Ventas (VTR) 10-Q 27 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 24, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	VENTAS INC
Entity Central Index Key	740,260
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		356,312,328

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate investments:
Land and improvements	$ 2,135,662	$ 2,151,386
Buildings and improvements	22,078,454	22,216,942
Construction in progress	380,064	344,151
Acquired lease intangibles	1,532,223	1,548,074
Gross real estate investments	26,126,403	26,260,553
Accumulated depreciation and amortization	(5,789,422)	(5,638,099)
Net real estate property	20,336,981	20,622,454
Secured loans receivable and investments, net	1,212,519	1,346,359
Investments in unconsolidated real estate entities	102,544	123,639
Net real estate investments	21,652,044	22,092,452
Cash and cash equivalents	92,543	81,355
Escrow deposits and restricted cash	71,039	106,898
Goodwill	1,035,248	1,034,644
Assets held for sale	62,534	65,413
Other assets	580,102	573,779
Total assets	23,493,510	23,954,541
Liabilities:
Senior notes payable and other debt	11,039,812	11,276,062
Accrued interest	77,764	93,958
Accounts payable and other liabilities	1,134,570	1,183,489
Liabilities related to assets held for sale	60,023	60,265
Deferred income taxes	244,742	250,092
Total liabilities	12,556,911	12,863,866
Redeemable OP Unitholder and noncontrolling interests	132,555	158,490
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, 356,317 and 356,187 shares issued at March 31, 2018 and December 31, 2017, respectively	89,062	89,029
Capital in excess of par value	13,080,220	13,053,057
Accumulated other comprehensive loss	(14,474)	(35,120)
Retained earnings (deficit)	(2,413,440)	(2,240,698)
Treasury stock, 11 and 1 shares at March 31, 2018 and December 31, 2017, respectively	(553)	(42)
Total Ventas stockholders’ equity	10,740,815	10,866,226
Noncontrolling interests	63,229	65,959
Total equity	10,804,044	10,932,185
Total liabilities and equity	$ 23,493,510	$ 23,954,541

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	356,317,000	356,187,000
Treasury stock, shares	11,000	1,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Rental income:
Triple-net leased	$ 190,641	$ 209,327
Office	194,168	185,895
Total rental income	384,809	395,222
Resident fees and services	514,753	464,188
Office building and other services revenue	3,328	3,406
Income from loans and investments	31,181	20,146
Interest and other income	9,634	481
Total revenues	943,705	883,443
Expenses
Interest	111,363	108,804
Depreciation and amortization	233,150	217,783
Property-level operating expenses:
Senior living	352,220	312,073
Office	60,693	56,914
Total property-level operating expenses	412,913	368,987
Office building services costs	115	738
General, administrative and professional fees	37,174	33,961
Loss on extinguishment of debt, net	10,977	309
Merger-related expenses and deal costs	17,336	2,056
Other	3,120	1,188
Total expenses	826,148	733,826
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	117,557	149,617
Loss (income) from unconsolidated entities	(40,739)	3,150
Income tax benefit	3,242	3,145
Income from continuing operations	80,060	155,912
Discontinued operations	(10)	(53)
Gain on real estate dispositions	48	43,289
Net income	80,098	199,148
Net income attributable to noncontrolling interests	1,395	1,021
Net income attributable to common stockholders	$ 78,703	$ 198,127
Basic:
Income from continuing operations (in usd per share)	$ 0.22	$ 0.44
Net income attributable to common stockholders (in usd per share)	0.22	0.56
Diluted:
Income from continuing operations (in usd per share)	0.22	0.44
Net income attributable to common stockholders (in usd per share)	$ 0.22	$ 0.55
Weighted average shares used in computing earnings per common share:
Basic (in shares)	356,112	354,410
Diluted (in shares)	358,853	357,572
Dividends declared per common share (in usd per share)	$ 0.79	$ 0.775

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 80,098	$ 199,148	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	12,203	4,082
Unrealized loss on government-sponsored pooled loan investments	(172)	(123)
Other	8,615	(82)
Total other comprehensive income (loss)	20,646	3,877	$ 22,414
Comprehensive income	100,744	203,025
Comprehensive income attributable to noncontrolling interests	1,395	1,021
Comprehensive income attributable to common stockholders	$ 99,349	$ 202,004

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 Loss (Income)	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders’ Equity	Noncontrolling Interests
Beginning 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	1,361,112	0	0	0	1,356,470	0	1,356,470	4,642
Other comprehensive income (loss)	22,414	0	0	22,414	0	0	22,414	0
Impact of CCP Spin-Off	107	0	107	0	0	0	107	0
Net change in noncontrolling interests	(14,719)	0	(1,427)	0	0	0	(1,427)	(13,292)
Dividends to common stockholders	(1,109,473)	0	0	0	(1,109,473)	0	(1,109,473)	0
Issuance of common stock	73,447	276	72,618	0	0	553	73,447	0
Issuance of common stock for stock plans	22,606	87	21,723	0	0	796	22,606	0
Change in redeemable noncontrolling interests	5,246	0	(850)	0	0	0	(850)	6,096
Adjust redeemable OP Unitholder Interests to current fair value	253	0	253	0	0	0	253	0
Redemption of OP Units	23,136	84	19,845	0	0	3,207	23,136	0
Grant of restricted stock, net of forfeitures	19,303	68	23,786	0	0	(4,551)	19,303	0
Ending Balance at Dec. 31, 2017	10,932,185	89,029	13,053,057	(35,120)	(2,240,698)	(42)	10,866,226	65,959
Increase (decrease) in stockholders' equity
Cumulative effect change in accounting principles	30,643	0	0	0	30,643	0	30,643	0
Net income	80,098	0	0	0	78,703	0	78,703	1,395
Other comprehensive income (loss)	20,646	0	0	20,646	0	0	20,646	0
Net change in noncontrolling interests	(3,355)	0	770	0	0	0	770	(4,125)
Dividends to common stockholders	(282,088)	0	0	0	(282,088)	0	(282,088)	0
Issuance of common stock for stock plans and other	1,161	1	1,160	0	0	0	1,161	0
Adjust redeemable OP Unitholder Interests to current fair value	23,537	0	23,537	0	0	0	23,537	0
Redemption of OP Units	(127)	0	(361)	0	0	234	(127)	0
Grant of restricted stock, net of forfeitures	1,344	32	2,057	0	0	(745)	1,344	0
Ending Balance at Mar. 31, 2018	$ 10,804,044	$ 89,062	$ 13,080,220	$ (14,474)	$ (2,413,440)	$ (553)	$ 10,740,815	$ 63,229

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.79	$ 3.115

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 80,098	$ 199,148
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	233,150	217,783
Amortization of deferred revenue and lease intangibles, net	(3,865)	(5,015)
Other non-cash amortization	3,777	2,460
Stock-based compensation	7,124	6,701
Straight-lining of rental income, net	(3,622)	(5,377)
Loss on extinguishment of debt, net	10,977	309
Gain on real estate dispositions	(48)	(43,289)
Loss on real estate loan investments	9	0
Income tax benefit	(3,675)	(4,145)
Loss (income) from unconsolidated entities	40,739	(123)
Gain on re-measurement of equity interest upon acquisition, net	0	(3,027)
Distributions from unconsolidated entities	1,389	2,380
Other	(90)	652
Changes in operating assets and liabilities:
Decrease in other assets	5,263	6,369
Decrease in accrued interest	(16,524)	(4,741)
Decrease in accounts payable and other liabilities	(46,683)	(24,271)
Net cash provided by operating activities	308,019	345,814
Cash flows from investing activities:
Net investment in real estate property	(11,450)	(283,837)
Investment in loans receivable and other	(4,381)	(701,358)
Proceeds from real estate disposals	175,370	85,000
Proceeds from loans receivable	143,094	3,363
Development project expenditures	(73,889)	(86,452)
Capital expenditures	(20,617)	(23,835)
Investment in unconsolidated entities	(39,101)	(26,940)
Insurance proceeds for property damage claims	1,527	1,393
Net cash provided by (used in) investing activities	170,553	(1,032,666)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	273,843	22,822
Proceeds from debt	738,519	797,214
Repayment of debt	(1,217,118)	(20,496)
Purchase of noncontrolling interests	0	(15,809)
Payment of deferred financing costs	(6,318)	(6,384)
Cash distribution to common stockholders	(281,635)	(275,368)
Cash distribution to redeemable OP unitholders	(1,858)	(1,893)
Cash issued for redemption of OP and Class C Units	(655)	0
Contributions from noncontrolling interests	0	2,102
Distributions to noncontrolling interests	(3,339)	(2,410)
Other	(4,687)	3,297
Net cash (used in) provided by financing activities	(503,248)	503,075
Net decrease in cash, cash equivalents and restricted cash	(24,676)	(183,777)
Effect of foreign currency translation	5	(118)
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	163,582	183,459
Assets and liabilities assumed from acquisitions and other:
Real estate investments	28,910	188,919
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	0	(84,995)
Other assets	4,112	(373)
Debt	0	52,462
Other liabilities	15,938	68,676
Deferred income tax liability	0	(19,564)
Noncontrolling interest	0	1,977
Equity issued for redemption of OP and Class C units	$ 266	$ 22,071

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1—DESCRIPTION OF BUSINESS Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of seniors housing and healthcare properties located throughout the United States, Canada and the United Kingdom. As of March 31, 2018 , 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 facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems and skilled nursing facilities (“SNFs”), and we had 15 properties under development, including five properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. We primarily invest in seniors housing and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of March 31, 2018 , we leased a total of 468 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. As of March 31, 2018 , pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 362 seniors housing communities for us. 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 135 properties (excluding one property managed by Brookdale Senior Living pursuant to a long-term management agreement), 10 properties and 31 properties (excluding one MOB included within our office operations reportable business segment), respectively, as of March 31, 2018 . 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	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . 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, 2017 , filed with the SEC on February 9, 2018 . 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. March 31, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 599,598 $ 197,025 $ 605,150 $ 199,958 Other identified VIEs 1,996,419 344,270 1,983,183 350,020 Tax credit VIEs 900,013 288,462 988,598 221,908 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 March 31, 2018 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 73% . 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 limited partnership units (“Class C Units”) outstanding. After giving effect to such redemptions, Ventas Realty OP is our wholly owned subsidiary. As redemption rights are outside of our control, the redeemable OP Units and Class C Units (together, the “ OP Unitholder Interests ”) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Unitholder Interests at the greater of cost or fair value. As of March 31, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $120.3 million and $146.3 million , respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Unitholder Interests. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at March 31, 2018 and December 31, 2017 . 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. 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 March 31, 2018 , we owned 10 properties 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. Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results. Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have 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. If at any time we determine that the criteria for classifying assets as held for sale are no longer met we reclassify assets within net real estate investments on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted (in the period in which a change in classification is determined) to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments. 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. Gain on Sale of Assets On January 1, 2018, we adopted the provisions of ASC 610-20, Gain or Loss From Derecognition of Non-financial Assets (“ASC 610-20”). In accordance with ASC 610-20 we recognize any gains when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. We adopted ASC 610-20 using the modified retrospective method and recognized a cumulative effect adjustment to retained earnings of $31.2 million relating to deferred gains on sales of real estate assets in 2015. 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 Adoption of ASC 606 On January 1, 2018 we adopted ASC 606, Revenue From Contracts With Customers (“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.” We account for revenues from management contracts (within office building and other services revenue in our Consolidated Statements of Income) and certain point-of-sale transactions (within resident fees and services in our Consolidated Statements of Income) in accordance with ASC 606. The pattern and timing of recognition of income is consistent with the prior accounting model. All other revenues, primarily rental income from leasing activities, is accounted for in accordance with other applicable GAAP standards. We adopted ASC 606 using the modified retrospective method . Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and life science and innovation center (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At March 31, 2018 and December 31, 2017 , this cumulative excess totaled $272.1 million (net of allowances of $42.7 million ) and $267.8 million (net of allowances of $117.8 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. 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 In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. The FASB also issued an Exposure Draft on January 5, 2018 proposing to amend ASU 2016-02, which would provide lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components and, instead, to account for those components as a single lease component, if certain criteria are met. ASU 2016-02 and the related Exposure Draft are 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. We expect to utilize the practical expedients proposed in the Exposure Draft as part of our adoption of ASU 2016-02. On January 1, 2018, we adopted ASU

