Ventas (VTR) 10-Q 26 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 23, 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
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		356,467,761

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate investments:
Land and improvements	$ 2,115,870	$ 2,151,386
Buildings and improvements	22,188,578	22,216,942
Construction in progress	395,072	344,151
Acquired lease intangibles	1,506,269	1,548,074
Gross real estate investments	26,205,789	26,260,553
Accumulated depreciation and amortization	(6,185,155)	(5,638,099)
Net real estate property	20,020,634	20,622,454
Secured loans receivable and investments, net	527,851	1,346,359
Investments in unconsolidated real estate entities	48,478	123,639
Net real estate investments	20,596,963	22,092,452
Cash and cash equivalents	86,107	81,355
Escrow deposits and restricted cash	62,440	106,898
Goodwill	1,045,877	1,034,644
Assets held for sale	24,180	65,413
Other assets	782,386	573,779
Total assets	22,597,953	23,954,541
Liabilities:
Senior notes payable and other debt	10,478,455	11,276,062
Accrued interest	76,883	93,958
Accounts payable and other liabilities	1,134,898	1,183,489
Liabilities related to assets held for sale	14,790	60,265
Deferred income taxes	236,616	250,092
Total liabilities	11,941,642	12,863,866
Redeemable OP Unitholder and noncontrolling interests	143,242	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, 356,468 and 356,187 shares issued at September 30, 2018 and December 31, 2017, respectively	89,100	89,029
Capital in excess of par value	13,081,324	13,053,057
Accumulated other comprehensive loss	(7,947)	(35,120)
Retained earnings (deficit)	(2,709,293)	(2,240,698)
Treasury stock, 6 and 1 shares at September 30, 2018 and December 31, 2017, respectively	(345)	(42)
Total Ventas stockholders’ equity	10,452,839	10,866,226
Noncontrolling interests	60,230	65,959
Total equity	10,513,069	10,932,185
Total liabilities and equity	$ 22,597,953	$ 23,954,541

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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	356,468,000	356,187,000
Treasury stock, shares	6,000	1,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Rental income	$ 384,028	$ 401,876	$ 1,129,099	$ 1,196,596
Income from loans and investments	18,108	32,985	105,706	85,499
Interest and other income	12,554	171	24,535	854
Total revenues	936,538	899,928	2,822,547	2,678,861
Interest	107,581	113,869	331,973	336,245
Depreciation and amortization	218,579	213,407	675,363	655,298
Property-level operating expenses	428,389	376,207	1,262,715	1,111,024
Office building services costs	431	418	1,080	1,708
General, administrative and professional fees	39,677	33,317	113,507	100,560
Loss on extinguishment of debt, net	39,527	511	50,411	856
Merger-related expenses and deal costs	4,458	804	26,288	8,903
Other	1,244	13,030	7,891	16,066
Total expenses	839,886	751,563	2,469,228	2,230,660
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	96,652	148,365	353,319	448,201
(Loss) income from unconsolidated entities	(716)	750	(47,826)	3,794
Income tax benefit	7,327	7,815	11,303	13,119
Income from continuing operations	103,263	156,930	316,796	465,114
Discontinued operations	0	(19)	(10)	(95)
Gain on real estate dispositions	18	458,280	35,893	502,288
Net income	103,281	615,191	352,679	967,307
Net income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Net income attributable to common stockholders	$ 101,972	$ 613,958	$ 347,194	$ 963,916
Income from continuing operations (in usd per share)	$ 0.29	$ 0.44	$ 0.89	$ 1.31
Net income attributable to common stockholders (in usd per share)	0.29	1.72	0.97	2.71
Income from continuing operations (in usd per share)	0.29	0.44	0.88	1.30
Net income attributable to common stockholders (in usd per share)	$ 0.28	$ 1.71	$ 0.97	$ 2.69
Denominator for basic earnings per share—weighted average shares (in shares)	356,318	355,929	356,224	355,110
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	359,355	359,333	359,068	358,365
Dividends declared per common share	$ 0.79	$ 0.775	$ 2.37	$ 2.325
Triple-Net Leased Properties
Rental income	$ 190,117	$ 212,370	$ 548,628	$ 634,955
Office Operations
Rental income	193,911	189,506	580,471	561,641
Property-level operating expenses	61,668	60,609	182,662	174,728
Resident Fees and Services
Other revenues	518,560	461,700	1,552,302	1,386,131
Office Building and Other Services Revenue
Other revenues	3,288	3,196	10,905	9,781
Senior Living Operations
Property-level operating expenses	$ 366,721	$ 315,598	$ 1,080,053	$ 936,296

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 103,281	$ 615,191	$ 352,679	$ 967,307	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	(5,018)	5,239	(8,061)	17,607
Unrealized gain (loss) on marketable debt securities	5,131	(48)	17,816	(233)
Other	2,801	(936)	17,418	(620)
Total other comprehensive income	2,914	4,255	27,173	16,754	$ 22,414
Comprehensive income	106,195	619,446	379,852	984,061
Comprehensive income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Comprehensive income attributable to common stockholders	$ 104,886	$ 618,213	$ 374,367	$ 980,670

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	352,679	0	0	0	347,194	0	347,194	5,485
Other comprehensive income	27,173	0	0	27,173	0	0	27,173	0
Net change in noncontrolling interests	(12,640)	0	(1,426)	0	0	0	(1,426)	(11,214)
Dividends to common stockholders	(846,432)	0	0	0	(846,432)	0	(846,432)	0
Issuance of common stock for stock plans and other	7,443	26	6,179	0	0	1,238	7,443	0
Adjust redeemable OP Unitholder Interests to current fair value	8,878	0	8,878	0	0	0	8,878	0
Redemption of OP Units	(596)	0	(830)	0	0	234	(596)	0
Grant of restricted stock, net of forfeitures	13,736	45	15,466	0	0	(1,775)	13,736	0
Ending Balance at Sep. 30, 2018	$ 10,513,069	$ 89,100	$ 13,081,324	$ (7,947)	$ (2,709,293)	$ (345)	$ 10,452,839	$ 60,230

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 2.37	$ 3.115

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 352,679	$ 967,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	675,363	655,298
Amortization of deferred revenue and lease intangibles, net	(26,001)	(16,283)
Other non-cash amortization	13,527	11,186
Stock-based compensation	20,761	19,923
Straight-lining of rental income, net	19,983	(17,384)
Loss on extinguishment of debt, net	50,411	856
Gain on real estate dispositions	(35,893)	(502,288)
Gain on real estate loan investments	(13,202)	(124)
Income tax benefit	(13,464)	(15,619)
Loss (income) from unconsolidated entities	47,826	(767)
Gain on re-measurement of equity interest upon acquisition, net	0	(3,027)
Distributions from unconsolidated entities	2,734	3,909
Other	390	7,439
Changes in operating assets and liabilities:
Increase in other assets	(34,879)	(21,612)
(Decrease) increase in accrued interest	(17,508)	12,688
Decrease in accounts payable and other liabilities	(25,105)	(19,277)
Net cash provided by operating activities	1,017,622	1,082,225
Cash flows from investing activities:
Net investment in real estate property	(35,800)	(346,491)
Investment in loans receivable	(212,089)	(734,033)
Proceeds from real estate disposals	331,243	614,753
Proceeds from loans receivable	866,313	84,361
Development project expenditures	(230,348)	(210,423)
Capital expenditures	(73,025)	(83,387)
Distributions from unconsolidated entities	57,430	5,816
Investment in unconsolidated entities	(45,106)	(42,399)
Insurance proceeds for property damage claims	6,327	1,393
Net cash provided by (used in) investing activities	664,945	(710,410)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	41,292	384,738
Proceeds from debt	2,412,420	1,058,437
Repayment of debt	(3,294,104)	(1,225,525)
Purchase of noncontrolling interests	(2,429)	(15,809)
Payment of deferred financing costs	(16,583)	(26,426)
Issuance of common stock, net	0	73,596
Cash distribution to common stockholders	(845,248)	(827,285)
Cash distribution to redeemable OP Unitholders	(5,594)	(5,677)
Cash issued for redemption of OP and Class C Units	(1,370)	0
Contributions from noncontrolling interests	500	4,402
Distributions to noncontrolling interests	(9,968)	(9,248)
Other	(736)	10,543
Net cash used in financing activities	(1,721,820)	(578,254)
Net decrease in cash, cash equivalents and restricted cash	(39,253)	(206,439)
Effect of foreign currency translation	(453)	670
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	148,547	161,585
Assets and liabilities assumed from acquisitions and other:
Real estate investments	29,106	206,771
Utilization of funds held for an Internal Revenue Code Section 1031 exchange	0	(84,995)
Other assets	4,112	(5,546)
Debt	0	64,629
Other liabilities	16,134	64,090
Deferred income tax liability	0	(16,116)
Noncontrolling interest	0	3,627
Equity issued for redemption of OP and Class C units	$ 266	$ 22,694

