million . Each of these acquisitions was accounted for as an asset acquisition. During the nine months ended September 30, 2017 , we completed the development of one triple-net leased property, representing $6.5 million of net real estate property on our Consolidated Balance Sheets.

DISPOSITIONS

DISPOSITIONS	9 Months Ended
	Sep. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 5—DISPOSITIONS 2017 Activity During the nine months ended September 30, 2017 , we sold 37 triple-net leased properties, three MOBs, and three vacant land parcels for aggregate consideration of $617.1 million , and we recognized a gain on the sale of these assets of $502.3 million , net of taxes. SNF 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. In August 2017, we sold 22 of the Ventas SNFs, included in the 37 triple-net properties described above, for aggregate consideration of $488.1 million and recognized a gain on the sale of these assets of $458.0 million . Subsequent to September 30, 2017 , we sold an additional seven Ventas SNFs for aggregate consideration of $82.5 million . We expect to recognize a gain on the sale of these assets of approximately $78 million during the fourth quarter. Kindred expects the closings of the sale of the remaining seven Ventas SNFs to occur 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 $20.2 million and $14.5 million , respectively, for the nine months ended September 30, 2017 and 2016 , which are recorded primarily 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 September 30, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. September 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 15 $ 16,142 $ 8,522 — $ — $ — Office Operations 7 52,784 1,315 7 53,151 1,462 Senior Living Operations* — — — — 1,810 — Total 22 $ 68,926 $ 9,837 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of December 31, 2016, which was sold in June 2017.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	9 Months Ended
	Sep. 30, 2017
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 6—LOANS RECEIVABLE AND INVESTMENTS As of September 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 loans receivable and investments, net as of September 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 September 30, 2017: Secured/mortgage loans and other $ 1,297,956 $ 1,297,956 $ 1,316,664 $ — Government-sponsored pooled loan investments (1) 54,478 53,472 54,478 1,006 Total investments reported as Secured loans receivable and investments, net 1,352,434 1,351,428 1,371,142 1,006 Non-mortgage loans receivable, net 54,955 54,955 55,098 — Total investments reported as Other assets 54,955 54,955 55,098 — Total loans receivable and investments, net $ 1,407,389 $ 1,406,383 $ 1,426,240 $ 1,006 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 $23.0 million was outstanding at September 30, 2017 ). The LIBOR-based debt financing has a five -year term with a weighted average interest rate of approximately 9.0% as of September 30, 2017 and is guaranteed by Ardent’s parent company. During the nine months ended September 30, 2017 , we received $27.0 million for the partial prepayment of secured and unsecured loans receivable and $32.6 million for the full repayment of three secured loans receivable that were due to mature between 2017 and 2030.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 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 September 30, 2017 , we had 25% ownership interests in joint ventures that owned 30 properties, excluding properties under development. We account for our interests in real estate joint ventures, as well as our 34% interest in Atria and 9.9% interest in Ardent (which are included within other assets on our Consolidated Balance Sheets), under the equity method of accounting. With the exception of our interests in Atria and Ardent, we provide various services to each unconsolidated entity in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $1.6 million and $1.8 million for the three months ended September 30, 2017 and 2016 , respectively, and $4.6 million and $5.0 million for the nine months ended September 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 from unconsolidated entities in our Consolidated Statements of Income.

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 8—INTANGIBLES The following is a summary of our intangibles as of September 30, 2017 and December 31, 2016 : September 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 $ 184,994 7.1 $ 184,993 6.9 In-place and other lease intangibles 1,351,482 23.7 1,325,636 23.6 Goodwill 1,034,497 N/A 1,033,225 N/A Other intangibles 35,905 12.2 35,783 11.3 Accumulated amortization (842,819 ) N/A (769,558 ) N/A Net intangible assets $ 1,764,059 21.7 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 360,295 13.8 $ 345,103 14.1 Other lease intangibles 40,334 40.2 40,843 38.5 Accumulated amortization (155,091 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 249,106 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	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 262,028 $ 244,580 Non-mortgage loans receivable, net 54,955 52,544 Other intangibles, net 6,842 8,190 Investments in unconsolidated operating entities 43,049 28,431 Other 173,421 184,619 Total other assets $ 540,295 $ 518,364

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 538,911 $ 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 Unsecured term loan due 2019 (2) — 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 320,847 297,841 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) 200,529 186,150 Secured revolving construction credit facility due 2022 — — 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) 220,582 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 200,529 186,150 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 1,446,097 1,718,897 Total 11,511,618 11,190,914 Deferred financing costs, net (76,372 ) (61,304 ) Unamortized fair value adjustment 18,866 25,224 Unamortized discounts (29,967 ) (27,508 ) Senior notes payable and other debt $ 11,424,145 $ 11,127,326 (1) As of September 30, 2017 and December 31, 2016 , respectively, $40.8 million and $146.5 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $31.1 million were denominated in British pounds as of September 30, 2017 . There were no aggregate borrowings denominated in British pounds as of December 31, 2016 . (2) As of December 31, 2016 , there was $571.2 million of unsecured term loan borrowings under our unsecured credit facility, of which $92.6 million was in the form of Canadian dollars. In August 2017, we repaid the balances then outstanding on the term loans. (3) These borrowings are in the form of Canadian dollars. As of September 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 $ 18,539 $ — $ 6,273 $ 24,812 2018 901,879 — 20,824 922,703 2019 1,333,378 — 14,878 1,348,256 2020 1,437,725 — 11,996 1,449,721 2021 772,837 538,911 10,545 1,322,293 Thereafter (2) 6,327,024 — 116,809 6,443,833 Total maturities $ 10,791,382 $ 538,911 $ 181,325 $ 11,511,618 (1) As of September 30, 2017 , we had $85.1 million of unrestricted cash and cash equivalents, for $453.8 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 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. Credit Facilities and Unsecured Term Loans In April 2017, we entered into an unsecured credit facility comprised of a $3.0 billion unsecured revolving credit facility, 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 was also comprised of our $200.0 million term loan that was scheduled to mature in 2018 and our $278.6 million term loan that was scheduled to mature in 2019. The 2018 and 2019 term loans were priced at LIBOR plus 1.05% . In August 2017, we used most of the proceeds from the sale of 22 SNFs to repay the balances then outstanding on the 2018 and 2019 term loans, and recognized a loss on extinguishment of debt of $0.5 million . See "NOTE 5-DISPOSITIONS”. The 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 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 September 30, 2017 , we had $538.9 million of borrowings outstanding, $14.5 million of letters of credit outstanding and $2.4 billion of unused borrowing capacity available under our revolving credit facility. As of September 30, 2017 , we also had a $900.0 million term loan due 2020 priced at LIBOR plus 0.975% . In September 2017, we entered into a new $400.0 million secured revolving construction credit facility which matures in 2022 and will be primarily used to finance life science and innovation center and other construction projects. As of September 30, 2017 , there were no borrowings outstanding under the secured revolving construction credit facility. Senior Notes In March 2017, our wholly-owned subsidiary, 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, our wholly-owned subsidiary, 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 nine months ended September 30, 2017 , we repaid in full mortgage loans outstanding in the aggregate principal amount of $307.5 million . 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 that is being 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	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS As of September 30, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 85,063 $ 85,063 $ 286,707 $ 286,707 Secured mortgage loans and other, net 1,297,956 1,316,664 646,972 655,981 Non-mortgage loans receivable, net 54,955 55,098 52,544 53,626 Government-sponsored pooled loan investments 54,478 54,478 55,049 55,049 Derivative instruments 5,264 5,264 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 11,511,618 11,768,668 11,190,914 11,369,440 Derivative instruments 2,334 2,334 2,316 2,316 Redeemable OP unitholder interests 160,765 160,765 177,177 177,177 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2017 and 2016 was a benefit of $7.8 million and $8.5 million , respectively. Our consolidated provision for income taxes for the nine months ended September 30, 2017 and 2016 was a benefit of $13.1 million and $28.5 million , respectively. The income tax benefit for the nine months ended September 30, 2017 was due primarily to operating losses at our taxable REIT subsidiaries; however, $0.8 million and $4.9 million of the income tax benefit was due to the reversal of a net deferred tax liability at a TRS entity and the release of a tax reserve at the REIT, respectively. The income tax benefit for the nine months ended September 30, 2016 was due primarily to operating losses at our taxable REIT subsidiaries; however, $5.9 million and $3.6 million of the income tax benefit was due to the reversal of a net deferred tax liability at a TRS entity and the release of a tax reserve at the REIT, respectively. 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 $296.3 million and $316.6 million as of September 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, 2014 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2013 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 the year ended December 31, 2013 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	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 14—STOCKHOLDERS' EQUITY Capital Stock During the nine months ended September 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 September 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 September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (48,585 ) $ (66,192 ) Accumulated unrealized gain on government-sponsored pooled loan investments 1,006 1,239 Other 6,799 7,419 Total accumulated other comprehensive loss $ (40,780 ) $ (57,534 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 156,930 $ 150,446 $ 465,114 $ 411,634 Discontinued operations (19 ) (118 ) (95 ) (755 ) Gain (loss) on real estate dispositions 458,280 (144 ) 502,288 31,779 Net income 615,191 150,184 967,307 442,658 Net income attributable to noncontrolling interests 1,233 732 3,391 1,064 Net income attributable to common stockholders $ 613,958 $ 149,452 $ 963,916 $ 441,594 Denominator: Denominator for basic earnings per share—weighted average shares 355,929 350,274 355,110 341,610 Effect of dilutive securities: Stock options 624 847 528 594 Restricted stock awards 318 193 236 168 OP Unitholder interests 2,462 2,872 2,491 2,980 Denominator for diluted earnings per share—adjusted weighted average shares 359,333 354,186 358,365 345,352 Basic earnings per share: Income from continuing operations $ 0.44 $ 0.43 $ 1.31 $ 1.20 Net income attributable to common stockholders 1.72 0.43 2.71 1.29 Diluted earnings per share: Income from continuing operations $ 0.44 $ 0.42 $ 1.30 $ 1.19 Net income attributable to common stockholders 1.71 0.42 2.69 1.28

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 16—SEGMENT INFORMATION As of September 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 September 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 212,370 $ — $ 189,506 $ — $ 401,876 Resident fees and services — 461,700 — — 461,700 Office building and other services revenue 1,125 — 1,568 503 3,196 Income from loans and investments — — — 32,985 32,985 Interest and other income — — — 171 171 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Less: Interest and other income — — — 171 171 Property-level operating expenses — 315,598 60,609 — 376,207 Office building services costs — — 418 — 418 Segment NOI 213,495 146,102 130,047 33,488 523,132 Income (loss) from unconsolidated entities 1,122 300 (348 ) (324 ) 750 Segment profit $ 214,617 $ 146,402 $ 129,699 $ 33,164 523,882 Interest and other income 171 Interest expense (113,869 ) Depreciation and amortization (213,407 ) General, administrative and professional fees (33,317 ) Loss on extinguishment of debt, net (511 ) Merger-related expenses and deal costs (804 ) Other (13,030 ) Income tax benefit 7,815 Income from continuing operations $ 156,930 For the Three Months Ended September 30, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 210,424 $ — $ 158,273 $ — $ 368,697 Resident fees and services — 461,974 — — 461,974 Office building and other services revenue 1,246 — 2,211 860 4,317 Income from loans and investments — — — 31,566 31,566 Interest and other income — — — 562 562 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Less: Interest and other income — — — 562 562 Property-level operating expenses — 312,145 48,972 — 361,117 Office building services costs — — 974 — 974 Segment NOI 211,670 149,829 110,538 32,426 504,463 Income from unconsolidated entities 584 75 238 34 931 Segment profit $ 212,254 $ 149,904 $ 110,776 $ 32,460 505,394 Interest and other income 562 Interest expense (105,063 ) Depreciation and amortization (208,387 ) General, administrative and professional fees (31,567 ) Loss on extinguishment of debt, net (383 ) Merger-related expenses and deal costs (16,217 ) Other (2,430 ) Income tax benefit 8,537 Income from continuing operations $ 150,446 For the Nine Months Ended September 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 634,955 $ — $ 561,641 $ — $ 1,196,596 Resident fees and services — 1,386,131 — — 1,386,131 Office building and other services revenue 3,455 — 5,347 979 9,781 Income from loans and investments — — — 85,499 85,499 Interest and other income — — — 854 854 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Less: Interest and other income — — — 854 854 Property-level operating expenses — 936,296 174,728 — 1,111,024 Office building services costs — — 1,708 — 1,708 Segment NOI 638,410 449,835 390,552 86,478 1,565,275 Income (loss) from unconsolidated entities 4,768 (157 ) 284 (1,101 ) 3,794 Segment profit $ 643,178 $ 449,678 $ 390,836 $ 85,377 1,569,069 Interest and other income 854 Interest expense (336,245 ) Depreciation and amortization (655,298 ) General, administrative and professional fees (100,560 ) Loss on extinguishment of debt, net (856 ) Merger-related expenses and deal costs (8,903 ) Other (16,066 ) Income tax benefit 13,119 Income from continuing operations $ 465,114 For the Nine Months Ended September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 635,030 $ — $ 446,496 $ — $ 1,081,526 Resident fees and services — 1,390,387 — — 1,390,387 Office building and other services revenue 3,676 — 10,556 2,774 17,006 Income from loans and investments — — — 78,098 78,098 Interest and other income — — — 792 792 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Less: Interest and other income — — — 792 792 Property-level operating expenses — 932,675 136,619 — 1,069,294 Office building services costs — — 6,277 — 6,277 Segment NOI 638,706 457,712 314,156 80,872 1,491,446 Income from unconsolidated entities 738 732 301 380 2,151 Segment profit $ 639,444 $ 458,444 $ 314,457 $ 81,252 1,493,597 Interest and other income 792 Interest expense (312,001 ) Depreciation and amortization (666,735 ) General, administrative and professional fees (95,387 ) Loss on extinguishment of debt, net (3,165 ) Merger-related expenses and deal costs (25,073 ) Other (8,901 ) Income tax benefit 28,507 Income from continuing operations $ 411,634 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 9,954 $ 12,992 $ 151,906 $ 69,642 Senior living operations 45,152 26,495 96,533 70,297 Office operations 62,108 1,400,742 307,494 1,451,347 Total capital expenditures $ 117,214 $ 1,440,229 $ 555,933 $ 1,591,286 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Revenues: United States $ 844,370 $ 815,719 $ 2,521,813 $ 2,417,314 Canada 48,639 45,021 137,647 130,195 United Kingdom 6,919 6,376 19,401 20,300 Total revenues $ 899,928 $ 867,116 $ 2,678,861 $ 2,567,809 As of September 30, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,079,529 $ 19,105,939 Canada 1,086,929 1,037,105 United Kingdom 298,415 251,710 Total net real estate property $ 20,464,873 20,394,754