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	3 Months Ended
	Mar. 31, 2018
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of March 31, 2018 , Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 21.8% , 10.9% , 7.5% , 4.9% and 1.1% , respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of March 31, 2018 ). Because Atria and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. Based on gross book value, approximately 21.8% and 38.4% of our consolidated 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 as of March 31, 2018 ). MOBs, life science and innovation centers, IRFs and LTACs, health systems, SNFs and secured loans receivable and investments collectively comprised the remaining 39.8% . Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of March 31, 2018 , 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 March 31, 2018 2017 Revenues (1) : Brookdale Senior Living (2) 4.6 % 4.7 % Ardent 3.0 3.1 Kindred (3) 3.4 5.0 NOI: Brookdale Senior Living (2) 8.1 % 8.2 % Ardent 5.4 5.3 Kindred (3) 6.1 8.7 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Excludes one seniors housing community included in the senior living operations reportable business segment. (3) Excludes one MOB included in the office operations reportable business segment. 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. 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 March 31, 2018 and 2017 . 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. In December 2017, Kindred announced that it had entered into a definitive agreement pursuant to which (a) Kindred would be acquired by a consortium of TPG Capital (“TPG”), Welsh, Carson, Anderson & Stowe (“WCAS”) and Humana, Inc. and (b) immediately following the acquisition, (i) Kindred’s home health, hospice and community care businesses would be separated from Kindred and operated as a standalone company owned by Humana, Inc., TPG and WCAS, and (ii) Kindred would be operated as a separate healthcare company owned by TPG and WCAS. These transactions were approved by Kindred stockholders on April 5, 2018 and are expected to close in the summer of 2018 subject to closing conditions. On April 26, 2018, we entered into various agreements with Brookdale Senior Living that provide for, among other things: (a) a consolidation of substantially all of our multiple lease agreements with Brookdale Senior Living into one master lease; (b) extension of the term for substantially all of our Brookdale Senior Living leased properties until December 31, 2025, with Brookdale Senior Living retaining two successive 10 year renewal options; and (c) the guarantee of all the Brookdale Senior Living obligations to us by Brookdale Senior Living Inc., including covenant protections for us. We anticipate recognizing a non-cash expense of $22 million in connection with the agreements. Senior Living Operations As of March 31, 2018 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 266 of our 362 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. In January 2018, we transitioned the management of 76 private pay seniors housing communities to Eclipse Senior Living (“ESL”). These assets, substantially all of which were previously leased by Elmcroft Senior Living (“Elmcroft”) under triple-net leases, are now operated by ESL under a management contract with us and are included in the senior living operations reportable business segment. Upon termination of our lease with Elmcroft, we derecognized our accumulated straight-line receivable balance and offsetting reserve of $75.2 million . For the three months ended March 31, 2018 , we recognized $14.6 million of transaction costs relating to this transaction, net of property-level net assets assumed for no consideration. We also acquired a 34% ownership stake in ESL with customary rights and protections, including the right to appoint two of six members to the ESL Board of Directors. ESL management owns the remaining 66% stake. Brookdale Senior Living, Kindred, Atria, Sunrise and Ardent Information Each of Brookdale Senior Living and Kindred is subject to the reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale Senior Living and Kindred contained or referred to in this Quarterly Report on Form 10-Q has been derived from SEC filings made by Brookdale Senior Living or Kindred, as the case may be, or other publicly available information, or was provided to us by Brookdale Senior Living or Kindred, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy. We are providing this data for informational purposes only, and you are encouraged to obtain Brookdale Senior Living’s and Kindred’s publicly available filings, which can be found at the SEC’s website at www.sec.gov. Atria, Sunrise and Ardent are not currently subject to the reporting requirements of the SEC. The information related to Atria, Sunrise and Ardent contained or referred to in this Quarterly Report on Form 10-Q has been derived from publicly available information or was provided to us by Atria, Sunrise or Ardent, as the case may be, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

DISPOSITIONS

DISPOSITIONS	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 4—DISPOSITIONS 2018 Activity During the three months ended March 31, 2018 , we sold six seniors housing communities included in our senior living operations reportable business segment, five triple-net leased properties, two MOBs and one vacant land parcel for aggregate consideration of $170.2 million . Real Estate Impairment We recognized impairments of $7.0 million and $5.2 million , respectively, for the three months ended March 31, 2018 and 2017 , which are recorded in depreciation and amortization in our Consolidated Statements of Income, and relate primarily to our office operations reportable business segment. Our recorded impairments were primarily the result of a change in our intent to hold the impaired assets. In most cases, we recognize an impairment in the periods in which our change in intent is made. Assets Held for Sale The table below summarizes our real estate assets classified as held for sale as of March 31, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. March 31, 2018 December 31, 2017 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) Office Operations 3 $ 62,806 $ 60,140 3 $ 65,413 $ 60,265 Senior Living Operations (1) — (272 ) (117 ) — — — Total 3 $ 62,534 $ 60,023 3 $ 65,413 $ 60,265 (1) Balances relate to anticipated post-closing settlements of working capital. During the three months ended March 31, 2018, five MOBs no longer met the criteria as being classified as held for sale. As a result, we adjusted the carrying amount of these assets by recognizing depreciation expense of $5.7 million and classified these assets within net real estate investments on our Consolidated Balance Sheets for all periods presented.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	3 Months Ended
	Mar. 31, 2018
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of March 31, 2018 and December 31, 2017 , we had $1.3 billion and $1.4 billion , 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 March 31, 2018 and December 31, 2017 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of March 31, 2018: Secured/mortgage loans and other, net $ 1,157,638 $ 1,157,638 $ 1,158,987 $ — Government-sponsored pooled loan investments, net (1) 54,881 54,251 54,881 630 Total investments reported as Secured loans receivable and investments, net 1,212,519 1,211,889 1,213,868 630 Non-mortgage loans receivable, net 56,125 56,125 56,464 — Total loans receivable and investments, net $ 1,268,644 $ 1,268,014 $ 1,270,332 $ 630 As of December 31, 2017: Secured/mortgage loans and other, net $ 1,291,694 $ 1,291,694 $ 1,286,322 $ — Government-sponsored pooled loan investments, net (1) 54,665 53,863 54,665 802 Total investments reported as Secured loans receivable and investments, net 1,346,359 1,345,557 1,340,987 802 Non-mortgage loans receivable, net 59,857 59,857 58,849 — Total loans receivable and investments, net $ 1,406,216 $ 1,405,414 $ 1,399,836 $ 802 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. 2018 Activity During the three months ended March 31, 2018 , we received $125.9 million for the full repayment of three loans receivable with a weighted average interest rate of 9.9% that were due to mature between 2018 and 2021.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2018
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 6—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At March 31, 2018 , we had 25% ownership interests in joint ventures that owned 31 properties, excluding properties under development. We account for our interests in real estate joint ventures, as well as our 34% interest in Atria, 34% interest in ESL 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, ESL 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 $1.7 million and $1.6 million for the three months ended March 31, 2018 and 2017 , respectively, which is included in office building and other services revenue in our Consolidated Statements of Income. During the three months ended March 31, 2018 , we recognized an impairment of $35.7 million relating to the carrying costs of one of our equity investments in an unconsolidated real estate joint venture consisting principally of SNFs. During the three months ended March 31, 2018 , our joint venture partner initiated a transaction with us and as a result, we intend to sell our interest in the joint venture. This sale is expected to occur in the second half of 2018. However, there can be no assurance whether, when or on what terms the sale will be completed.

INTANGIBLES

INTANGIBLES	3 Months Ended
	Mar. 31, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 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 $ 184,705 6.9 $ 185,012 7.0 In-place and other lease intangibles 1,347,518 24.3 1,363,062 24.0 Goodwill 1,035,248 N/A 1,034,644 N/A Other intangibles 35,849 12.4 35,890 14.1 Accumulated amortization (871,769 ) N/A (864,576 ) N/A Net intangible assets $ 1,731,551 22.3 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 358,940 13.7 $ 359,118 13.7 Other lease intangibles 34,924 42.8 40,141 40.8 Accumulated amortization (163,984 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 233,448 15.5 $ 241,842 15.6 N/A—Not Applicable. Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 8—OTHER ASSETS The following is a summary of our other assets as of March 31, 2018 and December 31, 2017 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 272,060 $ 267,764 Non-mortgage loans receivable, net 56,125 59,857 Other intangibles, net 6,133 6,496 Investment in unconsolidated operating entities 68,416 49,738 Other 177,368 189,924 Total other assets $ 580,102 $ 573,779

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 794,368 $ 535,832 Secured revolving construction credit facility due 2022 18,632 2,868 2.00% Senior Notes due 2018 — 700,000 4.00% Senior Notes due 2019 97,891 600,000 3.00% Senior Notes, Series A due 2019 (2) 310,294 318,041 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, Series C due 2022 (2) 193,934 198,776 3.125% Senior Notes due 2023 400,000 400,000 3.100% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 213,327 218,653 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 193,934 198,776 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 400,000 400,000 4.00% Senior Notes due 2028 650,000 — 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 1,386,732 1,308,564 Total 11,143,235 11,365,633 Deferred financing costs, net (75,036 ) (73,093 ) Unamortized fair value adjustment 3,402 12,139 Unamortized discounts (31,789 ) (28,617 ) Senior notes payable and other debt $ 11,039,812 $ 11,276,062 (1) As of March 31, 2018 and December 31, 2017 , respectively, $35.7 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $31.7 million and $31.1 million were denominated in British pounds as of March 31, 2018 and December 31, 2017 respectively. (2) These borrowings are in the form of Canadian dollars. As of March 31, 2018 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2018 $ 85,871 $ — $ 17,593 $ 103,464 2019 820,716 — 17,527 838,243 2020 1,464,063 — 14,748 1,478,811 2021 772,867 794,368 13,386 1,580,621 2022 1,430,314 — 11,841 1,442,155 Thereafter (2) 5,613,466 — 86,475 5,699,941 Total maturities $ 10,187,297 $ 794,368 $ 161,570 $ 11,143,235 (1) At March 31, 2018 , we had $92.5 million of unrestricted cash and cash equivalents, for $701.8 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 Loan Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of March 31, 2018 . The unsecured 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 unsecured 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 March 31, 2018 , we had $794.4 million of borrowings outstanding, $14.5 million of letters of credit outstanding and $2.2 billion of unused borrowing capacity available under our unsecured revolving credit facility. As of March 31, 2018 , we also had a $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975% . As of March 31, 2018 , we also had a $400.0 million secured revolving construction credit facility which matures in 2022 and is primarily used to finance life science and innovation center and other construction projects. As of March 31, 2018 , we had $18.6 million of borrowings outstanding and $381.4 million of unused borrowing capacity available under our secured revolving construction credit facility. Senior Notes In February 2018, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), issued and sold $650.0 million aggregate principal amount of 4.00% senior notes due 2028 at a public offering price equal to 99.233% of par, for total proceeds of $645.0 million before the underwriting discount and expenses. In February 2018, we redeemed $502.1 million aggregate principal amount then outstanding of our 4.00% senior notes due April 2019 at a public offering price of 101.83% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $11.0 million . The redemption was funded using cash on hand and borrowings under our unsecured revolving credit facility. In April 2018, we repaid the remaining balance then outstanding of our 4.00% senior notes due April 2019 of $97.9 million and recognized a loss on extinguishment of debt of $1.8 million . In February 2018, we repaid in full, at par, $700.0 million aggregate principal amount then outstanding of our 2.00% senior notes due February 2018 upon maturity. Derivatives and Hedging In March and April 2018, we entered into $215 million and $35 million , respectively, notional forward starting swaps with an effective date of September 4, 2018 and a maturity of September 4, 2028, that reduces 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 weighted average rate on the notional amounts is 2.84% . During June and December 2017, we entered into a total of $200 million notional value forward starting swaps that reduced our exposure to fluctuations in interest rates prior to the February 2018 issuance of 4.00% senior notes due 2028. On the issuance date, we realized a gain of $10.0 million from these swaps that is being recognized over the life of the senior notes using an effective interest method.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS As of March 31, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 92,543 $ 92,543 $ 81,355 $ 81,355 Secured mortgage loans and other, net 1,157,638 1,158,987 1,291,694 1,286,322 Non-mortgage loans receivable, net 56,125 56,464 59,857 58,849 Government-sponsored pooled loan investments 54,881 54,881 54,665 54,665 Derivative instruments 6,806 6,806 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 11,143,235 11,676,671 11,365,633 11,600,750 Derivative instruments 14,003 14,003 5,435 5,435 Redeemable OP Unitholder Interests 120,301 120,301 146,252 146,252 For a discussion of the assumptions considered, refer to “ NOTE 2—ACCOUNTING POLICIES .” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

LITIGATION

LITIGATION	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
LITIGATION	NOTE 11—LITIGATION Proceedings against Tenants, Operators and Managers From time to time, Atria, Sunrise, Brookdale Senior Living, Ardent, Kindred 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 11 , that the disposition of any such actions, investigations and claims that are currently pending will not, individually or in the aggregate, have a Material Adverse Effect on us. However, regardless of their merits, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12—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. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal cash federal, state and foreign income taxes for the three months ended March 31, 2018 , 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 provisions for income taxes for the three months ended March 31, 2018 and 2017 were benefits of $3.2 million and $3.1 million , respectively. The income tax benefits for the three months ended March 31, 2018 and 2017, were each due primarily to operating losses at our taxable REIT subsidiaries. Realization of a deferred tax benefit related to NOLs depends, in part, upon generating sufficient taxable income in future periods. The REIT and TRS NOL carryforwards begin to expire in 2024. 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 $244.7 million and $250.1 million as of March 31, 2018 and December 31, 2017 , respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) was signed into law making significant changes to the Internal Revenue Code. As of December 31, 2017 , we made a reasonable estimate that the new interest expense limitation rules may disallow the deferred interest carried forward under the rules prior to the 2017 Tax Act. Consequently, we recorded a provisional adjustment of $23.3 million for the entire deferred tax asset related to the existing deferred interest carryforward. This amount continues to be a provisional adjustment as of March 31, 2018 . We will recognize any changes to provisional amounts as we continue to analyze the existing statute or as additional guidance becomes available. We expect to complete our analysis of the provisional amounts by the end of 2018. 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 2016.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13—STOCKHOLDERS' EQUITY Capital Stock We may sell from time to time our common stock under an “at-the-market” (“ATM”) equity offering program. In March 2018, our universal shelf registration statement expired in accordance with the SEC’s rules, rendering our then existing ATM program inaccessible. Therefore, as of March 31, 2018 , none of our common stock remained available for sale under our previous ATM equity offering program. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (33,377 ) $ (45,580 ) Accumulated unrealized gain on government-sponsored pooled loan investments 630 802 Other 18,273 9,658 Total accumulated other comprehensive loss $ (14,474 ) $ (35,120 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	NOTE 14—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended March 31, 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 80,060 $ 155,912 Discontinued operations (10 ) (53 ) Gain on real estate dispositions 48 43,289 Net income 80,098 199,148 Net income attributable to noncontrolling interests 1,395 1,021 Net income attributable to common stockholders $ 78,703 $ 198,127 Denominator: Denominator for basic earnings per share—weighted average shares 356,112 354,410 Effect of dilutive securities: Stock options 125 452 Restricted stock awards 188 164 OP Unitholder Interests 2,428 2,546 Denominator for diluted earnings per share—adjusted weighted average shares 358,853 357,572 Basic earnings per share: Income from continuing operations $ 0.22 $ 0.44 Net income attributable to common stockholders 0.22 0.56 Diluted earnings per share: Income from continuing operations $ 0.22 $ 0.44 Net income attributable to common stockholders 0.22 0.55