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 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, life science and innovation and healthcare properties located throughout the United States, Canada and the United Kingdom. As of September 30, 2018 , we owned approximately 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, life science and innovation and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of September 30, 2018 , we leased a total of 468 properties (excluding properties within our office operations 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 September 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 360 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), 11 properties and 32 properties, respectively, as of September 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	9 Months Ended
	Sep. 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 nine months ended September 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. September 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 589,436 $ 198,163 $ 605,150 $ 199,958 Other identified VIEs 1,840,520 303,440 1,983,183 348,124 Tax credit VIEs 801,694 304,234 988,598 221,908 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 September 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 September 30, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $131.0 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 includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at September 30, 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 September 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, Gains and Losses from the Derecognition of Nonfinancial 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. 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 collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2018 and December 31, 2017 , this cumulative excess totaled $244.4 million (net of allowances of $44.4 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 collectability 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 collectability of our rent receivables, including straight-line rent receivables. We base our assessment of the collectability 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 collectability 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 collectability 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 established ASC Topic 842, Leases (“ASC 842”) by issuing 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. ASC 842 has subsequently been amended by other issued ASUs to clarify and improve the standard as well as to provide certain practical expedients. ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of 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. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to Januar

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	9 Months Ended
	Sep. 30, 2018
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of September 30, 2018 , Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 22.4% , 11.2% , 7.7% , 5.2% and 1.1% , respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of September 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 39.4% of our consolidated real estate investments were seniors housing communities included in the triple-net leased properties and senior living operations reportable business segments, respectively (excluding properties classified as held for sale as of September 30, 2018 ). MOBs, life science and innovation centers, IRFs and LTACs, health systems, SNFs and secured loans receivable and investments collectively comprised the remaining 38.3% . Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of September 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 the concentration risk related to our triple-net leased properties for the periods presented: For the Three Months Ended September 30, 2018 2017 Revenues (1) : Brookdale Senior Living 4.8 % 4.9 % Ardent 3.1 3.1 Kindred (2) 3.5 4.7 NOI: Brookdale Senior Living 8.9 % 8.4 % Ardent 5.8 5.3 Kindred (2) 6.6 8.1 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) 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 for the three months ended September 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 was recognized in interest and other income in our Consolidated Statements of 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 September 30, 2018 , Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 265 of our 360 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 nine months ended September 30, 2018 , we recognized $20.9 million of transaction costs relating to this transaction, net of property-level net assets assumed for no consideration, included in merger-related expenses and deal costs in our Consolidated Statements of Income. We also acquired a 34% ownership interest 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 66% controlling interest. 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	9 Months Ended
	Sep. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 4—DISPOSITIONS 2018 Activity During the nine months ended September 30, 2018 , we sold seven 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 $326.1 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 $20.2 million , respectively, for the nine months ended September 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 September 30, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. September 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 $ 24,877 $ 14,429 3 $ 65,413 $ 60,265 Senior Living Operations (1) — (697 ) 361 — — — Total 1 $ 24,180 $ 14,790 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	9 Months Ended
	Sep. 30, 2018
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of September 30, 2018 and December 31, 2017 , we had $786.4 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 September 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 September 30, 2018: Secured/mortgage loans and other, net $ 466,614 $ 466,614 $ 452,646 $ — Government-sponsored pooled loan investments, net (1) 61,237 53,292 61,237 7,945 Total investments reported as Secured loans receivable and investments, net 527,851 519,906 513,883 7,945 Non-mortgage loans receivable, net 50,478 50,478 49,915 — Senior unsecured notes (2) 208,090 197,417 208,090 10,673 Total loans receivable and investments, net $ 786,419 $ 767,801 $ 771,888 $ 18,618 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 senior unsecured notes have contractual maturity dates in 2026. 2018 Activity During the nine months ended September 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 investments are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value. There was no impact on our 9.8%

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	9 Months Ended
	Sep. 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 September 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 9.8% interest in Ardent, which are included within other assets on our Consolidated Balance Sheets, under the equity method of accounting. With the exception of our interests in Atria, ESL and Ardent, we provide various services to each unconsolidated entity in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $1.1 million and $1.6 million for the three months ended September 30, 2018 and 2017 , respectively, and $5.1 million and $4.6 million for the nine months ended September 30, 2018 and 2017 , respectively, 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 and recognized a gain of $0.9 million , which is recorded in (loss) income from unconsolidated entities in our Consolidated Statements of Income. In addition, our portion of debt related to investments in unconsolidated entities decreased by $23.3 million . Given that we are no longer the managing member of the real estate joint venture, we will not receive monthly management fees, which have historically been approximately $4.6 million

INTANGIBLES

INTANGIBLES	9 Months Ended
	Sep. 30, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles as of September 30, 2018 and December 31, 2017 : September 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 $ 183,212 6.8 $ 185,012 7.0 In-place and other lease intangibles 1,323,057 24.6 1,363,062 24.0 Goodwill 1,045,877 N/A 1,034,644 N/A Other intangibles 35,847 12.1 35,890 14.1 Accumulated amortization (904,011 ) N/A (864,576 ) N/A Net intangible assets $ 1,683,982 22.6 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 357,191 14.5 $ 359,118 13.7 Other lease intangibles 32,324 43.3 40,141 40.8 Accumulated amortization (188,537 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 204,546 16.6 $ 241,842 15.6 N/A—Not Applicable.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 244,360 $ 267,764 Non-mortgage loans receivable, net 50,478 59,857 Senior unsecured notes 208,090 — Other intangibles, net 5,804 6,496 Investment in unconsolidated operating entities 62,295 49,738 Other 211,359 189,924 Total other assets $ 782,386 $ 573,779

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 514,353 $ 535,832 Secured revolving construction credit facility due 2022 63,806 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) 309,981 318,041 2.70% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 — 900,000 4.75% Senior Notes due 2021 — 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.30% Senior Notes, Series C due 2022 (2) 193,738 198,776 Unsecured term loan due 2023 300,000 — 3.125% Senior Notes due 2023 400,000 400,000 3.10% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 213,112 218,653 Unsecured term loan due 2024 600,000 — 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 193,738 198,776 3.50% 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 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 — 4.40% Senior Notes due 2029 750,000 — 6.90% Senior Notes due 2037 52,400 52,400 6.59% Senior Notes due 2038 22,823 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 1,111,299 1,308,564 Total 10,584,000 11,365,633 Deferred financing costs, net (77,091 ) (73,093 ) Unamortized fair value adjustment (2,207 ) 12,139 Unamortized discounts (26,247 ) (28,617 ) Senior notes payable and other debt $ 10,478,455 $ 11,276,062 (1) As of September 30, 2018 and December 31, 2017 , respectively, $21.3 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $28.5 million and $31.1 million were denominated in British pounds as of September 30, 2018 and December 31, 2017 , respectively. (2) These borrowings are in the form of Canadian dollars. As of September 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 $ — $ — $ 5,154 $ 5,154 2019 538,766 — 15,114 553,880 2020 583,866 — 14,491 598,357 2021 62,406 514,353 13,365 590,124 2022 1,475,293 — 11,841 1,487,134 Thereafter (2) 7,262,876 — 86,475 7,349,351 Total maturities $ 9,923,207 $ 514,353 $ 146,440 $ 10,584,000 (1) At September 30, 2018 , we had $86.1 million of unrestricted cash and cash equivalents, for $428.2 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 $22.8 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 September 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 September 30, 2018 , we had $514.4 million of borrowings outstanding, $22.7 million of letters of credit outstanding and $2.5 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 September 30, 2018 , we also had a $400.0 million secured revolving construction credit facility with $63.8 million of borrowings outstanding and $336.2 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 99.23% 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. In August 2018, Ventas Realty issued and sold $750.0 million aggregate principal amount of 4.40% senior notes due 2029 at a public offering price equal to 99.95% of par, for total proceeds of $749.7 million before the underwriting discount and expenses. In August 2018, we redeemed $549.5 million aggregate principal amount then outstanding of our 4.75% senior notes due 2021 at a public offering price of 104.56% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $28.3 million . The redemption was funded using proceeds from our August 2018 senior note issuance, cash on hand and borrowings under our unsecured revolving credit facility. In September 2018, we repaid the remaining balance then outstanding of our 4.75% senior notes due 2021 of $150.5 million and recognized a loss on extinguishment of debt of $7.6 million . Mortgages During the nine months ended September 30, 2018 and 2017 , we repaid in full mortgage loans outstanding in the aggregate principal amounts of $324.6 million and $307.5 million , respectively. Derivatives and Hedging During the nine months ended September 30, 2018 , we entered into $300 million notional value forward starting swaps that reduced our exposure to fluctuations in interest rates prior to our August 2018 issuance of 4.40% senior notes due 2029, which resulted in a $4.4 million gain that is being recognized over the life of the notes using the effective interest method. In August 2018, we entered into interest rate swaps totaling a notional amount of $200 million with a maturity of January 31, 2023 that effectively converts LIBOR-based floating rate debt to fixed rate debt. In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023, effectively converting fixed rate debt to three month LIBOR-based floating rate debt. As a result, we will pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98% . In August 2018, $200 million notional amount of these swaps were terminated, which resulted in a $6.6 million loss that is being recognized over the life of the notes using the effective interest method. 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	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS As of September 30, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 86,107 $ 86,107 $ 81,355 $ 81,355 Secured mortgage loans and other, net 466,614 452,646 1,291,694 1,286,322 Non-mortgage loans receivable, net 50,478 49,915 59,857 58,849 Senior unsecured notes 208,090 208,090 — — Government-sponsored pooled loan investments 61,237 61,237 54,665 54,665 Derivative instruments 10,072 10,072 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 10,584,000 10,434,164 11,365,633 11,600,750 Derivative instruments 9,119 9,119 5,435 5,435 Redeemable OP Unitholder Interests 130,999 130,999 146,252 146,252 For a discussion of the assumptions considered, refer to “ NOTE 2—ACCOUNTING POLICIES .” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value

