Ventas (VTR) 10-Q 27 Jul 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		356,439,019

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate investments:
Land and improvements	$ 2,124,231	$ 2,151,386
Buildings and improvements	22,065,202	22,216,942
Construction in progress	408,313	344,151
Acquired lease intangibles	1,510,698	1,548,074
Gross real estate investments	26,108,444	26,260,553
Accumulated depreciation and amortization	(5,972,774)	(5,638,099)
Net real estate property	20,135,670	20,622,454
Secured loans receivable and investments, net	526,553	1,346,359
Investments in unconsolidated real estate entities	101,490	123,639
Net real estate investments	20,763,713	22,092,452
Cash and cash equivalents	93,684	81,355
Escrow deposits and restricted cash	64,419	106,898
Goodwill	1,034,274	1,034,644
Assets held for sale	15,567	65,413
Other assets	727,477	573,779
Total assets	22,699,134	23,954,541
Liabilities:
Senior notes payable and other debt	10,402,897	11,276,062
Accrued interest	93,112	93,958
Accounts payable and other liabilities	1,133,902	1,183,489
Liabilities related to assets held for sale	896	60,265
Deferred income taxes	240,941	250,092
Total liabilities	11,871,748	12,863,866
Redeemable OP Unitholder and noncontrolling interests	149,817	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, 356,412 and 356,187 shares issued at June 30, 2018 and December 31, 2017, respectively	89,085	89,029
Capital in excess of par value	13,068,399	13,053,057
Accumulated other comprehensive loss	(10,861)	(35,120)
Retained earnings (deficit)	(2,529,102)	(2,240,698)
Treasury stock, 11 and 1 shares at June 30, 2018 and December 31, 2017, respectively	(573)	(42)
Total Ventas stockholders’ equity	10,616,948	10,866,226
Noncontrolling interests	60,621	65,959
Total equity	10,677,569	10,932,185
Total liabilities and equity	$ 22,699,134	$ 23,954,541

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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	356,412,000	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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Rental income:
Triple-net leased	$ 167,870	$ 213,258	$ 358,511	$ 422,585
Office	192,392	186,240	386,560	372,135
Total rental income	360,262	399,498	745,071	794,720
Resident fees and services	518,989	460,243	1,033,742	924,431
Office building and other services revenue	4,289	3,179	7,617	6,585
Income from loans and investments	56,417	32,368	87,598	52,514
Interest and other income	2,347	202	11,981	683
Total revenues	942,304	895,490	1,886,009	1,778,933
Expenses
Interest	113,029	113,572	224,392	222,376
Depreciation and amortization	223,634	224,108	456,784	441,891
Property-level operating expenses:
Senior living	361,112	308,625	713,332	620,698
Office	60,301	57,205	120,994	114,119
Total property-level operating expenses	421,413	365,830	834,326	734,817
Office building services costs	534	552	649	1,290
General, administrative and professional fees	36,656	33,282	73,830	67,243
(Gain) loss on extinguishment of debt, net	(93)	36	10,884	345
Merger-related expenses and deal costs	4,494	6,043	21,830	8,099
Other	3,527	1,848	6,647	3,036
Total expenses	803,194	745,271	1,629,342	1,479,097
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	139,110	150,219	256,667	299,836
(Loss) income from unconsolidated entities	(6,371)	(106)	(47,110)	3,044
Income tax benefit	734	2,159	3,976	5,304
Income from continuing operations	133,473	152,272	213,533	308,184
Discontinued operations	0	(23)	(10)	(76)
Gain on real estate dispositions	35,827	719	35,875	44,008
Net income	169,300	152,968	249,398	352,116
Net income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Net income attributable to common stockholders	$ 166,519	$ 151,831	$ 245,222	$ 349,958
Basic:
Income from continuing operations (in usd per share)	$ 0.37	$ 0.43	$ 0.60	$ 0.87
Net income attributable to common stockholders (in usd per share)	0.47	0.43	0.69	0.99
Diluted:
Income from continuing operations (in usd per share)	0.37	0.42	0.59	0.86
Net income attributable to common stockholders (in usd per share)	$ 0.46	$ 0.42	$ 0.68	$ 0.98
Weighted average shares used in computing earnings per common share:
Basic (in shares)	356,228	355,024	356,175	354,719
Diluted (in shares)	359,000	358,311	358,931	357,919
Dividends declared per common share (in usd per share)	$ 0.79	$ 0.775	$ 1.58	$ 1.55

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 169,300	$ 152,968	$ 249,398	$ 352,116	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	(15,246)	8,286	(3,043)	12,368
Unrealized gain (loss) on marketable debt securities	12,857	(62)	12,685	(185)
Other	6,002	398	14,617	316
Total other comprehensive income	3,613	8,622	24,259	12,499	$ 22,414
Comprehensive income	172,913	161,590	273,657	364,615
Comprehensive income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Comprehensive income attributable to common stockholders	$ 170,132	$ 160,453	$ 269,481	$ 362,457

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	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	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	249,398	0	0	0	245,222	0	245,222	4,176
Other comprehensive income	24,259	0	0	24,259	0	0	24,259	0
Net change in noncontrolling interests	(10,979)	0	(1,465)	0	0	0	(1,465)	(9,514)
Dividends to common stockholders	(564,269)	0	0	0	(564,269)	0	(564,269)	0
Issuance of common stock for stock plans and other	4,764	16	4,258	0	0	490	4,764	0
Adjust redeemable OP Unitholder Interests to current fair value	4,286	0	4,286	0	0	0	4,286	0
Redemption of OP Units	(321)	0	(555)	0	0	234	(321)	0
Grant of restricted stock, net of forfeitures	7,603	40	8,818	0	0	(1,255)	7,603	0
Ending Balance at Jun. 30, 2018	$ 10,677,569	$ 89,085	$ 13,068,399	$ (10,861)	$ (2,529,102)	$ (573)	$ 10,616,948	$ 60,621

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 1.58	$ 3.115

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 249,398	$ 352,116
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	456,784	441,891
Amortization of deferred revenue and lease intangibles, net	(23,837)	(10,849)
Other non-cash amortization	8,650	6,584
Stock-based compensation	14,273	13,396
Straight-lining of rental income, net	28,085	(11,155)
Loss on extinguishment of debt, net	10,884	345
Gain on real estate dispositions	(35,875)	(44,008)
Gain on real estate loan investments	(13,202)	(4)
Income tax benefit	(5,317)	(7,104)
Loss (income) from unconsolidated entities	47,110	(17)
Gain on re-measurement of equity interest upon acquisition, net	0	(3,027)
Distributions from unconsolidated entities	2,634	3,134
Other	1,124	1,348
Changes in operating assets and liabilities:
Decrease in other assets	12,776	16,079
(Decrease) increase in accrued interest	(1,504)	4,550
Decrease in accounts payable and other liabilities	(41,647)	(39,878)
Net cash provided by operating activities	710,336	723,401
Cash flows from investing activities:
Net investment in real estate property	(12,257)	(324,492)
Investment in loans receivable and other	(211,554)	(718,233)
Proceeds from real estate disposals	312,243	104,570
Proceeds from loans receivable	866,097	25,067
Development project expenditures	(155,682)	(143,269)
Capital expenditures	(42,029)	(55,952)
Distributions from unconsolidated entities	6,792	0
Investment in unconsolidated entities	(40,033)	(39,048)
Insurance proceeds for property damage claims	2,329	1,393
Net cash provided by (used in) investing activities	725,906	(1,149,964)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(197,726)	364,456
Proceeds from debt	750,316	1,028,509
Repayment of debt	(1,431,887)	(656,536)
Purchase of noncontrolling interests	(2,429)	(15,809)
Payment of deferred financing costs	(6,348)	(19,687)
Issuance of common stock, net	0	73,596
Cash distribution to common stockholders	(563,395)	(550,965)
Cash distribution to redeemable OP Unitholders	(3,744)	(3,720)
Cash issued for redemption of OP and Class C Units	975	0
Contributions from noncontrolling interests	0	2,227
Distributions to noncontrolling interests	(7,808)	(4,156)
Other	(1,995)	9,702
Net cash (used in) provided by financing activities	(1,465,991)	227,617
Net decrease in cash, cash equivalents and restricted cash	(29,749)	(198,946)
Effect of foreign currency translation	(401)	3,288
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	158,103	171,696
Assets and liabilities assumed from acquisitions and other:
Real estate investments	28,916	205,266
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	0	(84,995)
Other assets	4,112	(4,096)
Debt	0	64,629
Other liabilities	15,944	65,754
Deferred income tax liability	0	(16,180)
Noncontrolling interest	0	1,972
Equity issued for redemption of OP and Class C units	$ 266	$ 22,359

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 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 June 30, 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 16 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 June 30, 2018 , we leased a total of 468 properties (excluding properties within our office reportable business segment) 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 June 30, 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 361 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, LLC (formerly 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, respectively, as of June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 or partners. We assess limited partners’ rights and their impact on our consolidation conclusions, and we reassess if there is a change to the terms or in the exercisability of the rights of the limited partners, the sole general partner increases or decreases its ownership of limited partnership (“LP”) interests or there is an increase or decrease in the number of outstanding LP interests. We also apply this guidance to managing member interests in limited liability companies (“LLCs”). We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in life science projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs and that we are the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. In general, the assets of consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. June 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 593,574 $ 196,361 $ 605,150 $ 199,958 Other identified VIEs 1,818,824 310,422 1,983,183 350,020 Tax credit VIEs 794,354 283,608 988,598 221,908 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. Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of June 30, 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 because 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 June 30, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $137.6 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 June 30, 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 markets tax credits (“NMTCs”). As of June 30, 2018 , we owned nine 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 June 30, 2018 and December 31, 2017 , this cumulative excess totaled $238.9 million (net of allowances of $43.5 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. 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 expect to utilize the practical expedients proposed in the Exposure Draft as part of our adoption of ASU 2016-02. Upon our adoption of ASU 2016-02, we will recognize both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We will also begin reporting revenues and expenses within our triple-net leased properties reportable business s

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of June 30, 2018 , Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 22.4% , 11.2% , 7.7% , 5.1% and 1.1% , respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of June 30, 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 22.3% and 39.3% 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 June 30, 2018 ). MOBs, life science and innovation centers, IRFs and LTACs, health systems, SNFs and secured loans receivable and investments collectively comprised the remaining 38.4% . Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 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 June 30, 2018 2017 Revenues (1) : Brookdale Senior Living (2)(3) 2.5 % 4.7 % Ardent 3.0 3.1 Kindred (4) 3.4 5.1 NOI: Brookdale Senior Living (2)(3) 4.3 % 7.9 % Ardent 5.5 5.2 Kindred (4) 6.3 8.6 (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) Includes impact of a net non-cash expense in the second quarter of 2018 of $21.3 million . See discussion below. (4) Includes 36 SNFs that were sold during 2017. 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 three months ended June 30, 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 July 2018, Kindred closed transactions (the “Go Private Transactions”) 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. In connection with the closing of the transactions, we received a payment from Kindred of $12.3 million , which will be recognized as income during the third quarter of 2018. In April 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. In connection with these agreements, we recognized a net non-cash expense of $21.3 million for the acceleration of straight-line rent receivables, net unamortized market lease intangibles and deferred revenues, which is included in triple-net leased rental income in our Consolidated Statements of Income. We also received a fee of $2.5 million that is being amortized over the new lease term. Senior Living Operations As of June 30, 2018 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 265 of our 361 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 six months ended June 30, 2018 , we recognized $18.2 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 Brookdale Senior Living 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. Kindred is not currently subject to the reporting requirements of the SEC, but was subject to such reporting requirements prior to the closing of the Go Private Transactions in July 2018. 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.