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of March 31, 2018 , 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 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 March 31, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 190,641 $ — $ 194,168 $ — $ 384,809 Resident fees and services — 514,753 — — 514,753 Office building and other services revenue 1,142 — 1,634 552 3,328 Income from loans and investments — — — 31,181 31,181 Interest and other income — — — 9,634 9,634 Total revenues $ 191,783 $ 514,753 $ 195,802 $ 41,367 $ 943,705 Total revenues $ 191,783 $ 514,753 $ 195,802 $ 41,367 $ 943,705 Less: Interest and other income — — — 9,634 9,634 Property-level operating expenses — 352,220 60,693 — 412,913 Office building services costs — — 115 — 115 Segment NOI 191,783 162,533 134,994 31,733 521,043 Loss from unconsolidated entities (38,654 ) (641 ) (620 ) (824 ) (40,739 ) Segment profit $ 153,129 $ 161,892 $ 134,374 $ 30,909 480,304 Interest and other income 9,634 Interest expense (111,363 ) Depreciation and amortization (233,150 ) General, administrative and professional fees (37,174 ) Loss on extinguishment of debt, net (10,977 ) Merger-related expenses and deal costs (17,336 ) Other (3,120 ) Income tax benefit 3,242 Income from continuing operations $ 80,060 For the Three Months Ended March 31, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 209,327 $ — $ 185,895 $ — $ 395,222 Resident fees and services — 464,188 — — 464,188 Office building and other services revenue 1,205 — 1,931 270 3,406 Income from loans and investments — — — 20,146 20,146 Interest and other income — — — 481 481 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Less: Interest and other income — — — 481 481 Property-level operating expenses — 312,073 56,914 — 368,987 Office building services costs — — 738 — 738 Segment NOI 210,532 152,115 130,174 20,416 513,237 Income (loss) from unconsolidated entities 3,269 (76 ) 335 (378 ) 3,150 Segment profit $ 213,801 $ 152,039 $ 130,509 $ 20,038 516,387 Interest and other income 481 Interest expense (108,804 ) Depreciation and amortization (217,783 ) General, administrative and professional fees (33,961 ) Loss on extinguishment of debt, net (309 ) Merger-related expenses and deal costs (2,056 ) Other (1,188 ) Income tax benefit 3,145 Income from continuing operations $ 155,912 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 5,668 $ 93,809 Senior living operations 30,577 21,325 Office operations 69,711 193,996 Total capital expenditures $ 105,956 $ 309,130 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended March 31, 2018 2017 (In thousands) Revenues: United States $ 887,745 $ 832,820 Canada 48,536 44,595 United Kingdom 7,424 6,028 Total revenues $ 943,705 $ 883,443 As of March 31, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,993,773 $ 19,253,724 Canada 1,037,687 1,070,903 United Kingdom 305,521 297,827 Total net real estate property $ 20,336,981 $ 20,622,454

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATING INFORMATION (Unaudited)	NOTE 16—CONDENSED CONSOLIDATING INFORMATION Ventas, Inc. has fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiary, Ventas Realty, including the senior notes that were jointly issued with Ventas Capital Corporation. Ventas Capital Corporation is a direct 100% owned subsidiary of Ventas Realty that has no assets or operations, but was formed in 2002 solely to facilitate offerings of senior notes by a limited partnership. None of our other subsidiaries (such subsidiaries, excluding Ventas Realty and Ventas Capital Corporation, the “Ventas Subsidiaries”) is obligated with respect to Ventas Realty’s outstanding senior notes. Certain of Ventas Realty’s outstanding senior notes reflected in our condensed consolidating information were issued jointly with Ventas Capital Corporation. Ventas, Inc. has also fully and unconditionally guaranteed the obligation to pay principal and interest with respect to the outstanding senior notes issued by our 100% owned subsidiary, Ventas Canada Finance Limited. None of our other subsidiaries is obligated with respect to Ventas Canada Finance Limited’s outstanding senior notes, all of which were issued on a private placement basis in Canada. In connection with the acquisition of Nationwide Health Properties, Inc. (“NHP”), our 100% owned subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, assumed the obligation to pay principal and interest with respect to the outstanding senior notes issued by NHP. Neither we nor any of our subsidiaries (other than NHP LLC) is obligated with respect to any of NHP LLC’s outstanding senior notes. Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantees with respect to Ventas Realty’s and Ventas Canada Finance Limited’s senior notes. The following pages summarize our condensed consolidating information as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,708 $ 118,075 $ 21,530,261 $ — $ 21,652,044 Cash and cash equivalents 11,672 — 80,871 — 92,543 Escrow deposits and restricted cash 9,739 128 61,172 — 71,039 Investment in and advances to affiliates 14,893,299 2,800,078 — (17,693,377 ) — Goodwill — — 1,035,248 — 1,035,248 Assets held for sale — — 62,534 — 62,534 Other assets 61,262 6,560 512,280 — 580,102 Total assets $ 14,979,680 $ 2,924,841 $ 23,282,366 $ (17,693,377 ) $ 23,493,510 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,596,937 $ 2,442,875 $ — $ 11,039,812 Intercompany loans 7,389,404 (6,127,269 ) (1,262,135 ) — — Accrued interest (6,886 ) 65,964 18,686 — 77,764 Accounts payable and other liabilities 366,117 41,026 727,427 — 1,134,570 Liabilities related to assets held for sale — — 60,023 — 60,023 Deferred income taxes 244,742 — — — 244,742 Total liabilities 7,993,377 2,576,658 1,986,876 — 12,556,911 Redeemable OP Unitholder and noncontrolling interests — — 132,555 — 132,555 Total equity 6,986,303 348,183 21,162,935 (17,693,377 ) 10,804,044 Total liabilities and equity $ 14,979,680 $ 2,924,841 $ 23,282,366 $ (17,693,377 ) $ 23,493,510 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,844 $ 119,508 $ 21,971,100 $ — $ 22,092,452 Cash and cash equivalents 9,828 — 71,527 — 81,355 Escrow deposits and restricted cash 39,816 128 66,954 — 106,898 Investment in and advances to affiliates 14,786,086 2,916,060 — (17,702,146 ) — Goodwill — — 1,034,644 — 1,034,644 Assets held for sale — — 65,413 — 65,413 Other assets 55,936 9,458 508,385 — 573,779 Total assets $ 14,893,510 $ 3,045,154 $ 23,718,023 $ (17,702,146 ) $ 23,954,541 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,895,641 $ 2,380,421 $ — $ 11,276,062 Intercompany loans 7,835,266 (7,127,624 ) (707,642 ) — — Accrued interest (6,410 ) 77,691 22,677 — 93,958 Accounts payable and other liabilities 381,512 24,635 777,342 — 1,183,489 Liabilities related to assets held for sale — — 60,265 — 60,265 Deferred income taxes 250,092 — — — 250,092 Total liabilities 8,460,460 1,870,343 2,533,063 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests — — 158,490 — 158,490 Total equity 6,433,050 1,174,811 21,026,470 (17,702,146 ) 10,932,185 Total liabilities and equity $ 14,893,510 $ 3,045,154 $ 23,718,023 $ (17,702,146 ) $ 23,954,541 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 601 $ 34,386 $ 349,822 $ — $ 384,809 Resident fees and services — — 514,753 — 514,753 Office building and other services revenue — — 3,328 — 3,328 Income from loans and investments 491 — 30,690 — 31,181 Equity earnings in affiliates 56,662 — (1,000 ) (55,662 ) — Interest and other income 9,323 — 311 — 9,634 Total revenues 67,077 34,386 897,904 (55,662 ) 943,705 Expenses Interest (28,661 ) 82,312 57,712 — 111,363 Depreciation and amortization 1,344 1,444 230,362 — 233,150 Property-level operating expenses — 72 412,841 — 412,913 Office building services costs — — 115 — 115 General, administrative and professional fees 556 4,050 32,568 — 37,174 Loss on extinguishment of debt, net — 10,977 — — 10,977 Merger-related expenses and deal costs 16,246 — 1,090 — 17,336 Other 2,169 — 951 — 3,120 Total expenses (8,346 ) 98,855 735,639 — 826,148 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 75,423 (64,469 ) 162,265 (55,662 ) 117,557 Loss from unconsolidated entities — (35,504 ) (5,235 ) — (40,739 ) Income tax benefit 3,242 — — — 3,242 Income (loss) from continuing operations 78,665 (99,973 ) 157,030 (55,662 ) 80,060 Discontinued operations (10 ) — — — (10 ) Gain on real estate dispositions 48 — — — 48 Net income (loss) 78,703 (99,973 ) 157,030 (55,662 ) 80,098 Net income attributable to noncontrolling interests — — 1,395 — 1,395 Net income (loss) attributable to common stockholders $ 78,703 $ (99,973 ) $ 155,635 $ (55,662 ) $ 78,703 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 47,819 $ 346,818 $ — $ 395,222 Resident fees and services — — 464,188 — 464,188 Office building and other services revenue — — 3,406 — 3,406 Income from loans and investments 281 — 19,865 — 20,146 Equity earnings in affiliates 136,989 — (308 ) (136,681 ) — Interest and other income 343 — 138 — 481 Total revenues 138,198 47,819 834,107 (136,681 ) 883,443 Expenses Interest (16,600 ) 74,789 50,615 — 108,804 Depreciation and amortization 1,409 2,371 214,003 — 217,783 Property-level operating expenses — 83 368,904 — 368,987 Office building services costs — — 738 — 738 General, administrative and professional fees 130 4,700 29,131 — 33,961 Loss on extinguishment of debt, net — 19 290 — 309 Merger-related expenses and deal costs 1,863 — 193 — 2,056 Other (349 ) — 1,537 — 1,188 Total expenses (13,547 ) 81,962 665,411 — 733,826 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 151,745 (34,143 ) 168,696 (136,681 ) 149,617 Income (loss) from unconsolidated entities — 3,321 (171 ) — 3,150 Income tax benefit 3,145 — — — 3,145 Income (loss) from continuing operations 154,890 (30,822 ) 168,525 (136,681 ) 155,912 Discontinued operations (53 ) — — — (53 ) Gain (loss) on real estate dispositions 43,290 — (1 ) — 43,289 Net income (loss) 198,127 (30,822 ) 168,524 (136,681 ) 199,148 Net income attributable to noncontrolling interests — — 1,021 — 1,021 Net income (loss) attributable to common stockholders $ 198,127 $ (30,822 ) $ 167,503 $ (136,681 ) $ 198,127 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 78,703 $ (99,973 ) $ 157,030 $ (55,662 ) 80,098 Other comprehensive (loss) income: Foreign currency translation — — 12,203 — 12,203 Unrealized loss on government-sponsored pooled loan investments (172 ) — — — (172 ) Other — — 8,615 — 8,615 Total other comprehensive (loss) income (172 ) — 20,818 — 20,646 Comprehensive income (loss) 78,531 (99,973 ) 177,848 (55,662 ) 100,744 Comprehensive income attributable to noncontrolling interests — — 1,395 — 1,395 Comprehensive income (loss) attributable to common stockholders $ 78,531 $ (99,973 ) $ 176,453 $ (55,662 ) $ 99,349 For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 198,127 $ (30,822 ) $ 168,524 $ (136,681 ) $ 199,148 Other comprehensive (loss) income: Foreign currency translation — — 4,082 — 4,082 Unrealized loss on government-sponsored pooled loan investments (123 ) — — — (123 ) Other — — (82 ) — (82 ) Total other comprehensive (loss) income (123 ) — 4,000 — 3,877 Comprehensive income (loss) 198,004 (30,822 ) 172,524 (136,681 ) 203,025 Comprehensive income attributable to noncontrolling interests — — 1,021 — 1,021 Comprehensive income (loss) attributable to common stockholders $ 198,004 $ (30,822 ) $ 171,503 $ (136,681 ) $ 202,004 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (19,658 ) $ (58,563 ) $ 386,240 $ — $ 308,019 Cash flows from investing activities: Net investment in real estate property (11,450 ) — — — (11,450 ) Investment in loans receivable and other (2,740 ) — (1,641 ) — (4,381 ) Proceeds from real estate disposals 175,370 — — — 175,370 Proceeds from loans receivable 1,441 — 141,653 — 143,094 Development project expenditures — — (73,889 ) — (73,889 ) Capital expenditures — — (20,617 ) — (20,617 ) Investment in unconsolidated entities — — (39,101 ) — (39,101 ) Insurance proceeds for property damage claims — — 1,527 — 1,527 Net cash provided by investing activities 162,621 — 7,932 — 170,553 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — 266,764 7,079 — 273,843 Proceeds from debt — 655,044 83,475 — 738,519 Repayment of debt — (1,211,811 ) (5,307 ) — (1,217,118 ) Net change in intercompany debt 51,808 354,019 (405,827 ) — — Payment of deferred financing costs — (5,621 ) (697 ) — (6,318 ) Cash distribution from (to) affiliates 50,937 168 (51,105 ) — — Cash distribution to common stockholders (281,635 ) — — — (281,635 ) Cash distribution to redeemable OP unitholders — — (1,858 ) — (1,858 ) Cash issued for redemption of OP and Class C Units — — (655 ) — (655 ) Distributions to noncontrolling interests — — (3,339 ) — (3,339 ) Other (4,687 ) — — — (4,687 ) Net cash (used in) provided by financing activities (183,577 ) 58,563 (378,234 ) — (503,248 ) Net (decrease) increase in cash, cash equivalents and restricted cash (40,614 ) — 15,938 — (24,676 ) Effect of foreign currency translation 12,381 — (12,376 ) — 5 Cash, cash equivalents and restricted cash at beginning of period 49,644 128 138,481 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 21,411 $ 128 $ 142,043 $ — $ 163,582 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,275 $ (32,622 ) $ 374,161 $ — $ 345,814 Cash flows from investing activities: Net investment in real estate property (283,837 ) — — — (283,837 ) Investment in loans receivable and other (2,313 ) — (699,045 ) — (701,358 ) Proceeds from real estate disposals 85,000 — — — 85,000 Proceeds from loans receivable — — 3,363 — 3,363 Development project expenditures — — (86,452 ) — (86,452 ) Capital expenditures — (9 ) (23,826 ) — (23,835 ) Investment in unconsolidated entities — — (26,940 ) — (26,940 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash used in investing activities (201,150 ) (9 ) (831,507 ) — (1,032,666 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 18,000 4,822 — 22,822 Proceeds from debt — 793,904 3,310 — 797,214 Repayment of debt — (19 ) (20,477 ) — (20,496 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 577,099 (800,193 ) 223,094 — — Payment of deferred financing costs — (6,384 ) — — (6,384 ) Cash distribution (to) from affiliates (298,190 ) 27,367 270,823 — — Cash distribution to common stockholders (275,368 ) — — — (275,368 ) Cash distribution to redeemable OP unitholders — — (1,893 ) — (1,893 ) Contributions from noncontrolling interest — — 2,102 — 2,102 Distributions to noncontrolling interests — — (2,410 ) — (2,410 ) Other 3,297 — — — 3,297 Net cash (used in) provided by financing activities (8,971 ) 32,675 479,371 — 503,075 Net (decrease) increase in cash, cash equivalents and restricted cash (205,846 ) 44 22,025 — (183,777 ) Effect of foreign currency translation 5,146 — (5,264 ) — (118 ) Cash, cash equivalents and restricted cash at beginning of period 210,501 1,504 155,349 — 367,354 Cash, cash equivalents and restricted cash at end of period $ 9,801 $ 1,548 $ 172,110 $ — $ 183,459