LITIGATION

LITIGATION	9 Months Ended
	Sep. 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

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2018 and 2017 were benefits of $7.3 million and $7.8 million , respectively. Our consolidated provisions for income taxes for the nine months ended September 30, 2018 and 2017 were benefits of $11.3 million and $13.1 million , respectively. 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 $236.6 million and $250.1 million as of September 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 September 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13—STOCKHOLDERS' EQUITY Capital Stock We may sell our common stock from time to time under an “at-the-market” equity offering program (“ATM program”). In August 2018, we replaced our expired ATM program with an identical program, under which we may sell up to an aggregate of $1.0 billion of our common stock. For the nine months ended September 30, 2018 , we sold no shares of our common stock under an ATM program. Therefore, as of September 30, 2018, $1.0 billion of our common stock remained available for sale under our ATM program. Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (53,641 ) $ (45,580 ) Accumulated unrealized gain on marketable debt securities 18,618 802 Other 27,076 9,658 Total accumulated other comprehensive loss $ (7,947 ) $ (35,120 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 103,263 $ 156,930 $ 316,796 $ 465,114 Discontinued operations — (19 ) (10 ) (95 ) Gain on real estate dispositions 18 458,280 35,893 502,288 Net income 103,281 615,191 352,679 967,307 Net income attributable to noncontrolling interests 1,309 1,233 5,485 3,391 Net income attributable to common stockholders $ 101,972 $ 613,958 $ 347,194 $ 963,916 Denominator: Denominator for basic earnings per share—weighted average shares 356,318 355,929 356,224 355,110 Effect of dilutive securities: Stock options 227 624 152 528 Restricted stock awards 396 318 271 236 OP Unitholder Interests 2,414 2,462 2,421 2,491 Denominator for diluted earnings per share—adjusted weighted average shares 359,355 359,333 359,068 358,365 Basic earnings per share: Income from continuing operations $ 0.29 $ 0.44 $ 0.89 $ 1.31 Net income attributable to common stockholders 0.29 1.72 0.97 2.71 Diluted earnings per share: Income from continuing operations $ 0.29 $ 0.44 $ 0.88 $ 1.30 Net income attributable to common stockholders 0.28 1.71 0.97 2.69

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2018
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of September 30, 2018 , we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In 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 September 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 190,117 $ — $ 193,911 $ — $ 384,028 Resident fees and services — 518,560 — — 518,560 Office building and other services revenue 202 — 2,175 911 3,288 Income from loans and investments — — — 18,108 18,108 Interest and other income — — — 12,554 12,554 Total revenues $ 190,319 $ 518,560 $ 196,086 $ 31,573 $ 936,538 Total revenues $ 190,319 $ 518,560 $ 196,086 $ 31,573 $ 936,538 Less: Interest and other income — — — 12,554 12,554 Property-level operating expenses — 366,721 61,668 — 428,389 Office building services costs — — 431 — 431 Segment NOI 190,319 151,839 133,987 19,019 495,164 Income (loss) from unconsolidated entities 1,320 (1,314 ) 56 (778 ) (716 ) Segment profit $ 191,639 $ 150,525 $ 134,043 $ 18,241 494,448 Interest and other income 12,554 Interest expense (107,581 ) Depreciation and amortization (218,579 ) General, administrative and professional fees (39,677 ) Loss on extinguishment of debt, net (39,527 ) Merger-related expenses and deal costs (4,458 ) Other (1,244 ) Income tax benefit 7,327 Income from continuing operations $ 103,263 For the Three Months Ended September 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 212,370 $ — $ 189,506 $ — $ 401,876 Resident fees and services — 461,700 — — 461,700 Office building and other services revenue 1,125 — 1,568 503 3,196 Income from loans and investments — — — 32,985 32,985 Interest and other income — — — 171 171 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Less: Interest and other income — — — 171 171 Property-level operating expenses — 315,598 60,609 — 376,207 Office building services costs — — 418 — 418 Segment NOI 213,495 146,102 130,047 33,488 523,132 Income (loss) from unconsolidated entities 1,122 300 (348 ) (324 ) 750 Segment profit $ 214,617 $ 146,402 $ 129,699 $ 33,164 523,882 Interest and other income 171 Interest expense (113,869 ) Depreciation and amortization (213,407 ) General, administrative and professional fees (33,317 ) Loss on extinguishment of debt, net (511 ) Merger-related expenses and deal costs (804 ) Other (13,030 ) Income tax benefit 7,815 Income from continuing operations $ 156,930 For the Nine Months Ended September 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 548,628 $ — $ 580,471 $ — $ 1,129,099 Resident fees and services — 1,552,302 — — 1,552,302 Office building and other services revenue 2,522 — 5,785 2,598 10,905 Income from loans and investments — — — 105,706 105,706 Interest and other income — — — 24,535 24,535 Total revenues $ 551,150 $ 1,552,302 $ 586,256 $ 132,839 $ 2,822,547 Total revenues $ 551,150 $ 1,552,302 $ 586,256 $ 132,839 $ 2,822,547 Less: Interest and other income — — — 24,535 24,535 Property-level operating expenses — 1,080,053 182,662 — 1,262,715 Office building services costs — — 1,080 — 1,080 Segment NOI 551,150 472,249 402,514 108,304 1,534,217 (Loss) income from unconsolidated entities (42,029 ) (3,668 ) 321 (2,450 ) (47,826 ) Segment profit $ 509,121 $ 468,581 $ 402,835 $ 105,854 1,486,391 Interest and other income 24,535 Interest expense (331,973 ) Depreciation and amortization (675,363 ) General, administrative and professional fees (113,507 ) Loss on extinguishment of debt, net (50,411 ) Merger-related expenses and deal costs (26,288 ) Other (7,891 ) Income tax benefit 11,303 Income from continuing operations $ 316,796 For the Nine Months Ended September 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 634,955 $ — $ 561,641 $ — $ 1,196,596 Resident fees and services — 1,386,131 — — 1,386,131 Office building and other services revenue 3,455 — 5,347 979 9,781 Income from loans and investments — — — 85,499 85,499 Interest and other income — — — 854 854 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Less: Interest and other income — — — 854 854 Property-level operating expenses — 936,296 174,728 — 1,111,024 Office building services costs — — 1,708 — 1,708 Segment NOI 638,410 449,835 390,552 86,478 1,565,275 Income (loss) from unconsolidated entities 4,768 (157 ) 284 (1,101 ) 3,794 Segment profit $ 643,178 $ 449,678 $ 390,836 $ 85,377 1,569,069 Interest and other income 854 Interest expense (336,245 ) Depreciation and amortization (655,298 ) General, administrative and professional fees (100,560 ) Loss on extinguishment of debt, net (856 ) Merger-related expenses and deal costs (8,903 ) Other (16,066 ) Income tax benefit 13,119 Income from continuing operations $ 465,114 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 10,773 $ 9,954 $ 31,781 $ 151,906 Senior living operations 36,138 45,152 90,892 96,533 Office operations 82,294 62,108 216,500 307,494 Total capital expenditures $ 129,205 $ 117,214 $ 339,173 $ 555,933 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Revenues: United States $ 881,477 $ 844,370 $ 2,656,487 $ 2,521,813 Canada 48,080 48,639 144,366 137,647 United Kingdom 6,981 6,919 21,694 19,401 Total revenues $ 936,538 $ 899,928 $ 2,822,547 $ 2,678,861 As of September 30, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,721,154 $ 19,253,724 Canada 1,021,728 1,070,903 United Kingdom 277,752 297,827 Total net real estate property $ 20,020,634 $ 20,622,454