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 4—DISPOSITIONS 2018 Activity During the six months ended June 30, 2018 , we sold six seniors housing communities included in our senior living operations reportable business segment, five triple-net leased properties, nine MOBs and two vacant land parcels for aggregate consideration of $307.1 million , and we recognized a gain on the sale of these assets of $35.9 million . Real Estate Impairment We recognized impairments of $10.7 million and $15.6 million , respectively, for the six months ended June 30, 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 June 30, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. June 30, 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 (1) — $ 166 $ 671 3 $ 65,413 $ 60,265 Senior Living Operations 1 15,401 225 — — — Total 1 $ 15,567 $ 896 3 $ 65,413 $ 60,265 (1) Balances relate to anticipated post-closing settlements of working capital. In March 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

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2018
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2018 and December 31, 2017 , we had $780.3 million 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 June 30, 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 June 30, 2018: Secured/mortgage loans and other, net $ 466,632 $ 466,632 $ 445,194 $ — Government-sponsored pooled loan investments, net (1) 59,921 52,831 59,921 7,090 Total investments reported as Secured loans receivable and investments, net 526,553 519,463 505,115 7,090 Non-mortgage loans receivable, net 49,972 49,972 49,575 — Marketable debt securities (2) 203,760 197,363 203,760 6,397 Total loans receivable and investments, net $ 780,285 $ 766,798 $ 758,450 $ 13,487 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. (2) Investments in marketable debt securities have contractual maturity dates in 2026. 2018 Activity During the six months ended June 30, 2018 , we received $846.7 million for the full repayment of the principal balances of ten loans receivable with a weighted average interest rate of 9.1% that were due to mature between 2018 and 2033 . Included in the repayments above is $713 million that we received in June 2018 for the full repayment of the principal balance of a $700 million term loan and $13 million then outstanding on a revolving line of credit we made to a subsidiary of Ardent. We also received a $14.0 million cash pre-payment fee and accelerated recognition of the unamortized portion ( $13.2 million ) of a previously received cash “upfront” fee for the loans, resulting in income of $27.2 million , which is recorded in income from loans and investments in our Consolidated Statements of Income. In June 2018, we also made a $200 million investment in senior unsecured notes issued by a subsidiary of Ardent at a price of 98.6% of par value. The notes have an effective interest rate of 10.0% and mature in 2026. These marketable debt securities are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value. There was no impact on our 9.9%

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 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 June 30, 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 $2.3 million and $1.4 million for the three months ended June 30, 2018 and 2017 , respectively, and $4.0 million and $3.0 million for the six months ended June 30, 2018 and 2017 , which is included in office building and other services revenue in our Consolidated Statements of Income. In March 2018, we recognized an impairment charge of $35.7 million relating to one of our equity investments in an unconsolidated real estate joint venture consisting principally of SNFs, which is recorded in (loss) income from unconsolidated entities in our Consolidated Statements of Income. In July 2018, we sold our 25% interest to our joint venture partner and received $57.5 million at closing. In addition, our portion of debt related to investments in unconsolidated entities decreased by $23.3 million . We expect to record no gain or loss as a result of the sale. Given that we are no longer the managing member of the real estate joint venture, we will not receive annual management fees of approximately $4.6 million

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles as of June 30, 2018 and December 31, 2017 : June 30, 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 $ 184,111 6.9 $ 185,012 7.0 In-place and other lease intangibles 1,326,587 24.4 1,363,062 24.0 Goodwill 1,034,274 N/A 1,034,644 N/A Other intangibles 35,819 12.3 35,890 14.1 Accumulated amortization (886,238 ) N/A (864,576 ) N/A Net intangible assets $ 1,694,553 22.5 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 358,914 14.6 $ 359,118 13.7 Other lease intangibles 32,324 43.1 40,141 40.8 Accumulated amortization (184,803 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 210,003 16.6 $ 241,842 15.6 N/A—Not Applicable.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 238,884 $ 267,764 Non-mortgage loans receivable, net 49,972 59,857 Marketable debt securities 203,760 — Other intangibles, net 5,916 6,496 Investment in unconsolidated operating entities 62,816 49,738 Other 166,129 189,924 Total other assets $ 727,477 $ 573,779

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 302,820 $ 535,832 Secured revolving construction credit facility due 2022 36,337 2,868 2.00% Senior Notes due 2018 — 700,000 4.00% Senior Notes due 2019 — 600,000 3.00% Senior Notes, Series A due 2019 (2) 304,645 318,041 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) 190,403 198,776 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) 209,444 218,653 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 190,404 198,776 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 1,336,801 1,308,564 Total 10,504,977 11,365,633 Deferred financing costs, net (71,540 ) (73,093 ) Unamortized fair value adjustment (106 ) 12,139 Unamortized discounts (30,434 ) (28,617 ) Senior notes payable and other debt $ 10,402,897 $ 11,276,062 (1) As of June 30, 2018 and December 31, 2017 , respectively, $23.2 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $29.6 million and $31.1 million were denominated in British pounds as of June 30, 2018 and December 31, 2017 , respectively. (2) These borrowings are in the form of Canadian dollars. As of June 30, 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 $ 30,158 $ — $ 11,587 $ 41,745 2019 717,177 — 17,527 734,704 2020 1,475,860 — 14,748 1,490,608 2021 772,868 302,820 13,386 1,089,074 2022 1,444,489 — 11,841 1,456,330 Thereafter (2) 5,606,042 — 86,474 5,692,516 Total maturities $ 10,046,594 $ 302,820 $ 155,563 $ 10,504,977 (1) At June 30, 2018 , we had $93.7 million of unrestricted cash and cash equivalents, for $209.1 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 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 2023 and 2028. Credit Facilities and Unsecured Term Loans Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of June 30, 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 June 30, 2018 , we had $302.8 million of borrowings outstanding, $22.7 million of letters of credit outstanding and $2.7 billion of unused borrowing capacity available under our unsecured revolving credit facility. In July 2018, we entered into a new $900.0 million unsecured term loan facility priced at LIBOR plus 0.90% . The new term loan facility is comprised of a $300.0 million term loan that matures in 2023 and a $600.0 million term loan that matures in 2024. The new term loan facility also includes an accordion feature that permits us to increase our aggregate borrowings thereunder to up to $1.5 billion . This unsecured term loan facility replaced and repaid in full our $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975% . As of June 30, 2018 , we also had a $400.0 million secured revolving construction credit facility with $36.3 million of borrowings outstanding and $363.7 million of unused borrowing capacity. The secured revolving construction credit facility matures in 2022 and is primarily used to finance life science and innovation center and other construction projects. 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 During the six months ended June 30, 2018 , we entered into $300 million notional value 10 year forward starting swaps that reduce 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

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS As of June 30, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 93,684 $ 93,684 $ 81,355 $ 81,355 Secured mortgage loans and other, net 466,632 445,194 1,291,694 1,286,322 Non-mortgage loans receivable, net 49,972 49,575 59,857 58,849 Marketable debt securities 203,760 203,760 — — Government-sponsored pooled loan investments 59,921 59,921 54,665 54,665 Derivative instruments 11,342 11,342 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 10,504,977 10,417,455 11,365,633 11,600,750 Derivative instruments 14,986 14,986 5,435 5,435 Redeemable OP Unitholder Interests 137,575 137,575 146,252 146,252 For a discussion of the assumptions considered, refer to “ NOTE 2—ACCOUNTING POLICIES

LITIGATION

LITIGATION	6 Months Ended
	Jun. 30, 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

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, 2018 and 2017 were benefits of $0.7 million and $2.2 million , respectively. Our consolidated provisions for income taxes for the six months ended June 30, 2018 and 2017 were benefits of $4.0 million and $5.3 million , respectively. The income tax benefits for the three months and six months ended June 30, 2018 and 2017 were each due primarily to net 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 $240.9 million and $250.1 million as of June 30, 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 June 30, 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,

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (48,623 ) $ (45,580 ) Accumulated unrealized gain on marketable debt securities 13,487 802 Other 24,275 9,658 Total accumulated other comprehensive loss $ (10,861 ) $ (35,120 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 133,473 $ 152,272 $ 213,533 $ 308,184 Discontinued operations — (23 ) (10 ) (76 ) Gain on real estate dispositions 35,827 719 35,875 44,008 Net income 169,300 152,968 249,398 352,116 Net income attributable to noncontrolling interests 2,781 1,137 4,176 2,158 Net income attributable to common stockholders $ 166,519 $ 151,831 $ 245,222 $ 349,958 Denominator: Denominator for basic earnings per share—weighted average shares 356,228 355,024 356,175 354,719 Effect of dilutive securities: Stock options 115 596 120 501 Restricted stock awards 236 225 211 193 OP Unitholder Interests 2,421 2,466 2,425 2,506 Denominator for diluted earnings per share—adjusted weighted average shares 359,000 358,311 358,931 357,919 Basic earnings per share: Income from continuing operations $ 0.37 $ 0.43 $ 0.60 $ 0.87 Net income attributable to common stockholders 0.47 0.43 0.69 0.99 Diluted earnings per share: Income from continuing operations $ 0.37 $ 0.42 $ 0.59 $ 0.86 Net income attributable to common stockholders 0.46 0.42 0.68 0.98

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of June 30, 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 June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 167,870 $ — $ 192,392 $ — $ 360,262 Resident fees and services — 518,989 — — 518,989 Office building and other services revenue 1,177 — 1,977 1,135 4,289 Income from loans and investments — — — 56,417 56,417 Interest and other income — — — 2,347 2,347 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Less: Interest and other income — — — 2,347 2,347 Property-level operating expenses — 361,112 60,301 — 421,413 Office building services costs — — 534 — 534 Segment NOI 169,047 157,877 133,534 57,552 518,010 (Loss) income from unconsolidated entities (4,694 ) (1,714 ) 885 (848 ) (6,371 ) Segment profit $ 164,353 $ 156,163 $ 134,419 $ 56,704 511,639 Interest and other income 2,347 Interest expense (113,029 ) Depreciation and amortization (223,634 ) General, administrative and professional fees (36,656 ) Gain on extinguishment of debt, net 93 Merger-related expenses and deal costs (4,494 ) Other (3,527 ) Income tax benefit 734 Income from continuing operations $ 133,473 For the Three Months Ended June 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 213,258 $ — $ 186,240 $ — $ 399,498 Resident fees and services — 460,243 — — 460,243 Office building and other services revenue 1,125 — 1,848 206 3,179 Income from loans and investments — — — 32,368 32,368 Interest and other income — — — 202 202 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Less: Interest and other income — — — 202 202 Property-level operating expenses — 308,625 57,205 — 365,830 Office building services costs — — 552 — 552 Segment NOI 214,383 151,618 130,331 32,574 528,906 Income (loss) from unconsolidated entities 377 (381 ) 298 (400 ) (106 ) Segment profit $ 214,760 $ 151,237 $ 130,629 $ 32,174 528,800 Interest and other income 202 Interest expense (113,572 ) Depreciation and amortization (224,108 ) General, administrative and professional fees (33,282 ) Loss on extinguishment of debt, net (36 ) Merger-related expenses and deal costs (6,043 ) Other (1,848 ) Income tax benefit 2,159 Income from continuing operations $ 152,272 For the Six Months Ended June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 358,511 $ — $ 386,560 $ — $ 745,071 Resident fees and services — 1,033,742 — — 1,033,742 Office building and other services revenue 2,320 — 3,610 1,687 7,617 Income from loans and investments — — — 87,598 87,598 Interest and other income — — — 11,981 11,981 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Less: Interest and other income — — — 11,981 11,981 Property-level operating expenses — 713,332 120,994 — 834,326 Office building services costs — — 649 — 649 Segment NOI 360,831 320,410 268,527 89,285 1,039,053 (Loss) income from unconsolidated entities (43,349 ) (2,354 ) 265 (1,672 ) (47,110 ) Segment profit $ 317,482 $ 318,056 $ 268,792 $ 87,613 991,943 Interest and other income 11,981 Interest expense (224,392 ) Depreciation and amortization (456,784 ) General, administrative and professional fees (73,830 ) Loss on extinguishment of debt, net (10,884 ) Merger-related expenses and deal costs (21,830 ) Other (6,647 ) Income tax benefit 3,976 Income from continuing operations $ 213,533 For the Six Months Ended June 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 422,585 $ — $ 372,135 $ — $ 794,720 Resident fees and services — 924,431 — — 924,431 Office building and other services revenue 2,330 — 3,779 476 6,585 Income from loans and investments — — — 52,514 52,514 Interest and other income — — — 683 683 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Less: Interest and other income — — — 683 683 Property-level operating expenses — 620,698 114,119 — 734,817 Office building services costs — — 1,290 — 1,290 Segment NOI 424,915 303,733 260,505 52,990 1,042,143 Income (loss) from unconsolidated entities 3,646 (457 ) 633 (778 ) 3,044 Segment profit $ 428,561 $ 303,276 $ 261,138 $ 52,212 1,045,187 Interest and other income 683 Interest expense (222,376 ) Depreciation and amortization (441,891 ) General, administrative and professional fees (67,243 ) Loss on extinguishment of debt, net (345 ) Merger-related expenses and deal costs (8,099 ) Other (3,036 ) Income tax benefit 5,304 Income from continuing operations $ 308,184 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 15,340 $ 48,143 $ 21,008 $ 141,952 Senior living operations 24,177 30,056 54,754 51,381 Office operations 64,495 51,390 134,206 245,386 Total capital expenditures $ 104,012 $ 129,589 $ 209,968 $ 438,719 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues: United States $ 887,265 $ 844,623 $ 1,774,975 $ 1,677,443 Canada 47,750 44,412 96,321 89,008 United Kingdom 7,289 6,455 14,713 12,482 Total revenues $ 942,304 $ 895,490 $ 1,886,009 $ 1,778,933 As of June 30, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,837,522 $ 19,253,724 Canada 1,013,440 1,070,903 United Kingdom 284,708 297,827 Total net real estate property $ 20,135,670 $ 20,622,454