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,881 $ 121,240 $ 21,811,371 $ — $ 21,934,492 Cash and cash equivalents 14,063 — 71,000 — 85,063 Escrow deposits and restricted cash 197 128 76,197 — 76,522 Investment in and advances to affiliates 14,606,452 2,916,060 — (17,522,512 ) — Goodwill — — 1,034,497 — 1,034,497 Assets held for sale — 12,757 56,169 — 68,926 Other assets 44,166 7,606 488,523 — 540,295 Total assets $ 14,666,759 $ 3,057,791 $ 23,537,757 $ (17,522,512 ) $ 23,739,795 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,883,519 $ 2,540,626 $ — $ 11,424,145 Intercompany loans 7,666,742 (6,958,293 ) (708,449 ) — — Accrued interest (6,686 ) 83,604 18,766 — 95,684 Accounts payable and other liabilities 130,732 22,280 790,788 — 943,800 Liabilities related to assets held for sale — 7,666 2,171 — 9,837 Deferred income taxes 296,272 — — — 296,272 Total liabilities 8,087,060 2,038,776 2,643,902 — 12,769,738 Redeemable OP unitholder and noncontrolling interests — — 171,813 — 171,813 Total equity 6,579,699 1,019,015 20,722,042 (17,522,512 ) 10,798,244 Total liabilities and equity $ 14,666,759 $ 3,057,791 $ 23,537,757 $ (17,522,512 ) $ 23,739,795 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 September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 602 $ 45,446 $ 355,828 $ — $ 401,876 Resident fees and services — — 461,700 — 461,700 Office building and other services revenue — — 3,196 — 3,196 Income from loans and investments 309 — 32,676 — 32,985 Equity earnings in affiliates 133,571 — (412 ) (133,159 ) — Interest and other income 3 — 168 — 171 Total revenues 134,485 45,446 853,156 (133,159 ) 899,928 Expenses Interest (16,801 ) 82,007 48,663 — 113,869 Depreciation and amortization 1,314 1,455 210,638 — 213,407 Property-level operating expenses — 69 376,138 — 376,207 Office building services costs — — 418 — 418 General, administrative and professional fees 103 4,240 28,974 — 33,317 Loss on extinguishment of debt, net — 504 7 — 511 Merger-related expenses and deal costs 361 — 443 — 804 Other 1,626 — 11,404 — 13,030 Total expenses (13,397 ) 88,275 676,685 — 751,563 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 147,882 (42,829 ) 176,471 (133,159 ) 148,365 Income (loss) from unconsolidated entities — 1,614 (864 ) — 750 Income tax benefit 7,815 — — — 7,815 Income (loss) from continuing operations 155,697 (41,215 ) 175,607 (133,159 ) 156,930 Discontinued operations (19 ) — — — (19 ) Gain on real estate dispositions 458,280 — — — 458,280 Net income (loss) 613,958 (41,215 ) 175,607 (133,159 ) 615,191 Net income attributable to noncontrolling interests — — 1,233 — 1,233 Net income (loss) attributable to common stockholders $ 613,958 $ (41,215 ) $ 174,374 $ (133,159 ) $ 613,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 49,652 $ 318,460 $ — $ 368,697 Resident fees and services — — 461,974 — 461,974 Office building and other services revenue 401 — 3,916 — 4,317 Income from loans and investments 82 — 31,484 — 31,566 Equity earnings in affiliates 143,782 — (281 ) (143,501 ) — Interest and other income 476 — 86 — 562 Total revenues 145,326 49,652 815,639 (143,501 ) 867,116 Expenses Interest (11,779 ) 70,371 46,471 — 105,063 Depreciation and amortization 1,414 2,833 204,140 — 208,387 Property-level operating expenses — 80 361,037 — 361,117 Office building services costs — — 974 — 974 General, administrative and professional fees (1,359 ) 4,940 27,986 — 31,567 (Gain) loss on extinguishment of debt, net (58 ) 340 101 — 383 Merger-related expenses and deal costs 15,952 — 265 — 16,217 Other (21 ) 4 2,447 — 2,430 Total expenses 4,149 78,568 643,421 — 726,138 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 141,177 (28,916 ) 172,218 (143,501 ) 140,978 Income from unconsolidated entities — 783 148 — 931 Income tax benefit 8,537 — — — 8,537 Income (loss) from continuing operations 149,714 (28,133 ) 172,366 (143,501 ) 150,446 Discontinued operations (118 ) — — — (118 ) Loss on real estate dispositions (144 ) — — — (144 ) Net income (loss) 149,452 (28,133 ) 172,366 (143,501 ) 150,184 Net income attributable to noncontrolling interests — — 732 — 732 Net income (loss) attributable to common stockholders $ 149,452 $ (28,133 ) $ 171,634 $ (143,501 ) $ 149,452 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,782 $ 141,717 $ 1,053,097 $ — $ 1,196,596 Resident fees and services — — 1,386,131 — 1,386,131 Office building and other services revenue — — 9,781 — 9,781 Income from loans and investments 908 — 84,591 — 85,499 Equity earnings in affiliates 398,757 — (1,125 ) (397,632 ) — Interest and other income 374 — 480 — 854 Total revenues 401,821 141,717 2,532,955 (397,632 ) 2,678,861 Expenses Interest (61,095 ) 238,312 159,028 — 336,245 Depreciation and amortization 4,140 6,062 645,096 — 655,298 Property-level operating expenses — 235 1,110,789 — 1,111,024 Office building services costs — — 1,708 — 1,708 General, administrative and professional fees 421 13,570 86,569 — 100,560 Loss (gain) on extinguishment of debt, net — 942 (86 ) — 856 Merger-related expenses and deal costs 8,007 — 896 — 8,903 Other 1,744 — 14,322 — 16,066 Total expenses (46,783 ) 259,121 2,018,322 — 2,230,660 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 448,604 (117,404 ) 514,633 (397,632 ) 448,201 Income (loss) from unconsolidated entities — 4,919 (1,125 ) — 3,794 Income tax benefit 13,119 — — — 13,119 Income (loss) from continuing operations 461,723 (112,485 ) 513,508 (397,632 ) 465,114 Discontinued operations (95 ) — — — (95 ) Gain on real estate dispositions 502,288 — — — 502,288 Net income (loss) 963,916 (112,485 ) 513,508 (397,632 ) 967,307 Net income attributable to noncontrolling interests — — 3,391 — 3,391 Net income (loss) attributable to common stockholders $ 963,916 $ (112,485 ) $ 510,117 $ (397,632 ) $ 963,916 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 2,084 $ 147,795 $ 931,647 $ — $ 1,081,526 Resident fees and services — — 1,390,387 — 1,390,387 Office building and other services revenue 1,605 — 15,401 — 17,006 Income from loans and investments 82 — 78,016 — 78,098 Equity earnings in affiliates 376,570 — (913 ) (375,657 ) — Interest and other income 546 — 246 — 792 Total revenues 380,887 147,795 2,414,784 (375,657 ) 2,567,809 Expenses Interest (33,668 ) 207,961 137,708 — 312,001 Depreciation and amortization 7,549 15,614 643,572 — 666,735 Property-level operating expenses — 236 1,069,058 — 1,069,294 Office building services costs — — 6,277 — 6,277 General, administrative and professional fees 872 13,657 80,858 — 95,387 Loss on extinguishment of debt, net — 2,772 393 — 3,165 Merger-related expenses and deal costs 24,067 — 1,006 — 25,073 Other 4 8 8,889 — 8,901 Total expenses (1,176 ) 240,248 1,947,761 — 2,186,833 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 382,063 (92,453 ) 467,023 (375,657 ) 380,976 Income from unconsolidated entities — 1,230 921 — 2,151 Income tax benefit 28,507 — — — 28,507 Income (loss) from continuing operations 410,570 (91,223 ) 467,944 (375,657 ) 411,634 Discontinued operations (755 ) — — — (755 ) Gain on real estate dispositions 31,779 — — — 31,779 Net income (loss) 441,594 (91,223 ) 467,944 (375,657 ) 442,658 Net income attributable to noncontrolling interests — — 1,064 — 1,064 Net income (loss) attributable to common stockholders $ 441,594 $ (91,223 ) $ 466,880 $ (375,657 ) $ 441,594 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 613,958 $ (41,215 ) $ 175,607 $ (133,159 ) 615,191 Other comprehensive (loss) income: Foreign currency translation — — 5,239 — 5,239 Unrealized loss on government-sponsored pooled loan investments (48 ) — — — (48 ) Other — — (936 ) — (936 ) Total other comprehensive (loss) income (48 ) — 4,303 — 4,255 Comprehensive income (loss) 613,910 (41,215 ) 179,910 (133,159 ) 619,446 Comprehensive income attributable to noncontrolling interests — — 1,233 — 1,233 Comprehensive income (loss) attributable to common stockholders $ 613,910 $ (41,215 ) $ 178,677 $ (133,159 ) $ 618,213 For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 149,452 $ (28,133 ) $ 172,366 $ (143,501 ) $ 150,184 Other comprehensive loss: Foreign currency translation — — (6,421 ) — (6,421 ) Unrealized loss on government-sponsored pooled loan investments (92 ) — — — (92 ) Other — — 1,094 — 1,094 Total other comprehensive loss (92 ) — (5,327 ) — (5,419 ) Comprehensive income (loss) 149,360 (28,133 ) 167,039 (143,501 ) 144,765 Comprehensive income attributable to noncontrolling interests — — 732 — 732 Comprehensive income (loss) attributable to common stockholders $ 149,360 $ (28,133 ) $ 166,307 $ (143,501 ) $ 144,033 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 963,916 $ (112,485 ) $ 513,508 $ (397,632 ) $ 967,307 Other comprehensive (loss) income: Foreign currency translation — — 17,607 — 17,607 Unrealized loss on government-sponsored pooled loan investments (233 ) — — — (233 ) Other — — (620 ) — (620 ) Total other comprehensive (loss) income (233 ) — 16,987 — 16,754 Comprehensive income (loss) 963,683 (112,485 ) 530,495 (397,632 ) 984,061 Comprehensive income attributable to noncontrolling interests — — 3,391 — 3,391 Comprehensive income (loss) attributable to common stockholders $ 963,683 $ (112,485 ) $ 527,104 $ (397,632 ) $ 980,670 For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 441,594 $ (91,223 ) $ 467,944 $ (375,657 ) $ 442,658 Other comprehensive income (loss): Foreign currency translation — — (39,804 ) — (39,804 ) Unrealized gain on government-sponsored pooled loan investments 158 — — — 158 Other — — (2,403 ) — (2,403 ) Total other comprehensive income (loss) 158 — (42,207 ) — (42,049 ) Comprehensive income (loss) 441,752 (91,223 ) 425,737 (375,657 ) 400,609 Comprehensive income attributable to noncontrolling interests — — 1,064 — 1,064 Comprehensive income (loss) attributable to common stockholders $ 441,752 $ (91,223 ) $ 424,673 $ (375,657 ) $ 399,545 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 60,228 $ (86,406 ) $ 1,112,417 $ — $ 1,086,239 Cash flows from investing activities: Net investment in real estate property (232,791 ) — (29,332 ) — (262,123 ) Investment in loans receivable and other (2,727 ) — (731,306 ) — (734,033 ) Proceeds from real estate disposals 531,637 — 500 — 532,137 Proceeds from loans receivable 36 — 84,325 — 84,361 Development project expenditures — — (210,423 ) — (210,423 ) Capital expenditures — (604 ) (82,783 ) — (83,387 ) Distributions from unconsolidated entities — — 5,816 — 5,816 Investment in unconsolidated entities — — (42,399 ) — (42,399 ) Net cash provided by (used in) investing activities 296,155 (604 ) (1,005,602 ) — (710,051 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 467,000 (82,262 ) — 384,738 Proceeds from debt — 793,904 264,533 — 1,058,437 Repayment of debt — (778,606 ) (446,919 ) — (1,225,525 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 741,457 (748,586 ) 7,129 — — Payment of deferred financing costs — (20,450 ) (5,976 ) — (26,426 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (560,606 ) 373,748 186,858 — — Cash distribution to common stockholders (827,285 ) — — — (827,285 ) Cash distribution to redeemable OP unitholders — — (5,677 ) — (5,677 ) Contributions from noncontrolling interests — — 4,402 — 4,402 Distributions to noncontrolling interests — — (9,248 ) — (9,248 ) Other 10,543 — — — 10,543 Net cash (used in) provided by financing activities (578,104 ) 87,010 (87,160 ) — (578,254 ) Net (decrease) increase in cash and cash equivalents (221,721 ) — 19,655 — (202,066 ) Effect of foreign currency translation on cash and cash equivalents 25,481 — (25,059 ) — 422 Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 14,063 $ — $ 71,000 $ — $ 85,063 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 44,088 $ (73,848 ) $ 1,035,906 $ — $ 1,006,146 Cash flows from investing activities: Net investment in real estate property (1,440,710 ) — 19,118 — (1,421,592 ) Investment in loans receivable and other — — (154,949 ) — (154,949 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Proceeds from loans receivable — — 194,063 — 194,063 Development project expenditures — — (94,398 ) — (94,398 ) Capital expenditures — (18 ) (75,278 ) — (75,296 ) Investment in unconsolidated entities — — (6,175 ) — (6,175 ) Net cash used in investing activities (1,420,269 ) (18 ) (74,499 ) — (1,494,786 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (94,000 ) 140,728 — 46,728 Proceeds from debt — 846,521 30,096 — 876,617 Repayment of debt — (651,820 ) (264,685 ) — (916,505 ) Purchase of noncontrolling interests — — (1,604 ) — (1,604 ) Net change in intercompany debt 877,609 (32,967 ) (844,642 ) — — Payment of deferred financing costs — (5,485 ) (662 ) — (6,147 ) Issuance of common stock, net 1,265,702 — — — 1,265,702 Cash distribution from (to) affiliates 8,206 11,617 (19,823 ) — — Cash distribution to common stockholders (750,402 ) — — — (750,402 ) Cash distribution to redeemable OP unitholders — — (6,486 ) — (6,486 ) Contributions from noncontrolling interest — — 5,926 — 5,926 Distributions to noncontrolling interests — — (5,121 ) — (5,121 ) Other 16,631 — — — 16,631 Net cash provided by (used in) financing activities 1,417,746 73,866 (966,273 ) — 525,339 Net increase (decrease) in cash and cash equivalents 41,565 — (4,866 ) — 36,699 Effect of foreign currency translation on cash and cash equivalents (41,259 ) — 40,816 — (443 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,039 $ — $ 77,240 $ — $ 89,279