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,634 $ 112,869 $ 20,480,460 $ — $ 20,596,963 Cash and cash equivalents 8,291 — 77,816 — 86,107 Escrow deposits and restricted cash 5,198 128 57,114 — 62,440 Investment in and advances to affiliates 15,421,147 2,726,198 — (18,147,345 ) — Goodwill — — 1,045,877 — 1,045,877 Assets held for sale — — 24,180 — 24,180 Other assets 57,960 6,669 717,757 — 782,386 Total assets $ 15,496,230 $ 2,845,864 $ 22,403,204 $ (18,147,345 ) $ 22,597,953 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,330,288 $ 2,148,167 $ — $ 10,478,455 Intercompany loans 8,066,423 (5,390,219 ) (2,676,204 ) — — Accrued interest (8,976 ) 66,613 19,246 — 76,883 Accounts payable and other liabilities 355,472 24,843 754,583 — 1,134,898 Liabilities related to assets held for sale — — 14,790 — 14,790 Deferred income taxes 586 — 236,030 — 236,616 Total liabilities 8,413,505 3,031,525 496,612 — 11,941,642 Redeemable OP Unitholder and noncontrolling interests 12,399 — 130,843 — 143,242 Total equity 7,070,326 (185,661 ) 21,775,749 (18,147,345 ) 10,513,069 Total liabilities and equity $ 15,496,230 $ 2,845,864 $ 22,403,204 $ (18,147,345 ) $ 22,597,953 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 14,790,537 2,916,060 — (17,706,597 ) — Goodwill — — 1,034,644 — 1,034,644 Assets held for sale — — 65,413 — 65,413 Other assets 55,934 9,458 508,387 — 573,779 Total assets $ 14,895,260 $ 3,045,154 $ 23,720,724 $ (17,706,597 ) $ 23,954,541 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,895,641 $ 2,380,421 $ — $ 11,276,062 Intercompany loans 7,838,898 (7,127,547 ) (711,351 ) — — 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 8,210,632 1,870,420 2,782,814 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests 12,237 — 146,253 — 158,490 Total equity 6,672,391 1,174,734 20,791,657 (17,706,597 ) 10,932,185 Total liabilities and equity $ 14,895,260 $ 3,045,154 $ 23,720,724 $ (17,706,597 ) $ 23,954,541 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 275 $ 35,189 $ 348,564 $ — $ 384,028 Resident fees and services — — 518,560 — 518,560 Office building and other services revenue — — 3,288 — 3,288 Income from loans and investments 387 — 17,721 — 18,108 Equity earnings in affiliates 74,048 — (874 ) (73,174 ) — Interest and other income 12,335 8 211 — 12,554 Total revenues 87,045 35,197 887,470 (73,174 ) 936,538 Expenses Interest (19,307 ) 80,255 46,633 — 107,581 Depreciation and amortization 1,365 1,411 215,803 — 218,579 Property-level operating expenses — 77 428,312 — 428,389 Office building services costs — — 431 — 431 General, administrative and professional fees 2,744 4,477 32,456 — 39,677 Loss on extinguishment of debt, net 202 36,219 3,106 — 39,527 Merger-related expenses and deal costs 2,980 — 1,478 — 4,458 Other 28 25 1,191 — 1,244 Total expenses (11,988 ) 122,464 729,410 — 839,886 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 99,033 (87,267 ) 158,060 (73,174 ) 96,652 Loss from unconsolidated entities — — (716 ) — (716 ) Income tax benefit 2,944 — 4,383 — 7,327 Income (loss) from continuing operations 101,977 (87,267 ) 161,727 (73,174 ) 103,263 (Loss) gain on real estate dispositions (5 ) — 23 — 18 Net income (loss) 101,972 (87,267 ) 161,750 (73,174 ) 103,281 Net income attributable to noncontrolling interests — — 1,309 — 1,309 Net income (loss) attributable to common stockholders $ 101,972 $ (87,267 ) $ 160,441 $ (73,174 ) $ 101,972 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 601 $ 45,447 $ 355,828 $ — $ 401,876 Resident fees and services — — 461,700 — 461,700 Office building and other services revenue — — 3,196 — 3,196 Income from loans and investments 309 — 32,676 — 32,985 Equity earnings in affiliates 594,857 — 4,151 (599,008 ) — Interest and other income 3 — 168 — 171 Total revenues 595,770 45,447 857,719 (599,008 ) 899,928 Expenses Interest (16,836 ) 82,007 48,698 — 113,869 Depreciation and amortization 1,314 1,455 210,638 — 213,407 Property-level operating expenses — 69 376,138 — 376,207 Office building services costs — — 418 — 418 General, administrative and professional fees 100 4,240 28,977 — 33,317 Loss on extinguishment of debt, net — 504 7 — 511 Merger-related expenses and deal costs 360 — 444 — 804 Other 1,626 — 11,404 — 13,030 Total expenses (13,436 ) 88,275 676,724 — 751,563 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 609,206 (42,828 ) 180,995 (599,008 ) 148,365 Income from unconsolidated entities — — 750 — 750 Income tax benefit 4,771 — 3,044 — 7,815 Income (loss) from continuing operations 613,977 (42,828 ) 184,789 (599,008 ) 156,930 Discontinued operations (19 ) — — — (19 ) Gain on real estate dispositions — 457,952 328 — 458,280 Net income 613,958 415,124 185,117 (599,008 ) 615,191 Net income attributable to noncontrolling interests — — 1,233 — 1,233 Net income attributable to common stockholders $ 613,958 $ 415,124 $ 183,884 $ (599,008 ) $ 613,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,132 $ 103,874 $ 1,024,093 $ — $ 1,129,099 Resident fees and services — — 1,552,302 — 1,552,302 Office building and other services revenue — — 10,905 — 10,905 Income from loans and investments 1,150 — 104,556 — 105,706 Equity earnings in affiliates 278,103 — (2,078 ) (276,025 ) — Interest and other income 23,726 8 801 — 24,535 Total revenues 304,111 103,882 2,690,579 (276,025 ) 2,822,547 Expenses Interest (76,297 ) 245,210 163,060 — 331,973 Depreciation and amortization 4,081 4,277 667,005 — 675,363 Property-level operating expenses — 231 1,262,484 — 1,262,715 Office building services costs — — 1,080 — 1,080 General, administrative and professional fees 2,892 13,142 97,473 — 113,507 Loss on extinguishment of debt, net 356 48,815 1,240 — 50,411 Merger-related expenses and deal costs 23,390 — 2,898 — 26,288 Other 4,524 25 3,342 — 7,891 Total expenses (41,054 ) 311,700 2,198,582 — 2,469,228 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 345,165 (207,818 ) 491,997 (276,025 ) 353,319 Loss from unconsolidated entities — — (47,826 ) — (47,826 ) Income tax benefit 2,606 — 8,697 — 11,303 Income (loss) from continuing operations 347,771 (207,818 ) 452,868 (276,025 ) 316,796 Discontinued operations (10 ) — — — (10 ) (Loss) gain on real estate dispositions (567 ) — 36,460 — 35,893 Net income (loss) 347,194 (207,818 ) 489,328 (276,025 ) 352,679 Net income attributable to noncontrolling interests — — 5,485 — 5,485 Net income (loss) attributable to common stockholders $ 347,194 $ (207,818 ) $ 483,843 $ (276,025 ) $ 347,194 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,782 $ 141,717 $ 1,053,097 $ — $ 1,196,596 Resident fees and services — — 1,386,131 — 1,386,131 Office building and other services revenue — — 9,781 — 9,781 Income from loans and investments 908 — 84,591 — 85,499 Equity earnings in affiliates 909,605 — 3,553 (913,158 ) — Interest and other income 374 — 480 — 854 Total revenues 912,669 141,717 2,537,633 (913,158 ) 2,678,861 Expenses Interest (61,204 ) 238,312 159,137 — 336,245 Depreciation and amortization 4,140 6,062 645,096 — 655,298 Property-level operating expenses — 235 1,110,789 — 1,111,024 Office building services costs — — 1,708 — 1,708 General, administrative and professional fees 412 13,570 86,578 — 100,560 Loss (gain) on extinguishment of debt, net — 942 (86 ) — 856 Merger-related expenses and deal costs 8,007 — 896 — 8,903 Other 1,743 — 14,323 — 16,066 Total expenses (46,902 ) 259,121 2,018,441 — 2,230,660 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 959,571 (117,404 ) 519,192 (913,158 ) 448,201 Income from unconsolidated entities — — 3,794 — 3,794 Income tax benefit 4,440 — 8,679 — 13,119 Income (loss) from continuing operations 964,011 (117,404 ) 531,665 (913,158 ) 465,114 Discontinued operations (95 ) — — — (95 ) Gain on real estate dispositions — 472,732 29,556 — 502,288 Net income 963,916 355,328 561,221 (913,158 ) 967,307 Net income attributable to noncontrolling interests — — 3,391 — 3,391 Net income attributable to common stockholders $ 963,916 $ 355,328 $ 557,830 $ (913,158 ) $ 963,916 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 101,972 $ (87,267 ) $ 161,750 $ (73,174 ) $ 103,281 Other comprehensive income: Foreign currency translation — — (5,018 ) — (5,018 ) Unrealized gain on marketable debt securities — — 5,131 — 5,131 Other — — 2,801 — 2,801 Total other comprehensive income — — 2,914 — 2,914 Comprehensive income (loss) 101,972 (87,267 ) 164,664 (73,174 ) 106,195 Comprehensive income attributable to noncontrolling interests — — 1,309 — 1,309 Comprehensive income (loss) attributable to common stockholders $ 101,972 $ (87,267 ) $ 163,355 $ (73,174 ) $ 104,886 For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 613,958 $ 415,124 $ 185,117 $ (599,008 ) $ 615,191 Other comprehensive income: Foreign currency translation — — 5,239 — 5,239 Unrealized loss on marketable debt securities — — (48 ) — (48 ) Other — — (936 ) — (936 ) Total other comprehensive income — — 4,255 — 4,255 Comprehensive income 613,958 415,124 189,372 (599,008 ) 619,446 Comprehensive income attributable to noncontrolling interests — — 1,233 — 1,233 Comprehensive income attributable to common stockholders $ 613,958 $ 415,124 $ 188,139 $ (599,008 ) $ 618,213 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 347,194 $ (207,818 ) $ 489,328 $ (276,025 ) $ 352,679 Other comprehensive income: Foreign currency translation — — (8,061 ) — (8,061 ) Unrealized gain on marketable debt securities — — 17,816 — 17,816 Other — — 17,418 — 17,418 Total other comprehensive income — — 27,173 — 27,173 Comprehensive income (loss) 347,194 (207,818 ) 516,501 (276,025 ) 379,852 Comprehensive income attributable to noncontrolling interests — — 5,485 — 5,485 Comprehensive income (loss) attributable to common stockholders $ 347,194 $ (207,818 ) $ 511,016 $ (276,025 ) $ 374,367 For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 963,916 $ 355,328 $ 561,221 $ (913,158 ) $ 967,307 Other comprehensive income: Foreign currency translation — — 17,607 — 17,607 Unrealized loss on marketable debt securities — — (233 ) — (233 ) Other — — (620 ) — (620 ) Total other comprehensive income — — 16,754 — 16,754 Comprehensive income 963,916 355,328 577,975 (913,158 ) 984,061 Comprehensive income attributable to noncontrolling interests — — 3,391 — 3,391 Comprehensive income attributable to common stockholders $ 963,916 $ 355,328 $ 574,584 $ (913,158 ) $ 980,670 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 30,077 $ (163,311 ) $ 1,150,856 $ — $ 1,017,622 Cash flows from investing activities: Net investment in real estate property (35,800 ) — — — (35,800 ) Investment in loans receivable (3,036 ) — (209,053 ) — (212,089 ) Proceeds from real estate disposals 331,243 — — — 331,243 Proceeds from loans receivable 1,473 — 864,840 — 866,313 Development project expenditures — — (230,348 ) — (230,348 ) Capital expenditures — — (73,025 ) — (73,025 ) Distributions from unconsolidated entities — — 57,430 — 57,430 Investment in unconsolidated entities — — (45,106 ) — (45,106 ) Insurance proceeds for property damage claims — — 6,327 — 6,327 Net cash provided by investing activities 293,880 — 371,065 — 664,945 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — 49,438 (8,146 ) — 41,292 Proceeds from debt — 2,309,141 103,279 — 2,412,420 Repayment of debt — (2,949,456 ) (344,648 ) — (3,294,104 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 976,533 769,781 (1,746,314 ) — — Payment of deferred financing costs — (15,593 ) (990 ) — (16,583 ) Cash distribution (to) from affiliates (473,343 ) — 473,343 — — Cash distribution to common stockholders (845,248 ) — — — (845,248 ) Cash distribution to redeemable OP Unitholders — — (5,594 ) — (5,594 ) Cash issued for redemption of OP and Class C Units — — (1,370 ) — (1,370 ) Contributions from noncontrolling interests — — 500 — 500 Distributions to noncontrolling interests — — (9,968 ) — (9,968 ) Other (736 ) — — — (736 ) Net cash (used in) provided by financing activities (345,223 ) 163,311 (1,539,908 ) — (1,721,820 ) Net decrease in cash, cash equivalents and restricted cash (21,266 ) — (17,987 ) — (39,253 ) Effect of foreign currency translation (12,190 ) — 11,737 — (453 ) 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 $ 13,489 $ 128 $ 134,930 $ — $ 148,547 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 60,382 $ (87,781 ) $ 1,109,624 $ — $ 1,082,225 Cash flows from investing activities: Net investment in real estate property (317,785 ) — (28,706 ) — (346,491 ) Investment in loans receivable (2,727 ) — (731,306 ) — (734,033 ) Proceeds from real estate disposals 616,637 — (1,884 ) — 614,753 Proceeds from loans receivable 36 — 84,325 — 84,361 Development project expenditures — — (210,423 ) — (210,423 ) Capital expenditures — (604 ) (82,783 ) — (83,387 ) Distributions from unconsolidated entities — — 5,816 — 5,816 Investment in unconsolidated entities — — (42,399 ) — (42,399 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash provided by (used in) investing activities 296,161 (604 ) (1,005,967 ) — (710,410 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 467,000 (82,262 ) — 384,738 Proceeds from debt — 793,904 264,533 — 1,058,437 Repayment of debt — (778,606 ) (446,919 ) — (1,225,525 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 743,966 (748,587 ) 4,621 — — Payment of deferred financing costs — (20,450 ) (5,976 ) — (26,426 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (562,534 ) 373,748 188,786 — — Cash distribution to common stockholders (827,285 ) — — — (827,285 ) Cash distribution to redeemable OP Unitholders — — (5,677 ) — (5,677 ) Contributions from noncontrolling interest — — 4,402 — 4,402 Distributions to noncontrolling interests — — (9,248 ) — (9,248 ) Other 10,543 — — — 10,543 Net cash (used in) provided by financing activities (577,523 ) 87,009 (87,740 ) — (578,254 ) Net (decrease) increase in cash, cash equivalents and restricted cash (220,980 ) (1,376 ) 15,917 — (206,439 ) Effect of foreign currency translation 25,481 — (24,811 ) — 670 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 $ 12,290 $ 128 $ 149,167 $ — $ 161,585