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,671 $ 116,666 $ 20,643,376 $ — $ 20,763,713 Cash and cash equivalents 10,292 — 83,392 — 93,684 Escrow deposits and restricted cash 7,573 128 56,718 — 64,419 Investment in and advances to affiliates 14,959,960 2,723,780 — (17,683,740 ) — Goodwill — — 1,034,274 — 1,034,274 Assets held for sale — — 15,567 — 15,567 Other assets 52,886 10,030 664,561 — 727,477 Total assets $ 15,034,382 $ 2,850,604 $ 22,497,888 $ (17,683,740 ) $ 22,699,134 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,041,058 $ 2,361,839 $ — $ 10,402,897 Intercompany loans 7,358,514 (5,198,356 ) (2,160,158 ) — — Accrued interest (8,262 ) 77,506 23,868 — 93,112 Accounts payable and other liabilities 356,239 31,034 746,629 — 1,133,902 Liabilities related to assets held for sale — — 896 — 896 Deferred income taxes 594 — 240,347 — 240,941 Total liabilities 7,707,085 2,951,242 1,213,421 — 11,871,748 Redeemable OP Unitholder and noncontrolling interests 12,242 — 137,575 — 149,817 Total equity 7,315,055 (100,638 ) 21,146,892 (17,683,740 ) 10,677,569 Total liabilities and equity $ 15,034,382 $ 2,850,604 $ 22,497,888 $ (17,683,740 ) $ 22,699,134 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 7,129 — 74,226 — 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 $ 14,890,811 $ 3,045,154 $ 23,720,722 $ (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 7,835,685 (7,127,547 ) (708,138 ) — — Accrued interest (6,410 ) 77,691 22,677 — 93,958 Accounts payable and other liabilities 377,536 24,635 781,318 — 1,183,489 Liabilities related to assets held for sale — — 60,265 — 60,265 Deferred income taxes 608 — 249,484 — 250,092 Total liabilities 8,207,419 1,870,420 2,786,027 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests 12,237 — 146,253 — 158,490 Total equity 6,671,155 1,174,734 20,788,442 (17,702,146 ) 10,932,185 Total liabilities and equity $ 14,890,811 $ 3,045,154 $ 23,720,722 $ (17,702,146 ) $ 23,954,541 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 255 $ 34,299 $ 325,708 $ — $ 360,262 Resident fees and services — — 518,989 — 518,989 Office building and other services revenue — — 4,289 — 4,289 Income from loans and investments 272 — 56,145 — 56,417 Equity earnings in affiliates 143,760 — (563 ) (143,197 ) — Interest and other income 2,069 — 278 — 2,347 Total revenues 146,356 34,299 904,846 (143,197 ) 942,304 Expenses Interest (28,295 ) 82,644 58,680 — 113,029 Depreciation and amortization 1,373 1,422 220,839 — 223,634 Property-level operating expenses — 82 421,331 — 421,413 Office building services costs — — 534 — 534 General, administrative and professional fees (409 ) 4,614 32,451 — 36,656 (Gain) loss on extinguishment of debt, net (14 ) 1,787 (1,866 ) — (93 ) Merger-related expenses and deal costs 4,164 — 330 — 4,494 Other 2,327 — 1,200 — 3,527 Total expenses (20,854 ) 90,549 733,499 — 803,194 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 167,210 (56,250 ) 171,347 (143,197 ) 139,110 Loss from unconsolidated entities — — (6,371 ) — (6,371 ) Income tax (expense) benefit (129 ) — 863 — 734 Income (loss) from continuing operations 167,081 (56,250 ) 165,839 (143,197 ) 133,473 Discontinued operations — — — — — (Loss) gain on real estate dispositions (562 ) — 36,389 — 35,827 Net income (loss) 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Net income attributable to noncontrolling interests — — 2,781 — 2,781 Net income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 199,447 $ (143,197 ) $ 166,519 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 596 $ 48,451 $ 350,451 $ — $ 399,498 Resident fees and services — — 460,243 — 460,243 Office building and other services revenue — — 3,179 — 3,179 Income from loans and investments 319 — 32,049 — 32,368 Equity earnings in affiliates 131,210 — (404 ) (130,806 ) — Interest and other income 28 — 174 — 202 Total revenues 132,153 48,451 845,692 (130,806 ) 895,490 Expenses Interest (27,732 ) 81,516 59,788 — 113,572 Depreciation and amortization 1,419 2,239 220,450 — 224,108 Property-level operating expenses — 83 365,747 — 365,830 Office building services costs — — 552 — 552 General, administrative and professional fees 186 4,630 28,466 — 33,282 Loss (gain) on extinguishment of debt, net — 418 (382 ) — 36 Merger-related expenses and deal costs 5,783 — 260 — 6,043 Other 466 — 1,382 — 1,848 Total expenses (19,878 ) 88,886 676,263 — 745,271 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 152,031 (40,435 ) 169,429 (130,806 ) 150,219 Loss from unconsolidated entities — — (106 ) — (106 ) Income tax (expense) benefit (177 ) — 2,336 — 2,159 Income (loss) from continuing operations 151,854 (40,435 ) 171,659 (130,806 ) 152,272 Discontinued operations (23 ) — — — (23 ) Gain on real estate dispositions — — 719 — 719 Net income (loss) 151,831 (40,435 ) 172,378 (130,806 ) 152,968 Net income attributable to noncontrolling interests — — 1,137 — 1,137 Net income (loss) attributable to common stockholders $ 151,831 $ (40,435 ) $ 171,241 $ (130,806 ) $ 151,831 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 856 $ 68,685 $ 675,530 $ — $ 745,071 Resident fees and services — — 1,033,742 — 1,033,742 Office building and other services revenue — — 7,617 — 7,617 Income from loans and investments 763 — 86,835 — 87,598 Equity earnings in affiliates 204,055 — (1,206 ) (202,849 ) — Interest and other income 11,391 — 590 — 11,981 Total revenues 217,065 68,685 1,803,108 (202,849 ) 1,886,009 Expenses Interest (56,990 ) 164,956 116,426 — 224,392 Depreciation and amortization 2,717 2,866 451,201 — 456,784 Property-level operating expenses — 154 834,172 — 834,326 Office building services costs — — 649 — 649 General, administrative and professional fees 148 8,664 65,018 — 73,830 Loss (gain) on extinguishment of debt, net 154 12,596 (1,866 ) — 10,884 Merger-related expenses and deal costs 20,410 — 1,420 — 21,830 Other 4,496 — 2,151 — 6,647 Total expenses (29,065 ) 189,236 1,469,171 — 1,629,342 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 246,130 (120,551 ) 333,937 (202,849 ) 256,667 Loss from unconsolidated entities — — (47,110 ) — (47,110 ) Income tax (expense) benefit (338 ) — 4,314 — 3,976 Income (loss) from continuing operations 245,792 (120,551 ) 291,141 (202,849 ) 213,533 Discontinued operations (10 ) — — — (10 ) (Loss) gain on real estate dispositions (560 ) — 36,435 — 35,875 Net income (loss) 245,222 (120,551 ) 327,576 (202,849 ) 249,398 Net income attributable to noncontrolling interests — — 4,176 — 4,176 Net income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 323,400 $ (202,849 ) $ 245,222 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,181 $ 96,270 $ 697,269 $ — $ 794,720 Resident fees and services — — 924,431 — 924,431 Office building and other services revenue — — 6,585 — 6,585 Income from loans and investments 600 — 51,914 — 52,514 Equity earnings in affiliates 314,751 — (598 ) (314,153 ) — Interest and other income 371 — 312 — 683 Total revenues 316,903 96,270 1,679,913 (314,153 ) 1,778,933 Expenses Interest (44,367 ) 156,306 110,437 — 222,376 Depreciation and amortization 2,827 4,608 434,456 — 441,891 Property-level operating expenses — 165 734,652 — 734,817 Office building services costs — — 1,290 — 1,290 General, administrative and professional fees 313 9,330 57,600 — 67,243 Loss (gain) on extinguishment of debt, net — 438 (93 ) — 345 Merger-related expenses and deal costs 7,646 — 453 — 8,099 Other 119 — 2,917 — 3,036 Total expenses (33,462 ) 170,847 1,341,712 — 1,479,097 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 350,365 (74,577 ) 338,201 (314,153 ) 299,836 Income from unconsolidated entities — — 3,044 — 3,044 Income tax (expense) benefit (331 ) — 5,635 — 5,304 Income (loss) from continuing operations 350,034 (74,577 ) 346,880 (314,153 ) 308,184 Discontinued operations (76 ) — — — (76 ) Gain on real estate dispositions — 14,781 29,227 — 44,008 Net income (loss) 349,958 (59,796 ) 376,107 (314,153 ) 352,116 Net income attributable to noncontrolling interests — — 2,158 — 2,158 Net income (loss) attributable to common stockholders $ 349,958 $ (59,796 ) $ 373,949 $ (314,153 ) $ 349,958 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 166,519 $ (56,250 ) $ 202,228 $ (143,197 ) 169,300 Other comprehensive income (loss): Foreign currency translation — — (15,246 ) — (15,246 ) Unrealized gain on marketable debt securities — — 12,857 — 12,857 Other — — 6,002 — 6,002 Total other comprehensive income — — 3,613 — 3,613 Comprehensive income (loss) 166,519 (56,250 ) 205,841 (143,197 ) 172,913 Comprehensive income attributable to noncontrolling interests — — 2,781 — 2,781 Comprehensive income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 203,060 $ (143,197 ) $ 170,132 For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 151,831 $ (40,435 ) $ 172,378 $ (130,806 ) $ 152,968 Other comprehensive income (loss): Foreign currency translation — — 8,286 — 8,286 Unrealized loss on marketable debt securities — — (62 ) — (62 ) Other — — 398 — 398 Total other comprehensive income — — 8,622 — 8,622 Comprehensive income (loss) 151,831 (40,435 ) 181,000 (130,806 ) 161,590 Comprehensive income attributable to noncontrolling interests — — 1,137 — 1,137 Comprehensive income (loss) attributable to common stockholders $ 151,831 $ (40,435 ) $ 179,863 $ (130,806 ) $ 160,453 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 245,222 $ (120,551 ) $ 327,576 $ (202,849 ) $ 249,398 Other comprehensive income (loss): Foreign currency translation — — (3,043 ) — (3,043 ) Unrealized gain on marketable debt securities — — 12,685 — 12,685 Other — — 14,617 — 14,617 Total other comprehensive income — — 24,259 — 24,259 Comprehensive income (loss) 245,222 (120,551 ) 351,835 (202,849 ) 273,657 Comprehensive income attributable to noncontrolling interests — — 4,176 — 4,176 Comprehensive income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 347,659 $ (202,849 ) $ 269,481 For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 349,958 $ (59,796 ) $ 376,107 $ (314,153 ) $ 352,116 Other comprehensive income (loss): Foreign currency translation — — 12,368 — 12,368 Unrealized loss on marketable debt securities — — (185 ) — (185 ) Other — — 316 — 316 Total other comprehensive income — — 12,499 — 12,499 Comprehensive income (loss) 349,958 (59,796 ) 388,606 (314,153 ) 364,615 Comprehensive income attributable to noncontrolling interests — — 2,158 — 2,158 Comprehensive income (loss) attributable to common stockholders $ 349,958 $ (59,796 ) $ 386,448 $ (314,153 ) $ 362,457 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (3,651 ) $ (107,438 ) $ 821,425 $ — $ 710,336 Cash flows from investing activities: Net investment in real estate property (12,257 ) — — — (12,257 ) Investment in loans receivable and other (2,830 ) — (208,724 ) — (211,554 ) Proceeds from real estate disposals 312,243 — — — 312,243 Proceeds from loans receivable 1,452 — 864,645 — 866,097 Development project expenditures — — (155,682 ) — (155,682 ) Capital expenditures — — (42,029 ) — (42,029 ) Distributions from unconsolidated entities 6,792 — — — 6,792 Investment in unconsolidated entities — — (40,033 ) — (40,033 ) Insurance proceeds for property damage claims — — 2,329 — 2,329 Net cash provided by investing activities 305,400 — 420,506 — 725,906 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — (192,531 ) (5,195 ) — (197,726 ) Proceeds from debt — 655,044 95,272 — 750,316 Repayment of debt — (1,311,098 ) (120,789 ) — (1,431,887 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 237,376 961,644 (1,199,020 ) — — Payment of deferred financing costs — (5,621 ) (727 ) — (6,348 ) Cash distribution from (to) affiliates 7,358 — (7,358 ) — — Cash distribution to common stockholders (563,395 ) — — — (563,395 ) Cash distribution to redeemable OP unitholders — — (3,744 ) — (3,744 ) Cash issued for redemption of OP and Class C Units — — (975 ) — (975 ) Distributions to noncontrolling interests — — (7,808 ) — (7,808 ) Other (1,995 ) — — — (1,995 ) Net cash (used in) provided by financing activities (323,085 ) 107,438 (1,250,344 ) — (1,465,991 ) Net decrease in cash, cash equivalents and restricted cash (21,336 ) — (8,413 ) — (29,749 ) Effect of foreign currency translation (7,744 ) — 7,343 — (401 ) Cash, cash equivalents and restricted cash at beginning of period 46,945 128 141,180 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 17,865 $ 128 $ 140,110 $ — $ 158,103 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 41,315 $ (46,928 ) $ 729,014 $ — $ 723,401 Cash flows from investing activities: Net investment in real estate property (295,114 ) — (29,378 ) — (324,492 ) Investment in loans receivable and other (2,575 ) — (715,658 ) — (718,233 ) Proceeds from real estate disposals 104,570 — — — 104,570 Proceeds from loans receivable 21 — 25,046 — 25,067 Development project expenditures — — (143,269 ) — (143,269 ) Capital expenditures — (15 ) (55,937 ) — (55,952 ) Investment in unconsolidated entities — — (39,048 ) — (39,048 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash used in investing activities (193,098 ) (15 ) (956,851 ) — (1,149,964 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 453,000 (88,544 ) — 364,456 Proceeds from debt — 793,904 234,605 — 1,028,509 Repayment of debt — (300,019 ) (356,517 ) — (656,536 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 795,816 (892,894 ) 97,078 — — Payment of deferred financing costs — (18,262 ) (1,425 ) — (19,687 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (370,552 ) 11,291 359,261 — — Cash distribution to common stockholders (550,965 ) — — — (550,965 ) Cash distribution to redeemable OP unitholders — — (3,720 ) — (3,720 ) Contributions from noncontrolling interest — — 2,227 — 2,227 Distributions to noncontrolling interests — — (4,156 ) — (4,156 ) Other 9,702 — — — 9,702 Net cash (used in) provided by financing activities (58,212 ) 47,020 238,809 — 227,617 Net (decrease) increase in cash, cash equivalents and restricted cash (209,995 ) 77 10,972 — (198,946 ) Effect of foreign currency translation 16,529 — (13,241 ) — 3,288 Cash, cash equivalents and restricted cash at beginning of period 207,789 1,504 158,061 — 367,354 Cash, cash equivalents and restricted cash at end of period $ 14,323 $ 1,581 $ 155,792 $ — $ 171,696