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 we receive 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 and the primary beneficiary of this VIE. As of September 30, 2017 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27.4% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 72.6% . 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 September 30, 2017 and December 31, 2016 , the fair value of the redeemable OP Unitholder Interests was $160.8 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 September 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 September 30, 2017 , we owned 11 properties ( three 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 that own the subject property and generate 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, then 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 September 30, 2017 and December 31, 2016 , this cumulative excess totaled $262.0 million (net of allowances of $115.4 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 certain point-of-sale transactions provided 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. While these revenue streams are subject to the application of ASC 606, we believe that the pattern and timing of recognition of income will be consistent with the current accounting model. We will not apply the principles of ASC 606 to our common area maintenance revenues and certain resident fees and services 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. 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, Classification of Certain Cash Receipts and Cash Payments (“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, 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, 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 and 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)	9 Months Ended
	Sep. 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. September 30, 2017 December 31, 2016 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 614,534 $ 195,529 $ 639,763 $ 199,674 Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. — — 2,143,139 162,426 Other identified VIEs 1,950,131 335,106 1,882,336 354,034 Tax credit VIEs 975,093 230,973 981,752 234,109

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2017
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following table reflects our concentration risk for the periods presented: For the Three Months Ended September 30, 2017 2016 Revenues (1) : Kindred (2) 4.7 % 5.3 % Brookdale Senior Living (3) 4.9 4.8 Ardent 3.1 3.1 NOI: Kindred (2) 8.1 % 9.1 % Brookdale Senior Living (3) 8.4 8.2 Ardent 5.3 5.3 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Includes 14 SNFs classified as held for sale at September 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 September 30, 2017 that is included in continuing operations.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 , including the amounts reported on our Consolidated Balance Sheets. September 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 15 $ 16,142 $ 8,522 — $ — $ — Office Operations 7 52,784 1,315 7 53,151 1,462 Senior Living Operations* — — — — 1,810 — Total 22 $ 68,926 $ 9,837 7 $ 54,961 $ 1,462 * Includes one vacant land parcel classified as held for sale as of December 31, 2016, which was sold in June 2017.

LOANS RECEIVABLE AND INVESTME30

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our loans receivable and investments, net as of September 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 September 30, 2017: Secured/mortgage loans and other $ 1,297,956 $ 1,297,956 $ 1,316,664 $ — Government-sponsored pooled loan investments (1) 54,478 53,472 54,478 1,006 Total investments reported as Secured loans receivable and investments, net 1,352,434 1,351,428 1,371,142 1,006 Non-mortgage loans receivable, net 54,955 54,955 55,098 — Total investments reported as Other assets 54,955 54,955 55,098 — Total loans receivable and investments, net $ 1,407,389 $ 1,406,383 $ 1,426,240 $ 1,006 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)	9 Months Ended
	Sep. 30, 2017
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of September 30, 2017 and December 31, 2016 : September 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 $ 184,994 7.1 $ 184,993 6.9 In-place and other lease intangibles 1,351,482 23.7 1,325,636 23.6 Goodwill 1,034,497 N/A 1,033,225 N/A Other intangibles 35,905 12.2 35,783 11.3 Accumulated amortization (842,819 ) N/A (769,558 ) N/A Net intangible assets $ 1,764,059 21.7 $ 1,810,079 21.5 Intangible liabilities: Below market lease intangibles $ 360,295 13.8 $ 345,103 14.1 Other lease intangibles 40,334 40.2 40,843 38.5 Accumulated amortization (155,091 ) N/A (133,468 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 249,106 15.6 $ 256,046 15.9 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 262,028 $ 244,580 Non-mortgage loans receivable, net 54,955 52,544 Other intangibles, net 6,842 8,190 Investments in unconsolidated operating entities 43,049 28,431 Other 173,421 184,619 Total other assets $ 540,295 $ 518,364

SENIOR NOTES PAYABLE AND OTHE33

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility (1) $ 538,911 $ 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 Unsecured term loan due 2019 (2) — 371,215 4.00% Senior Notes due 2019 600,000 600,000 3.00% Senior Notes, Series A due 2019 (3) 320,847 297,841 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) 200,529 186,150 Secured revolving construction credit facility due 2022 — — 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) 220,582 — 3.750% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (3) 200,529 186,150 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 1,446,097 1,718,897 Total 11,511,618 11,190,914 Deferred financing costs, net (76,372 ) (61,304 ) Unamortized fair value adjustment 18,866 25,224 Unamortized discounts (29,967 ) (27,508 ) Senior notes payable and other debt $ 11,424,145 $ 11,127,326 (1) As of September 30, 2017 and December 31, 2016 , respectively, $40.8 million and $146.5 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $31.1 million were denominated in British pounds as of September 30, 2017 . There were no aggregate borrowings denominated in British pounds as of December 31, 2016 . (2) As of December 31, 2016 , there was $571.2 million of unsecured term loan borrowings under our unsecured credit facility, of which $92.6 million was in the form of Canadian dollars. In August 2017, we repaid the balances then outstanding on the term loans. (3) These borrowings are in the form of Canadian dollars.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 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 $ 18,539 $ — $ 6,273 $ 24,812 2018 901,879 — 20,824 922,703 2019 1,333,378 — 14,878 1,348,256 2020 1,437,725 — 11,996 1,449,721 2021 772,837 538,911 10,545 1,322,293 Thereafter (2) 6,327,024 — 116,809 6,443,833 Total maturities $ 10,791,382 $ 538,911 $ 181,325 $ 11,511,618 (1) As of September 30, 2017 , we had $85.1 million of unrestricted cash and cash equivalents, for $453.8 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.

FAIR VALUES OF FINANCIAL INST34

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of September 30, 2017 and December 31, 2016 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 85,063 $ 85,063 $ 286,707 $ 286,707 Secured mortgage loans and other, net 1,297,956 1,316,664 646,972 655,981 Non-mortgage loans receivable, net 54,955 55,098 52,544 53,626 Government-sponsored pooled loan investments 54,478 54,478 55,049 55,049 Derivative instruments 5,264 5,264 3,302 3,302 Liabilities: Senior notes payable and other debt, gross 11,511,618 11,768,668 11,190,914 11,369,440 Derivative instruments 2,334 2,334 2,316 2,316 Redeemable OP unitholder interests 160,765 160,765 177,177 177,177

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of September 30, 2017 and December 31, 2016 : September 30, 2017 December 31, 2016 (In thousands) Foreign currency translation $ (48,585 ) $ (66,192 ) Accumulated unrealized gain on government-sponsored pooled loan investments 1,006 1,239 Other 6,799 7,419 Total accumulated other comprehensive loss $ (40,780 ) $ (57,534 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 156,930 $ 150,446 $ 465,114 $ 411,634 Discontinued operations (19 ) (118 ) (95 ) (755 ) Gain (loss) on real estate dispositions 458,280 (144 ) 502,288 31,779 Net income 615,191 150,184 967,307 442,658 Net income attributable to noncontrolling interests 1,233 732 3,391 1,064 Net income attributable to common stockholders $ 613,958 $ 149,452 $ 963,916 $ 441,594 Denominator: Denominator for basic earnings per share—weighted average shares 355,929 350,274 355,110 341,610 Effect of dilutive securities: Stock options 624 847 528 594 Restricted stock awards 318 193 236 168 OP Unitholder interests 2,462 2,872 2,491 2,980 Denominator for diluted earnings per share—adjusted weighted average shares 359,333 354,186 358,365 345,352 Basic earnings per share: Income from continuing operations $ 0.44 $ 0.43 $ 1.31 $ 1.20 Net income attributable to common stockholders 1.72 0.43 2.71 1.29 Diluted earnings per share: Income from continuing operations $ 0.44 $ 0.42 $ 1.30 $ 1.19 Net income attributable to common stockholders 1.71 0.42 2.69 1.28