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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. September 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 589,436 $ 198,163 $ 605,150 $ 199,958 Other identified VIEs 1,840,520 303,440 1,983,183 348,124 Tax credit VIEs 801,694 304,234 988,598 221,908
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 September 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 September 30, 2018 and December 31, 2017 , the fair value of the redeemable OP Unitholder Interests was $131.0 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 includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at September 30, 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 September 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, Gains and Losses from the Derecognition of Nonfinancial 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. 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 collectability is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At September 30, 2018 and December 31, 2017 , this cumulative excess totaled $244.4 million (net of allowances of $44.4 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 collectability 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 collectability of our rent receivables, including straight-line rent receivables. We base our assessment of the collectability 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 collectability 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 collectability 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 established ASC Topic 842, Leases (“ASC 842”) by issuing 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. ASC 842 has subsequently been amended by other issued ASUs to clarify and improve the standard as well as to provide certain practical expedients. ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of 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. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019. Upon adoption, 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. Resident leases within our senior living operations reportable business segment are accounted for as leases but also contain service elements. We expect to elect the practical expedient to account for our resident leases as a single lease component. 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 evaluating the initial balance sheet impact and developing processes and internal controls to account for all leases under ASC 842. 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)	9 Months Ended
	Sep. 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. September 30, 2018 December 31, 2017 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 589,436 $ 198,163 $ 605,150 $ 199,958 Other identified VIEs 1,840,520 303,440 1,983,183 348,124 Tax credit VIEs 801,694 304,234 988,598 221,908

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	9 Months Ended
	Sep. 30, 2018
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor	The following table reflects the concentration risk related to our triple-net leased properties for the periods presented: For the Three Months Ended September 30, 2018 2017 Revenues (1) : Brookdale Senior Living 4.8 % 4.9 % Ardent 3.1 3.1 Kindred (2) 3.5 4.7 NOI: Brookdale Senior Living 8.9 % 8.4 % Ardent 5.8 5.3 Kindred (2) 6.6 8.1 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) Includes 36 SNFs that were sold during 2017.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 , including the amounts reported on our Consolidated Balance Sheets. September 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 $ 24,877 $ 14,429 3 $ 65,413 $ 60,265 Senior Living Operations (1) — (697 ) 361 — — — Total 1 $ 24,180 $ 14,790 3 $ 65,413 $ 60,265 (1) Balances relate to anticipated post-closing settlements of working capital.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2018: Secured/mortgage loans and other, net $ 466,614 $ 466,614 $ 452,646 $ — Government-sponsored pooled loan investments, net (1) 61,237 53,292 61,237 7,945 Total investments reported as Secured loans receivable and investments, net 527,851 519,906 513,883 7,945 Non-mortgage loans receivable, net 50,478 50,478 49,915 — Senior unsecured notes (2) 208,090 197,417 208,090 10,673 Total loans receivable and investments, net $ 786,419 $ 767,801 $ 771,888 $ 18,618 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)	9 Months Ended
	Sep. 30, 2018
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles as of September 30, 2018 and December 31, 2017 : September 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 $ 183,212 6.8 $ 185,012 7.0 In-place and other lease intangibles 1,323,057 24.6 1,363,062 24.0 Goodwill 1,045,877 N/A 1,034,644 N/A Other intangibles 35,847 12.1 35,890 14.1 Accumulated amortization (904,011 ) N/A (864,576 ) N/A Net intangible assets $ 1,683,982 22.6 $ 1,754,032 22.1 Intangible liabilities: Below market lease intangibles $ 357,191 14.5 $ 359,118 13.7 Other lease intangibles 32,324 43.3 40,141 40.8 Accumulated amortization (188,537 ) N/A (160,985 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 204,546 16.6 $ 241,842 15.6