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 or partners. 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
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. June 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 593,574 $ 196,361 $ 605,150 $ 199,958 Other identified VIEs 1,818,824 310,422 1,983,183 350,020 Tax credit VIEs 794,354 283,608 988,598 221,908
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, our share of the investee’s earnings or losses is included in our Consolidated Statements of Income. We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments.
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. Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of June 30, 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 because 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 June 30, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $137.6 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 June 30, 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
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 markets tax credits (“NMTCs”). As of June 30, 2018 , we owned nine 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.
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 -
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 June 30, 2018 and December 31, 2017 , this cumulative excess totaled $238.9 million (net of allowances of $43.5 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. 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 expect to utilize the practical expedients proposed in the Exposure Draft as part of our adoption of ASU 2016-02. Upon our adoption of ASU 2016-02, we will recognize both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We will also begin reporting revenues and expenses within our triple-net leased properties reportable business segment for real estate taxes and insurance that are the obligations of the tenants in accordance with their respective leases with us. This reporting will have no impact on our net income. Also, upon adoption, we will begin expensing certain leasing costs, other than leasing commissions, as they are incurred, which may reduce our net income. Current GAAP provides for the deferral and amortization of such costs over the applicable lease term. We will continue to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms. We are currently confirming our existing catalogue of all of our leases, evaluating the initial balance sheet impact and developing processes and internal controls to account for all leases under 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 required 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)	6 Months Ended
	Jun. 30, 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. June 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 593,574 $ 196,361 $ 605,150 $ 199,958 Other identified VIEs 1,818,824 310,422 1,983,183 350,020 Tax credit VIEs 794,354 283,608 988,598 221,908

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 2017 Revenues (1) : Brookdale Senior Living (2)(3) 2.5 % 4.7 % Ardent 3.0 3.1 Kindred (4) 3.4 5.1 NOI: Brookdale Senior Living (2)(3) 4.3 % 7.9 % Ardent 5.5 5.2 Kindred (4) 6.3 8.6 (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) Includes impact of a net non-cash expense in the second quarter of 2018 of $21.3 million . See discussion below. (4) Includes 36 SNFs that were sold during 2017.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. June 30, 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 (1) — $ 166 $ 671 3 $ 65,413 $ 60,265 Senior Living Operations 1 15,401 225 — — — Total 1 $ 15,567 $ 896 3 $ 65,413 $ 60,265 (1) Balances relate to anticipated post-closing settlements of working capital.

LOANS RECEIVABLE AND INVESTME29

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2018: Secured/mortgage loans and other, net $ 466,632 $ 466,632 $ 445,194 $ — Government-sponsored pooled loan investments, net (1) 59,921 52,831 59,921 7,090 Total investments reported as Secured loans receivable and investments, net 526,553 519,463 505,115 7,090 Non-mortgage loans receivable, net 49,972 49,972 49,575 — Marketable debt securities (2) 203,760 197,363 203,760 6,397 Total loans receivable and investments, net $ 780,285 $ 766,798 $ 758,450 $ 13,487 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. (2)

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of June 30, 2018 and December 31, 2017 : June 30, 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 $ 184,111 6.9 $ 185,012 7.0 In-place and other lease intangibles 1,326,587 24.4 1,363,062 24.0 Goodwill 1,034,274 N/A 1,034,644 N/A Other intangibles 35,819 12.3 35,890 14.1 Accumulated amortization (886,238 ) N/A (864,576 ) N/A Net intangible assets $ 1,694,553 22.5 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 358,914 14.6 $ 359,118 13.7 Other lease intangibles 32,324 43.1 40,141 40.8 Accumulated amortization (184,803 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 210,003 16.6 $ 241,842 15.6

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 : June 30, December 31, (In thousands) Straight-line rent receivables, net $ 238,884 $ 267,764 Non-mortgage loans receivable, net 49,972 59,857 Marketable debt securities 203,760 — Other intangibles, net 5,916 6,496 Investment in unconsolidated operating entities 62,816 49,738 Other 166,129 189,924 Total other assets $ 727,477 $ 573,779

SENIOR NOTES PAYABLE AND OTHE32

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 302,820 $ 535,832 Secured revolving construction credit facility due 2022 36,337 2,868 2.00% Senior Notes due 2018 — 700,000 4.00% Senior Notes due 2019 — 600,000 3.00% Senior Notes, Series A due 2019 (2) 304,645 318,041 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) 190,403 198,776 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) 209,444 218,653 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 190,404 198,776 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 1,336,801 1,308,564 Total 10,504,977 11,365,633 Deferred financing costs, net (71,540 ) (73,093 ) Unamortized fair value adjustment (106 ) 12,139 Unamortized discounts (30,434 ) (28,617 ) Senior notes payable and other debt $ 10,402,897 $ 11,276,062 (1) As of June 30, 2018 and December 31, 2017 , respectively, $23.2 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $29.6 million and $31.1 million were denominated in British pounds as of June 30, 2018 and December 31, 2017 , respectively. (2)
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 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 $ 30,158 $ — $ 11,587 $ 41,745 2019 717,177 — 17,527 734,704 2020 1,475,860 — 14,748 1,490,608 2021 772,868 302,820 13,386 1,089,074 2022 1,444,489 — 11,841 1,456,330 Thereafter (2) 5,606,042 — 86,474 5,692,516 Total maturities $ 10,046,594 $ 302,820 $ 155,563 $ 10,504,977 (1) At June 30, 2018 , we had $93.7 million of unrestricted cash and cash equivalents, for $209.1 million of net borrowings outstanding under our unsecured revolving credit facility. (2) Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 2027, and $23.0 million aggregate principal amount of 6.59%

FAIR VALUES OF FINANCIAL INST33

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of June 30, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 93,684 $ 93,684 $ 81,355 $ 81,355 Secured mortgage loans and other, net 466,632 445,194 1,291,694 1,286,322 Non-mortgage loans receivable, net 49,972 49,575 59,857 58,849 Marketable debt securities 203,760 203,760 — — Government-sponsored pooled loan investments 59,921 59,921 54,665 54,665 Derivative instruments 11,342 11,342 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 10,504,977 10,417,455 11,365,633 11,600,750 Derivative instruments 14,986 14,986 5,435 5,435 Redeemable OP Unitholder Interests 137,575 137,575 146,252 146,252

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of June 30, 2018 and December 31, 2017 : June 30, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (48,623 ) $ (45,580 ) Accumulated unrealized gain on marketable debt securities 13,487 802 Other 24,275 9,658 Total accumulated other comprehensive loss $ (10,861 ) $ (35,120 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 133,473 $ 152,272 $ 213,533 $ 308,184 Discontinued operations — (23 ) (10 ) (76 ) Gain on real estate dispositions 35,827 719 35,875 44,008 Net income 169,300 152,968 249,398 352,116 Net income attributable to noncontrolling interests 2,781 1,137 4,176 2,158 Net income attributable to common stockholders $ 166,519 $ 151,831 $ 245,222 $ 349,958 Denominator: Denominator for basic earnings per share—weighted average shares 356,228 355,024 356,175 354,719 Effect of dilutive securities: Stock options 115 596 120 501 Restricted stock awards 236 225 211 193 OP Unitholder Interests 2,421 2,466 2,425 2,506 Denominator for diluted earnings per share—adjusted weighted average shares 359,000 358,311 358,931 357,919 Basic earnings per share: Income from continuing operations $ 0.37 $ 0.43 $ 0.60 $ 0.87 Net income attributable to common stockholders 0.47 0.43 0.69 0.99 Diluted earnings per share: Income from continuing operations $ 0.37 $ 0.42 $ 0.59 $ 0.86 Net income attributable to common stockholders 0.46 0.42 0.68 0.98

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 167,870 $ — $ 192,392 $ — $ 360,262 Resident fees and services — 518,989 — — 518,989 Office building and other services revenue 1,177 — 1,977 1,135 4,289 Income from loans and investments — — — 56,417 56,417 Interest and other income — — — 2,347 2,347 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Less: Interest and other income — — — 2,347 2,347 Property-level operating expenses — 361,112 60,301 — 421,413 Office building services costs — — 534 — 534 Segment NOI 169,047 157,877 133,534 57,552 518,010 (Loss) income from unconsolidated entities (4,694 ) (1,714 ) 885 (848 ) (6,371 ) Segment profit $ 164,353 $ 156,163 $ 134,419 $ 56,704 511,639 Interest and other income 2,347 Interest expense (113,029 ) Depreciation and amortization (223,634 ) General, administrative and professional fees (36,656 ) Gain on extinguishment of debt, net 93 Merger-related expenses and deal costs (4,494 ) Other (3,527 ) Income tax benefit 734 Income from continuing operations $ 133,473 For the Three Months Ended June 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 213,258 $ — $ 186,240 $ — $ 399,498 Resident fees and services — 460,243 — — 460,243 Office building and other services revenue 1,125 — 1,848 206 3,179 Income from loans and investments — — — 32,368 32,368 Interest and other income — — — 202 202 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Total revenues $ 214,383 $ 460,243 $ 188,088 $ 32,776 $ 895,490 Less: Interest and other income — — — 202 202 Property-level operating expenses — 308,625 57,205 — 365,830 Office building services costs — — 552 — 552 Segment NOI 214,383 151,618 130,331 32,574 528,906 Income (loss) from unconsolidated entities 377 (381 ) 298 (400 ) (106 ) Segment profit $ 214,760 $ 151,237 $ 130,629 $ 32,174 528,800 Interest and other income 202 Interest expense (113,572 ) Depreciation and amortization (224,108 ) General, administrative and professional fees (33,282 ) Loss on extinguishment of debt, net (36 ) Merger-related expenses and deal costs (6,043 ) Other (1,848 ) Income tax benefit 2,159 Income from continuing operations $ 152,272 For the Six Months Ended June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 358,511 $ — $ 386,560 $ — $ 745,071 Resident fees and services — 1,033,742 — — 1,033,742 Office building and other services revenue 2,320 — 3,610 1,687 7,617 Income from loans and investments — — — 87,598 87,598 Interest and other income — — — 11,981 11,981 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Less: Interest and other income — — — 11,981 11,981 Property-level operating expenses — 713,332 120,994 — 834,326 Office building services costs — — 649 — 649 Segment NOI 360,831 320,410 268,527 89,285 1,039,053 (Loss) income from unconsolidated entities (43,349 ) (2,354 ) 265 (1,672 ) (47,110 ) Segment profit $ 317,482 $ 318,056 $ 268,792 $ 87,613 991,943 Interest and other income 11,981 Interest expense (224,392 ) Depreciation and amortization (456,784 ) General, administrative and professional fees (73,830 ) Loss on extinguishment of debt, net (10,884 ) Merger-related expenses and deal costs (21,830 ) Other (6,647 ) Income tax benefit 3,976 Income from continuing operations $ 213,533 For the Six Months Ended June 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 422,585 $ — $ 372,135 $ — $ 794,720 Resident fees and services — 924,431 — — 924,431 Office building and other services revenue 2,330 — 3,779 476 6,585 Income from loans and investments — — — 52,514 52,514 Interest and other income — — — 683 683 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Total revenues $ 424,915 $ 924,431 $ 375,914 $ 53,673 $ 1,778,933 Less: Interest and other income — — — 683 683 Property-level operating expenses — 620,698 114,119 — 734,817 Office building services costs — — 1,290 — 1,290 Segment NOI 424,915 303,733 260,505 52,990 1,042,143 Income (loss) from unconsolidated entities 3,646 (457 ) 633 (778 ) 3,044 Segment profit $ 428,561 $ 303,276 $ 261,138 $ 52,212 1,045,187 Interest and other income 683 Interest expense (222,376 ) Depreciation and amortization (441,891 ) General, administrative and professional fees (67,243 ) Loss on extinguishment of debt, net (345 ) Merger-related expenses and deal costs (8,099 ) Other (3,036 ) Income tax benefit 5,304 Income from continuing operations $ 308,184
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 15,340 $ 48,143 $ 21,008 $ 141,952 Senior living operations 24,177 30,056 54,754 51,381 Office operations 64,495 51,390 134,206 245,386 Total capital expenditures $ 104,012 $ 129,589 $ 209,968 $ 438,719
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 June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 (In thousands) Revenues: United States $ 887,265 $ 844,623 $ 1,774,975 $ 1,677,443 Canada 47,750 44,412 96,321 89,008 United Kingdom 7,289 6,455 14,713 12,482 Total revenues $ 942,304 $ 895,490 $ 1,886,009 $ 1,778,933
Net real estate property by geographic area	As of June 30, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,837,522 $ 19,253,724 Canada 1,013,440 1,070,903 United Kingdom 284,708 297,827 Total net real estate property $ 20,135,670 $ 20,622,454