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 212,370 $ — $ 189,506 $ — $ 401,876 Resident fees and services — 461,700 — — 461,700 Office building and other services revenue 1,125 — 1,568 503 3,196 Income from loans and investments — — — 32,985 32,985 Interest and other income — — — 171 171 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Less: Interest and other income — — — 171 171 Property-level operating expenses — 315,598 60,609 — 376,207 Office building services costs — — 418 — 418 Segment NOI 213,495 146,102 130,047 33,488 523,132 Income (loss) from unconsolidated entities 1,122 300 (348 ) (324 ) 750 Segment profit $ 214,617 $ 146,402 $ 129,699 $ 33,164 523,882 Interest and other income 171 Interest expense (113,869 ) Depreciation and amortization (213,407 ) General, administrative and professional fees (33,317 ) Loss on extinguishment of debt, net (511 ) Merger-related expenses and deal costs (804 ) Other (13,030 ) Income tax benefit 7,815 Income from continuing operations $ 156,930 For the Three Months Ended September 30, 2016 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 210,424 $ — $ 158,273 $ — $ 368,697 Resident fees and services — 461,974 — — 461,974 Office building and other services revenue 1,246 — 2,211 860 4,317 Income from loans and investments — — — 31,566 31,566 Interest and other income — — — 562 562 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Total revenues $ 211,670 $ 461,974 $ 160,484 $ 32,988 $ 867,116 Less: Interest and other income — — — 562 562 Property-level operating expenses — 312,145 48,972 — 361,117 Office building services costs — — 974 — 974 Segment NOI 211,670 149,829 110,538 32,426 504,463 Income from unconsolidated entities 584 75 238 34 931 Segment profit $ 212,254 $ 149,904 $ 110,776 $ 32,460 505,394 Interest and other income 562 Interest expense (105,063 ) Depreciation and amortization (208,387 ) General, administrative and professional fees (31,567 ) Loss on extinguishment of debt, net (383 ) Merger-related expenses and deal costs (16,217 ) Other (2,430 ) Income tax benefit 8,537 Income from continuing operations $ 150,446 For the Nine Months Ended September 30, 2017 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 634,955 $ — $ 561,641 $ — $ 1,196,596 Resident fees and services — 1,386,131 — — 1,386,131 Office building and other services revenue 3,455 — 5,347 979 9,781 Income from loans and investments — — — 85,499 85,499 Interest and other income — — — 854 854 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Less: Interest and other income — — — 854 854 Property-level operating expenses — 936,296 174,728 — 1,111,024 Office building services costs — — 1,708 — 1,708 Segment NOI 638,410 449,835 390,552 86,478 1,565,275 Income (loss) from unconsolidated entities 4,768 (157 ) 284 (1,101 ) 3,794 Segment profit $ 643,178 $ 449,678 $ 390,836 $ 85,377 1,569,069 Interest and other income 854 Interest expense (336,245 ) Depreciation and amortization (655,298 ) General, administrative and professional fees (100,560 ) Loss on extinguishment of debt, net (856 ) Merger-related expenses and deal costs (8,903 ) Other (16,066 ) Income tax benefit 13,119 Income from continuing operations $ 465,114 For the Nine Months Ended September 30, 2016 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 635,030 $ — $ 446,496 $ — $ 1,081,526 Resident fees and services — 1,390,387 — — 1,390,387 Office building and other services revenue 3,676 — 10,556 2,774 17,006 Income from loans and investments — — — 78,098 78,098 Interest and other income — — — 792 792 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Total revenues $ 638,706 $ 1,390,387 $ 457,052 $ 81,664 $ 2,567,809 Less: Interest and other income — — — 792 792 Property-level operating expenses — 932,675 136,619 — 1,069,294 Office building services costs — — 6,277 — 6,277 Segment NOI 638,706 457,712 314,156 80,872 1,491,446 Income from unconsolidated entities 738 732 301 380 2,151 Segment profit $ 639,444 $ 458,444 $ 314,457 $ 81,252 1,493,597 Interest and other income 792 Interest expense (312,001 ) Depreciation and amortization (666,735 ) General, administrative and professional fees (95,387 ) Loss on extinguishment of debt, net (3,165 ) Merger-related expenses and deal costs (25,073 ) Other (8,901 ) Income tax benefit 28,507 Income from continuing operations $ 411,634
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Capital expenditures: Triple-net leased properties $ 9,954 $ 12,992 $ 151,906 $ 69,642 Senior living operations 45,152 26,495 96,533 70,297 Office operations 62,108 1,400,742 307,494 1,451,347 Total capital expenditures $ 117,214 $ 1,440,229 $ 555,933 $ 1,591,286
Revenues from external customers by geographic area	Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 (In thousands) Revenues: United States $ 844,370 $ 815,719 $ 2,521,813 $ 2,417,314 Canada 48,639 45,021 137,647 130,195 United Kingdom 6,919 6,376 19,401 20,300 Total revenues $ 899,928 $ 867,116 $ 2,678,861 $ 2,567,809
Net real estate property by geographic area	As of September 30, 2017 As of December 31, 2016 (In thousands) Net real estate property: United States $ 19,079,529 $ 19,105,939 Canada 1,086,929 1,037,105 United Kingdom 298,415 251,710 Total net real estate property $ 20,464,873 20,394,754

CONDENSED CONSOLIDATING INFOR38

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of September 30, 2017 and December 31, 2016 and for the three and nine months ended September 30, 2017 and 2016 . CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,881 $ 121,240 $ 21,811,371 $ — $ 21,934,492 Cash and cash equivalents 14,063 — 71,000 — 85,063 Escrow deposits and restricted cash 197 128 76,197 — 76,522 Investment in and advances to affiliates 14,606,452 2,916,060 — (17,522,512 ) — Goodwill — — 1,034,497 — 1,034,497 Assets held for sale — 12,757 56,169 — 68,926 Other assets 44,166 7,606 488,523 — 540,295 Total assets $ 14,666,759 $ 3,057,791 $ 23,537,757 $ (17,522,512 ) $ 23,739,795 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,883,519 $ 2,540,626 $ — $ 11,424,145 Intercompany loans 7,666,742 (6,958,293 ) (708,449 ) — — Accrued interest (6,686 ) 83,604 18,766 — 95,684 Accounts payable and other liabilities 130,732 22,280 790,788 — 943,800 Liabilities related to assets held for sale — 7,666 2,171 — 9,837 Deferred income taxes 296,272 — — — 296,272 Total liabilities 8,087,060 2,038,776 2,643,902 — 12,769,738 Redeemable OP unitholder and noncontrolling interests — — 171,813 — 171,813 Total equity 6,579,699 1,019,015 20,722,042 (17,522,512 ) 10,798,244 Total liabilities and equity $ 14,666,759 $ 3,057,791 $ 23,537,757 $ (17,522,512 ) $ 23,739,795 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 September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 602 $ 45,446 $ 355,828 $ — $ 401,876 Resident fees and services — — 461,700 — 461,700 Office building and other services revenue — — 3,196 — 3,196 Income from loans and investments 309 — 32,676 — 32,985 Equity earnings in affiliates 133,571 — (412 ) (133,159 ) — Interest and other income 3 — 168 — 171 Total revenues 134,485 45,446 853,156 (133,159 ) 899,928 Expenses Interest (16,801 ) 82,007 48,663 — 113,869 Depreciation and amortization 1,314 1,455 210,638 — 213,407 Property-level operating expenses — 69 376,138 — 376,207 Office building services costs — — 418 — 418 General, administrative and professional fees 103 4,240 28,974 — 33,317 Loss on extinguishment of debt, net — 504 7 — 511 Merger-related expenses and deal costs 361 — 443 — 804 Other 1,626 — 11,404 — 13,030 Total expenses (13,397 ) 88,275 676,685 — 751,563 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 147,882 (42,829 ) 176,471 (133,159 ) 148,365 Income (loss) from unconsolidated entities — 1,614 (864 ) — 750 Income tax benefit 7,815 — — — 7,815 Income (loss) from continuing operations 155,697 (41,215 ) 175,607 (133,159 ) 156,930 Discontinued operations (19 ) — — — (19 ) Gain on real estate dispositions 458,280 — — — 458,280 Net income (loss) 613,958 (41,215 ) 175,607 (133,159 ) 615,191 Net income attributable to noncontrolling interests — — 1,233 — 1,233 Net income (loss) attributable to common stockholders $ 613,958 $ (41,215 ) $ 174,374 $ (133,159 ) $ 613,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 49,652 $ 318,460 $ — $ 368,697 Resident fees and services — — 461,974 — 461,974 Office building and other services revenue 401 — 3,916 — 4,317 Income from loans and investments 82 — 31,484 — 31,566 Equity earnings in affiliates 143,782 — (281 ) (143,501 ) — Interest and other income 476 — 86 — 562 Total revenues 145,326 49,652 815,639 (143,501 ) 867,116 Expenses Interest (11,779 ) 70,371 46,471 — 105,063 Depreciation and amortization 1,414 2,833 204,140 — 208,387 Property-level operating expenses — 80 361,037 — 361,117 Office building services costs — — 974 — 974 General, administrative and professional fees (1,359 ) 4,940 27,986 — 31,567 (Gain) loss on extinguishment of debt, net (58 ) 340 101 — 383 Merger-related expenses and deal costs 15,952 — 265 — 16,217 Other (21 ) 4 2,447 — 2,430 Total expenses 4,149 78,568 643,421 — 726,138 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 141,177 (28,916 ) 172,218 (143,501 ) 140,978 Income from unconsolidated entities — 783 148 — 931 Income tax benefit 8,537 — — — 8,537 Income (loss) from continuing operations 149,714 (28,133 ) 172,366 (143,501 ) 150,446 Discontinued operations (118 ) — — — (118 ) Loss on real estate dispositions (144 ) — — — (144 ) Net income (loss) 149,452 (28,133 ) 172,366 (143,501 ) 150,184 Net income attributable to noncontrolling interests — — 732 — 732 Net income (loss) attributable to common stockholders $ 149,452 $ (28,133 ) $ 171,634 $ (143,501 ) $ 149,452 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,782 $ 141,717 $ 1,053,097 $ — $ 1,196,596 Resident fees and services — — 1,386,131 — 1,386,131 Office building and other services revenue — — 9,781 — 9,781 Income from loans and investments 908 — 84,591 — 85,499 Equity earnings in affiliates 398,757 — (1,125 ) (397,632 ) — Interest and other income 374 — 480 — 854 Total revenues 401,821 141,717 2,532,955 (397,632 ) 2,678,861 Expenses Interest (61,095 ) 238,312 159,028 — 336,245 Depreciation and amortization 4,140 6,062 645,096 — 655,298 Property-level operating expenses — 235 1,110,789 — 1,111,024 Office building services costs — — 1,708 — 1,708 General, administrative and professional fees 421 13,570 86,569 — 100,560 Loss (gain) on extinguishment of debt, net — 942 (86 ) — 856 Merger-related expenses and deal costs 8,007 — 896 — 8,903 Other 1,744 — 14,322 — 16,066 Total expenses (46,783 ) 259,121 2,018,322 — 2,230,660 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 448,604 (117,404 ) 514,633 (397,632 ) 448,201 Income (loss) from unconsolidated entities — 4,919 (1,125 ) — 3,794 Income tax benefit 13,119 — — — 13,119 Income (loss) from continuing operations 461,723 (112,485 ) 513,508 (397,632 ) 465,114 Discontinued operations (95 ) — — — (95 ) Gain on real estate dispositions 502,288 — — — 502,288 Net income (loss) 963,916 (112,485 ) 513,508 (397,632 ) 967,307 Net income attributable to noncontrolling interests — — 3,391 — 3,391 Net income (loss) attributable to common stockholders $ 963,916 $ (112,485 ) $ 510,117 $ (397,632 ) $ 963,916 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 2,084 $ 147,795 $ 931,647 $ — $ 1,081,526 Resident fees and services — — 1,390,387 — 1,390,387 Office building and other services revenue 1,605 — 15,401 — 17,006 Income from loans and investments 82 — 78,016 — 78,098 Equity earnings in affiliates 376,570 — (913 ) (375,657 ) — Interest and other income 546 — 246 — 792 Total revenues 380,887 147,795 2,414,784 (375,657 ) 2,567,809 Expenses Interest (33,668 ) 207,961 137,708 — 312,001 Depreciation and amortization 7,549 15,614 643,572 — 666,735 Property-level operating expenses — 236 1,069,058 — 1,069,294 Office building services costs — — 6,277 — 6,277 General, administrative and professional fees 872 13,657 80,858 — 95,387 Loss on extinguishment of debt, net — 2,772 393 — 3,165 Merger-related expenses and deal costs 24,067 — 1,006 — 25,073 Other 4 8 8,889 — 8,901 Total expenses (1,176 ) 240,248 1,947,761 — 2,186,833 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 382,063 (92,453 ) 467,023 (375,657 ) 380,976 Income from unconsolidated entities — 1,230 921 — 2,151 Income tax benefit 28,507 — — — 28,507 Income (loss) from continuing operations 410,570 (91,223 ) 467,944 (375,657 ) 411,634 Discontinued operations (755 ) — — — (755 ) Gain on real estate dispositions 31,779 — — — 31,779 Net income (loss) 441,594 (91,223 ) 467,944 (375,657 ) 442,658 Net income attributable to noncontrolling interests — — 1,064 — 1,064 Net income (loss) attributable to common stockholders $ 441,594 $ (91,223 ) $ 466,880 $ (375,657 ) $ 441,594
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 613,958 $ (41,215 ) $ 175,607 $ (133,159 ) 615,191 Other comprehensive (loss) income: Foreign currency translation — — 5,239 — 5,239 Unrealized loss on government-sponsored pooled loan investments (48 ) — — — (48 ) Other — — (936 ) — (936 ) Total other comprehensive (loss) income (48 ) — 4,303 — 4,255 Comprehensive income (loss) 613,910 (41,215 ) 179,910 (133,159 ) 619,446 Comprehensive income attributable to noncontrolling interests — — 1,233 — 1,233 Comprehensive income (loss) attributable to common stockholders $ 613,910 $ (41,215 ) $ 178,677 $ (133,159 ) $ 618,213 For the Three Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 149,452 $ (28,133 ) $ 172,366 $ (143,501 ) $ 150,184 Other comprehensive loss: Foreign currency translation — — (6,421 ) — (6,421 ) Unrealized loss on government-sponsored pooled loan investments (92 ) — — — (92 ) Other — — 1,094 — 1,094 Total other comprehensive loss (92 ) — (5,327 ) — (5,419 ) Comprehensive income (loss) 149,360 (28,133 ) 167,039 (143,501 ) 144,765 Comprehensive income attributable to noncontrolling interests — — 732 — 732 Comprehensive income (loss) attributable to common stockholders $ 149,360 $ (28,133 ) $ 166,307 $ (143,501 ) $ 144,033 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 963,916 $ (112,485 ) $ 513,508 $ (397,632 ) $ 967,307 Other comprehensive (loss) income: Foreign currency translation — — 17,607 — 17,607 Unrealized loss on government-sponsored pooled loan investments (233 ) — — — (233 ) Other — — (620 ) — (620 ) Total other comprehensive (loss) income (233 ) — 16,987 — 16,754 Comprehensive income (loss) 963,683 (112,485 ) 530,495 (397,632 ) 984,061 Comprehensive income attributable to noncontrolling interests — — 3,391 — 3,391 Comprehensive income (loss) attributable to common stockholders $ 963,683 $ (112,485 ) $ 527,104 $ (397,632 ) $ 980,670 For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 441,594 $ (91,223 ) $ 467,944 $ (375,657 ) $ 442,658 Other comprehensive income (loss): Foreign currency translation — — (39,804 ) — (39,804 ) Unrealized gain on government-sponsored pooled loan investments 158 — — — 158 Other — — (2,403 ) — (2,403 ) Total other comprehensive income (loss) 158 — (42,207 ) — (42,049 ) Comprehensive income (loss) 441,752 (91,223 ) 425,737 (375,657 ) 400,609 Comprehensive income attributable to noncontrolling interests — — 1,064 — 1,064 Comprehensive income (loss) attributable to common stockholders $ 441,752 $ (91,223 ) $ 424,673 $ (375,657 ) $ 399,545
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 60,228 $ (86,406 ) $ 1,112,417 $ — $ 1,086,239 Cash flows from investing activities: Net investment in real estate property (232,791 ) — (29,332 ) — (262,123 ) Investment in loans receivable and other (2,727 ) — (731,306 ) — (734,033 ) Proceeds from real estate disposals 531,637 — 500 — 532,137 Proceeds from loans receivable 36 — 84,325 — 84,361 Development project expenditures — — (210,423 ) — (210,423 ) Capital expenditures — (604 ) (82,783 ) — (83,387 ) Distributions from unconsolidated entities — — 5,816 — 5,816 Investment in unconsolidated entities — — (42,399 ) — (42,399 ) Net cash provided by (used in) investing activities 296,155 (604 ) (1,005,602 ) — (710,051 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 467,000 (82,262 ) — 384,738 Proceeds from debt — 793,904 264,533 — 1,058,437 Repayment of debt — (778,606 ) (446,919 ) — (1,225,525 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 741,457 (748,586 ) 7,129 — — Payment of deferred financing costs — (20,450 ) (5,976 ) — (26,426 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (560,606 ) 373,748 186,858 — — Cash distribution to common stockholders (827,285 ) — — — (827,285 ) Cash distribution to redeemable OP unitholders — — (5,677 ) — (5,677 ) Contributions from noncontrolling interests — — 4,402 — 4,402 Distributions to noncontrolling interests — — (9,248 ) — (9,248 ) Other 10,543 — — — 10,543 Net cash (used in) provided by financing activities (578,104 ) 87,010 (87,160 ) — (578,254 ) Net (decrease) increase in cash and cash equivalents (221,721 ) — 19,655 — (202,066 ) Effect of foreign currency translation on cash and cash equivalents 25,481 — (25,059 ) — 422 Cash and cash equivalents at beginning of period 210,303 — 76,404 — 286,707 Cash and cash equivalents at end of period $ 14,063 $ — $ 71,000 $ — $ 85,063 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2016 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 44,088 $ (73,848 ) $ 1,035,906 $ — $ 1,006,146 Cash flows from investing activities: Net investment in real estate property (1,440,710 ) — 19,118 — (1,421,592 ) Investment in loans receivable and other — — (154,949 ) — (154,949 ) Proceeds from real estate disposals 20,441 — 43,120 — 63,561 Proceeds from loans receivable — — 194,063 — 194,063 Development project expenditures — — (94,398 ) — (94,398 ) Capital expenditures — (18 ) (75,278 ) — (75,296 ) Investment in unconsolidated entities — — (6,175 ) — (6,175 ) Net cash used in investing activities (1,420,269 ) (18 ) (74,499 ) — (1,494,786 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — (94,000 ) 140,728 — 46,728 Proceeds from debt — 846,521 30,096 — 876,617 Repayment of debt — (651,820 ) (264,685 ) — (916,505 ) Purchase of noncontrolling interests — — (1,604 ) — (1,604 ) Net change in intercompany debt 877,609 (32,967 ) (844,642 ) — — Payment of deferred financing costs — (5,485 ) (662 ) — (6,147 ) Issuance of common stock, net 1,265,702 — — — 1,265,702 Cash distribution from (to) affiliates 8,206 11,617 (19,823 ) — — Cash distribution to common stockholders (750,402 ) — — — (750,402 ) Cash distribution to redeemable OP unitholders — — (6,486 ) — (6,486 ) Contributions from noncontrolling interest — — 5,926 — 5,926 Distributions to noncontrolling interests — — (5,121 ) — (5,121 ) Other 16,631 — — — 16,631 Net cash provided by (used in) financing activities 1,417,746 73,866 (966,273 ) — 525,339 Net increase (decrease) in cash and cash equivalents 41,565 — (4,866 ) — 36,699 Effect of foreign currency translation on cash and cash equivalents (41,259 ) — 40,816 — (443 ) Cash and cash equivalents at beginning of period 11,733 — 41,290 — 53,023 Cash and cash equivalents at end of period $ 12,039 $ — $ 77,240 $ — $ 89,279