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
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. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 599,598 $ 197,025 $ 605,150 $ 199,958 Other identified VIEs 1,996,419 344,270 1,983,183 350,020 Tax credit VIEs 900,013 288,462 988,598 221,908
Investments in Unconsolidated Real Estate 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 March 31, 2018 , third party investors owned 2.7 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 27% of the total units then outstanding, and we owned 7.2 million Class B limited partnership units in NHP/PMB, representing the remaining 73% . 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 limited partnership units (“Class C Units”) outstanding. After giving effect to such redemptions, Ventas Realty OP is our wholly owned subsidiary. As redemption rights are outside of our control, the redeemable OP Units and Class C Units (together, the “ OP Unitholder Interests ”) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Unitholder Interests at the greater of cost or fair value. As of March 31, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $120.3 million and $146.3 million , respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Unitholder Interests. Our diluted earnings per share (“EPS”) includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at March 31, 2018 and December 31, 2017 . 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. 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 March 31, 2018 , we owned 10 properties 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.
Impairment of Long-Lived and Intangible Assets	Impairment of Long-Lived and Intangible Assets We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment. We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period. Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.
Assets Held for Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have 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. If at any time we determine that the criteria for classifying assets as held for sale are no longer met we reclassify assets within net real estate investments on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted (in the period in which a change in classification is determined) to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments. 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. Gain on Sale of Assets On January 1, 2018, we adopted the provisions of ASC 610-20, Gain or Loss From Derecognition of Non-financial Assets (“ASC 610-20”). In accordance with ASC 610-20 we recognize any gains when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. We adopted ASC 610-20 using the modified retrospective method and recognized a cumulative effect adjustment to retained earnings of $31.2 million relating to deferred gains on sales of real estate assets in 2015.
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 Adoption of ASC 606 On January 1, 2018 we adopted ASC 606, Revenue From Contracts With Customers (“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.” We account for revenues from management contracts (within office building and other services revenue in our Consolidated Statements of Income) and certain point-of-sale transactions (within resident fees and services in our Consolidated Statements of Income) in accordance with ASC 606. The pattern and timing of recognition of income is consistent with the prior accounting model. All other revenues, primarily rental income from leasing activities, is accounted for in accordance with other applicable GAAP standards. We adopted ASC 606 using the modified retrospective method . Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and life science and innovation center (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At March 31, 2018 and December 31, 2017 , this cumulative excess totaled $272.1 million (net of allowances of $42.7 million ) and $267.8 million (net of allowances of $117.8 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. 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 In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. The FASB also issued an Exposure Draft on January 5, 2018 proposing to amend ASU 2016-02, which would provide lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components and, instead, to account for those components as a single lease component, if certain criteria are met. ASU 2016-02 and the related Exposure Draft are 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. We expect to utilize the practical expedients proposed in the Exposure Draft as part of our adoption of ASU 2016-02. On January 1, 2018, we adopted 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. We adopted these ASUs by applying a retrospective transition method which requires a restatement of our Consolidated Statement of Cash Flows for all periods presented. On January 1, 2018, we adopted 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. We adopted ASU 2016-16 by applying a modified retrospective method which resulted in a cumulative effect adjustment to retained earnings of $0.6 million .

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. March 31, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 599,598 $ 197,025 $ 605,150 $ 199,958 Other identified VIEs 1,996,419 344,270 1,983,183 350,020 Tax credit VIEs 900,013 288,462 988,598 221,908

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Revenues (1) : Brookdale Senior Living (2) 4.6 % 4.7 % Ardent 3.0 3.1 Kindred (3) 3.4 5.0 NOI: Brookdale Senior Living (2) 8.1 % 8.2 % Ardent 5.4 5.3 Kindred (3) 6.1 8.7 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Excludes one seniors housing community included in the senior living operations reportable business segment. (3) Excludes one MOB included in the office operations reportable business segment.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Assets Classified As Held For Sale	The table below summarizes our real estate assets classified as held for sale as of March 31, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. March 31, 2018 December 31, 2017 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) Office Operations 3 $ 62,806 $ 60,140 3 $ 65,413 $ 60,265 Senior Living Operations (1) — (272 ) (117 ) — — — Total 3 $ 62,534 $ 60,023 3 $ 65,413 $ 60,265

LOANS RECEIVABLE AND INVESTME29

LOANS RECEIVABLE AND INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 , including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of March 31, 2018: Secured/mortgage loans and other, net $ 1,157,638 $ 1,157,638 $ 1,158,987 $ — Government-sponsored pooled loan investments, net (1) 54,881 54,251 54,881 630 Total investments reported as Secured loans receivable and investments, net 1,212,519 1,211,889 1,213,868 630 Non-mortgage loans receivable, net 56,125 56,125 56,464 — Total loans receivable and investments, net $ 1,268,644 $ 1,268,014 $ 1,270,332 $ 630 As of December 31, 2017: Secured/mortgage loans and other, net $ 1,291,694 $ 1,291,694 $ 1,286,322 $ — Government-sponsored pooled loan investments, net (1) 54,665 53,863 54,665 802 Total investments reported as Secured loans receivable and investments, net 1,346,359 1,345,557 1,340,987 802 Non-mortgage loans receivable, net 59,857 59,857 58,849 — Total loans receivable and investments, net $ 1,406,216 $ 1,405,414 $ 1,399,836 $ 802 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	3 Months Ended
	Mar. 31, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 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 $ 184,705 6.9 $ 185,012 7.0 In-place and other lease intangibles 1,347,518 24.3 1,363,062 24.0 Goodwill 1,035,248 N/A 1,034,644 N/A Other intangibles 35,849 12.4 35,890 14.1 Accumulated amortization (871,769 ) N/A (864,576 ) N/A Net intangible assets $ 1,731,551 22.3 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 358,940 13.7 $ 359,118 13.7 Other lease intangibles 34,924 42.8 40,141 40.8 Accumulated amortization (163,984 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 233,448 15.5 $ 241,842 15.6 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets as of March 31, 2018 and December 31, 2017 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 272,060 $ 267,764 Non-mortgage loans receivable, net 56,125 59,857 Other intangibles, net 6,133 6,496 Investment in unconsolidated operating entities 68,416 49,738 Other 177,368 189,924 Total other assets $ 580,102 $ 573,779

SENIOR NOTES PAYABLE AND OTHE32

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 794,368 $ 535,832 Secured revolving construction credit facility due 2022 18,632 2,868 2.00% Senior Notes due 2018 — 700,000 4.00% Senior Notes due 2019 97,891 600,000 3.00% Senior Notes, Series A due 2019 (2) 310,294 318,041 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, Series C due 2022 (2) 193,934 198,776 3.125% Senior Notes due 2023 400,000 400,000 3.100% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 213,327 218,653 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 193,934 198,776 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 400,000 400,000 4.00% Senior Notes due 2028 650,000 — 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 1,386,732 1,308,564 Total 11,143,235 11,365,633 Deferred financing costs, net (75,036 ) (73,093 ) Unamortized fair value adjustment 3,402 12,139 Unamortized discounts (31,789 ) (28,617 ) Senior notes payable and other debt $ 11,039,812 $ 11,276,062 (1) As of March 31, 2018 and December 31, 2017 , respectively, $35.7 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $31.7 million and $31.1 million were denominated in British pounds as of March 31, 2018 and December 31, 2017 respectively. (2) These borrowings are in the form of Canadian dollars.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of March 31, 2018 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2018 $ 85,871 $ — $ 17,593 $ 103,464 2019 820,716 — 17,527 838,243 2020 1,464,063 — 14,748 1,478,811 2021 772,867 794,368 13,386 1,580,621 2022 1,430,314 — 11,841 1,442,155 Thereafter (2) 5,613,466 — 86,475 5,699,941 Total maturities $ 10,187,297 $ 794,368 $ 161,570 $ 11,143,235 (1) At March 31, 2018 , we had $92.5 million of unrestricted cash and cash equivalents, for $701.8 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 INST33

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of March 31, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: March 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 92,543 $ 92,543 $ 81,355 $ 81,355 Secured mortgage loans and other, net 1,157,638 1,158,987 1,291,694 1,286,322 Non-mortgage loans receivable, net 56,125 56,464 59,857 58,849 Government-sponsored pooled loan investments 54,881 54,881 54,665 54,665 Derivative instruments 6,806 6,806 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 11,143,235 11,676,671 11,365,633 11,600,750 Derivative instruments 14,003 14,003 5,435 5,435 Redeemable OP Unitholder Interests 120,301 120,301 146,252 146,252

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of March 31, 2018 and December 31, 2017 : March 31, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (33,377 ) $ (45,580 ) Accumulated unrealized gain on government-sponsored pooled loan investments 630 802 Other 18,273 9,658 Total accumulated other comprehensive loss $ (14,474 ) $ (35,120 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended March 31, 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 80,060 $ 155,912 Discontinued operations (10 ) (53 ) Gain on real estate dispositions 48 43,289 Net income 80,098 199,148 Net income attributable to noncontrolling interests 1,395 1,021 Net income attributable to common stockholders $ 78,703 $ 198,127 Denominator: Denominator for basic earnings per share—weighted average shares 356,112 354,410 Effect of dilutive securities: Stock options 125 452 Restricted stock awards 188 164 OP Unitholder Interests 2,428 2,546 Denominator for diluted earnings per share—adjusted weighted average shares 358,853 357,572 Basic earnings per share: Income from continuing operations $ 0.22 $ 0.44 Net income attributable to common stockholders 0.22 0.56 Diluted earnings per share: Income from continuing operations $ 0.22 $ 0.44 Net income attributable to common stockholders 0.22 0.55