CONDENSED CONSOLIDATING INFOR37

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of June 30, 2018 and December 31, 2017 and for the three and six months ended June 30, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,671 $ 116,666 $ 20,643,376 $ — $ 20,763,713 Cash and cash equivalents 10,292 — 83,392 — 93,684 Escrow deposits and restricted cash 7,573 128 56,718 — 64,419 Investment in and advances to affiliates 14,959,960 2,723,780 — (17,683,740 ) — Goodwill — — 1,034,274 — 1,034,274 Assets held for sale — — 15,567 — 15,567 Other assets 52,886 10,030 664,561 — 727,477 Total assets $ 15,034,382 $ 2,850,604 $ 22,497,888 $ (17,683,740 ) $ 22,699,134 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,041,058 $ 2,361,839 $ — $ 10,402,897 Intercompany loans 7,358,514 (5,198,356 ) (2,160,158 ) — — Accrued interest (8,262 ) 77,506 23,868 — 93,112 Accounts payable and other liabilities 356,239 31,034 746,629 — 1,133,902 Liabilities related to assets held for sale — — 896 — 896 Deferred income taxes 594 — 240,347 — 240,941 Total liabilities 7,707,085 2,951,242 1,213,421 — 11,871,748 Redeemable OP Unitholder and noncontrolling interests 12,242 — 137,575 — 149,817 Total equity 7,315,055 (100,638 ) 21,146,892 (17,683,740 ) 10,677,569 Total liabilities and equity $ 15,034,382 $ 2,850,604 $ 22,497,888 $ (17,683,740 ) $ 22,699,134 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 7,129 — 74,226 — 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 $ 14,890,811 $ 3,045,154 $ 23,720,722 $ (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 7,835,685 (7,127,547 ) (708,138 ) — — Accrued interest (6,410 ) 77,691 22,677 — 93,958 Accounts payable and other liabilities 377,536 24,635 781,318 — 1,183,489 Liabilities related to assets held for sale — — 60,265 — 60,265 Deferred income taxes 608 — 249,484 — 250,092 Total liabilities 8,207,419 1,870,420 2,786,027 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests 12,237 — 146,253 — 158,490 Total equity 6,671,155 1,174,734 20,788,442 (17,702,146 ) 10,932,185 Total liabilities and equity $ 14,890,811 $ 3,045,154 $ 23,720,722 $ (17,702,146 ) $ 23,954,541
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 255 $ 34,299 $ 325,708 $ — $ 360,262 Resident fees and services — — 518,989 — 518,989 Office building and other services revenue — — 4,289 — 4,289 Income from loans and investments 272 — 56,145 — 56,417 Equity earnings in affiliates 143,760 — (563 ) (143,197 ) — Interest and other income 2,069 — 278 — 2,347 Total revenues 146,356 34,299 904,846 (143,197 ) 942,304 Expenses Interest (28,295 ) 82,644 58,680 — 113,029 Depreciation and amortization 1,373 1,422 220,839 — 223,634 Property-level operating expenses — 82 421,331 — 421,413 Office building services costs — — 534 — 534 General, administrative and professional fees (409 ) 4,614 32,451 — 36,656 (Gain) loss on extinguishment of debt, net (14 ) 1,787 (1,866 ) — (93 ) Merger-related expenses and deal costs 4,164 — 330 — 4,494 Other 2,327 — 1,200 — 3,527 Total expenses (20,854 ) 90,549 733,499 — 803,194 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 167,210 (56,250 ) 171,347 (143,197 ) 139,110 Loss from unconsolidated entities — — (6,371 ) — (6,371 ) Income tax (expense) benefit (129 ) — 863 — 734 Income (loss) from continuing operations 167,081 (56,250 ) 165,839 (143,197 ) 133,473 Discontinued operations — — — — — (Loss) gain on real estate dispositions (562 ) — 36,389 — 35,827 Net income (loss) 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Net income attributable to noncontrolling interests — — 2,781 — 2,781 Net income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 199,447 $ (143,197 ) $ 166,519 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 596 $ 48,451 $ 350,451 $ — $ 399,498 Resident fees and services — — 460,243 — 460,243 Office building and other services revenue — — 3,179 — 3,179 Income from loans and investments 319 — 32,049 — 32,368 Equity earnings in affiliates 131,210 — (404 ) (130,806 ) — Interest and other income 28 — 174 — 202 Total revenues 132,153 48,451 845,692 (130,806 ) 895,490 Expenses Interest (27,732 ) 81,516 59,788 — 113,572 Depreciation and amortization 1,419 2,239 220,450 — 224,108 Property-level operating expenses — 83 365,747 — 365,830 Office building services costs — — 552 — 552 General, administrative and professional fees 186 4,630 28,466 — 33,282 Loss (gain) on extinguishment of debt, net — 418 (382 ) — 36 Merger-related expenses and deal costs 5,783 — 260 — 6,043 Other 466 — 1,382 — 1,848 Total expenses (19,878 ) 88,886 676,263 — 745,271 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 152,031 (40,435 ) 169,429 (130,806 ) 150,219 Loss from unconsolidated entities — — (106 ) — (106 ) Income tax (expense) benefit (177 ) — 2,336 — 2,159 Income (loss) from continuing operations 151,854 (40,435 ) 171,659 (130,806 ) 152,272 Discontinued operations (23 ) — — — (23 ) Gain on real estate dispositions — — 719 — 719 Net income (loss) 151,831 (40,435 ) 172,378 (130,806 ) 152,968 Net income attributable to noncontrolling interests — — 1,137 — 1,137 Net income (loss) attributable to common stockholders $ 151,831 $ (40,435 ) $ 171,241 $ (130,806 ) $ 151,831 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 856 $ 68,685 $ 675,530 $ — $ 745,071 Resident fees and services — — 1,033,742 — 1,033,742 Office building and other services revenue — — 7,617 — 7,617 Income from loans and investments 763 — 86,835 — 87,598 Equity earnings in affiliates 204,055 — (1,206 ) (202,849 ) — Interest and other income 11,391 — 590 — 11,981 Total revenues 217,065 68,685 1,803,108 (202,849 ) 1,886,009 Expenses Interest (56,990 ) 164,956 116,426 — 224,392 Depreciation and amortization 2,717 2,866 451,201 — 456,784 Property-level operating expenses — 154 834,172 — 834,326 Office building services costs — — 649 — 649 General, administrative and professional fees 148 8,664 65,018 — 73,830 Loss (gain) on extinguishment of debt, net 154 12,596 (1,866 ) — 10,884 Merger-related expenses and deal costs 20,410 — 1,420 — 21,830 Other 4,496 — 2,151 — 6,647 Total expenses (29,065 ) 189,236 1,469,171 — 1,629,342 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 246,130 (120,551 ) 333,937 (202,849 ) 256,667 Loss from unconsolidated entities — — (47,110 ) — (47,110 ) Income tax (expense) benefit (338 ) — 4,314 — 3,976 Income (loss) from continuing operations 245,792 (120,551 ) 291,141 (202,849 ) 213,533 Discontinued operations (10 ) — — — (10 ) (Loss) gain on real estate dispositions (560 ) — 36,435 — 35,875 Net income (loss) 245,222 (120,551 ) 327,576 (202,849 ) 249,398 Net income attributable to noncontrolling interests — — 4,176 — 4,176 Net income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 323,400 $ (202,849 ) $ 245,222 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,181 $ 96,270 $ 697,269 $ — $ 794,720 Resident fees and services — — 924,431 — 924,431 Office building and other services revenue — — 6,585 — 6,585 Income from loans and investments 600 — 51,914 — 52,514 Equity earnings in affiliates 314,751 — (598 ) (314,153 ) — Interest and other income 371 — 312 — 683 Total revenues 316,903 96,270 1,679,913 (314,153 ) 1,778,933 Expenses Interest (44,367 ) 156,306 110,437 — 222,376 Depreciation and amortization 2,827 4,608 434,456 — 441,891 Property-level operating expenses — 165 734,652 — 734,817 Office building services costs — — 1,290 — 1,290 General, administrative and professional fees 313 9,330 57,600 — 67,243 Loss (gain) on extinguishment of debt, net — 438 (93 ) — 345 Merger-related expenses and deal costs 7,646 — 453 — 8,099 Other 119 — 2,917 — 3,036 Total expenses (33,462 ) 170,847 1,341,712 — 1,479,097 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 350,365 (74,577 ) 338,201 (314,153 ) 299,836 Income from unconsolidated entities — — 3,044 — 3,044 Income tax (expense) benefit (331 ) — 5,635 — 5,304 Income (loss) from continuing operations 350,034 (74,577 ) 346,880 (314,153 ) 308,184 Discontinued operations (76 ) — — — (76 ) Gain on real estate dispositions — 14,781 29,227 — 44,008 Net income (loss) 349,958 (59,796 ) 376,107 (314,153 ) 352,116 Net income attributable to noncontrolling interests — — 2,158 — 2,158 Net income (loss) attributable to common stockholders $ 349,958 $ (59,796 ) $ 373,949 $ (314,153 ) $ 349,958
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 166,519 $ (56,250 ) $ 202,228 $ (143,197 ) 169,300 Other comprehensive income (loss): Foreign currency translation — — (15,246 ) — (15,246 ) Unrealized gain on marketable debt securities — — 12,857 — 12,857 Other — — 6,002 — 6,002 Total other comprehensive income — — 3,613 — 3,613 Comprehensive income (loss) 166,519 (56,250 ) 205,841 (143,197 ) 172,913 Comprehensive income attributable to noncontrolling interests — — 2,781 — 2,781 Comprehensive income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 203,060 $ (143,197 ) $ 170,132 For the Three Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 151,831 $ (40,435 ) $ 172,378 $ (130,806 ) $ 152,968 Other comprehensive income (loss): Foreign currency translation — — 8,286 — 8,286 Unrealized loss on marketable debt securities — — (62 ) — (62 ) Other — — 398 — 398 Total other comprehensive income — — 8,622 — 8,622 Comprehensive income (loss) 151,831 (40,435 ) 181,000 (130,806 ) 161,590 Comprehensive income attributable to noncontrolling interests — — 1,137 — 1,137 Comprehensive income (loss) attributable to common stockholders $ 151,831 $ (40,435 ) $ 179,863 $ (130,806 ) $ 160,453 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 245,222 $ (120,551 ) $ 327,576 $ (202,849 ) $ 249,398 Other comprehensive income (loss): Foreign currency translation — — (3,043 ) — (3,043 ) Unrealized gain on marketable debt securities — — 12,685 — 12,685 Other — — 14,617 — 14,617 Total other comprehensive income — — 24,259 — 24,259 Comprehensive income (loss) 245,222 (120,551 ) 351,835 (202,849 ) 273,657 Comprehensive income attributable to noncontrolling interests — — 4,176 — 4,176 Comprehensive income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 347,659 $ (202,849 ) $ 269,481 For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 349,958 $ (59,796 ) $ 376,107 $ (314,153 ) $ 352,116 Other comprehensive income (loss): Foreign currency translation — — 12,368 — 12,368 Unrealized loss on marketable debt securities — — (185 ) — (185 ) Other — — 316 — 316 Total other comprehensive income — — 12,499 — 12,499 Comprehensive income (loss) 349,958 (59,796 ) 388,606 (314,153 ) 364,615 Comprehensive income attributable to noncontrolling interests — — 2,158 — 2,158 Comprehensive income (loss) attributable to common stockholders $ 349,958 $ (59,796 ) $ 386,448 $ (314,153 ) $ 362,457
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (3,651 ) $ (107,438 ) $ 821,425 $ — $ 710,336 Cash flows from investing activities: Net investment in real estate property (12,257 ) — — — (12,257 ) Investment in loans receivable and other (2,830 ) — (208,724 ) — (211,554 ) Proceeds from real estate disposals 312,243 — — — 312,243 Proceeds from loans receivable 1,452 — 864,645 — 866,097 Development project expenditures — — (155,682 ) — (155,682 ) Capital expenditures — — (42,029 ) — (42,029 ) Distributions from unconsolidated entities 6,792 — — — 6,792 Investment in unconsolidated entities — — (40,033 ) — (40,033 ) Insurance proceeds for property damage claims — — 2,329 — 2,329 Net cash provided by investing activities 305,400 — 420,506 — 725,906 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — (192,531 ) (5,195 ) — (197,726 ) Proceeds from debt — 655,044 95,272 — 750,316 Repayment of debt — (1,311,098 ) (120,789 ) — (1,431,887 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 237,376 961,644 (1,199,020 ) — — Payment of deferred financing costs — (5,621 ) (727 ) — (6,348 ) Cash distribution from (to) affiliates 7,358 — (7,358 ) — — Cash distribution to common stockholders (563,395 ) — — — (563,395 ) Cash distribution to redeemable OP unitholders — — (3,744 ) — (3,744 ) Cash issued for redemption of OP and Class C Units — — (975 ) — (975 ) Distributions to noncontrolling interests — — (7,808 ) — (7,808 ) Other (1,995 ) — — — (1,995 ) Net cash (used in) provided by financing activities (323,085 ) 107,438 (1,250,344 ) — (1,465,991 ) Net decrease in cash, cash equivalents and restricted cash (21,336 ) — (8,413 ) — (29,749 ) Effect of foreign currency translation (7,744 ) — 7,343 — (401 ) Cash, cash equivalents and restricted cash at beginning of period 46,945 128 141,180 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 17,865 $ 128 $ 140,110 $ — $ 158,103 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 41,315 $ (46,928 ) $ 729,014 $ — $ 723,401 Cash flows from investing activities: Net investment in real estate property (295,114 ) — (29,378 ) — (324,492 ) Investment in loans receivable and other (2,575 ) — (715,658 ) — (718,233 ) Proceeds from real estate disposals 104,570 — — — 104,570 Proceeds from loans receivable 21 — 25,046 — 25,067 Development project expenditures — — (143,269 ) — (143,269 ) Capital expenditures — (15 ) (55,937 ) — (55,952 ) Investment in unconsolidated entities — — (39,048 ) — (39,048 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash used in investing activities (193,098 ) (15 ) (956,851 ) — (1,149,964 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 453,000 (88,544 ) — 364,456 Proceeds from debt — 793,904 234,605 — 1,028,509 Repayment of debt — (300,019 ) (356,517 ) — (656,536 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 795,816 (892,894 ) 97,078 — — Payment of deferred financing costs — (18,262 ) (1,425 ) — (19,687 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (370,552 ) 11,291 359,261 — — Cash distribution to common stockholders (550,965 ) — — — (550,965 ) Cash distribution to redeemable OP unitholders — — (3,720 ) — (3,720 ) Contributions from noncontrolling interest — — 2,227 — 2,227 Distributions to noncontrolling interests — — (4,156 ) — (4,156 ) Other 9,702 — — — 9,702 Net cash (used in) provided by financing activities (58,212 ) 47,020 238,809 — 227,617 Net (decrease) increase in cash, cash equivalents and restricted cash (209,995 ) 77 10,972 — (198,946 ) Effect of foreign currency translation 16,529 — (13,241 ) — 3,288 Cash, cash equivalents and restricted cash at beginning of period 207,789 1,504 158,061 — 367,354 Cash, cash equivalents and restricted cash at end of period $ 14,323 $ 1,581 $ 155,792 $ — $ 171,696