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	9 Months Ended
	Sep. 30, 2017propertytenant
Real estate properties
Number of real estate properties	1,200
Number of properties leased under triple net leases	558
Concentration risk, number of tenants | tenant	3
Number of senior housing community included in senior living operations	1
Brookdale Senior Living
Real estate properties
Number of properties leased under triple net leases	136
Number of senior housing community included in senior living operations	(1)
Kindred
Real estate properties
Number of properties leased under triple net leases	46
Ardent
Real estate properties
Number of properties leased under triple net leases	10
Development Projects
Real estate properties
Number of real estate properties	13
Number of properties included in investments in unconsolidated entities	1
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	296
Medical Office Buildings | Kindred
Real estate properties
Number of properties leased under triple net leases	1

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
NHP/PMB L.P.
Variable Interest Entity [Line Items]
Total Assets	$ 614,534	$ 639,763
Total Liabilities	195,529	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	1,950,131	1,882,336
Total Liabilities	335,106	354,034
Tax Credit VIEs
Variable Interest Entity [Line Items]
Total Assets	975,093	981,752
Total Liabilities	$ 230,973	$ 234,109

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) $ in Millions	Sep. 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 | $	$ 160.8			$ 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)	2,700,000
Class B
Redeemable Noncontrolling Interest [Line Items]
Limited partnership units outstanding (in shares)	7,200,000
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	27.40%
NHP/PMB L.P. | General Partner
Redeemable Noncontrolling Interest [Line Items]
Percentage of ownership interest on total units outstanding	72.60%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Sep. 30, 2017property
Business Acquisition [Line Items]
Number of real estate properties	1,200
Maximum of qualified investment potentially received as new market tax credit	39.00%
Amount of recapture per year historic tax credits are subject to one year after completion of project	20.00%
Amount of recapture new market tax credits are subject to until the end of the seventh year following the qualified investment	100.00%
Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	11
Development Assets | Wexford Acquisition
Business Acquisition [Line Items]
Number of real estate properties	3

ACCOUNTING POLICIES - Business

ACCOUNTING POLICIES - Business Combinations (Details)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Estimated remaining life of buildings in years	35 years

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 262,028	$ 244,580
Straight-line rent receivables, allowance	$ 115,400	$ 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)	9 Months Ended
	Sep. 30, 2017board_memberpropertystateprovince
Concentration Risk [Line Items]
Ownership interests accounted for under the equity method	25.00%
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	296
Seniors Housing Communities | Atria and Sunrise
Concentration Risk [Line Items]
Number of seniors housing communities under long-term management agreements | property	269
Customer Concentration Risk
Concentration Risk [Line Items]
Number of states in which entity operates | state	46
Number of Canadian provinces in which entity operates | province	7
Number of states accounting for more than 10% of total revenues and net operating income | state	1
Customer Concentration Risk | Total gross book value of properties | Atria
Concentration Risk [Line Items]
Concentration percentage	22.10%
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	7.60%
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%
Triple-Net Leased Properties | Customer Concentration Risk | Total gross book value of properties
Concentration Risk [Line Items]
Concentration percentage	25.20%
Senior Living Operations | Customer Concentration Risk | Total gross book value of properties
Concentration Risk [Line Items]
Concentration percentage	35.20%

CONCENTRATION OF CREDIT RISK (S

CONCENTRATION OF CREDIT RISK (Schedule of Concentration Risks) (Details) - property	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017
Concentration Risk [Line Items]
Number of properties held for sale	14		14
Number of senior housing community included in senior living operations			1
Number of senior housing communities that is held for sale and included in continuing operations	1		1
Kindred | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	4.70%	5.30%
Kindred | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	8.10%	9.10%
Brookdale Senior Living | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	4.90%	4.80%
Brookdale Senior Living | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	8.40%	8.20%
Ardent | Revenues | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	3.10%	3.10%
Ardent | NOI | Revenue from Rights Concentration Risk
Concentration Risk [Line Items]
Concentration percentage	5.30%	5.30%

ACQUISITIONS OF REAL ESTATE P48

ACQUISITIONS OF REAL ESTATE PROPERTY (Narrative) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2017USD ($)property	Sep. 30, 2017USD ($)property	Dec. 31, 2016USD ($)
Business Acquisition [Line Items]
Purchase price | $		$ 410,800
Total net real estate property | $		$ 20,464,873	$ 20,394,754
Triple-Net Leased Properties
Business Acquisition [Line Items]
Number of businesses acquired		14
Number of properties in which development has been completed within reporting period		1
Seniors Housing Communities
Business Acquisition [Line Items]
Property acquired previously owned by equity method investee	6	6
Purchase price | $	$ 100,000
Hospitals, Medical Office Building, and Other
Business Acquisition [Line Items]
Number of businesses acquired		1
Life Science Research and Medical Campus
Business Acquisition [Line Items]
Number of businesses acquired		1
Real estate with development completed in current quarter
Business Acquisition [Line Items]
Total net real estate property | $		$ 6,500
Office operations
Business Acquisition [Line Items]
Number of businesses acquired		2