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 : September 30, December 31, (In thousands) Straight-line rent receivables, net $ 244,360 $ 267,764 Non-mortgage loans receivable, net 50,478 59,857 Senior unsecured notes 208,090 — Other intangibles, net 5,804 6,496 Investment in unconsolidated operating entities 62,295 49,738 Other 211,359 189,924 Total other assets $ 782,386 $ 573,779

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 (In thousands) Unsecured revolving credit facility (1) $ 514,353 $ 535,832 Secured revolving construction credit facility due 2022 63,806 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) 309,981 318,041 2.70% Senior Notes due 2020 500,000 500,000 Unsecured term loan due 2020 — 900,000 4.75% Senior Notes due 2021 — 700,000 4.25% Senior Notes due 2022 600,000 600,000 3.25% Senior Notes due 2022 500,000 500,000 3.30% Senior Notes, Series C due 2022 (2) 193,738 198,776 Unsecured term loan due 2023 300,000 — 3.125% Senior Notes due 2023 400,000 400,000 3.10% Senior Notes due 2023 400,000 400,000 2.55% Senior Notes, Series D due 2023 (2) 213,112 218,653 Unsecured term loan due 2024 600,000 — 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 193,738 198,776 3.50% 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 3.85% Senior Notes due 2027 400,000 400,000 4.00% Senior Notes due 2028 650,000 — 4.40% Senior Notes due 2029 750,000 — 6.90% Senior Notes due 2037 52,400 52,400 6.59% Senior Notes due 2038 22,823 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 1,111,299 1,308,564 Total 10,584,000 11,365,633 Deferred financing costs, net (77,091 ) (73,093 ) Unamortized fair value adjustment (2,207 ) 12,139 Unamortized discounts (26,247 ) (28,617 ) Senior notes payable and other debt $ 10,478,455 $ 11,276,062 (1) As of September 30, 2018 and December 31, 2017 , respectively, $21.3 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $28.5 million and $31.1 million were denominated in British pounds as of September 30, 2018 and December 31, 2017 , respectively. (2)
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of September 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 $ — $ — $ 5,154 $ 5,154 2019 538,766 — 15,114 553,880 2020 583,866 — 14,491 598,357 2021 62,406 514,353 13,365 590,124 2022 1,475,293 — 11,841 1,487,134 Thereafter (2) 7,262,876 — 86,475 7,349,351 Total maturities $ 9,923,207 $ 514,353 $ 146,440 $ 10,584,000 (1) At September 30, 2018 , we had $86.1 million of unrestricted cash and cash equivalents, for $428.2 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 $22.8 million aggregate principal amount of 6.59%

FAIR VALUES OF FINANCIAL INST_2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	As of September 30, 2018 and December 31, 2017 , the carrying amounts and fair values of our financial instruments were as follows: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 86,107 $ 86,107 $ 81,355 $ 81,355 Secured mortgage loans and other, net 466,614 452,646 1,291,694 1,286,322 Non-mortgage loans receivable, net 50,478 49,915 59,857 58,849 Senior unsecured notes 208,090 208,090 — — Government-sponsored pooled loan investments 61,237 61,237 54,665 54,665 Derivative instruments 10,072 10,072 7,248 7,248 Liabilities: Senior notes payable and other debt, gross 10,584,000 10,434,164 11,365,633 11,600,750 Derivative instruments 9,119 9,119 5,435 5,435 Redeemable OP Unitholder Interests 130,999 130,999 146,252 146,252

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss as of September 30, 2018 and December 31, 2017 : September 30, 2018 December 31, 2017 (In thousands) Foreign currency translation $ (53,641 ) $ (45,580 ) Accumulated unrealized gain on marketable debt securities 18,618 802 Other 27,076 9,658 Total accumulated other comprehensive loss $ (7,947 ) $ (35,120 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	9 Months Ended
	Sep. 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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 103,263 $ 156,930 $ 316,796 $ 465,114 Discontinued operations — (19 ) (10 ) (95 ) Gain on real estate dispositions 18 458,280 35,893 502,288 Net income 103,281 615,191 352,679 967,307 Net income attributable to noncontrolling interests 1,309 1,233 5,485 3,391 Net income attributable to common stockholders $ 101,972 $ 613,958 $ 347,194 $ 963,916 Denominator: Denominator for basic earnings per share—weighted average shares 356,318 355,929 356,224 355,110 Effect of dilutive securities: Stock options 227 624 152 528 Restricted stock awards 396 318 271 236 OP Unitholder Interests 2,414 2,462 2,421 2,491 Denominator for diluted earnings per share—adjusted weighted average shares 359,355 359,333 359,068 358,365 Basic earnings per share: Income from continuing operations $ 0.29 $ 0.44 $ 0.89 $ 1.31 Net income attributable to common stockholders 0.29 1.72 0.97 2.71 Diluted earnings per share: Income from continuing operations $ 0.29 $ 0.44 $ 0.88 $ 1.30 Net income attributable to common stockholders 0.28 1.71 0.97 2.69

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 190,117 $ — $ 193,911 $ — $ 384,028 Resident fees and services — 518,560 — — 518,560 Office building and other services revenue 202 — 2,175 911 3,288 Income from loans and investments — — — 18,108 18,108 Interest and other income — — — 12,554 12,554 Total revenues $ 190,319 $ 518,560 $ 196,086 $ 31,573 $ 936,538 Total revenues $ 190,319 $ 518,560 $ 196,086 $ 31,573 $ 936,538 Less: Interest and other income — — — 12,554 12,554 Property-level operating expenses — 366,721 61,668 — 428,389 Office building services costs — — 431 — 431 Segment NOI 190,319 151,839 133,987 19,019 495,164 Income (loss) from unconsolidated entities 1,320 (1,314 ) 56 (778 ) (716 ) Segment profit $ 191,639 $ 150,525 $ 134,043 $ 18,241 494,448 Interest and other income 12,554 Interest expense (107,581 ) Depreciation and amortization (218,579 ) General, administrative and professional fees (39,677 ) Loss on extinguishment of debt, net (39,527 ) Merger-related expenses and deal costs (4,458 ) Other (1,244 ) Income tax benefit 7,327 Income from continuing operations $ 103,263 For the Three Months Ended September 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 212,370 $ — $ 189,506 $ — $ 401,876 Resident fees and services — 461,700 — — 461,700 Office building and other services revenue 1,125 — 1,568 503 3,196 Income from loans and investments — — — 32,985 32,985 Interest and other income — — — 171 171 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Total revenues $ 213,495 $ 461,700 $ 191,074 $ 33,659 $ 899,928 Less: Interest and other income — — — 171 171 Property-level operating expenses — 315,598 60,609 — 376,207 Office building services costs — — 418 — 418 Segment NOI 213,495 146,102 130,047 33,488 523,132 Income (loss) from unconsolidated entities 1,122 300 (348 ) (324 ) 750 Segment profit $ 214,617 $ 146,402 $ 129,699 $ 33,164 523,882 Interest and other income 171 Interest expense (113,869 ) Depreciation and amortization (213,407 ) General, administrative and professional fees (33,317 ) Loss on extinguishment of debt, net (511 ) Merger-related expenses and deal costs (804 ) Other (13,030 ) Income tax benefit 7,815 Income from continuing operations $ 156,930 For the Nine Months Ended September 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 548,628 $ — $ 580,471 $ — $ 1,129,099 Resident fees and services — 1,552,302 — — 1,552,302 Office building and other services revenue 2,522 — 5,785 2,598 10,905 Income from loans and investments — — — 105,706 105,706 Interest and other income — — — 24,535 24,535 Total revenues $ 551,150 $ 1,552,302 $ 586,256 $ 132,839 $ 2,822,547 Total revenues $ 551,150 $ 1,552,302 $ 586,256 $ 132,839 $ 2,822,547 Less: Interest and other income — — — 24,535 24,535 Property-level operating expenses — 1,080,053 182,662 — 1,262,715 Office building services costs — — 1,080 — 1,080 Segment NOI 551,150 472,249 402,514 108,304 1,534,217 (Loss) income from unconsolidated entities (42,029 ) (3,668 ) 321 (2,450 ) (47,826 ) Segment profit $ 509,121 $ 468,581 $ 402,835 $ 105,854 1,486,391 Interest and other income 24,535 Interest expense (331,973 ) Depreciation and amortization (675,363 ) General, administrative and professional fees (113,507 ) Loss on extinguishment of debt, net (50,411 ) Merger-related expenses and deal costs (26,288 ) Other (7,891 ) Income tax benefit 11,303 Income from continuing operations $ 316,796 For the Nine Months Ended September 30, 2017 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 634,955 $ — $ 561,641 $ — $ 1,196,596 Resident fees and services — 1,386,131 — — 1,386,131 Office building and other services revenue 3,455 — 5,347 979 9,781 Income from loans and investments — — — 85,499 85,499 Interest and other income — — — 854 854 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Total revenues $ 638,410 $ 1,386,131 $ 566,988 $ 87,332 $ 2,678,861 Less: Interest and other income — — — 854 854 Property-level operating expenses — 936,296 174,728 — 1,111,024 Office building services costs — — 1,708 — 1,708 Segment NOI 638,410 449,835 390,552 86,478 1,565,275 Income (loss) from unconsolidated entities 4,768 (157 ) 284 (1,101 ) 3,794 Segment profit $ 643,178 $ 449,678 $ 390,836 $ 85,377 1,569,069 Interest and other income 854 Interest expense (336,245 ) Depreciation and amortization (655,298 ) General, administrative and professional fees (100,560 ) Loss on extinguishment of debt, net (856 ) Merger-related expenses and deal costs (8,903 ) Other (16,066 ) Income tax benefit 13,119 Income from continuing operations $ 465,114
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Capital expenditures: Triple-net leased properties $ 10,773 $ 9,954 $ 31,781 $ 151,906 Senior living operations 36,138 45,152 90,892 96,533 Office operations 82,294 62,108 216,500 307,494 Total capital expenditures $ 129,205 $ 117,214 $ 339,173 $ 555,933
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 September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 (In thousands) Revenues: United States $ 881,477 $ 844,370 $ 2,656,487 $ 2,521,813 Canada 48,080 48,639 144,366 137,647 United Kingdom 6,981 6,919 21,694 19,401 Total revenues $ 936,538 $ 899,928 $ 2,822,547 $ 2,678,861
Net real estate property by geographic area	As of September 30, 2018 As of December 31, 2017 (In thousands) Net real estate property: United States $ 18,721,154 $ 19,253,724 Canada 1,021,728 1,070,903 United Kingdom 277,752 297,827 Total net real estate property $ 20,020,634 $ 20,622,454