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	6 Months Ended
	Jun. 30, 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	16
Number of properties included in investments in unconsolidated entities	5
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	361

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
NHP/PMB L.P.
Variable Interest Entity
Total assets	$ 593,574	$ 605,150
Total liabilities	196,361	199,958
Other Identified VIEs
Variable Interest Entity
Total assets	1,818,824	1,983,183
Total liabilities	310,422	350,020
Tax Credit VIEs
Variable Interest Entity
Total assets	794,354	988,598
Total liabilities	$ 283,608	$ 221,908

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)
Redeemable Noncontrolling Interest
Fair value of operating partnership units exceeding cost | $	$ 137.6	$ 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)	Jun. 30, 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	9

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	Jun. 30, 2018	Dec. 31, 2017
Revenue Recognition [Abstract]
Straight-line rent receivables	$ 238,884	$ 267,764
Straight-line rent receivables, allowance	$ 43,500	$ 117,800

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) - Customer Concentration Risk	6 Months Ended
	Jun. 30, 2018stateprovince
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
Continuing revenues and NOI from properties located in California	10.00%
Total Gross Book Value of Properties | Hospitals, Medical Office Building, and Other
Concentration Risk
Concentration percentage	38.40%
Total Gross Book Value of Properties | Senior Living Operations
Concentration Risk
Concentration percentage	39.30%
Total Gross Book Value of Properties | Seniors Housing Communities | Triple-Net Leased Properties
Concentration Risk
Concentration percentage	22.30%
Atria | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	22.40%
Sunrise | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	11.20%
Brookdale Senior Living | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	7.70%
Ardent | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	5.10%
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	1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 27, 2018USD ($)	Jun. 30, 2018USD ($)property	Apr. 30, 2018USD ($)periodLease	Jun. 30, 2018USD ($)property	Jun. 30, 2017property	Jun. 30, 2018property
Medical Office Buildings
Concentration Risk
Number of real estate properties sold | property						9
Senior Living Operations
Concentration Risk
Number of real estate properties sold | property						6
Brookdale Senior Living
Concentration Risk
Number of seniors housing community included in senior living operations | property		1		1		1
Fee received | $			$ 2.5
Master leases | Lease			1
Renewal options | period			2
Lease renewal option term			10 years
Non-cash expense | $			$ 21.3	$ 21.3
Ardent
Concentration Risk
Fee received | $		$ 14
Kindred | Skilled Nursing Facilities [Member]
Concentration Risk
Number of real estate properties sold | property					36
Revenue from Rights Concentration Risk | Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage				2.50%	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%	5.10%
Revenue from Rights Concentration Risk | NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage				4.30%	7.90%
Revenue from Rights Concentration Risk | NOI | Ardent
Concentration Risk
Concentration percentage				5.50%	5.20%
Revenue from Rights Concentration Risk | NOI | Kindred
Concentration Risk
Concentration percentage				6.30%	8.60%
Subsequent Event | Kindred
Concentration Risk
Fee received | $	$ 12.3

CONCENTRATION OF CREDIT RISK 47

CONCENTRATION OF CREDIT RISK - Senior Living Operations (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2018USD ($)property	Jun. 30, 2018USD ($)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 | $		$ 18,200,000
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		361
Seniors Housing Communities | Atria and Sunrise
Concentration Risk
Number of independent third party managed properties | property		265

DISPOSITIONS - Narrative (Detai

DISPOSITIONS - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)propertyparcel	Jun. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Vacant parcels sold | parcel	2
Proceeds from sale of real estate | $	$ 307.1
Net gain on the sale of assets, net of tax | $	35.9
Impairment of real estate | $	$ 10.7	$ 15.6
Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold | property	9
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold | property	6
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of real estate properties sold | property	5

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Classified As Held For Sale (Details) $ in Thousands	6 Months Ended
	Jun. 30, 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	1	3
Assets held for sale	$ 15,567	$ 65,413
Liabilities related to assets held for sale	$ 896	$ 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	0	3
Assets held for sale	$ 166	$ 65,413
Liabilities related to assets held for sale	$ 671	$ 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	1	0
Assets held for sale	$ 15,401	$ 0
Liabilities related to assets held for sale	$ 225	$ 0

LOANS RECEIVABLE AND INVESTME50

LOANS RECEIVABLE AND INVESTMENTS - Narrative 1 (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Loans Receivable And Investments [Abstract]
Net loans receivable and investments relating to seniors housing and healthcare operators or properties	$ 780.3	$ 1,400

LOANS RECEIVABLE AND INVESTME51

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, carrying amount	$ 526,553	$ 1,346,359
Total investments reported as Secured loans receivable and investments, net, amortized cost	519,463	1,345,557
Total investments reported as Secured loans receivable and investments, net, fair value	505,115	1,340,987
Total investments reported as Secured loans receivable and investments, net, unrealized gain	7,090	802
Total investments reported as Secured loans receivable and investments, net, unrealized gain	13,487	802
Total loans receivable and investments, net, carrying amount	780,285	1,406,216
Total loans receivable and investments, net, amortized cost	766,798	1,405,414
Total loans receivable and investments, net, fair value	758,450	1,399,836
Total loans receivable and investments, net, unrealized gain	7,090	802
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	7,090	802
Total loans receivable and investments, net, unrealized gain	7,090	802
Government-sponsored pooled loan investments, net, carrying amount and fair value	59,921	54,665
Government-sponsored pooled loan investments, amortized cost	52,831	53,863
Debt Securities
Accounts, Notes, Loans and Financing Receivable
Total investments reported as Secured loans receivable and investments, net, unrealized gain	6,397
Total loans receivable and investments, net, unrealized gain	6,397
Government-sponsored pooled loan investments, net, carrying amount and fair value	203,760	0
Government-sponsored pooled loan investments, amortized cost	197,363
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	466,632	1,291,694
Secured/mortgage loans and other, net, amortized cost	466,632	1,291,694
Secured/mortgage loans and other, net, fair value	445,194	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	49,972	59,857
Non-mortgage loans receivable, net, amortized cost	49,972	59,857
Non-mortgage loans receivable, net, fair value	$ 49,575	$ 58,849

LOANS RECEIVABLE AND INVESTME52

LOANS RECEIVABLE AND INVESTMENTS - Narrative 2 (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)loan	Jun. 30, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable
Gains (losses) on real estate loan investments		$ 13,202	$ 4
Number of loans repaid | loan		10
Weighted average interest rate	9.10%	9.10%
Full Repayments on Loans Receivable
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable		$ 846,700
Ardent Medical Services, Inc
Accounts, Notes, Loans and Financing Receivable
Ownership interests accounted for under the equity method	9.90%	9.90%
Ardent
Accounts, Notes, Loans and Financing Receivable
Fee received	$ 14,000
Accelerated recognition of unamortized fees received	13,200
Gains (losses) on real estate loan investments	27,200
Ardent | Full Repayments on Loans Receivable
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	713,000
Ardent | Mortgage receivable
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	700,000
Ardent | Revolving Credit Facility
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	13,000
Ardent subsidiary
Accounts, Notes, Loans and Financing Receivable
Marketable securities	$ 200,000	$ 200,000
Offering price, as a percentage of par value	98.60%	98.60%
Effective interest rate	10.00%	10.00%

INVESTMENTS IN UNCONSOLIDATED53

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 27, 2018USD ($)	Mar. 31, 2018USD ($)joint_venture	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)
Equity method investments
Management fees earned			$ 2,300,000	$ 1,400,000	$ 4,000,000	$ 3,000,000
Impairment loss on equity method investment in a real estate joint venture		$ 35,700,000
Atria
Equity method investments
Ownership interests accounted for under the equity method			34.00%		34.00%
Eclipse Senior Living
Equity method investments
Ownership interests accounted for under the equity method			34.00%		34.00%
Ardent
Equity method investments
Ownership interests accounted for under the equity method			9.90%		9.90%
Real Estate Joint Ventures
Equity method investments
Ownership interests accounted for under the equity method			25.00%		25.00%
Number of real estate properties owned by joint ventures | property			31		31
Equity investments in an unconsolidated real estate venture with recognized impairment | joint_venture		1
Subsequent Event | Real Estate Joint Ventures
Equity method investments
Ownership interests accounted for under the equity method	25.00%
Proceeds from sale of joint venture interest	$ 57,500,000
Decrease in debt related to investment in unconsolidated entities	23,300,000
Subsequent Event | Scenario, Forecast | Real Estate Joint Ventures
Equity method investments
Gain (loss) on sale of joint venture interest	0
Potential management fee revenue lost due to sale of interest in joint venture	$ 4,600,000

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Intangible assets:
Goodwill	$ 1,034,274	$ 1,034,644
Accumulated amortization	(886,238)	(864,576)
Net intangible assets	$ 1,694,553	$ 1,754,032
Remaining weighted average amortization period in years	22 years 6 months	22 years 1 month 6 days
Intangible liabilities:
Below market lease intangibles	$ 358,914	$ 359,118
Other lease intangibles	32,324	40,141
Accumulated amortization	(184,803)	(160,985)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 210,003	$ 241,842
Below market leases, remaining weighted average amortization period (in years)	14 years 7 months 6 days	13 years 8 months 12 days
Other lease intangibles, remaining weighted average amortization period (in years)	43 years 1 month 6 days	40 years 9 months 18 days
Net intangible liabilities, remaining weighted average amortization period (in years)	16 years 7 months 6 days	15 years 7 months 6 days
Above Market Lease Intangibles
Intangible assets:
Intangible assets	$ 184,111	$ 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	$ 1,326,587	$ 1,363,062
Remaining weighted average amortization period in years	24 years 4 months 24 days	24 years
Other Intangibles
Intangible assets:
Intangible assets	$ 35,819	$ 35,890
Remaining weighted average amortization period in years	12 years 3 months 18 days	14 years 1 month 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 238,884	$ 267,764
Non-mortgage loans receivable, net	49,972	59,857
Marketable debt securities	203,760
Other intangibles, net	5,916	6,496
Investment in unconsolidated operating entities	62,816	49,738
Other	166,129	189,924
Total other assets	$ 727,477	$ 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	6 Months Ended
	Jun. 30, 2018	Feb. 28, 2018	Dec. 31, 2017
Debt instruments
Document Period End Date	Jun. 30, 2018
Senior notes payable and other debt, gross	$ 10,504,977		$ 11,365,633
Deferred financing costs, net	(71,540)		(73,093)
Unamortized fair value adjustment	(106)		12,139
Unamortized discounts	(30,434)		(28,617)
Senior notes payable and other debt	10,402,897		11,276,062
Unsecured Revolving Credit Facility
Debt instruments
Senior notes payable and other debt, gross	302,820		535,832
Unsecured Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Senior notes payable and other debt, gross	23,200		28,700
Unsecured Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Senior notes payable and other debt, gross	29,600		31,100
Secured Revolving Construction Credit Facility due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 36,337		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	$ 0		600,000
3.00% Senior Notes, Series A due 2019
Debt instruments
Interest rate	3.00%
Senior notes payable and other debt, gross	$ 304,645		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	$ 190,403		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	$ 209,444		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	$ 190,404		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	$ 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	$ 1,336,801		$ 1,308,564