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2017USD ($)property	Dec. 31, 2017USD ($)property	Sep. 30, 2017USD ($)propertyparcel	Sep. 30, 2016USD ($)	Dec. 31, 2016property	Nov. 30, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Vacant parcels sold | parcel			3
Proceeds from sale of real estate			$ 617.1
Gain on sale of real estate			$ 502.3
Number of Properties Classified as Held-for-sale | property			22		7
Impairment of real estate			$ 20.2	$ 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			37
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			3
Skilled Nursing Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property	22
Proceeds from sale of real estate	$ 488.1
Gain on sale of real estate	$ 458
Potential properties for sale under agreement | property						36
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
Scenario, Forecast | Subsequent Event | Skilled Nursing Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property		7
Proceeds from sale of real estate		$ 82.5
Potential gain on sale of real estate		$ 78
Number of Properties Classified as Held-for-sale | property		7

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	Sep. 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	22	7
Assets held for sale	$ 68,926	$ 54,961
Liabilities related to assets held for sale	$ 9,837	$ 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	15	0
Assets held for sale	$ 16,142	$ 0
Liabilities related to assets held for sale	$ 8,522	$ 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	$ 52,784	$ 53,151
Liabilities related to assets held for sale	$ 1,315	$ 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

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Sep. 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	Sep. 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	$ 1,407,389	$ 754,565
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,406,383	753,326
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,426,240	764,656
Non-mortgage loans receivable, net, carrying amount	54,955	52,544
Government-sponsored pooled loan investments, unrealized gain (loss)	1,006	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	1,352,434	702,021
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	1,351,428	700,782
Secured loans, unsecured loans, and other available-for-sale securities, fair value	1,371,142	711,030
Government-sponsored pooled loan investments, unrealized gain (loss)	1,006	1,239
Total investments reported as Other assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loans, unsecured loans, and other available-for-sale securities, carrying amount	54,955	52,544
Secured loans, unsecured loans, and other available-for-sale securities, amortized cost	54,955	52,544
Secured loans, unsecured loans, and other available-for-sale securities, fair value	55,098	53,626
Government-sponsored pooled loan investments, unrealized gain (loss)	0	0
Government-sponsored pooled loan investments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Government-sponsored pooled loan investments (1)	54,478	55,049
Government-sponsored pooled loan investments, amortized cost	53,472	53,810
Government-sponsored pooled loan investments, unrealized gain (loss)	1,006	1,239
Secured/mortgage loans and other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured loan receivable, carrying amount and amortized cost	1,297,956	646,972
Mortgage loans and other, fair value	1,316,664	655,981
Government-sponsored pooled loan investments, unrealized gain (loss)	0	0
Non-mortgage loans receivable, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Non-mortgage loans receivable, net, carrying amount	54,955	52,544
Non-mortgage loans receivable, net, fair value	55,098	53,626
Government-sponsored pooled loan investments, unrealized gain (loss)	$ 0	$ 0

LOANS RECEIVABLE AND INVESTME53

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details)	1 Months Ended	9 Months Ended
	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)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		$ 23,000,000
Partial Prepayment of Loan Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Collection of Loans Receivable		27,000,000
Repayment of Loan Receivable - July 2017 Maturity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Proceeds from Collection of Loans Receivable		$ 32,600,000
Number of Loans Repaid | loan		3

INVESTMENTS IN UNCONSOLIDATED54

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2017USD ($)property	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)
Equity method investments
Ownership interests accounted for under the equity method		25.00%		25.00%
Number of real estate properties | property		30		30
Management fees earned		$ 1,600	$ 1,800	$ 4,600	$ 5,000
Purchase price				410,800
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%
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	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Intangible assets:
Goodwill	$ 1,034,497	$ 1,033,225
Accumulated amortization	(842,819)	(769,558)
Net intangible assets	$ 1,764,059	$ 1,810,079
Remaining Weighted Average Amortization Period in Years	21 years 8 months 12 days	21 years 6 months
Intangible liabilities:
Below market lease intangibles	$ 360,295	$ 345,103
Other lease intangibles	40,334	40,843
Accumulated amortization	(155,091)	(133,468)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 249,106	$ 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)	40 years 2 months 12 days	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	$ 184,994	$ 184,993
Remaining Weighted Average Amortization Period in Years	7 years 1 month 6 days	6 years 10 months 24 days
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,351,482	$ 1,325,636
Remaining Weighted Average Amortization Period in Years	23 years 8 months 12 days	23 years 7 months 6 days
Other intangibles
Intangible assets:
Other intangibles	$ 35,905	$ 35,783
Remaining Weighted Average Amortization Period in Years	12 years 2 months 12 days	11 years 3 months 18 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 262,028	$ 244,580
Non-mortgage loans receivable, net, carrying amount	54,955	52,544
Other intangibles, net	6,842	8,190
Investments in unconsolidated operating entities	43,049	28,431
Other	173,421	184,619
Total other assets	$ 540,295	$ 518,364

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details)	Sep. 30, 2017USD ($)	Apr. 30, 2017	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)
Debt instruments
Principal amount outstanding	$ 11,511,618,000			$ 11,190,914,000
Deferred financing costs, net	(76,372,000)			(61,304,000)
Unamortized fair value adjustment	18,866,000			25,224,000
Unamortized discounts	(29,967,000)			(27,508,000)
Senior notes payable and other debt	11,424,145,000			11,127,326,000
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding	538,911,000			146,538,000	£ 0
1.250% Senior Notes due 2017
Debt instruments
Principal amount outstanding	$ 0			300,000,000
Interest rate	1.25%	1.25%
2.00% Senior Notes due 2018
Debt instruments
Principal amount outstanding	$ 700,000,000			700,000,000
Interest rate	2.00%
Unsecured Term Loan Due 2018
Debt instruments
Principal amount outstanding	$ 0			200,000,000
Unsecured term loan due 2019
Debt instruments
Principal amount outstanding	0			371,215,000
4.00% Senior Notes due 2019
Debt instruments
Principal amount outstanding	$ 600,000,000			600,000,000
Interest rate	4.00%
3.00% Senior Notes, Series A due 2019
Debt instruments
Principal amount outstanding	$ 320,847,000			297,841,000
Interest rate	3.00%
2.700% Senior Notes due 2020
Debt instruments
Principal amount outstanding	$ 500,000,000			500,000,000
Interest rate	2.70%
Unsecured term loan due 2020
Debt instruments
Principal amount outstanding	$ 900,000,000			900,000,000
4.750% Senior Notes due 2021
Debt instruments
Principal amount outstanding	$ 700,000,000			700,000,000
Interest rate	4.75%
4.25% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 600,000,000			600,000,000
Interest rate	4.25%
3.25% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 500,000,000			500,000,000
Interest rate	3.25%
3.300% Senior Notes due 2022
Debt instruments
Principal amount outstanding	$ 200,529,000			186,150,000
Interest rate	3.30%
Secured revolving construction credit facility
Debt instruments
Line of credit facility, fair value of amount outstanding	$ 0
Principal amount outstanding	0			0
3.125% Senior Notes due 2023
Debt instruments
Principal amount outstanding	$ 400,000,000			400,000,000
Interest rate	3.125%
3.100% Senior Notes due 2023
Debt instruments
Principal amount outstanding	$ 400,000,000		$ 400,000,000	0
Interest rate	3.10%		3.10%
2.55% Senior Notes, Series D due 2023
Debt instruments
Principal amount outstanding	$ 220,582,000			0
Interest rate	2.55%
3.750% Senior Notes due 2024
Debt instruments
Principal amount outstanding	$ 400,000,000			400,000,000
Interest rate	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Principal amount outstanding	$ 200,529,000			186,150,000
Interest rate	4.125%
3.500% Senior Notes due 2025
Debt instruments
Principal amount outstanding	$ 600,000,000			600,000,000
Interest rate	3.50%
4.125% Senior Notes due 2026
Debt instruments
Principal amount outstanding	$ 500,000,000			500,000,000
Interest rate	4.125%
3.25% Senior Notes due 2026
Debt instruments
Principal amount outstanding	$ 450,000,000			450,000,000
Interest rate	3.25%
3.850% Senior Notes due 2027
Debt instruments
Principal amount outstanding	$ 400,000,000		$ 400,000,000	0
Interest rate	3.85%		3.85%
6.90% Senior Notes due 2037
Debt instruments
Principal amount outstanding	$ 52,400,000			52,400,000
Interest rate	6.90%
6.59% Senior Notes due 2038
Debt instruments
Principal amount outstanding	$ 22,973,000			22,973,000
Interest rate	6.59%
5.45% Senior Notes due 2043
Debt instruments
Principal amount outstanding	$ 258,750,000			258,750,000
Interest rate	5.45%
5.70% Senior Notes due 2043
Debt instruments
Principal amount outstanding	$ 300,000,000			300,000,000
Interest rate	5.70%
4.375% Senior Notes due 2045
Debt instruments
Principal amount outstanding	$ 300,000,000			300,000,000
Interest rate	4.375%
Mortgage loans and other
Debt instruments
Principal amount outstanding	$ 1,446,097,000			1,718,897,000
Unsecured term loan
Debt instruments
Principal amount outstanding				571,200,000
Borrowings originally denominated in GBP | Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding	31,100,000
Borrowings originally denominated in CAD | Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding	$ 40,800,000			146,500,000
Borrowings originally denominated in CAD | Unsecured term loan due 2019
Debt instruments
Principal amount outstanding				$ 92,600,000

SENIOR NOTES PAYABLE AND OTHE58

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) $ in Thousands	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)	Sep. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	$ 24,812
2,018	922,703
2,019	1,348,256
2,020	1,449,721
2,021	1,322,293
Thereafter	6,443,833
Total maturities	11,511,618	$ 11,190,914
Unrestricted cash and cash equivalents	85,063	286,707		$ 89,279	$ 53,023
Amount outstanding, net of cash and cash equivalents	453,800
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	18,539
2,018	901,879
2,019	1,333,378
2,020	1,437,725
2,021	772,837
Thereafter	6,327,024
Total maturities	10,791,382
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	538,911
Thereafter	0
Total maturities	538,911	$ 146,538	£ 0
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,017	6,273
2,018	20,824
2,019	14,878
2,020	11,996
2,021	10,545
Thereafter	116,809
Total maturities	$ 181,325
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
Interest rate	6.90%
Senior Notes | 6.59% Senior Notes due 2038, subject to repurchase at option of holders
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Interest rate	6.59%

SENIOR NOTES PAYABLE AND OTHE59

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details) CAD in Millions	1 Months Ended					3 Months Ended		9 Months Ended
	Aug. 31, 2017property	Jun. 30, 2017CAD	May 31, 2017CAD	Apr. 30, 2017USD ($)period	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Apr. 03, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)
Debt instruments
Loss on extinguishment of debt, net						$ (511,000)	$ (383,000)	$ (856,000)	$ (3,165,000)
Principal amount outstanding						$ 11,511,618,000		$ 11,511,618,000				$ 11,190,914,000
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%
Swap
Debt instruments
Derivative notional amount										$ 125,000,000
LIBOR | Interest Rate Swap
Debt instruments
Debt, weighted average interest rate						0.98%		0.98%
LIBOR | Swap
Debt instruments
Debt, weighted average interest rate										2.1832%
Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding						$ 538,911,000		$ 538,911,000				146,538,000	£ 0
Unsecured Term Loan Due 2018
Debt instruments
Repayment of debt						200,000,000
Principal amount outstanding						0		0				200,000,000
Unsecured term loan due 2019
Debt instruments
Repayment of debt						278,600,000
Principal amount outstanding						0		$ 0				371,215,000
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
Secured revolving construction credit facility
Debt instruments
Line of credit facility, fair value of amount outstanding						0		0
Principal amount outstanding						0		0				0
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%
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%
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%
Repayments of debt				$ 300,000,000
2.55% Senior Notes, Series D due 2023
Debt instruments
Principal amount outstanding | CAD			CAD 275
Interest rate			2.55%
Public offering price as percent of par			99.954%
Proceeds from public offering sale of debt | CAD			CAD 274.9
Mortgage Loans
Debt instruments
Repayments of debt								$ 307,500,000
Revolving Credit Facility
Debt instruments
Additional periods | period				2
Debt instrument, additional period				6 months
Line of credit facility, fair value of amount outstanding						$ 538,900,000		538,900,000
Letters of credit outstanding						14,500,000		14,500,000
Unused borrowing capacity available						2,400,000,000		2,400,000,000
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
Current borrowing capacity						400,000,000		400,000,000
Revolving Credit Facility | Accordion Feature
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)				$ 3,750,000,000
Previous Revolving Credit Facility | LIBOR
Debt instruments
Debt instrument, basis spread on variable rate				1.00%
Previous Revolving Credit Facility | Unsecured revolving credit facilities
Debt instruments
Line of credit facility, maximum borrowing capacity (up to)				$ 2,000,000,000
Borrowings originally denominated in CAD | Unsecured revolving credit facilities
Debt instruments
Principal amount outstanding						$ 40,800,000		40,800,000				146,500,000
Borrowings originally denominated in CAD | Unsecured term loan due 2019
Debt instruments
Principal amount outstanding												$ 92,600,000
Unsecured Debt
Debt instruments
Loss on extinguishment of debt, net								$ (500,000)
Skilled Nursing Facilities
Debt instruments
Number of real estate properties sold | property	22