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended March 31, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 190,641 $ — $ 194,168 $ — $ 384,809 Resident fees and services — 514,753 — — 514,753 Office building and other services revenue 1,142 — 1,634 552 3,328 Income from loans and investments — — — 31,181 31,181 Interest and other income — — — 9,634 9,634 Total revenues $ 191,783 $ 514,753 $ 195,802 $ 41,367 $ 943,705 Total revenues $ 191,783 $ 514,753 $ 195,802 $ 41,367 $ 943,705 Less: Interest and other income — — — 9,634 9,634 Property-level operating expenses — 352,220 60,693 — 412,913 Office building services costs — — 115 — 115 Segment NOI 191,783 162,533 134,994 31,733 521,043 Loss from unconsolidated entities (38,654 ) (641 ) (620 ) (824 ) (40,739 ) Segment profit $ 153,129 $ 161,892 $ 134,374 $ 30,909 480,304 Interest and other income 9,634 Interest expense (111,363 ) Depreciation and amortization (233,150 ) General, administrative and professional fees (37,174 ) Loss on extinguishment of debt, net (10,977 ) Merger-related expenses and deal costs (17,336 ) Other (3,120 ) Income tax benefit 3,242 Income from continuing operations $ 80,060 For the Three Months Ended March 31, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 209,327 $ — $ 185,895 $ — $ 395,222 Resident fees and services — 464,188 — — 464,188 Office building and other services revenue 1,205 — 1,931 270 3,406 Income from loans and investments — — — 20,146 20,146 Interest and other income — — — 481 481 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Total revenues $ 210,532 $ 464,188 $ 187,826 $ 20,897 $ 883,443 Less: Interest and other income — — — 481 481 Property-level operating expenses — 312,073 56,914 — 368,987 Office building services costs — — 738 — 738 Segment NOI 210,532 152,115 130,174 20,416 513,237 Income (loss) from unconsolidated entities 3,269 (76 ) 335 (378 ) 3,150 Segment profit $ 213,801 $ 152,039 $ 130,509 $ 20,038 516,387 Interest and other income 481 Interest expense (108,804 ) Depreciation and amortization (217,783 ) General, administrative and professional fees (33,961 ) Loss on extinguishment of debt, net (309 ) Merger-related expenses and deal costs (2,056 ) Other (1,188 ) Income tax benefit 3,145 Income from continuing operations $ 155,912
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended March 31, 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 5,668 $ 93,809 Senior living operations 30,577 21,325 Office operations 69,711 193,996 Total capital expenditures $ 105,956 $ 309,130
Revenues from external customers by geographic area	Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended March 31, 2018 2017 (In thousands) Revenues: United States $ 887,745 $ 832,820 Canada 48,536 44,595 United Kingdom 7,424 6,028 Total revenues $ 943,705 $ 883,443
Net real estate property by geographic area	As of March 31, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,993,773 $ 19,253,724 Canada 1,037,687 1,070,903 United Kingdom 305,521 297,827 Total net real estate property $ 20,336,981 $ 20,622,454

CONDENSED CONSOLIDATING INFOR37

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,708 $ 118,075 $ 21,530,261 $ — $ 21,652,044 Cash and cash equivalents 11,672 — 80,871 — 92,543 Escrow deposits and restricted cash 9,739 128 61,172 — 71,039 Investment in and advances to affiliates 14,893,299 2,800,078 — (17,693,377 ) — Goodwill — — 1,035,248 — 1,035,248 Assets held for sale — — 62,534 — 62,534 Other assets 61,262 6,560 512,280 — 580,102 Total assets $ 14,979,680 $ 2,924,841 $ 23,282,366 $ (17,693,377 ) $ 23,493,510 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,596,937 $ 2,442,875 $ — $ 11,039,812 Intercompany loans 7,389,404 (6,127,269 ) (1,262,135 ) — — Accrued interest (6,886 ) 65,964 18,686 — 77,764 Accounts payable and other liabilities 366,117 41,026 727,427 — 1,134,570 Liabilities related to assets held for sale — — 60,023 — 60,023 Deferred income taxes 244,742 — — — 244,742 Total liabilities 7,993,377 2,576,658 1,986,876 — 12,556,911 Redeemable OP Unitholder and noncontrolling interests — — 132,555 — 132,555 Total equity 6,986,303 348,183 21,162,935 (17,693,377 ) 10,804,044 Total liabilities and equity $ 14,979,680 $ 2,924,841 $ 23,282,366 $ (17,693,377 ) $ 23,493,510 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 1,844 $ 119,508 $ 21,971,100 $ — $ 22,092,452 Cash and cash equivalents 9,828 — 71,527 — 81,355 Escrow deposits and restricted cash 39,816 128 66,954 — 106,898 Investment in and advances to affiliates 14,786,086 2,916,060 — (17,702,146 ) — Goodwill — — 1,034,644 — 1,034,644 Assets held for sale — — 65,413 — 65,413 Other assets 55,936 9,458 508,385 — 573,779 Total assets $ 14,893,510 $ 3,045,154 $ 23,718,023 $ (17,702,146 ) $ 23,954,541 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,895,641 $ 2,380,421 $ — $ 11,276,062 Intercompany loans 7,835,266 (7,127,624 ) (707,642 ) — — Accrued interest (6,410 ) 77,691 22,677 — 93,958 Accounts payable and other liabilities 381,512 24,635 777,342 — 1,183,489 Liabilities related to assets held for sale — — 60,265 — 60,265 Deferred income taxes 250,092 — — — 250,092 Total liabilities 8,460,460 1,870,343 2,533,063 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests — — 158,490 — 158,490 Total equity 6,433,050 1,174,811 21,026,470 (17,702,146 ) 10,932,185 Total liabilities and equity $ 14,893,510 $ 3,045,154 $ 23,718,023 $ (17,702,146 ) $ 23,954,541
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 601 $ 34,386 $ 349,822 $ — $ 384,809 Resident fees and services — — 514,753 — 514,753 Office building and other services revenue — — 3,328 — 3,328 Income from loans and investments 491 — 30,690 — 31,181 Equity earnings in affiliates 56,662 — (1,000 ) (55,662 ) — Interest and other income 9,323 — 311 — 9,634 Total revenues 67,077 34,386 897,904 (55,662 ) 943,705 Expenses Interest (28,661 ) 82,312 57,712 — 111,363 Depreciation and amortization 1,344 1,444 230,362 — 233,150 Property-level operating expenses — 72 412,841 — 412,913 Office building services costs — — 115 — 115 General, administrative and professional fees 556 4,050 32,568 — 37,174 Loss on extinguishment of debt, net — 10,977 — — 10,977 Merger-related expenses and deal costs 16,246 — 1,090 — 17,336 Other 2,169 — 951 — 3,120 Total expenses (8,346 ) 98,855 735,639 — 826,148 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 75,423 (64,469 ) 162,265 (55,662 ) 117,557 Loss from unconsolidated entities — (35,504 ) (5,235 ) — (40,739 ) Income tax benefit 3,242 — — — 3,242 Income (loss) from continuing operations 78,665 (99,973 ) 157,030 (55,662 ) 80,060 Discontinued operations (10 ) — — — (10 ) Gain on real estate dispositions 48 — — — 48 Net income (loss) 78,703 (99,973 ) 157,030 (55,662 ) 80,098 Net income attributable to noncontrolling interests — — 1,395 — 1,395 Net income (loss) attributable to common stockholders $ 78,703 $ (99,973 ) $ 155,635 $ (55,662 ) $ 78,703 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 585 $ 47,819 $ 346,818 $ — $ 395,222 Resident fees and services — — 464,188 — 464,188 Office building and other services revenue — — 3,406 — 3,406 Income from loans and investments 281 — 19,865 — 20,146 Equity earnings in affiliates 136,989 — (308 ) (136,681 ) — Interest and other income 343 — 138 — 481 Total revenues 138,198 47,819 834,107 (136,681 ) 883,443 Expenses Interest (16,600 ) 74,789 50,615 — 108,804 Depreciation and amortization 1,409 2,371 214,003 — 217,783 Property-level operating expenses — 83 368,904 — 368,987 Office building services costs — — 738 — 738 General, administrative and professional fees 130 4,700 29,131 — 33,961 Loss on extinguishment of debt, net — 19 290 — 309 Merger-related expenses and deal costs 1,863 — 193 — 2,056 Other (349 ) — 1,537 — 1,188 Total expenses (13,547 ) 81,962 665,411 — 733,826 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 151,745 (34,143 ) 168,696 (136,681 ) 149,617 Income (loss) from unconsolidated entities — 3,321 (171 ) — 3,150 Income tax benefit 3,145 — — — 3,145 Income (loss) from continuing operations 154,890 (30,822 ) 168,525 (136,681 ) 155,912 Discontinued operations (53 ) — — — (53 ) Gain (loss) on real estate dispositions 43,290 — (1 ) — 43,289 Net income (loss) 198,127 (30,822 ) 168,524 (136,681 ) 199,148 Net income attributable to noncontrolling interests — — 1,021 — 1,021 Net income (loss) attributable to common stockholders $ 198,127 $ (30,822 ) $ 167,503 $ (136,681 ) $ 198,127
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 78,703 $ (99,973 ) $ 157,030 $ (55,662 ) 80,098 Other comprehensive (loss) income: Foreign currency translation — — 12,203 — 12,203 Unrealized loss on government-sponsored pooled loan investments (172 ) — — — (172 ) Other — — 8,615 — 8,615 Total other comprehensive (loss) income (172 ) — 20,818 — 20,646 Comprehensive income (loss) 78,531 (99,973 ) 177,848 (55,662 ) 100,744 Comprehensive income attributable to noncontrolling interests — — 1,395 — 1,395 Comprehensive income (loss) attributable to common stockholders $ 78,531 $ (99,973 ) $ 176,453 $ (55,662 ) $ 99,349 For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 198,127 $ (30,822 ) $ 168,524 $ (136,681 ) $ 199,148 Other comprehensive (loss) income: Foreign currency translation — — 4,082 — 4,082 Unrealized loss on government-sponsored pooled loan investments (123 ) — — — (123 ) Other — — (82 ) — (82 ) Total other comprehensive (loss) income (123 ) — 4,000 — 3,877 Comprehensive income (loss) 198,004 (30,822 ) 172,524 (136,681 ) 203,025 Comprehensive income attributable to noncontrolling interests — — 1,021 — 1,021 Comprehensive income (loss) attributable to common stockholders $ 198,004 $ (30,822 ) $ 171,503 $ (136,681 ) $ 202,004
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (19,658 ) $ (58,563 ) $ 386,240 $ — $ 308,019 Cash flows from investing activities: Net investment in real estate property (11,450 ) — — — (11,450 ) Investment in loans receivable and other (2,740 ) — (1,641 ) — (4,381 ) Proceeds from real estate disposals 175,370 — — — 175,370 Proceeds from loans receivable 1,441 — 141,653 — 143,094 Development project expenditures — — (73,889 ) — (73,889 ) Capital expenditures — — (20,617 ) — (20,617 ) Investment in unconsolidated entities — — (39,101 ) — (39,101 ) Insurance proceeds for property damage claims — — 1,527 — 1,527 Net cash provided by investing activities 162,621 — 7,932 — 170,553 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — 266,764 7,079 — 273,843 Proceeds from debt — 655,044 83,475 — 738,519 Repayment of debt — (1,211,811 ) (5,307 ) — (1,217,118 ) Net change in intercompany debt 51,808 354,019 (405,827 ) — — Payment of deferred financing costs — (5,621 ) (697 ) — (6,318 ) Cash distribution from (to) affiliates 50,937 168 (51,105 ) — — Cash distribution to common stockholders (281,635 ) — — — (281,635 ) Cash distribution to redeemable OP unitholders — — (1,858 ) — (1,858 ) Cash issued for redemption of OP and Class C Units — — (655 ) — (655 ) Distributions to noncontrolling interests — — (3,339 ) — (3,339 ) Other (4,687 ) — — — (4,687 ) Net cash (used in) provided by financing activities (183,577 ) 58,563 (378,234 ) — (503,248 ) Net (decrease) increase in cash, cash equivalents and restricted cash (40,614 ) — 15,938 — (24,676 ) Effect of foreign currency translation 12,381 — (12,376 ) — 5 Cash, cash equivalents and restricted cash at beginning of period 49,644 128 138,481 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 21,411 $ 128 $ 142,043 $ — $ 163,582 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,275 $ (32,622 ) $ 374,161 $ — $ 345,814 Cash flows from investing activities: Net investment in real estate property (283,837 ) — — — (283,837 ) Investment in loans receivable and other (2,313 ) — (699,045 ) — (701,358 ) Proceeds from real estate disposals 85,000 — — — 85,000 Proceeds from loans receivable — — 3,363 — 3,363 Development project expenditures — — (86,452 ) — (86,452 ) Capital expenditures — (9 ) (23,826 ) — (23,835 ) Investment in unconsolidated entities — — (26,940 ) — (26,940 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash used in investing activities (201,150 ) (9 ) (831,507 ) — (1,032,666 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 18,000 4,822 — 22,822 Proceeds from debt — 793,904 3,310 — 797,214 Repayment of debt — (19 ) (20,477 ) — (20,496 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 577,099 (800,193 ) 223,094 — — Payment of deferred financing costs — (6,384 ) — — (6,384 ) Cash distribution (to) from affiliates (298,190 ) 27,367 270,823 — — Cash distribution to common stockholders (275,368 ) — — — (275,368 ) Cash distribution to redeemable OP unitholders — — (1,893 ) — (1,893 ) Contributions from noncontrolling interest — — 2,102 — 2,102 Distributions to noncontrolling interests — — (2,410 ) — (2,410 ) Other 3,297 — — — 3,297 Net cash (used in) provided by financing activities (8,971 ) 32,675 479,371 — 503,075 Net (decrease) increase in cash, cash equivalents and restricted cash (205,846 ) 44 22,025 — (183,777 ) Effect of foreign currency translation 5,146 — (5,264 ) — (118 ) Cash, cash equivalents and restricted cash at beginning of period 210,501 1,504 155,349 — 367,354 Cash, cash equivalents and restricted cash at end of period $ 9,801 $ 1,548 $ 172,110 $ — $ 183,459

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	3 Months Ended
	Mar. 31, 2018propertytenant
Real estate properties
Number of real estate properties	1,200
Number of properties leased under triple net leases	468
Number of tenants | tenant	3
Brookdale Senior Living
Real estate properties
Number of properties leased under triple net leases	135
Number of Brookdale Senior Living properties excluded from count	1
Ardent
Real estate properties
Number of properties leased under triple net leases	10
Kindred
Real estate properties
Number of properties leased under triple net leases	31
Development Projects
Real estate properties
Number of properties under development	15
Number of properties included in investments in unconsolidated entities	5
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	362
Medical Office Buildings | Kindred
Real estate properties
Number of MOB properties included in our office operations reportable business segment	1