CONDENSED CONSOLIDATING INFOR_2

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of September 30, 2018 and December 31, 2017 and for the three and nine months ended September 30, 2018 and 2017 . CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,634 $ 112,869 $ 20,480,460 $ — $ 20,596,963 Cash and cash equivalents 8,291 — 77,816 — 86,107 Escrow deposits and restricted cash 5,198 128 57,114 — 62,440 Investment in and advances to affiliates 15,421,147 2,726,198 — (18,147,345 ) — Goodwill — — 1,045,877 — 1,045,877 Assets held for sale — — 24,180 — 24,180 Other assets 57,960 6,669 717,757 — 782,386 Total assets $ 15,496,230 $ 2,845,864 $ 22,403,204 $ (18,147,345 ) $ 22,597,953 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,330,288 $ 2,148,167 $ — $ 10,478,455 Intercompany loans 8,066,423 (5,390,219 ) (2,676,204 ) — — Accrued interest (8,976 ) 66,613 19,246 — 76,883 Accounts payable and other liabilities 355,472 24,843 754,583 — 1,134,898 Liabilities related to assets held for sale — — 14,790 — 14,790 Deferred income taxes 586 — 236,030 — 236,616 Total liabilities 8,413,505 3,031,525 496,612 — 11,941,642 Redeemable OP Unitholder and noncontrolling interests 12,399 — 130,843 — 143,242 Total equity 7,070,326 (185,661 ) 21,775,749 (18,147,345 ) 10,513,069 Total liabilities and equity $ 15,496,230 $ 2,845,864 $ 22,403,204 $ (18,147,345 ) $ 22,597,953 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 14,790,537 2,916,060 — (17,706,597 ) — Goodwill — — 1,034,644 — 1,034,644 Assets held for sale — — 65,413 — 65,413 Other assets 55,934 9,458 508,387 — 573,779 Total assets $ 14,895,260 $ 3,045,154 $ 23,720,724 $ (17,706,597 ) $ 23,954,541 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,895,641 $ 2,380,421 $ — $ 11,276,062 Intercompany loans 7,838,898 (7,127,547 ) (711,351 ) — — 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 8,210,632 1,870,420 2,782,814 — 12,863,866 Redeemable OP Unitholder and noncontrolling interests 12,237 — 146,253 — 158,490 Total equity 6,672,391 1,174,734 20,791,657 (17,706,597 ) 10,932,185 Total liabilities and equity $ 14,895,260 $ 3,045,154 $ 23,720,724 $ (17,706,597 ) $ 23,954,541
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 275 $ 35,189 $ 348,564 $ — $ 384,028 Resident fees and services — — 518,560 — 518,560 Office building and other services revenue — — 3,288 — 3,288 Income from loans and investments 387 — 17,721 — 18,108 Equity earnings in affiliates 74,048 — (874 ) (73,174 ) — Interest and other income 12,335 8 211 — 12,554 Total revenues 87,045 35,197 887,470 (73,174 ) 936,538 Expenses Interest (19,307 ) 80,255 46,633 — 107,581 Depreciation and amortization 1,365 1,411 215,803 — 218,579 Property-level operating expenses — 77 428,312 — 428,389 Office building services costs — — 431 — 431 General, administrative and professional fees 2,744 4,477 32,456 — 39,677 Loss on extinguishment of debt, net 202 36,219 3,106 — 39,527 Merger-related expenses and deal costs 2,980 — 1,478 — 4,458 Other 28 25 1,191 — 1,244 Total expenses (11,988 ) 122,464 729,410 — 839,886 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 99,033 (87,267 ) 158,060 (73,174 ) 96,652 Loss from unconsolidated entities — — (716 ) — (716 ) Income tax benefit 2,944 — 4,383 — 7,327 Income (loss) from continuing operations 101,977 (87,267 ) 161,727 (73,174 ) 103,263 (Loss) gain on real estate dispositions (5 ) — 23 — 18 Net income (loss) 101,972 (87,267 ) 161,750 (73,174 ) 103,281 Net income attributable to noncontrolling interests — — 1,309 — 1,309 Net income (loss) attributable to common stockholders $ 101,972 $ (87,267 ) $ 160,441 $ (73,174 ) $ 101,972 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 601 $ 45,447 $ 355,828 $ — $ 401,876 Resident fees and services — — 461,700 — 461,700 Office building and other services revenue — — 3,196 — 3,196 Income from loans and investments 309 — 32,676 — 32,985 Equity earnings in affiliates 594,857 — 4,151 (599,008 ) — Interest and other income 3 — 168 — 171 Total revenues 595,770 45,447 857,719 (599,008 ) 899,928 Expenses Interest (16,836 ) 82,007 48,698 — 113,869 Depreciation and amortization 1,314 1,455 210,638 — 213,407 Property-level operating expenses — 69 376,138 — 376,207 Office building services costs — — 418 — 418 General, administrative and professional fees 100 4,240 28,977 — 33,317 Loss on extinguishment of debt, net — 504 7 — 511 Merger-related expenses and deal costs 360 — 444 — 804 Other 1,626 — 11,404 — 13,030 Total expenses (13,436 ) 88,275 676,724 — 751,563 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 609,206 (42,828 ) 180,995 (599,008 ) 148,365 Income from unconsolidated entities — — 750 — 750 Income tax benefit 4,771 — 3,044 — 7,815 Income (loss) from continuing operations 613,977 (42,828 ) 184,789 (599,008 ) 156,930 Discontinued operations (19 ) — — — (19 ) Gain on real estate dispositions — 457,952 328 — 458,280 Net income 613,958 415,124 185,117 (599,008 ) 615,191 Net income attributable to noncontrolling interests — — 1,233 — 1,233 Net income attributable to common stockholders $ 613,958 $ 415,124 $ 183,884 $ (599,008 ) $ 613,958 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,132 $ 103,874 $ 1,024,093 $ — $ 1,129,099 Resident fees and services — — 1,552,302 — 1,552,302 Office building and other services revenue — — 10,905 — 10,905 Income from loans and investments 1,150 — 104,556 — 105,706 Equity earnings in affiliates 278,103 — (2,078 ) (276,025 ) — Interest and other income 23,726 8 801 — 24,535 Total revenues 304,111 103,882 2,690,579 (276,025 ) 2,822,547 Expenses Interest (76,297 ) 245,210 163,060 — 331,973 Depreciation and amortization 4,081 4,277 667,005 — 675,363 Property-level operating expenses — 231 1,262,484 — 1,262,715 Office building services costs — — 1,080 — 1,080 General, administrative and professional fees 2,892 13,142 97,473 — 113,507 Loss on extinguishment of debt, net 356 48,815 1,240 — 50,411 Merger-related expenses and deal costs 23,390 — 2,898 — 26,288 Other 4,524 25 3,342 — 7,891 Total expenses (41,054 ) 311,700 2,198,582 — 2,469,228 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 345,165 (207,818 ) 491,997 (276,025 ) 353,319 Loss from unconsolidated entities — — (47,826 ) — (47,826 ) Income tax benefit 2,606 — 8,697 — 11,303 Income (loss) from continuing operations 347,771 (207,818 ) 452,868 (276,025 ) 316,796 Discontinued operations (10 ) — — — (10 ) (Loss) gain on real estate dispositions (567 ) — 36,460 — 35,893 Net income (loss) 347,194 (207,818 ) 489,328 (276,025 ) 352,679 Net income attributable to noncontrolling interests — — 5,485 — 5,485 Net income (loss) attributable to common stockholders $ 347,194 $ (207,818 ) $ 483,843 $ (276,025 ) $ 347,194 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 1,782 $ 141,717 $ 1,053,097 $ — $ 1,196,596 Resident fees and services — — 1,386,131 — 1,386,131 Office building and other services revenue — — 9,781 — 9,781 Income from loans and investments 908 — 84,591 — 85,499 Equity earnings in affiliates 909,605 — 3,553 (913,158 ) — Interest and other income 374 — 480 — 854 Total revenues 912,669 141,717 2,537,633 (913,158 ) 2,678,861 Expenses Interest (61,204 ) 238,312 159,137 — 336,245 Depreciation and amortization 4,140 6,062 645,096 — 655,298 Property-level operating expenses — 235 1,110,789 — 1,111,024 Office building services costs — — 1,708 — 1,708 General, administrative and professional fees 412 13,570 86,578 — 100,560 Loss (gain) on extinguishment of debt, net — 942 (86 ) — 856 Merger-related expenses and deal costs 8,007 — 896 — 8,903 Other 1,743 — 14,323 — 16,066 Total expenses (46,902 ) 259,121 2,018,441 — 2,230,660 Income (loss) before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests 959,571 (117,404 ) 519,192 (913,158 ) 448,201 Income from unconsolidated entities — — 3,794 — 3,794 Income tax benefit 4,440 — 8,679 — 13,119 Income (loss) from continuing operations 964,011 (117,404 ) 531,665 (913,158 ) 465,114 Discontinued operations (95 ) — — — (95 ) Gain on real estate dispositions — 472,732 29,556 — 502,288 Net income 963,916 355,328 561,221 (913,158 ) 967,307 Net income attributable to noncontrolling interests — — 3,391 — 3,391 Net income attributable to common stockholders $ 963,916 $ 355,328 $ 557,830 $ (913,158 ) $ 963,916