FAIR VALUES OF FINANCIAL INST60

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liabilities:
Redeemable OP unitholder interests	$ 160,800	$ 177,200
Government-sponsored pooled loan investments
Assets:
Derivative instruments	54,478	55,049
Carrying Amount
Assets:
Cash and cash equivalents	85,063	286,707
Secured mortgage loans and other, net	1,297,956	646,972
Non-mortgage loans receivable, net	54,955	52,544
Liabilities:
Senior notes payable and other debt, gross	11,511,618	11,190,914
Derivative instruments	2,334	2,316
Redeemable OP unitholder interests	160,765	177,177
Carrying Amount | Government-sponsored pooled loan investments
Assets:
Derivative instruments	54,478	55,049
Carrying Amount | Derivative instruments
Assets:
Derivative instruments	5,264	3,302
Fair Value
Assets:
Cash and cash equivalents	85,063	286,707
Secured mortgage loans and other, net	1,316,664	655,981
Non-mortgage loans receivable, net		53,626
Liabilities:
Senior notes payable and other debt, gross	11,768,668	11,369,440
Derivative instruments	2,334	2,316
Redeemable OP unitholder interests	160,765	177,177
Fair Value | Government-sponsored pooled loan investments
Assets:
Derivative instruments	54,478	55,049
Fair Value | Derivative instruments
Assets:
Derivative instruments	5,264	3,302
Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net, fair value	$ 55,098	$ 53,626

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income tax benefit	$ 7,815	$ 8,537	$ 13,119	$ 28,507
Income tax benefits, reversal of net deferred tax liability			800	5,900
Release of tax reserve at the REIT level	4,900	$ 3,600	4,900	$ 3,600
Deferred income taxes	$ 296,272		$ 296,272		$ 316,641

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)shares
Equity [Abstract]
Issuance of common stock under equity program, shares | shares	1.1
Proceeds from issuance of common stock sold under equity program	$ 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	Sep. 30, 2017	Dec. 31, 2016
Equity [Abstract]
Foreign currency translation	$ (48,585)	$ (66,192)
Accumulated unrealized gain on government-sponsored pooled loan investments	1,006	1,239
Other	6,799	7,419
Total accumulated other comprehensive loss	$ (40,780)	$ (57,534)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 156,930	$ 150,446	$ 465,114	$ 411,634
Discontinued operations	(19)	(118)	(95)	(755)
Gain (loss) on real estate dispositions	458,280	(144)	502,288	31,779
Net income	615,191	150,184	967,307	442,658	$ 651,490
Net income attributable to noncontrolling interests	1,233	732	3,391	1,064
Net income attributable to common stockholders	$ 613,958	$ 149,452	$ 963,916	$ 441,594
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	355,929	350,274	355,110	341,610
Effect of dilutive securities:
Stock options (in shares)	624	847	528	594
Restricted stock awards (in shares)	318	193	236	168
OP unitholder interests (in shares)	2,462	2,872	2,491	2,980
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	359,333	354,186	358,365	345,352
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.44	$ 0.43	$ 1.31	$ 1.20
Net income attributable to common stockholders (in usd per share)	1.72	0.43	2.71	1.29
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.44	0.42	1.30	1.19
Net income attributable to common stockholders (in usd per share)	$ 1.71	$ 0.42	$ 2.69	$ 1.28

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable business segments | segment			3
Revenues:
Rental income	$ 401,876	$ 368,697	$ 1,196,596	$ 1,081,526
Resident fees and services	461,700	461,974	1,386,131	1,390,387
Office building and other services revenue	3,196	4,317	9,781	17,006
Income from loans and investments	32,985	31,566	85,499	78,098
Interest and other income	171	562	854	792
Total revenues	899,928	867,116	2,678,861	2,567,809
Less:
Interest and other income	171	562	854	792
Property-level operating expenses	376,207	361,117	1,111,024	1,069,294
Office building services costs	418	974	1,708	6,277
Segment NOI	523,132	504,463	1,565,275	1,491,446
Income (loss) from unconsolidated entities	750	931	3,794	2,151
Segment profit	523,882	505,394	1,569,069	1,493,597
Interest and other income	171	562	854	792
Interest expense	(113,869)	(105,063)	(336,245)	(312,001)
Depreciation and amortization	(213,407)	(208,387)	(655,298)	(666,735)
General, administrative and professional fees	(33,317)	(31,567)	(100,560)	(95,387)
Loss on extinguishment of debt, net	(511)	(383)	(856)	(3,165)
Merger-related expenses and deal costs	(804)	(16,217)	(8,903)	(25,073)
Other	(13,030)	(2,430)	(16,066)	(8,901)
Income tax benefit	7,815	8,537	13,119	28,507
Income from continuing operations	156,930	150,446	465,114	411,634
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	212,370	210,424	634,955	635,030
Resident fees and services	0	0	0	0
Office building and other services revenue	1,125	1,246	3,455	3,676
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	213,495	211,670	638,410	638,706
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	213,495	211,670	638,410	638,706
Income (loss) from unconsolidated entities	1,122	584	4,768	738
Segment profit	214,617	212,254	643,178	639,444
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	461,700	461,974	1,386,131	1,390,387
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	461,700	461,974	1,386,131	1,390,387
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	315,598	312,145	936,296	932,675
Office building services costs	0	0	0	0
Segment NOI	146,102	149,829	449,835	457,712
Income (loss) from unconsolidated entities	300	75	(157)	732
Segment profit	146,402	149,904	449,678	458,444
Interest and other income	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	189,506	158,273	561,641	446,496
Resident fees and services	0	0	0	0
Office building and other services revenue	1,568	2,211	5,347	10,556
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	191,074	160,484	566,988	457,052
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	60,609	48,972	174,728	136,619
Office building services costs	418	974	1,708	6,277
Segment NOI	130,047	110,538	390,552	314,156
Income (loss) from unconsolidated entities	(348)	238	284	301
Segment profit	129,699	110,776	390,836	314,457
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	503	860	979	2,774
Income from loans and investments	32,985	31,566	85,499	78,098
Interest and other income	171	562	854	792
Total revenues	33,659	32,988	87,332	81,664
Less:
Interest and other income	171	562	854	792
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	33,488	32,426	86,478	80,872
Income (loss) from unconsolidated entities	(324)	34	(1,101)	380
Segment profit	33,164	32,460	85,377	81,252
Interest and other income	$ 171	$ 562	$ 854	$ 792

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Capital expenditures	$ 117,214	$ 1,440,229	$ 555,933	$ 1,591,286
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information [Line Items]
Capital expenditures	9,954	12,992	151,906	69,642
Operating Segments | Senior Living Operations
Segment Reporting Information [Line Items]
Capital expenditures	45,152	26,495	96,533	70,297
Operating Segments | Office Operations
Segment Reporting Information [Line Items]
Capital expenditures	$ 62,108	$ 1,400,742	$ 307,494	$ 1,451,347

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues:
Total revenues	$ 899,928	$ 867,116	$ 2,678,861	$ 2,567,809
Net real estate property:
Total net real estate property	20,464,873		20,464,873		$ 20,394,754
United States
Revenues:
Total revenues	844,370	815,719	2,521,813	2,417,314
Net real estate property:
Total net real estate property	19,079,529		19,079,529		19,105,939
Canada
Revenues:
Total revenues	48,639	45,021	137,647	130,195
Net real estate property:
Total net real estate property	1,086,929		1,086,929		1,037,105
United Kingdom
Revenues:
Total revenues	6,919	$ 6,376	19,401	$ 20,300
Net real estate property:
Total net real estate property	$ 298,415		$ 298,415		$ 251,710