SENIOR NOTES PAYABLE AND OTHE57

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	$ 41,745
2,019	734,704
2,020	1,490,608
2,021	1,089,074
2,022	1,456,330
Thereafter	5,692,516
Total maturities	10,504,977	$ 11,365,633
Unrestricted cash and cash equivalents	93,684	81,355
Unsecured revolving credit facility borrowings outstanding, net of cash and cash equivalents	209,100
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	30,158
2,019	717,177
2,020	1,475,860
2,021	772,868
2,022	1,444,489
Thereafter	5,606,042
Total maturities	10,046,594
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	302,820
2,022	0
Thereafter	0
Total maturities	302,820	$ 535,832
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	11,587
2,019	17,527
2,020	14,748
2,021	13,386
2,022	11,841
Thereafter	86,474
Total maturities	155,563
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 - Credit Facilities and Unsecured Term Loan (Details)	1 Months Ended	6 Months Ended
	Jul. 27, 2018USD ($)	Jun. 30, 2018USD ($)period	Apr. 30, 2018USD ($)	Feb. 28, 2018USD ($)	Dec. 31, 2017USD ($)
Debt instruments
Unsecured revolving credit facility borrowings outstanding		$ 209,100,000
Senior notes payable and other debt, gross		10,504,977,000			$ 11,365,633,000
Senior notes payable and other debt		10,402,897,000			11,276,062,000
Unsecured Term Loan Due 2020
Debt instruments
Senior notes payable and other debt, gross		900,000,000			900,000,000
Secured Revolving Construction Credit Facility due 2022
Debt instruments
Unsecured revolving credit facility, maximum borrowing capacity		400,000,000
Revolving credit facility unused borrowing capacity		363,700,000
Senior notes payable and other debt, gross		36,337,000			2,868,000
4.00% Senior Notes due 2019
Debt instruments
Senior notes payable and other debt, gross			$ 97,900,000
2.00% Senior Notes due 2018
Debt instruments
Senior notes payable and other debt, gross		0			700,000,000
4.00% Senior Notes due 2028
Debt instruments
Senior notes payable and other debt, gross		650,000,000		$ 650,000,000	$ 0
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		$ 302,800,000
Letters of credit outstanding		22,700,000
Revolving credit facility unused borrowing capacity		$ 2,700,000,000
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
Subsequent Event | Accordion Feature
Debt instruments
Senior notes payable and other debt	$ 1,500,000,000
Subsequent Event | Unsecured Term Loan Due 2020
Debt instruments
Senior notes payable and other debt, gross	$ 900,000,000
Subsequent Event | Unsecured Term Loan Due 2020 | LIBOR
Debt instruments
Variable interest rate	0.975%
Subsequent Event | Unsecured Term Loan Due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 300,000,000
Subsequent Event | Unsecured Term Loan Due 2024
Debt instruments
Senior notes payable and other debt, gross	600,000,000
Subsequent Event | Unsecured Term Loan Due Facility
Debt instruments
Senior notes payable and other debt, gross	$ 900,000,000
Subsequent Event | Unsecured Term Loan Due Facility | LIBOR
Debt instruments
Variable interest rate	0.90%

SENIOR NOTES PAYABLE AND OTHE59

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Apr. 30, 2018	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Debt instruments
Senior notes payable and other debt, gross			$ 10,504,977		$ 10,504,977		$ 11,365,633
Proceeds from issuance of debt					750,316	$ 1,028,509
Gain on extinguishment of debt, net			93	$ (36)	(10,884)	$ (345)
Unsecured term loan due 2020
Debt instruments
Senior notes payable and other debt, gross			900,000		900,000		900,000
4.00% Senior Notes due 2028
Debt instruments
Senior notes payable and other debt, gross		$ 650,000	$ 650,000		$ 650,000		0
Interest rate		4.00%	4.00%		4.00%
Public offering price as percent of par		99.233%
Proceeds from issuance of debt		$ 645,000
4.00% Senior Notes due 2019
Debt instruments
Senior notes payable and other debt, gross	$ 97,900
Interest rate	4.00%	4.00%
Public offering price as percent of par		101.83%
Senior notes redeemed		$ 502,100
Gain on extinguishment of debt, net	$ 1,800	$ 11,000
2.00% Senior Notes due 2018
Debt instruments
Senior notes payable and other debt, gross			$ 0		$ 0		$ 700,000
Interest rate		2.00%	2.00%		2.00%
Repayments of long-term debt		$ 700,000

SENIOR NOTES PAYABLE AND OTHE60

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgage Loan Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Debt instruments
Gain (Loss) on Extinguishment of Debt	$ 93	$ (36)	$ (10,884)	$ (345)

SENIOR NOTES PAYABLE AND OTHE61

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Feb. 28, 2018	Jun. 30, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative notional amount			$ 200
Term of derivative		10 years
Weighted average interest rate		9.10%
Gain on derivative	$ 10
4.00% Senior Notes due 2028
Derivative [Line Items]
Interest rate	4.00%	4.00%
Forward Starting Swap
Derivative [Line Items]
Derivative notional amount		$ 300
Weighted average interest rate		2.84%

FAIR VALUES OF FINANCIAL INST62

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Carrying Amount
Assets:
Cash and cash equivalents	$ 93,684	$ 81,355
Liabilities:
Senior notes payable and other debt, gross		11,365,633
Derivative instruments	14,986	5,435
Redeemable OP Unitholder Interests	137,575	146,252
Carrying Amount | Government-Sponsored Pooled Loan Investments
Assets:
Derivative instruments	59,921	54,665
Carrying Amount | Derivative Instruments
Assets:
Derivative instruments	11,342	7,248
Carrying Amount | Secured Mortgage Loans and Other, net
Assets:
Loans receivable	466,632	1,291,694
Carrying Amount | Non-Mortgage Loan Receivable
Assets:
Loans receivable	49,972	59,857
Fair Value
Assets:
Cash and cash equivalents	93,684	81,355
Liabilities:
Senior notes payable and other debt, fair value	10,417,455	11,600,750
Derivative instruments	14,986	5,435
Redeemable OP Unitholder Interests	137,575	146,252
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Derivative instruments	59,921	54,665
Fair Value | Derivative Instruments
Assets:
Derivative instruments	11,342	7,248
Fair Value | Secured Mortgage Loans and Other, net
Assets:
Loans receivable	445,194	1,286,322
Fair Value | Non-Mortgage Loan Receivable
Assets:
Loans receivable	$ 49,575	$ 58,849

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (expense) benefit	$ 734	$ 2,159	$ 3,976	$ 5,304
Deferred income taxes	$ 240,941		240,941		$ 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	Jun. 30, 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	Jun. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Foreign currency translation	$ (48,623)	$ (45,580)
Accumulated unrealized gain on marketable debt securities	13,487	802
Other	24,275	9,658
Total accumulated other comprehensive loss	$ (10,861)	$ (35,120)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 133,473	$ 152,272	$ 213,533	$ 308,184
Discontinued operations	0	(23)	(10)	(76)
Gain on real estate dispositions	35,827	719	35,875	44,008
Net income	169,300	152,968	249,398	352,116	$ 1,361,112
Net income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Net income attributable to common stockholders	$ 166,519	$ 151,831	$ 245,222	$ 349,958
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	356,228	355,024	356,175	354,719
Effect of dilutive securities:
Stock options (in shares)	115	596	120	501
Restricted stock awards (in shares)	236	225	211	193
OP Unitholder Interests (in shares)	2,421	2,466	2,425	2,506
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	359,000	358,311	358,931	357,919
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.37	$ 0.43	$ 0.60	$ 0.87
Net income attributable to common stockholders (in usd per share)	0.47	0.43	0.69	0.99
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.37	0.42	0.59	0.86
Net income attributable to common stockholders (in usd per share)	$ 0.46	$ 0.42	$ 0.68	$ 0.98

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Rental income	$ 360,262	$ 399,498	$ 745,071	$ 794,720
Resident fees and services	518,989	460,243	1,033,742	924,431
Office building and other services revenue	4,289	3,179	7,617	6,585
Income from loans and investments	56,417	32,368	87,598	52,514
Interest and other income	2,347	202	11,981	683
Total revenues	942,304	895,490	1,886,009	1,778,933
Less:
Interest and other income	2,347	202	11,981	683
Property-level operating expenses	421,413	365,830	834,326	734,817
Office building services costs	534	552	649	1,290
Segment NOI	518,010	528,906	1,039,053	1,042,143
Income (loss) from unconsolidated entities	(6,371)	(106)	(47,110)	3,044
Segment profit	511,639	528,800	991,943	1,045,187
Interest and other income	2,347	202	11,981	683
Interest expense	(113,029)	(113,572)	(224,392)	(222,376)
Depreciation and amortization	(223,634)	(224,108)	(456,784)	(441,891)
General, administrative and professional fees	(36,656)	(33,282)	(73,830)	(67,243)
Gain on extinguishment of debt, net	93	(36)	(10,884)	(345)
Merger-related expenses and deal costs	(4,494)	(6,043)	(21,830)	(8,099)
Other	(3,527)	(1,848)	(6,647)	(3,036)
Income tax benefit	734	2,159	3,976	5,304
Income from continuing operations	133,473	152,272	213,533	308,184
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	167,870	213,258	358,511	422,585
Resident fees and services	0	0	0	0
Office building and other services revenue	1,177	1,125	2,320	2,330
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	169,047	214,383	360,831	424,915
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	169,047	214,383	360,831	424,915
Income (loss) from unconsolidated entities	(4,694)	377	(43,349)	3,646
Segment profit	164,353	214,760	317,482	428,561
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Resident fees and services	518,989	460,243	1,033,742	924,431
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	518,989	460,243	1,033,742	924,431
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	361,112	308,625	713,332	620,698
Office building services costs	0	0	0	0
Segment NOI	157,877	151,618	320,410	303,733
Income (loss) from unconsolidated entities	(1,714)	(381)	(2,354)	(457)
Segment profit	156,163	151,237	318,056	303,276
Interest and other income	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	192,392	186,240	386,560	372,135
Resident fees and services	0	0	0	0
Office building and other services revenue	1,977	1,848	3,610	3,779
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	194,369	188,088	390,170	375,914
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	60,301	57,205	120,994	114,119
Office building services costs	534	552	649	1,290
Segment NOI	133,534	130,331	268,527	260,505
Income (loss) from unconsolidated entities	885	298	265	633
Segment profit	134,419	130,629	268,792	261,138
Interest and other income	0	0	0	0
All Other
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	1,135	206	1,687	476
Income from loans and investments	56,417	32,368	87,598	52,514
Interest and other income	2,347	202	11,981	683
Total revenues	59,899	32,776	101,266	53,673
Less:
Interest and other income	2,347	202	11,981	683
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	57,552	32,574	89,285	52,990
Income (loss) from unconsolidated entities	(848)	(400)	(1,672)	(778)
Segment profit	56,704	32,174	87,613	52,212
Interest and other income	$ 2,347	$ 202	$ 11,981	$ 683

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Reporting Information
Capital expenditures	$ 104,012	$ 129,589	$ 209,968	$ 438,719
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Capital expenditures	15,340	48,143	21,008	141,952
Operating Segments | Senior Living Operations
Segment Reporting Information
Capital expenditures	24,177	30,056	54,754	51,381
Operating Segments | Office Operations
Segment Reporting Information
Capital expenditures	$ 64,495	$ 51,390	$ 134,206	$ 245,386

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues:
Total revenues	$ 942,304	$ 895,490	$ 1,886,009	$ 1,778,933
Net real estate property:
Total net real estate property	20,135,670		20,135,670		$ 20,622,454
United States
Revenues:
Total revenues	887,265	844,623	1,774,975	1,677,443
Net real estate property:
Total net real estate property	18,837,522		18,837,522		19,253,724
Canada
Revenues:
Total revenues	47,750	44,412	96,321	89,008
Net real estate property:
Total net real estate property	1,013,440		1,013,440		1,070,903
United Kingdom
Revenues:
Total revenues	7,289	$ 6,455	14,713	$ 12,482
Net real estate property:
Total net real estate property	$ 284,708		$ 284,708		$ 297,827

CONDENSED CONSOLIDATING INFOR71

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Net real estate investments	$ 20,763,713	$ 22,092,452
Cash and cash equivalents	93,684	81,355
Escrow deposits and restricted cash	64,419	106,898
Investment in and advances to affiliates	0	0
Goodwill	1,034,274	1,034,644
Assets held for sale	15,567	65,413
Other assets	727,477	573,779
Total assets	22,699,134	23,954,541
Liabilities:
Senior notes payable and other debt	10,402,897	11,276,062
Intercompany loans	0	0
Accrued interest	93,112	93,958
Accounts payable and other liabilities	1,133,902	1,183,489
Liabilities related to assets held for sale	896	60,265
Deferred income taxes	240,941	250,092
Total liabilities	11,871,748	12,863,866
Redeemable OP Unitholder and noncontrolling interests	149,817	158,490
Total equity	10,677,569	10,932,185	$ 10,528,753
Total liabilities and equity	22,699,134	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	(17,683,740)	(17,702,146)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(17,683,740)	(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	(17,683,740)	(17,702,146)
Total liabilities and equity	(17,683,740)	(17,702,146)
Ventas, Inc.
Assets
Net real estate investments	3,671	1,844
Cash and cash equivalents	10,292	7,129
Escrow deposits and restricted cash	7,573	39,816
Investment in and advances to affiliates	14,959,960	14,786,086
Goodwill	0	0
Assets held for sale	0	0
Other assets	52,886	55,936
Total assets	15,034,382	14,890,811
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	7,358,514	7,835,685
Accrued interest	(8,262)	(6,410)
Accounts payable and other liabilities	356,239	377,536
Liabilities related to assets held for sale	0	0
Deferred income taxes	594	608
Total liabilities	7,707,085	8,207,419
Redeemable OP Unitholder and noncontrolling interests	12,242	12,237
Total equity	7,315,055	6,671,155
Total liabilities and equity	15,034,382	14,890,811
Ventas Realty
Assets
Net real estate investments	116,666	119,508
Cash and cash equivalents	0	0
Escrow deposits and restricted cash	128	128
Investment in and advances to affiliates	2,723,780	2,916,060
Goodwill	0	0
Assets held for sale	0	0
Other assets	10,030	9,458
Total assets	2,850,604	3,045,154
Liabilities:
Senior notes payable and other debt	8,041,058	8,895,641
Intercompany loans	(5,198,356)	(7,127,547)
Accrued interest	77,506	77,691
Accounts payable and other liabilities	31,034	24,635
Liabilities related to assets held for sale	0	0
Deferred income taxes	0	0
Total liabilities	2,951,242	1,870,420
Redeemable OP Unitholder and noncontrolling interests	0	0
Total equity	(100,638)	1,174,734
Total liabilities and equity	2,850,604	3,045,154
Ventas Subsidiaries
Assets
Net real estate investments	20,643,376	21,971,100
Cash and cash equivalents	83,392	74,226
Escrow deposits and restricted cash	56,718	66,954
Investment in and advances to affiliates	0	0
Goodwill	1,034,274	1,034,644
Assets held for sale	15,567	65,413
Other assets	664,561	508,385
Total assets	22,497,888	23,720,722
Liabilities:
Senior notes payable and other debt	2,361,839	2,380,421
Intercompany loans	(2,160,158)	(708,138)
Accrued interest	23,868	22,677
Accounts payable and other liabilities	746,629	781,318
Liabilities related to assets held for sale	896	60,265
Deferred income taxes	240,347	249,484
Total liabilities	1,213,421	2,786,027
Redeemable OP Unitholder and noncontrolling interests	137,575	146,253
Total equity	21,146,892	20,788,442
Total liabilities and equity	$ 22,497,888	$ 23,720,722