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
NHP/PMB L.P.
Variable Interest Entity
Total assets	$ 599,598	$ 605,150
Total liabilities	197,025	199,958
Other identified VIEs
Variable Interest Entity
Total assets	1,996,419	1,983,183
Total liabilities	344,270	350,020
Tax credit VIEs
Variable Interest Entity
Total assets	900,013	988,598
Total liabilities	$ 288,462	$ 221,908

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)
Redeemable Noncontrolling Interest
Fair value of operating partnership units exceeding cost | $	$ 120.3	$ 146.3
NHP/PMB L.P.
Redeemable Noncontrolling Interest
Unit conversion factor for common stock	0.9051
NHP/PMB L.P. | Limited Partner | Class A
Redeemable Noncontrolling Interest
Limited partners' units outstanding	2.7
Percentage of ownership interest on total units outstanding	27.00%
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
Percentage of ownership interest on total units outstanding	73.00%
General partners' units outstanding	7.2

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Mar. 31, 2018property
Real Estate
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%
Real estate properties that qualify for certain tax credits
Real Estate
Number of real estate properties	10

ACCOUNTING POLICIES - Assets He

ACCOUNTING POLICIES - Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect adjustment to retained earnings		$ 30,643
Accounting Standards Update 2017-05
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect adjustment to retained earnings	$ 31,200

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 272,060	$ 267,764
Straight-line rent receivables, allowance	$ 42,700	$ 117,800
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) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect adjustment to retained earnings		$ 30,643
Accounting Standards Update 2016-06
New Accounting Pronouncements or Change in Accounting Principle
Cumulative effect adjustment to retained earnings	$ 600

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - Narrative (Details)	3 Months Ended
	Mar. 31, 2018stateprovince
Concentration Risk
Continuing revenues and NOI from properties located in California	10.00%
Customer Concentration Risk
Concentration Risk
Number of states in which entity operates	45
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	1
Customer Concentration Risk | Total Gross Book Value of Properties | Hospitals, Medical Office Building, and Other
Concentration Risk
Concentration percentage	39.80%
Customer Concentration Risk | Total Gross Book Value of Properties | Senior Living Operations
Concentration Risk
Concentration percentage	38.40%
Customer Concentration Risk | Total Gross Book Value of Properties | Seniors Housing Communities | Triple-Net Leased Properties
Concentration Risk
Concentration percentage	21.80%
Customer Concentration Risk | Atria | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	21.80%
Customer Concentration Risk | Sunrise | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	10.90%
Customer Concentration Risk | Brookdale Senior Living | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	7.50%
Customer Concentration Risk | Ardent | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	4.90%
Customer Concentration Risk | Kindred | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	1.10%

CONCENTRATION OF CREDIT RISK 46

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) $ in Millions	Apr. 26, 2018USD ($)periodLease	Mar. 31, 2018property	Mar. 31, 2017
Kindred | Medical Office Buildings
Concentration Risk
Number of MOB properties included in our office operations reportable business segment		1
Brookdale Senior Living
Concentration Risk
Number of senior housing community included in senior living operations		1
Revenue from Rights Concentration Risk | Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage		4.60%	4.70%
Revenue from Rights Concentration Risk | Revenues | Ardent
Concentration Risk
Concentration percentage		3.00%	3.10%
Revenue from Rights Concentration Risk | Revenues | Kindred
Concentration Risk
Concentration percentage		3.40%	5.00%
Revenue from Rights Concentration Risk | NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage		8.10%	8.20%
Revenue from Rights Concentration Risk | NOI | Ardent
Concentration Risk
Concentration percentage		5.40%	5.30%
Revenue from Rights Concentration Risk | NOI | Kindred
Concentration Risk
Concentration percentage		6.10%	8.70%
Subsequent Event | Brookdale Senior Living
Concentration Risk
Master leases | Lease	1
Renewal options | period	2
Lease renewal option term	10 years
Non-cash expense | $	$ 22

CONCENTRATION OF CREDIT RISK 47

CONCENTRATION OF CREDIT RISK - Senior Living Operations (Details)	1 Months Ended	3 Months Ended
	Jan. 31, 2018USD ($)property	Mar. 31, 2018USD ($)board_memberproperty
Atria
Concentration Risk
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
Eclipse Senior Living
Concentration Risk
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
Number of properties managed by a third party | property	76
Transaction costs | $		$ 14,600,000
Consideration transferred | $		$ 0
Remaining ownership percentage retained by investee		66.00%
Elmcroft Senior Living
Concentration Risk
Derecognition of straight line rent receivable | $	$ 75,200,000
Derecognition of straight line rent receivable offsetting reserve | $	$ 75,200,000
Seniors Housing Communities
Concentration Risk
Number of independent third party managed properties | property		362
Seniors Housing Communities | Atria and Sunrise
Concentration Risk
Number of independent third party managed properties | property		266

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)propertyparcel	Mar. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Vacant parcels sold | parcel	1
Proceeds from sale of real estate | $	$ 170.2
Impairment of real estate | $	$ 7	$ 5.2
Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold	2
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold	6
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold	5

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)property	Dec. 31, 2017USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties held for sale | property	3	3
Assets held for sale	$ 62,534	$ 65,413
Liabilities related to assets held for sale	$ 60,023	$ 60,265
Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Properties no longer classified as held for sale | property	5
Depreciation adjustment to properties no longer held for sale	$ 5,700
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties held for sale | property	3	3
Assets held for sale	$ 62,806	$ 65,413
Liabilities related to assets held for sale	$ 60,140	$ 60,265
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties held for sale | property	0	0
Assets held for sale	$ (272)	$ 0
Liabilities related to assets held for sale	$ (117)	$ 0

LOANS RECEIVABLE AND INVESTME50

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Billions	Mar. 31, 2018	Dec. 31, 2017
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 1.3	$ 1.4

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, carrying amount	$ 1,212,519	$ 1,346,359
Total investments reported as Secured loans receivable and investments, net, amortized cost	1,211,889	1,345,557
Total investments reported as Secured loans receivable and investments, net, fair value	1,213,868	1,340,987
Total investments reported as Secured loans receivable and investments, net, unrealized gain	630	802
Total loans receivable and investments, net, carrying amount	1,268,644	1,406,216
Total loans receivable and investments, net, amortized cost	1,268,014	1,405,414
Total loans receivable and investments, net, fair value	1,270,332	1,399,836
Total loans receivable and investments, net, unrealized gain	630	802
Secured/ Mortgage Loans and Other
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, unrealized gain	0	0
Total loans receivable and investments, net, unrealized gain	0	0
Secured/mortgage loans and other, net, carrying amount	1,157,638	1,291,694
Secured/mortgage loans and other, net, amortized cost	1,157,638	1,291,694
Secured/mortgage loans and other, net, fair value	1,158,987	1,286,322
Non-Mortgage Loans Receivable, Net
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, unrealized gain	0	0
Total loans receivable and investments, net, unrealized gain	0	0
Non-mortgage loans receivable, net, carrying amount	56,125	59,857
Non-mortgage loans receivable, net, amortized cost	56,125	59,857
Non-mortgage loans receivable, net, fair value	56,464	58,849
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, unrealized gain	630	802
Total loans receivable and investments, net, unrealized gain	630	802
Government-sponsored pooled loan investments, net, carrying amount and fair value	54,881	54,665
Government-sponsored pooled loan investments, amortized cost	$ 54,251	$ 53,863

LOANS RECEIVABLE AND INVESTME52

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)loan
Accounts, Notes, Loans and Financing Receivable
Number of loans repaid | loan	3
Weighted average interest rate	9.90%
Full Repayments on Loans Receivable
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable | $	$ 125.9

INVESTMENTS IN UNCONSOLIDATED53

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)propertyjoint_venture	Mar. 31, 2017USD ($)
Equity method investments
Management fees earned	$ 1.7	$ 1.6
Impairment loss on equity method investment in a real estate joint venture	$ 35.7
Atria
Equity method investments
Ownership interests accounted for under the equity method	34.00%
Eclipse Senior Living
Equity method investments
Ownership interests accounted for under the equity method	34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method	9.90%
Real Estate Joint Ventures
Equity method investments
Ownership interests accounted for under the equity method	25.00%
Number of real estate properties owned by joint ventures | property	31
Equity investments in an unconsolidated real estate venture with recognized impairment | joint_venture	1

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Intangible assets:
Goodwill	$ 1,035,248	$ 1,034,644
Accumulated amortization	(871,769)	(864,576)
Net intangible assets	$ 1,731,551	$ 1,754,032
Remaining weighted average amortization period in years	22 years 4 months	22 years 1 month 6 days
Intangible liabilities:
Below market lease intangibles	$ 358,940	$ 359,118
Other lease intangibles	34,924	40,141
Accumulated amortization	(163,984)	(160,985)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 233,448	$ 241,842
Below market leases, remaining weighted average amortization period (in years)	13 years 8 months 12 days	13 years 8 months 12 days
Other lease intangibles, remaining weighted average amortization period (in years)	42 years 9 months 18 days	40 years 9 months 18 days
Net intangible liabilities, remaining weighted average amortization period (in years)	15 years 6 months	15 years 7 months 6 days
Above market lease intangibles
Intangible assets:
Intangible assets	$ 184,705	$ 185,012
Remaining weighted average amortization period in years	6 years 10 months 24 days	7 years
In-place and other lease intangibles
Intangible assets:
Intangible assets	$ 1,347,518	$ 1,363,062
Remaining weighted average amortization period in years	24 years 3 months 18 days	24 years
Other intangibles
Intangible assets:
Intangible assets	$ 35,849	$ 35,890
Remaining weighted average amortization period in years	12 years 4 months 24 days	14 years 1 month 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 272,060	$ 267,764
Non-mortgage loans receivable, net	56,125	59,857
Other intangibles, net	6,133	6,496
Investment in unconsolidated operating entities	68,416	49,738
Other	177,368	189,924
Total other assets	$ 580,102	$ 573,779

SENIOR NOTES PAYABLE AND OTHE56

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Feb. 28, 2018	Dec. 31, 2017
Debt instruments
Senior notes payable and other debt, gross	$ 11,143,235		$ 11,365,633
Deferred financing costs, net	(75,036)		(73,093)
Unamortized fair value adjustment	3,402		12,139
Unamortized discounts	(31,789)		(28,617)
Senior notes payable and other debt	11,039,812		11,276,062
Unsecured revolving credit facilities
Debt instruments
Senior notes payable and other debt, gross	794,368		535,832
Unsecured revolving credit facilities | Borrowings originally denominated in CAD
Debt instruments
Senior notes payable and other debt, gross	35,700		28,700
Unsecured revolving credit facilities | Borrowings originally denominated in GBP
Debt instruments
Senior notes payable and other debt, gross	31,700		31,100
Secured revolving construction credit facility due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 18,632		2,868
2.00% Senior Notes due 2018
Debt instruments
Interest rate	2.00%	2.00%
Senior notes payable and other debt, gross	$ 0		700,000
4.00% Senior Notes due 2019
Debt instruments
Interest rate	4.00%
Senior notes payable and other debt, gross	$ 97,891		600,000
3.00% Senior Notes, Series A due 2019
Debt instruments
Interest rate	3.00%
Senior notes payable and other debt, gross	$ 310,294		318,041
2.700% Senior Notes due 2020
Debt instruments
Interest rate	2.70%
Senior notes payable and other debt, gross	$ 500,000		500,000
Unsecured term loan due 2020
Debt instruments
Senior notes payable and other debt, gross	$ 900,000		900,000
4.750% Senior Notes due 2021
Debt instruments
Interest rate	4.75%
Senior notes payable and other debt, gross	$ 700,000		700,000
4.25% Senior Notes due 2022
Debt instruments
Interest rate	4.25%
Senior notes payable and other debt, gross	$ 600,000		600,000
3.25% Senior Notes due 2022
Debt instruments
Interest rate	3.25%
Senior notes payable and other debt, gross	$ 500,000		500,000
3.300% Senior Notes, Series C due 2022
Debt instruments
Interest rate	3.30%
Senior notes payable and other debt, gross	$ 193,934		198,776
3.125% Senior Notes due 2023
Debt instruments
Interest rate	3.125%
Senior notes payable and other debt, gross	$ 400,000		400,000
3.100% Senior Notes due 2023
Debt instruments
Interest rate	3.10%
Senior notes payable and other debt, gross	$ 400,000		400,000
2.55% Senior Notes, Series D due 2023
Debt instruments
Interest rate	2.55%
Senior notes payable and other debt, gross	$ 213,327		218,653
3.75% Senior Notes due 2024
Debt instruments
Interest rate	3.75%
Senior notes payable and other debt, gross	$ 400,000		400,000
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate	4.125%
Senior notes payable and other debt, gross	$ 193,934		198,776
3.500% Senior Notes due 2025
Debt instruments
Interest rate	3.50%
Senior notes payable and other debt, gross	$ 600,000		600,000
4.125% Senior Notes due 2026
Debt instruments
Interest rate	4.125%
Senior notes payable and other debt, gross	$ 500,000		500,000
3.25% Senior Notes due 2026
Debt instruments
Interest rate	3.25%
Senior notes payable and other debt, gross	$ 450,000		450,000
3.850% Senior Notes Due 2027
Debt instruments
Interest rate	3.85%
Senior notes payable and other debt, gross	$ 400,000		400,000
4.00% Senior Notes due 2028
Debt instruments
Interest rate	4.00%	4.00%
Senior notes payable and other debt, gross	$ 650,000		0
6.90% Senior Notes due 2037
Debt instruments
Interest rate	6.90%
Senior notes payable and other debt, gross	$ 52,400		52,400
6.59% Senior Notes due 2038
Debt instruments
Interest rate	6.59%
Senior notes payable and other debt, gross	$ 22,973		22,973
5.45% Senior Notes due 2043
Debt instruments
Interest rate	5.45%
Senior notes payable and other debt, gross	$ 258,750		258,750
5.70% Senior Notes due 2043
Debt instruments
Interest rate	5.70%
Senior notes payable and other debt, gross	$ 300,000		300,000
4.375% Senior Notes due 2045
Debt instruments
Interest rate	4.375%
Senior notes payable and other debt, gross	$ 300,000		300,000
Mortgages loans and other
Debt instruments
Senior notes payable and other debt, gross	$ 1,386,732		$ 1,308,564