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Condensed financial statements, captions
Deferred income taxes	$ 296,272	$ 316,641
Assets
Net real estate investments	21,934,492	21,192,696
Cash and cash equivalents	85,063	286,707	$ 89,279	$ 53,023
Escrow deposits and restricted cash	76,522	80,647
Investment in and advances to affiliates	0	0
Goodwill	1,034,497	1,033,225
Assets held for sale	68,926	54,961
Other assets	540,295	518,364
Total assets	23,739,795	23,166,600
Liabilities:
Senior notes payable and other debt	11,424,145	11,127,326
Intercompany loans	0	0
Accrued interest	95,684	83,762
Accounts payable and other liabilities	943,800	907,928
Liabilities related to assets held for sale	9,837	1,462
Total liabilities	12,769,738	12,437,119
Redeemable OP unitholder and noncontrolling interests	171,813	200,728
Total equity	10,798,244	10,528,753		9,625,427
Total liabilities and equity	23,739,795	23,166,600
Consolidated Elimination
Condensed financial statements, captions
Deferred income taxes	0	0
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	(17,522,512)	(17,197,372)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,522,512)	(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
Total liabilities	0	0
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	(17,522,512)	(17,197,372)
Total liabilities and equity	(17,522,512)	(17,197,372)
Ventas, Inc.
Condensed financial statements, captions
Deferred income taxes	296,272	316,641
Assets
Net real estate investments	1,881	2,007
Cash and cash equivalents	14,063	210,303	12,039	11,733
Escrow deposits and restricted cash	197	198
Investment in and advances to affiliates	14,606,452	14,258,931
Goodwill	0	0
Assets held for sale	0	0
Other assets	44,166	35,468
Total assets	14,666,759	14,506,907
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,666,742	7,088,838
Accrued interest	(6,686)	(1,753)
Accounts payable and other liabilities	130,732	89,115
Liabilities related to assets held for sale	0	0
Total liabilities	8,087,060	7,492,841
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	6,579,699	7,014,066
Total liabilities and equity	14,666,759	14,506,907
Ventas Realty
Condensed financial statements, captions
Deferred income taxes	$ 0	0
Ownership percentage by parent	100.00%
Assets
Net real estate investments	$ 121,240	173,259
Cash and cash equivalents	0	0		0
Escrow deposits and restricted cash	128	1,504
Investment in and advances to affiliates	2,916,060	2,938,441
Goodwill	0	0
Assets held for sale	12,757	0
Other assets	7,606	6,792
Total assets	3,057,791	3,119,996
Liabilities:
Senior notes payable and other debt	8,883,519	8,406,979
Intercompany loans	(6,958,293)	(6,209,707)
Accrued interest	83,604	67,156
Accounts payable and other liabilities	22,280	35,587
Liabilities related to assets held for sale	7,666	(1)
Total liabilities	2,038,776	2,300,014
Redeemable OP unitholder and noncontrolling interests	0	0
Total equity	1,019,015	819,982
Total liabilities and equity	3,057,791	3,119,996
Ventas Subsidiaries
Condensed financial statements, captions
Deferred income taxes	0	0
Assets
Net real estate investments	21,811,371	21,017,430
Cash and cash equivalents	71,000	76,404	$ 77,240	$ 41,290
Escrow deposits and restricted cash	76,197	78,945
Investment in and advances to affiliates	0	0
Goodwill	1,034,497	1,033,225
Assets held for sale	56,169	54,961
Other assets	488,523	476,104
Total assets	23,537,757	22,737,069
Liabilities:
Senior notes payable and other debt	2,540,626	2,720,347
Intercompany loans	(708,449)	(879,131)
Accrued interest	18,766	18,359
Accounts payable and other liabilities	790,788	783,226
Liabilities related to assets held for sale	2,171	1,463
Total liabilities	2,643,902	2,644,264
Redeemable OP unitholder and noncontrolling interests	171,813	200,728
Total equity	20,722,042	19,892,077
Total liabilities and equity	23,537,757	$ 22,737,069
Ventas Capital Corporation
Assets
Total assets	$ 0
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		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Revenues:
Rental income	$ 401,876	$ 368,697	$ 1,196,596	$ 1,081,526
Resident fees and services	461,700	461,974	1,386,131	1,390,387
Office building and other services revenue	3,196	4,317	9,781	17,006
Income from loans and investments	32,985	31,566	85,499	78,098
Equity earnings in affiliates	0	0	0	0
Interest and other income	171	562	854	792
Total revenues	899,928	867,116	2,678,861	2,567,809
Expenses
Interest	113,869	105,063	336,245	312,001
Depreciation and amortization	213,407	208,387	655,298	666,735
Property-level operating expenses	376,207	361,117	1,111,024	1,069,294
Office building services costs	418	974	1,708	6,277
General, administrative and professional fees	33,317	31,567	100,560	95,387
Loss on extinguishment of debt, net	511	383	856	3,165
Merger-related expenses and deal costs	804	16,217	8,903	25,073
Other	13,030	2,430	16,066	8,901
Total expenses	751,563	726,138	2,230,660	2,186,833
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	148,365	140,978	448,201	380,976
Income (loss) from unconsolidated entities	750	931	3,794	2,151
Income tax benefit	7,815	8,537	13,119	28,507
Income from continuing operations	156,930	150,446	465,114	411,634
Discontinued operations	(19)	(118)	(95)	(755)
Gain (loss) on real estate dispositions	458,280	(144)	502,288	31,779
Net income	615,191	150,184	967,307	442,658	$ 651,490
Net income attributable to noncontrolling interests	1,233	732	3,391	1,064
Net income attributable to common stockholders	613,958	149,452	963,916	441,594
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	(133,159)	(143,501)	(397,632)	(375,657)
Interest and other income	0	0	0	0
Total revenues	(133,159)	(143,501)	(397,632)	(375,657)
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 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	(133,159)	(143,501)	(397,632)	(375,657)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(133,159)	(143,501)	(397,632)	(375,657)
Discontinued operations	0	0	0	0
Gain (loss) on real estate dispositions	0	0	0	0
Net income	(133,159)	(143,501)	(397,632)	(375,657)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(133,159)	(143,501)	(397,632)	(375,657)
Ventas, Inc.
Revenues:
Rental income	602	585	1,782	2,084
Resident fees and services	0	0	0	0
Office building and other services revenue	0	401	0	1,605
Income from loans and investments	309	82	908	82
Equity earnings in affiliates	133,571	143,782	398,757	376,570
Interest and other income	3	476	374	546
Total revenues	134,485	145,326	401,821	380,887
Expenses
Interest	(16,801)	(11,779)	(61,095)	(33,668)
Depreciation and amortization	1,314	1,414	4,140	7,549
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	103	(1,359)	421	872
Loss on extinguishment of debt, net	0	(58)	0	0
Merger-related expenses and deal costs	361	15,952	8,007	24,067
Other	1,626	(21)	1,744	4
Total expenses	(13,397)	4,149	(46,783)	(1,176)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	147,882	141,177	448,604	382,063
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	7,815	8,537	13,119	28,507
Income from continuing operations	155,697	149,714	461,723	410,570
Discontinued operations	(19)	(118)	(95)	(755)
Gain (loss) on real estate dispositions	458,280	(144)	502,288	31,779
Net income	613,958	149,452	963,916	441,594
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	613,958	149,452	963,916	441,594
Ventas Realty
Revenues:
Rental income	45,446	49,652	141,717	147,795
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	45,446	49,652	141,717	147,795
Expenses
Interest	82,007	70,371	238,312	207,961
Depreciation and amortization	1,455	2,833	6,062	15,614
Property-level operating expenses	69	80	235	236
Office building services costs	0	0	0	0
General, administrative and professional fees	4,240	4,940	13,570	13,657
Loss on extinguishment of debt, net	504	340	942	2,772
Merger-related expenses and deal costs	0	0	0	0
Other	0	4	0	8
Total expenses	88,275	78,568	259,121	240,248
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(42,829)	(28,916)	(117,404)	(92,453)
Income (loss) from unconsolidated entities	1,614	783	4,919	1,230
Income tax benefit	0	0	0	0
Income from continuing operations	(41,215)	(28,133)	(112,485)	(91,223)
Discontinued operations	0	0	0	0
Gain (loss) on real estate dispositions	0	0	0	0
Net income	(41,215)	(28,133)	(112,485)	(91,223)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(41,215)	(28,133)	(112,485)	(91,223)
Ventas Subsidiaries
Revenues:
Rental income	355,828	318,460	1,053,097	931,647
Resident fees and services	461,700	461,974	1,386,131	1,390,387
Office building and other services revenue	3,196	3,916	9,781	15,401
Income from loans and investments	32,676	31,484	84,591	78,016
Equity earnings in affiliates	(412)	(281)	(1,125)	(913)
Interest and other income	168	86	480	246
Total revenues	853,156	815,639	2,532,955	2,414,784
Expenses
Interest	48,663	46,471	159,028	137,708
Depreciation and amortization	210,638	204,140	645,096	643,572
Property-level operating expenses	376,138	361,037	1,110,789	1,069,058
Office building services costs	418	974	1,708	6,277
General, administrative and professional fees	28,974	27,986	86,569	80,858
Loss on extinguishment of debt, net	7	101	(86)	393
Merger-related expenses and deal costs	443	265	896	1,006
Other	11,404	2,447	14,322	8,889
Total expenses	676,685	643,421	2,018,322	1,947,761
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	176,471	172,218	514,633	467,023
Income (loss) from unconsolidated entities	(864)	148	(1,125)	921
Income tax benefit	0	0	0	0
Income from continuing operations	175,607	172,366	513,508	467,944
Discontinued operations	0	0	0	0
Gain (loss) on real estate dispositions	0	0	0	0
Net income	175,607	172,366	513,508	467,944
Net income attributable to noncontrolling interests	1,233	732	3,391	1,064
Net income attributable to common stockholders	$ 174,374	$ 171,634	$ 510,117	$ 466,880

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Condensed financial statements, captions
Net income (loss)	$ 615,191	$ 150,184	$ 967,307	$ 442,658	$ 651,490
Other comprehensive income (loss):
Foreign currency translation	5,239	(6,421)	17,607	(39,804)
Unrealized (loss) gain on government-sponsored pooled loan investments	(48)	(92)	(233)	158
Other	(936)	1,094	(620)	(2,403)
Total other comprehensive income (loss)	4,255	(5,419)	16,754	(42,049)	$ (49,969)
Comprehensive income	619,446	144,765	984,061	400,609
Comprehensive income attributable to noncontrolling interests	1,233	732	3,391	1,064
Comprehensive income attributable to common stockholders	618,213	144,033	980,670	399,545
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(133,159)	(143,501)	(397,632)	(375,657)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized (loss) gain on government-sponsored pooled loan investments	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(133,159)	(143,501)	(397,632)	(375,657)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(133,159)	(143,501)	(397,632)	(375,657)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	613,958	149,452	963,916	441,594
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized (loss) gain on government-sponsored pooled loan investments	(48)	(92)	(233)	158
Other	0	0	0	0
Total other comprehensive income (loss)	(48)	(92)	(233)	158
Comprehensive income	613,910	149,360	963,683	441,752
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	613,910	149,360	963,683	441,752
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(41,215)	(28,133)	(112,485)	(91,223)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized (loss) gain on government-sponsored pooled loan investments	0	0	0	0
Other	0	0	0	0
Total other comprehensive income (loss)	0	0	0	0
Comprehensive income	(41,215)	(28,133)	(112,485)	(91,223)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(41,215)	(28,133)	(112,485)	(91,223)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	175,607	172,366	513,508	467,944
Other comprehensive income (loss):
Foreign currency translation	5,239	(6,421)	17,607	(39,804)
Unrealized (loss) gain on government-sponsored pooled loan investments	0	0	0	0
Other	(936)	1,094	(620)	(2,403)
Total other comprehensive income (loss)	4,303	(5,327)	16,987	(42,207)
Comprehensive income	179,910	167,039	530,495	425,737
Comprehensive income attributable to noncontrolling interests		732	3,391	1,064
Comprehensive income attributable to common stockholders	$ 178,677	$ 166,307	$ 527,104	$ 424,673

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 1,086,239	$ 1,006,146
Cash flows from investing activities:
Net investment in real estate property	(262,123)	(1,421,592)
Investment in loans receivable and other	(734,033)	(154,949)
Proceeds from real estate disposals	532,137	63,561
Proceeds from loans receivable	84,361	194,063
Development project expenditures	(210,423)	(94,398)
Capital expenditures	(83,387)	(75,296)
Distributions from unconsolidated entities	5,816	0
Investment in unconsolidated entities	(42,399)	(6,175)
Net cash used in investing activities	(710,051)	(1,494,786)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	384,738	46,728
Proceeds from debt	1,058,437	876,617
Repayment of debt	(1,225,525)	(916,505)
Purchase of noncontrolling interests	(15,809)	(1,604)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(26,426)	(6,147)
Issuance of common stock, net	73,596	1,265,702
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(827,285)	(750,402)
Cash distribution to redeemable OP unitholders	(5,677)	(6,486)
Contributions from noncontrolling interests	4,402	5,926
Distributions to noncontrolling interests	(9,248)	(5,121)
Other	10,543	16,631
Net cash (used in) provided by financing activities	(578,254)	525,339
Net (decrease) increase in cash and cash equivalents	(202,066)	36,699
Effect of foreign currency translation on cash and cash equivalents	422	(443)
Cash and cash equivalents at beginning of period	286,707	53,023
Cash and cash equivalents at end of period	85,063	89,279
Consolidated Elimination
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable and other	0	0
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	0	0
Distributions from unconsolidated entities	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 (used in) provided by financing activities	0	0
Net (decrease) increase in cash and cash equivalents	0	0
Effect of foreign currency translation on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	60,228	44,088
Cash flows from investing activities:
Net investment in real estate property	(232,791)	(1,440,710)
Investment in loans receivable and other	(2,727)	0
Proceeds from real estate disposals	531,637	20,441
Proceeds from loans receivable	36	0
Development project expenditures	0	0
Capital expenditures	0	0
Distributions from unconsolidated entities	0
Investment in unconsolidated entities	0	0
Net cash used in investing activities	296,155	(1,420,269)
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	741,457	877,609
Payment of deferred financing costs	0	0
Issuance of common stock, net	73,596	1,265,702
Cash distribution (to) from affiliates	(560,606)	8,206
Cash distribution to common stockholders	(827,285)	(750,402)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Other	10,543	16,631
Net cash (used in) provided by financing activities	(578,104)	1,417,746
Net (decrease) increase in cash and cash equivalents	(221,721)	41,565
Effect of foreign currency translation on cash and cash equivalents	25,481	(41,259)
Cash and cash equivalents at beginning of period	210,303	11,733
Cash and cash equivalents at end of period	14,063	12,039
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(86,406)	(73,848)
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable and other	0	0
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	(604)	(18)
Distributions from unconsolidated entities	0
Investment in unconsolidated entities	0	0
Net cash used in investing activities	(604)	(18)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	467,000	(94,000)
Proceeds from debt	793,904	846,521
Repayment of debt	(778,606)	(651,820)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	(748,586)	(32,967)
Payment of deferred financing costs	(20,450)	(5,485)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	373,748	11,617
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 (used in) provided by financing activities	87,010	73,866
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	1,112,417	1,035,906
Cash flows from investing activities:
Net investment in real estate property	(29,332)	19,118
Investment in loans receivable and other	(731,306)	(154,949)
Proceeds from real estate disposals	500	43,120
Proceeds from loans receivable	84,325	194,063
Development project expenditures	(210,423)	(94,398)
Capital expenditures	(82,783)	(75,278)
Distributions from unconsolidated entities	5,816
Investment in unconsolidated entities	(42,399)	(6,175)
Net cash used in investing activities	(1,005,602)	(74,499)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	(82,262)	140,728
Proceeds from debt	264,533	30,096
Repayment of debt	(446,919)	(264,685)
Purchase of noncontrolling interests	0	(1,604)
Net change in intercompany debt	7,129	(844,642)
Payment of deferred financing costs	(5,976)	(662)
Issuance of common stock, net	0	0
Cash distribution (to) from affiliates	186,858	(19,823)
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(5,677)	(6,486)
Contributions from noncontrolling interests	4,402	5,926
Distributions to noncontrolling interests	(9,248)	(5,121)
Other	0	0
Net cash (used in) provided by financing activities	(87,160)	(966,273)
Net (decrease) increase in cash and cash equivalents	19,655	(4,866)
Effect of foreign currency translation on cash and cash equivalents	(25,059)	40,816
Cash and cash equivalents at beginning of period	76,404	41,290
Cash and cash equivalents at end of period	$ 71,000	$ 77,240