CONDENSED CONSOLIDATING INFOR72

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues:
Rental income	$ 360,262	$ 399,498	$ 745,071	$ 794,720
Resident fees and services	518,989	460,243	1,033,742	924,431
Office building and other services revenue	4,289	3,179	7,617	6,585
Income from loans and investments	56,417	32,368	87,598	52,514
Equity earnings in affiliates	0	0	0	0
Interest and other income	2,347	202	11,981	683
Total revenues	942,304	895,490	1,886,009	1,778,933
Expenses
Interest	113,029	113,572	224,392	222,376
Depreciation and amortization	223,634	224,108	456,784	441,891
Property-level operating expenses	421,413	365,830	834,326	734,817
Office building services costs	534	552	649	1,290
General, administrative and professional fees	36,656	33,282	73,830	67,243
(Gain) loss on extinguishment of debt, net	(93)	36	10,884	345
Merger-related expenses and deal costs	4,494	6,043	21,830	8,099
Other	3,527	1,848	6,647	3,036
Total expenses	803,194	745,271	1,629,342	1,479,097
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	139,110	150,219	256,667	299,836
Income (loss) from unconsolidated entities	(6,371)	(106)	(47,110)	3,044
Income tax benefit	734	2,159	3,976	5,304
Income from continuing operations	133,473	152,272	213,533	308,184
Discontinued operations	0	(23)	(10)	(76)
Gain on real estate dispositions	35,827	719	35,875	44,008
Net income	169,300	152,968	249,398	352,116	$ 1,361,112
Net income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Net income attributable to common stockholders	166,519	151,831	245,222	349,958
Consolidated Elimination
Revenues:
Rental income	0	0	0	0
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(143,197)	(130,806)	(202,849)	(314,153)
Interest and other income	0	0	0	0
Total revenues	(143,197)	(130,806)	(202,849)	(314,153)
Expenses
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	0	0	0	0
(Gain) loss on extinguishment of debt, net	0	0	0	0
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(143,197)	(130,806)	(202,849)	(314,153)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(143,197)	(130,806)	(202,849)	(314,153)
Discontinued operations	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Net income	(143,197)	(130,806)	(202,849)	(314,153)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(143,197)	(130,806)	(202,849)	(314,153)
Ventas, Inc.
Revenues:
Rental income	255	596	856	1,181
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	272	319	763	600
Equity earnings in affiliates	143,760	131,210	204,055	314,751
Interest and other income	2,069	28	11,391	371
Total revenues	146,356	132,153	217,065	316,903
Expenses
Interest	(28,295)	(27,732)	(56,990)	(44,367)
Depreciation and amortization	1,373	1,419	2,717	2,827
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	(409)	186	148	313
(Gain) loss on extinguishment of debt, net	(14)	0	154	0
Merger-related expenses and deal costs	4,164	5,783	20,410	7,646
Other	2,327	466	4,496	119
Total expenses	(20,854)	(19,878)	(29,065)	(33,462)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	167,210	152,031	246,130	350,365
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	(129)	(177)	(338)	(331)
Income from continuing operations	167,081	151,854	245,792	350,034
Discontinued operations	0	(23)	(10)	(76)
Gain on real estate dispositions	(562)	0	(560)	0
Net income	166,519	151,831	245,222	349,958
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	166,519	151,831	245,222	349,958
Ventas Realty
Revenues:
Rental income	34,299	48,451	68,685	96,270
Resident fees and services	0	0	0	0
Office building and other services revenue	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	34,299	48,451	68,685	96,270
Expenses
Interest	82,644	81,516	164,956	156,306
Depreciation and amortization	1,422	2,239	2,866	4,608
Property-level operating expenses	82	83	154	165
Office building services costs	0	0	0	0
General, administrative and professional fees	4,614	4,630	8,664	9,330
(Gain) loss on extinguishment of debt, net	1,787	418	12,596	438
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	90,549	88,886	189,236	170,847
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(56,250)	(40,435)	(120,551)	(74,577)
Income (loss) from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(56,250)	(40,435)	(120,551)	(74,577)
Discontinued operations	0	0	0	0
Gain on real estate dispositions	0	0	0	14,781
Net income	(56,250)	(40,435)	(120,551)	(59,796)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(56,250)	(40,435)	(120,551)	(59,796)
Ventas Subsidiaries
Revenues:
Rental income	325,708	350,451	675,530	697,269
Resident fees and services	518,989	460,243	1,033,742	924,431
Office building and other services revenue	4,289	3,179	7,617	6,585
Income from loans and investments	56,145	32,049	86,835	51,914
Equity earnings in affiliates	(563)	(404)	(1,206)	(598)
Interest and other income	278	174	590	312
Total revenues	904,846	845,692	1,803,108	1,679,913
Expenses
Interest	58,680	59,788	116,426	110,437
Depreciation and amortization	220,839	220,450	451,201	434,456
Property-level operating expenses	421,331	365,747	834,172	734,652
Office building services costs	534	552	649	1,290
General, administrative and professional fees	32,451	28,466	65,018	57,600
(Gain) loss on extinguishment of debt, net	(1,866)	(382)	(1,866)	(93)
Merger-related expenses and deal costs	330	260	1,420	453
Other	1,200	1,382	2,151	2,917
Total expenses	733,499	676,263	1,469,171	1,341,712
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	171,347	169,429	333,937	338,201
Income (loss) from unconsolidated entities	(6,371)	(106)	(47,110)	3,044
Income tax benefit	863	2,336	4,314	5,635
Income from continuing operations	165,839	171,659	291,141	346,880
Discontinued operations	0	0	0	0
Gain on real estate dispositions	36,389	719	36,435	29,227
Net income	202,228	172,378	327,576	376,107
Net income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Net income attributable to common stockholders	$ 199,447	$ 171,241	$ 323,400	$ 373,949

CONDENSED CONSOLIDATING INFOR73

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Condensed financial statements, captions
Net income (loss)	$ 169,300	$ 152,968	$ 249,398	$ 352,116	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	(15,246)	8,286	(3,043)	12,368
Unrealized gain (loss) on marketable debt securities	12,857	(62)	12,685	(185)
Other	6,002	398	14,617	316
Total other comprehensive income	3,613	8,622	24,259	12,499	$ 22,414
Comprehensive income	172,913	161,590	273,657	364,615
Comprehensive income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Comprehensive income attributable to common stockholders	170,132	160,453	269,481	362,457
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(143,197)	(130,806)	(202,849)	(314,153)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized gain (loss) on marketable debt securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income	0	0	0	0
Comprehensive income	(143,197)	(130,806)	(202,849)	(314,153)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(143,197)	(130,806)	(202,849)	(314,153)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	166,519	151,831	245,222	349,958
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized gain (loss) on marketable debt securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income	0		0	0
Comprehensive income	166,519	151,831	245,222	349,958
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	166,519	151,831	245,222	349,958
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(56,250)	(40,435)	(120,551)	(59,796)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized gain (loss) on marketable debt securities	0	0	0	0
Other	0	0	0	0
Total other comprehensive income	0	0	0	0
Comprehensive income	(56,250)	(40,435)	(120,551)	(59,796)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(56,250)	(40,435)	(120,551)	(59,796)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	202,228	172,378	327,576	376,107
Other comprehensive income (loss):
Foreign currency translation	(15,246)	8,286	(3,043)	12,368
Unrealized gain (loss) on marketable debt securities	12,857	(62)	12,685	(185)
Other	6,002	398	14,617	316
Total other comprehensive income	3,613	8,622	24,259	12,499
Comprehensive income	205,841	181,000	351,835	388,606
Comprehensive income attributable to noncontrolling interests	2,781	1,137	4,176	2,158
Comprehensive income attributable to common stockholders	$ 203,060	$ 179,863	$ 347,659	$ 386,448

CONDENSED CONSOLIDATING INFOR74

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	$ 710,336	$ 723,401
Cash flows from investing activities:
Net investment in real estate property	(12,257)	(324,492)
Investment in loans receivable and other	(211,554)	(718,233)
Proceeds from real estate disposals	312,243	104,570
Proceeds from loans receivable	866,097	25,067
Development project expenditures	(155,682)	(143,269)
Capital expenditures	(42,029)	(55,952)
Distributions from unconsolidated entities	6,792	0
Investment in unconsolidated entities	(40,033)	(39,048)
Insurance proceeds for property damage claims	2,329	1,393
Net cash provided by (used in) investing activities	725,906	(1,149,964)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(197,726)	364,456
Proceeds from debt	750,316	1,028,509
Repayment of debt	(1,431,887)	(656,536)
Purchase of noncontrolling interests	(2,429)	(15,809)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(6,348)	(19,687)
Issuance of common stock, net	0	73,596
Cash distribution from (to) affiliates	0	0
Cash distribution to common stockholders	(563,395)	(550,965)
Cash distribution to redeemable OP Unitholders	(3,744)	(3,720)
Contributions from noncontrolling interests	0	2,227
Cash issued for redemption of OP and Class C Units	(975)	0
Distributions to noncontrolling interests	(7,808)	(4,156)
Other	(1,995)	9,702
Net cash (used in) provided by financing activities	(1,465,991)	227,617
Net decrease in cash, cash equivalents and restricted cash	(29,749)	(198,946)
Effect of foreign currency translation	(401)	3,288
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	158,103	171,696
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
Distributions from unconsolidated entities	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	0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Issuance of common stock, net		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	(3,651)	41,315
Cash flows from investing activities:
Net investment in real estate property	(12,257)	(295,114)
Investment in loans receivable and other	(2,830)	(2,575)
Proceeds from real estate disposals	312,243	104,570
Proceeds from loans receivable	1,452	21
Development project expenditures	0	0
Capital expenditures	0	0
Distributions from unconsolidated entities	6,792
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	305,400	(193,098)
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	(2,429)	(15,809)
Net change in intercompany debt	237,376	795,816
Payment of deferred financing costs	0	0
Issuance of common stock, net		73,596
Cash distribution from (to) affiliates	7,358	(370,552)
Cash distribution to common stockholders	(563,395)	(550,965)
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	(1,995)	9,702
Net cash (used in) provided by financing activities	(323,085)	(58,212)
Net decrease in cash, cash equivalents and restricted cash	(21,336)	(209,995)
Effect of foreign currency translation	(7,744)	16,529
Cash, cash equivalents and restricted cash at beginning of period	46,945	207,789
Cash, cash equivalents and restricted cash at end of period	17,865	14,323
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	(107,438)	(46,928)
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	(15)
Distributions from unconsolidated entities	0
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	0	(15)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(192,531)	453,000
Proceeds from debt	655,044	793,904
Repayment of debt	(1,311,098)	(300,019)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	961,644	(892,894)
Payment of deferred financing costs	(5,621)	(18,262)
Issuance of common stock, net		0
Cash distribution from (to) affiliates	0	11,291
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	107,438	47,020
Net decrease in cash, cash equivalents and restricted cash	0	77
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	1,581
Ventas Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash (used in) provided by operating activities	821,425	729,014
Cash flows from investing activities:
Net investment in real estate property	0	(29,378)
Investment in loans receivable and other	(208,724)	(715,658)
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	864,645	25,046
Development project expenditures	(155,682)	(143,269)
Capital expenditures	(42,029)	(55,937)
Distributions from unconsolidated entities	0
Investment in unconsolidated entities	(40,033)	(39,048)
Insurance proceeds for property damage claims	2,329	1,393
Net cash provided by (used in) investing activities	420,506	(956,851)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(5,195)	(88,544)
Proceeds from debt	95,272	234,605
Repayment of debt	(120,789)	(356,517)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	(1,199,020)	97,078
Payment of deferred financing costs	(727)	(1,425)
Issuance of common stock, net		0
Cash distribution from (to) affiliates	(7,358)	359,261
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP Unitholders	(3,744)	(3,720)
Contributions from noncontrolling interests		2,227
Cash issued for redemption of OP and Class C Units	(975)
Distributions to noncontrolling interests	(7,808)	(4,156)
Other	0	0
Net cash (used in) provided by financing activities	(1,250,344)	238,809
Net decrease in cash, cash equivalents and restricted cash	(8,413)	10,972
Effect of foreign currency translation	7,343	(13,241)
Cash, cash equivalents and restricted cash at beginning of period	141,180	158,061
Cash, cash equivalents and restricted cash at end of period	$ 140,110	$ 155,792