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	$ 103,464
2,019	838,243
2,020	1,478,811
2,021	1,580,621
2,022	1,442,155
Thereafter	5,699,941
Total maturities	11,143,235	$ 11,365,633
Unrestricted cash and cash equivalents	92,543	81,355
Unsecured revolving credit facility borrowings outstanding, net of cash and cash equivalents	701,800
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	85,871
2,019	820,716
2,020	1,464,063
2,021	772,867
2,022	1,430,314
Thereafter	5,613,466
Total maturities	10,187,297
Unsecured Revolving Credit Facility
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	0
2,019	0
2,020	0
2,021	794,368
2,022	0
Thereafter	0
Total maturities	794,368	$ 535,832
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	17,593
2,019	17,527
2,020	14,748
2,021	13,386
2,022	11,841
Thereafter	86,475
Total maturities	161,570
Senior Notes Included in Thereafter Maturities | 6.90% Senior Notes due 2037, subject to repurchase at option of holders
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	$ 52,400
Interest rate	6.90%
Senior Notes Included in Thereafter Maturities | 6.59% Senior Notes due 2038, subject to repurchase at option of holders
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
Total maturities	$ 23,000
Interest rate	6.59%

SENIOR NOTES PAYABLE AND OTHE58

SENIOR NOTES PAYABLE AND OTHER DEBT - Narrative (Details)	1 Months Ended		3 Months Ended
	Apr. 30, 2018USD ($)	Feb. 28, 2018USD ($)	Mar. 31, 2018USD ($)period	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Debt instruments
Unsecured revolving credit facility borrowings outstanding			$ 701,800,000
Senior notes payable and other debt, gross			11,143,235,000		$ 11,365,633,000
Proceeds from public offering sale of debt			738,519,000	$ 797,214,000
Loss on extinguishment of debt			$ (10,977,000)	$ (309,000)
Derivative notional amount					200,000,000
Debt, weighted average interest rate			9.90%
Derivative, Gain on Derivative		$ 10,000,000
Forward Starting Swap
Debt instruments
Derivative notional amount			$ 215,000,000
Debt, weighted average interest rate			2.84%
Subsequent Event | Forward Starting Swap
Debt instruments
Derivative notional amount	$ 35,000,000
Unsecured term loan due 2020
Debt instruments
Senior notes payable and other debt, gross			$ 900,000,000		900,000,000
Unsecured term loan due 2020 | LIBOR
Debt instruments
Variable interest rate			0.975%
Secured revolving construction credit facility
Debt instruments
Unsecured revolving credit facility, maximum borrowing capacity			$ 400,000,000
Revolving credit facility unused borrowing capacity			381,400,000
Senior notes payable and other debt, gross			18,632,000		2,868,000
4.00% Senior Notes due 2028
Debt instruments
Senior notes payable and other debt, gross			$ 650,000,000		0
Interest rate		4.00%	4.00%
Public offering price as percent of par		99.233%
Proceeds from public offering sale of debt		$ 645,000,000
4.00% Senior Notes due 2019
Debt instruments
Interest rate		4.00%
Public offering price as percent of par		101.83%
Senior notes redeemed		$ 502,100,000
Loss on extinguishment of debt		$ 11,000,000
4.00% Senior Notes due 2019 | Subsequent Event
Debt instruments
Senior notes payable and other debt, gross	$ 97,900,000
Interest rate	4.00%
Loss on extinguishment of debt	$ 1,800,000
2.00% Senior Notes due 2018
Debt instruments
Senior notes payable and other debt, gross			$ 0		$ 700,000,000
Interest rate		2.00%	2.00%
Repayments of long-term debt		$ 700,000,000
Revolving Credit Facility
Debt instruments
Unsecured revolving credit facility, maximum borrowing capacity			$ 3,000,000,000
Additional periods | period			2
Additional period term			6 months
Unsecured revolving credit facility borrowings outstanding			$ 794,400,000
Letters of credit outstanding			14,500,000
Revolving credit facility unused borrowing capacity			$ 2,200,000,000
Revolving Credit Facility | LIBOR
Debt instruments
Variable interest rate			0.875%
Revolving Credit Facility | Accordion Feature
Debt instruments
Unsecured revolving credit facility, maximum borrowing capacity			$ 3,750,000,000

FAIR VALUES OF FINANCIAL INST59

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Carrying Amount
Assets:
Cash and cash equivalents	$ 92,543	$ 81,355
Liabilities:
Senior notes payable and other debt, gross	11,143,235	11,365,633
Derivative instruments	14,003	5,435
Redeemable OP Unitholder Interests	120,301	146,252
Carrying Amount | Government-Sponsored Pooled Loan Investments
Assets:
Derivative instruments	54,881	54,665
Carrying Amount | Derivative Instruments
Assets:
Derivative instruments	6,806	7,248
Carrying Amount | Secured Mortgage Loans and Other, net
Assets:
Loans receivable	1,157,638	1,291,694
Carrying Amount | Non-Mortgage Loan Receivable
Assets:
Loans receivable	56,125	59,857
Fair Value
Assets:
Cash and cash equivalents	92,543	81,355
Liabilities:
Senior notes payable and other debt, fair value	11,676,671	11,600,750
Derivative instruments	14,003	5,435
Redeemable OP Unitholder Interests	120,301	146,252
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Derivative instruments	54,881	54,665
Fair Value | Derivative Instruments
Assets:
Derivative instruments	6,806	7,248
Fair Value | Secured Mortgage Loans and Other, net
Assets:
Loans receivable	1,158,987	1,286,322
Fair Value | Non-Mortgage Loan Receivable
Assets:
Loans receivable	$ 56,464	$ 58,849

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 3,242	$ 3,145
Deferred income taxes	244,742		$ 250,092
Tax Cuts and Jobs Act of 2017, income tax provisional adjustment	$ 23,300

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) $ in Millions	Mar. 31, 2018USD ($)
Equity [Abstract]
Equity offering program, remaining authorized offering amount	$ 0

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Foreign currency translation	$ (33,377)	$ (45,580)
Accumulated unrealized gain on government-sponsored pooled loan investments	630	802
Other	18,273	9,658
Total accumulated other comprehensive loss	$ (14,474)	$ (35,120)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 80,060	$ 155,912
Discontinued operations	(10)	(53)
(Loss) gain on real estate dispositions	48	43,289
Net income	80,098	199,148	$ 1,361,112
Net income attributable to noncontrolling interests	1,395	1,021
Net income attributable to common stockholders	$ 78,703	$ 198,127
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	356,112	354,410
Effect of dilutive securities:
Stock options (in shares)	125	452
Restricted stock awards (in shares)	188	164
OP Unitholder Interests (in shares)	2,428	2,546
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	358,853	357,572
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.22	$ 0.44
Net income attributable to common stockholders (in usd per share)	0.22	0.56
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.22	0.44
Net income attributable to common stockholders (in usd per share)	$ 0.22	$ 0.55

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2018USD ($)segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Intersegment activity | $	$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Rental income	$ 384,809	$ 395,222
Resident fees and services	514,753	464,188
Office building and other services revenue	3,328	3,406
Income from loans and investments	31,181	20,146
Interest and other income	9,634	481
Total revenues	943,705	883,443
Less:
Interest and other income	9,634	481
Property-level operating expenses	412,913	368,987
Office building services costs	115	738
Segment NOI	521,043	513,237
Loss (income) from unconsolidated entities	(40,739)	3,150
Segment profit	480,304	516,387
Interest and other income	9,634	481
Interest expense	(111,363)	(108,804)
Depreciation and amortization	(233,150)	(217,783)
General, administrative and professional fees	(37,174)	(33,961)
Loss on extinguishment of debt, net	(10,977)	(309)
Merger-related expenses and deal costs	(17,336)	(2,056)
Other	(3,120)	(1,188)
Income tax benefit	3,242	3,145
Income from continuing operations	80,060	155,912
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	190,641	209,327
Resident fees and services	0	0
Office building and other services revenue	1,142	1,205
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	191,783	210,532
Less:
Interest and other income	0	0
Property-level operating expenses	0	0
Office building services costs	0	0
Segment NOI	191,783	210,532
Loss (income) from unconsolidated entities	(38,654)	3,269
Segment profit	153,129	213,801
Interest and other income	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0
Resident fees and services	514,753	464,188
Office building and other services revenue	0	0
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	514,753	464,188
Less:
Interest and other income	0	0
Property-level operating expenses	352,220	312,073
Office building services costs	0	0
Segment NOI	162,533	152,115
Loss (income) from unconsolidated entities	(641)	(76)
Segment profit	161,892	152,039
Interest and other income	0	0
Operating Segments | Office Operations
Revenues:
Rental income	194,168	185,895
Resident fees and services	0	0
Office building and other services revenue	1,634	1,931
Income from loans and investments	0	0
Interest and other income	0	0
Total revenues	195,802	187,826
Less:
Interest and other income	0	0
Property-level operating expenses	60,693	56,914
Office building services costs	115	738
Segment NOI	134,994	130,174
Loss (income) from unconsolidated entities	(620)	335
Segment profit	134,374	130,509
Interest and other income	0	0
All Other
Revenues:
Rental income	0	0
Resident fees and services	0	0
Office building and other services revenue	552	270
Income from loans and investments	31,181	20,146
Interest and other income	9,634	481
Total revenues	41,367	20,897
Less:
Interest and other income	9,634	481
Property-level operating expenses	0	0
Office building services costs	0	0
Segment NOI	31,733	20,416
Loss (income) from unconsolidated entities	(824)	(378)
Segment profit	30,909	20,038
Interest and other income	$ 9,634	$ 481

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information
Capital expenditures	$ 105,956	$ 309,130
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Capital expenditures	5,668	93,809
Operating Segments | Senior Living Operations
Segment Reporting Information
Capital expenditures	30,577	21,325
Operating Segments | Office Operations
Segment Reporting Information
Capital expenditures	$ 69,711	$ 193,996

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Total revenues	$ 943,705	$ 883,443
Net real estate property:
Total net real estate property	20,336,981		$ 20,622,454
United States
Revenues:
Total revenues	887,745	832,820
Net real estate property:
Total net real estate property	18,993,773		19,253,724
Canada
Revenues:
Total revenues	48,536	44,595
Net real estate property:
Total net real estate property	1,037,687		1,070,903
United Kingdom
Revenues:
Total revenues	7,424	$ 6,028
Net real estate property:
Total net real estate property	$ 305,521		$ 297,827

CONDENSED CONSOLIDATING INFOR68

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Net real estate investments	$ 21,652,044	$ 22,092,452
Cash and cash equivalents	92,543	81,355
Escrow deposits and restricted cash	71,039	106,898
Investment in and advances to affiliates	0	0
Goodwill	1,035,248	1,034,644
Assets held for sale	62,534	65,413
Other assets	580,102	573,779
Total assets	23,493,510	23,954,541
Liabilities:
Senior notes payable and other debt	11,039,812	11,276,062
Intercompany loans	0	0
Accrued interest	77,764	93,958
Accounts payable and other liabilities	1,134,570	1,183,489
Liabilities related to assets held for sale	60,023	60,265
Deferred income taxes	244,742	250,092
Total liabilities	12,556,911	12,863,866
Redeemable OP Unitholder and noncontrolling interests	132,555	158,490
Total equity	10,804,044	10,932,185	$ 10,528,753
Total liabilities and equity	23,493,510	23,954,541
Consolidated Elimination
Assets
Net real estate investments	0	0
Cash and cash equivalents	0	0
Escrow deposits and restricted cash	0	0
Investment in and advances to affiliates	(17,693,377)	(17,702,146)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,693,377)	(17,702,146)
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	0	0
Accrued interest	0	0
Accounts payable and other liabilities	0	0
Liabilities related to assets held for sale	0	0
Deferred income taxes	0	0
Total liabilities	0	0
Redeemable OP Unitholder and noncontrolling interests	0	0
Total equity	(17,693,377)	(17,702,146)
Total liabilities and equity	(17,693,377)	(17,702,146)
Ventas, Inc.
Assets
Net real estate investments	3,708	1,844
Cash and cash equivalents	11,672	9,828
Escrow deposits and restricted cash	9,739	39,816
Investment in and advances to affiliates	14,893,299	14,786,086
Goodwill	0	0
Assets held for sale	0	0
Other assets	61,262	55,936
Total assets	14,979,680	14,893,510
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,389,404	7,835,266
Accrued interest	(6,886)	(6,410)
Accounts payable and other liabilities	366,117	381,512
Liabilities related to assets held for sale	0	0
Deferred income taxes	244,742	250,092
Total liabilities	7,993,377	8,460,460
Redeemable OP Unitholder and noncontrolling interests	0	0
Total equity	6,986,303	6,433,050
Total liabilities and equity	14,979,680	14,893,510
Ventas Realty
Assets
Net real estate investments	118,075	119,508
Cash and cash equivalents	0	0
Escrow deposits and restricted cash	128	128
Investment in and advances to affiliates	2,800,078	2,916,060
Goodwill	0	0
Assets held for sale	0	0
Other assets	6,560	9,458
Total assets	2,924,841	3,045,154
Liabilities:
Senior notes payable and other debt	8,596,937	8,895,641
Intercompany loans	(6,127,269)	(7,127,624)
Accrued interest	65,964	77,691
Accounts payable and other liabilities	41,026	24,635
Liabilities related to assets held for sale	0	0
Deferred income taxes	0	0
Total liabilities	2,576,658	1,870,343
Redeemable OP Unitholder and noncontrolling interests	0	0
Total equity	348,183	1,174,811
Total liabilities and equity	2,924,841	3,045,154
Ventas Subsidiaries
Assets
Net real estate investments	21,530,261	21,971,100
Cash and cash equivalents	80,871	71,527
Escrow deposits and restricted cash	61,172	66,954
Investment in and advances to affiliates	0	0
Goodwill	1,035,248	1,034,644
Assets held for sale	62,534	65,413
Other assets	512,280	508,385
Total assets	23,282,366	23,718,023
Liabilities:
Senior notes payable and other debt	2,442,875	2,380,421
Intercompany loans	(1,262,135)	(707,642)
Accrued interest	18,686	22,677
Accounts payable and other liabilities	727,427	777,342
Liabilities related to assets held for sale	60,023	60,265
Deferred income taxes	0	0
Total liabilities	1,986,876	2,533,063
Redeemable OP Unitholder and noncontrolling interests	132,555	158,490
Total equity	21,162,935	21,026,470
Total liabilities and equity	$ 23,282,366	$ 23,718,023

CONDENSED CONSOLIDATING INFOR69

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenues:
Rental income	$ 384,809	$ 395,222
Resident fees and services	514,753	464,188
Office building and other services revenue	3,328	3,406
Income from loans and investments	31,181	20,146
Equity earnings in affiliates	0	0
Interest and other income	9,634	481
Total revenues	943,705	883,443
Expenses
Interest	111,363	108,804
Depreciation and amortization	233,150	217,783
Property-level operating expenses	412,913	368,987
Office building services costs	115	738
General, administrative and professional fees	37,174	33,961
Loss on extinguishment of debt, net	10,977	309
Merger-related expenses and deal costs	17,336	2,056
Other	3,120	1,188
Total expenses	826,148	733,826
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	117,557	149,617
Income (loss) from unconsolidated entities	(40,739)	3,150
Income tax benefit	3,242	3,145
Income from continuing operations	80,060	155,912
Discontinued operations	(10)	(53)
Gain on real estate dispositions	48	43,289
Net income	80,098	199,148	$ 1,361,112
Net income attributable to noncontrolling interests	1,395	1,021
Net income attributable to common stockholders	78,703	198,127
Consolidated Elimination
Revenues:
Rental income	0	0
Resident fees and services	0	0
Office building and other services revenue	0	0
Income from loans and investments	0	0
Equity earnings in affiliates	(55,662)	(136,681)
Interest and other income	0	0
Total revenues	(55,662)	(136,681)
Expenses
Interest	0	0
Depreciation and amortization	0	0
Property-level operating expenses	0	0
Office building services costs	0	0
General, administrative and professional fees	0	0
Loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	0	0
Other	0	0
Total expenses	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(55,662)	(136,681)
Income (loss) from unconsolidated entities	0	0
Income tax benefit	0	0
Income from continuing operations	(55,662)	(136,681)
Discontinued operations	0	0
Gain on real estate dispositions	0	0
Net income	(55,662)	(136,681)
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	(55,662)	(136,681)
Ventas, Inc.
Revenues:
Rental income	601	585
Resident fees and services	0	0
Office building and other services revenue	0	0
Income from loans and investments	491	281
Equity earnings in affiliates	56,662	136,989
Interest and other income	9,323	343
Total revenues	67,077	138,198
Expenses
Interest	(28,661)	(16,600)
Depreciation and amortization	1,344	1,409
Property-level operating expenses	0	0
Office building services costs	0	0
General, administrative and professional fees	556	130
Loss on extinguishment of debt, net	0	0
Merger-related expenses and deal costs	16,246	1,863
Other	2,169	(349)
Total expenses	(8,346)	(13,547)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	75,423	151,745
Income (loss) from unconsolidated entities	0	0
Income tax benefit	3,242	3,145
Income from continuing operations	78,665	154,890
Discontinued operations	(10)	(53)
Gain on real estate dispositions	48	43,290
Net income	78,703	198,127
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	78,703	198,127
Ventas Realty
Revenues:
Rental income	34,386	47,819
Resident fees and services	0	0
Office building and other services revenue	0	0
Income from loans and investments	0	0
Equity earnings in affiliates	0	0
Interest and other income	0	0
Total revenues	34,386	47,819
Expenses
Interest	82,312	74,789
Depreciation and amortization	1,444	2,371
Property-level operating expenses	72	83
Office building services costs	0	0
General, administrative and professional fees	4,050	4,700
Loss on extinguishment of debt, net	10,977	19
Merger-related expenses and deal costs	0	0
Other	0	0
Total expenses	98,855	81,962
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(64,469)	(34,143)
Income (loss) from unconsolidated entities	(35,504)	3,321
Income tax benefit	0	0
Income from continuing operations	(99,973)	(30,822)
Discontinued operations	0	0
Gain on real estate dispositions	0	0
Net income	(99,973)	(30,822)
Net income attributable to noncontrolling interests	0	0
Net income attributable to common stockholders	(99,973)	(30,822)
Ventas Subsidiaries
Revenues:
Rental income	349,822	346,818
Resident fees and services	514,753	464,188
Office building and other services revenue	3,328	3,406
Income from loans and investments	30,690	19,865
Equity earnings in affiliates	(1,000)	(308)
Interest and other income	311	138
Total revenues	897,904	834,107
Expenses
Interest	57,712	50,615
Depreciation and amortization	230,362	214,003
Property-level operating expenses	412,841	368,904
Office building services costs	115	738
General, administrative and professional fees	32,568	29,131
Loss on extinguishment of debt, net	0	290
Merger-related expenses and deal costs	1,090	193
Other	951	1,537
Total expenses	735,639	665,411
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	162,265	168,696
Income (loss) from unconsolidated entities	(5,235)	(171)
Income tax benefit	0	0
Income from continuing operations	157,030	168,525
Discontinued operations	0	0
Gain on real estate dispositions	0	(1)
Net income	157,030	168,524
Net income attributable to noncontrolling interests	1,395	1,021
Net income attributable to common stockholders	$ 155,635	$ 167,503

CONDENSED CONSOLIDATING INFOR70

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Condensed financial statements, captions
Net income (loss)	$ 80,098	$ 199,148	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	12,203	4,082
Unrealized loss on government-sponsored pooled loan investments	(172)	(123)
Other	8,615	(82)
Total other comprehensive income (loss)	20,646	3,877	$ 22,414
Comprehensive income	100,744	203,025
Comprehensive income attributable to noncontrolling interests	1,395	1,021
Comprehensive income attributable to common stockholders	99,349	202,004
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(55,662)	(136,681)
Other comprehensive income (loss):
Foreign currency translation	0	0
Unrealized loss on government-sponsored pooled loan investments	0	0
Other	0	0
Total other comprehensive income (loss)	0	0
Comprehensive income	(55,662)	(136,681)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	(55,662)	(136,681)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	78,703	198,127
Other comprehensive income (loss):
Foreign currency translation	0	0
Unrealized loss on government-sponsored pooled loan investments	(172)	(123)
Other	0	0
Total other comprehensive income (loss)	(172)	(123)
Comprehensive income	78,531	198,004
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	78,531	198,004
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(99,973)	(30,822)
Other comprehensive income (loss):
Foreign currency translation	0	0
Unrealized loss on government-sponsored pooled loan investments	0	0
Other	0	0
Total other comprehensive income (loss)	0	0
Comprehensive income	(99,973)	(30,822)
Comprehensive income attributable to noncontrolling interests	0	0
Comprehensive income attributable to common stockholders	(99,973)	(30,822)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	157,030	168,524
Other comprehensive income (loss):
Foreign currency translation	12,203	4,082
Unrealized loss on government-sponsored pooled loan investments	0	0
Other	8,615	(82)
Total other comprehensive income (loss)	20,818	4,000
Comprehensive income	177,848	172,524
Comprehensive income attributable to noncontrolling interests		1,021
Comprehensive income attributable to common stockholders	$ 176,453	$ 171,503

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 308,019	$ 345,814
Cash flows from investing activities:
Net investment in real estate property	(11,450)	(283,837)
Investment in loans receivable and other	(4,381)	(701,358)
Proceeds from real estate disposals	175,370	85,000
Proceeds from loans receivable	143,094	3,363
Development project expenditures	(73,889)	(86,452)
Capital expenditures	(20,617)	(23,835)
Investment in unconsolidated entities	(39,101)	(26,940)
Insurance proceeds for property damage claims	1,527	1,393
Net cash provided by (used in) investing activities	170,553	(1,032,666)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	273,843	22,822
Proceeds from debt	738,519	797,214
Repayment of debt	(1,217,118)	(20,496)
Purchase of noncontrolling interests	0	(15,809)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(6,318)	(6,384)
Cash distribution from (to) affiliates	0	0
Cash distribution to common stockholders	(281,635)	(275,368)
Cash distribution to redeemable OP unitholders	(1,858)	(1,893)
Contributions from noncontrolling interests	0	2,102
Cash issued for redemption of OP and Class C Units	(655)	0
Distributions to noncontrolling interests	(3,339)	(2,410)
Other	(4,687)	3,297
Net cash (used in) provided by financing activities	(503,248)	503,075
Net decrease in cash, cash equivalents and restricted cash	(24,676)	(183,777)
Effect of foreign currency translation	5	(118)
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	163,582	183,459
Consolidated Elimination
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by 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
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests		0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Cash distribution from (to) affiliates	0	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests		0
Cash issued for redemption of OP and Class C Units	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash (used in) provided by financing activities	0	0
Net decrease in cash, cash equivalents and restricted cash	0	0
Effect of foreign currency translation	0	0
Cash, cash equivalents and restricted cash at beginning of period	0	0
Cash, cash equivalents and restricted cash at end of period	0	0
Ventas, Inc.
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	(19,658)	4,275
Cash flows from investing activities:
Net investment in real estate property	(11,450)	(283,837)
Investment in loans receivable and other	(2,740)	(2,313)
Proceeds from real estate disposals	175,370	85,000
Proceeds from loans receivable	1,441	0
Development project expenditures	0	0
Capital expenditures	0	0
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	162,621	(201,150)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	0	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests		(15,809)
Net change in intercompany debt	51,808	577,099
Payment of deferred financing costs	0	0
Cash distribution from (to) affiliates	50,937	(298,190)
Cash distribution to common stockholders	(281,635)	(275,368)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests		0
Cash issued for redemption of OP and Class C Units	0
Distributions to noncontrolling interests	0	0
Other	(4,687)	3,297
Net cash (used in) provided by financing activities	(183,577)	(8,971)
Net decrease in cash, cash equivalents and restricted cash	(40,614)	(205,846)
Effect of foreign currency translation	12,381	5,146
Cash, cash equivalents and restricted cash at beginning of period	49,644	210,501
Cash, cash equivalents and restricted cash at end of period	21,411	9,801
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	(58,563)	(32,622)
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	(9)
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	0	(9)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	266,764	18,000
Proceeds from debt	655,044	793,904
Repayment of debt	(1,211,811)	(19)
Purchase of noncontrolling interests		0
Net change in intercompany debt	354,019	(800,193)
Payment of deferred financing costs	(5,621)	(6,384)
Cash distribution from (to) affiliates	168	27,367
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests		0
Cash issued for redemption of OP and Class C Units	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash (used in) provided by financing activities	58,563	32,675
Net decrease in cash, cash equivalents and restricted cash	0	44
Effect of foreign currency translation	0	0
Cash, cash equivalents and restricted cash at beginning of period	128	1,504
Cash, cash equivalents and restricted cash at end of period	128	1,548
Ventas Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	386,240	374,161
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable and other	(1,641)	(699,045)
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	141,653	3,363
Development project expenditures	(73,889)	(86,452)
Capital expenditures	(20,617)	(23,826)
Investment in unconsolidated entities	(39,101)	(26,940)
Insurance proceeds for property damage claims	1,527	1,393
Net cash provided by (used in) investing activities	7,932	(831,507)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	7,079	4,822
Proceeds from debt	83,475	3,310
Repayment of debt	(5,307)	(20,477)
Purchase of noncontrolling interests		0
Net change in intercompany debt	(405,827)	223,094
Payment of deferred financing costs	(697)	0
Cash distribution from (to) affiliates	(51,105)	270,823
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(1,858)	(1,893)
Contributions from noncontrolling interests		2,102
Cash issued for redemption of OP and Class C Units	(655)
Distributions to noncontrolling interests	(3,339)	(2,410)
Other	0	0
Net cash (used in) provided by financing activities	(378,234)	479,371
Net decrease in cash, cash equivalents and restricted cash	15,938	22,025
Effect of foreign currency translation	(12,376)	(5,264)
Cash, cash equivalents and restricted cash at beginning of period	138,481	155,349
Cash, cash equivalents and restricted cash at end of period	$ 142,043	$ 172,110