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 101,972 $ (87,267 ) $ 161,750 $ (73,174 ) $ 103,281 Other comprehensive income: Foreign currency translation — — (5,018 ) — (5,018 ) Unrealized gain on marketable debt securities — — 5,131 — 5,131 Other — — 2,801 — 2,801 Total other comprehensive income — — 2,914 — 2,914 Comprehensive income (loss) 101,972 (87,267 ) 164,664 (73,174 ) 106,195 Comprehensive income attributable to noncontrolling interests — — 1,309 — 1,309 Comprehensive income (loss) attributable to common stockholders $ 101,972 $ (87,267 ) $ 163,355 $ (73,174 ) $ 104,886 For the Three Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 613,958 $ 415,124 $ 185,117 $ (599,008 ) $ 615,191 Other comprehensive income: Foreign currency translation — — 5,239 — 5,239 Unrealized loss on marketable debt securities — — (48 ) — (48 ) Other — — (936 ) — (936 ) Total other comprehensive income — — 4,255 — 4,255 Comprehensive income 613,958 415,124 189,372 (599,008 ) 619,446 Comprehensive income attributable to noncontrolling interests — — 1,233 — 1,233 Comprehensive income attributable to common stockholders $ 613,958 $ 415,124 $ 188,139 $ (599,008 ) $ 618,213 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 347,194 $ (207,818 ) $ 489,328 $ (276,025 ) $ 352,679 Other comprehensive income: Foreign currency translation — — (8,061 ) — (8,061 ) Unrealized gain on marketable debt securities — — 17,816 — 17,816 Other — — 17,418 — 17,418 Total other comprehensive income — — 27,173 — 27,173 Comprehensive income (loss) 347,194 (207,818 ) 516,501 (276,025 ) 379,852 Comprehensive income attributable to noncontrolling interests — — 5,485 — 5,485 Comprehensive income (loss) attributable to common stockholders $ 347,194 $ (207,818 ) $ 511,016 $ (276,025 ) $ 374,367 For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income $ 963,916 $ 355,328 $ 561,221 $ (913,158 ) $ 967,307 Other comprehensive income: Foreign currency translation — — 17,607 — 17,607 Unrealized loss on marketable debt securities — — (233 ) — (233 ) Other — — (620 ) — (620 ) Total other comprehensive income — — 16,754 — 16,754 Comprehensive income 963,916 355,328 577,975 (913,158 ) 984,061 Comprehensive income attributable to noncontrolling interests — — 3,391 — 3,391 Comprehensive income attributable to common stockholders $ 963,916 $ 355,328 $ 574,584 $ (913,158 ) $ 980,670
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 30,077 $ (163,311 ) $ 1,150,856 $ — $ 1,017,622 Cash flows from investing activities: Net investment in real estate property (35,800 ) — — — (35,800 ) Investment in loans receivable (3,036 ) — (209,053 ) — (212,089 ) Proceeds from real estate disposals 331,243 — — — 331,243 Proceeds from loans receivable 1,473 — 864,840 — 866,313 Development project expenditures — — (230,348 ) — (230,348 ) Capital expenditures — — (73,025 ) — (73,025 ) Distributions from unconsolidated entities — — 57,430 — 57,430 Investment in unconsolidated entities — — (45,106 ) — (45,106 ) Insurance proceeds for property damage claims — — 6,327 — 6,327 Net cash provided by investing activities 293,880 — 371,065 — 664,945 Cash flows from financing activities: Net change in borrowings under revolving credit facilities — 49,438 (8,146 ) — 41,292 Proceeds from debt — 2,309,141 103,279 — 2,412,420 Repayment of debt — (2,949,456 ) (344,648 ) — (3,294,104 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 976,533 769,781 (1,746,314 ) — — Payment of deferred financing costs — (15,593 ) (990 ) — (16,583 ) Cash distribution (to) from affiliates (473,343 ) — 473,343 — — Cash distribution to common stockholders (845,248 ) — — — (845,248 ) Cash distribution to redeemable OP Unitholders — — (5,594 ) — (5,594 ) Cash issued for redemption of OP and Class C Units — — (1,370 ) — (1,370 ) Contributions from noncontrolling interests — — 500 — 500 Distributions to noncontrolling interests — — (9,968 ) — (9,968 ) Other (736 ) — — — (736 ) Net cash (used in) provided by financing activities (345,223 ) 163,311 (1,539,908 ) — (1,721,820 ) Net decrease in cash, cash equivalents and restricted cash (21,266 ) — (17,987 ) — (39,253 ) Effect of foreign currency translation (12,190 ) — 11,737 — (453 ) 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 $ 13,489 $ 128 $ 134,930 $ — $ 148,547 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 2017 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 60,382 $ (87,781 ) $ 1,109,624 $ — $ 1,082,225 Cash flows from investing activities: Net investment in real estate property (317,785 ) — (28,706 ) — (346,491 ) Investment in loans receivable (2,727 ) — (731,306 ) — (734,033 ) Proceeds from real estate disposals 616,637 — (1,884 ) — 614,753 Proceeds from loans receivable 36 — 84,325 — 84,361 Development project expenditures — — (210,423 ) — (210,423 ) Capital expenditures — (604 ) (82,783 ) — (83,387 ) Distributions from unconsolidated entities — — 5,816 — 5,816 Investment in unconsolidated entities — — (42,399 ) — (42,399 ) Insurance proceeds for property damage claims — — 1,393 — 1,393 Net cash provided by (used in) investing activities 296,161 (604 ) (1,005,967 ) — (710,410 ) Cash flows from financing activities: Net change in borrowings under revolving credit facility — 467,000 (82,262 ) — 384,738 Proceeds from debt — 793,904 264,533 — 1,058,437 Repayment of debt — (778,606 ) (446,919 ) — (1,225,525 ) Purchase of noncontrolling interests (15,809 ) — — — (15,809 ) Net change in intercompany debt 743,966 (748,587 ) 4,621 — — Payment of deferred financing costs — (20,450 ) (5,976 ) — (26,426 ) Issuance of common stock, net 73,596 — — — 73,596 Cash distribution (to) from affiliates (562,534 ) 373,748 188,786 — — Cash distribution to common stockholders (827,285 ) — — — (827,285 ) Cash distribution to redeemable OP Unitholders — — (5,677 ) — (5,677 ) Contributions from noncontrolling interest — — 4,402 — 4,402 Distributions to noncontrolling interests — — (9,248 ) — (9,248 ) Other 10,543 — — — 10,543 Net cash (used in) provided by financing activities (577,523 ) 87,009 (87,740 ) — (578,254 ) Net (decrease) increase in cash, cash equivalents and restricted cash (220,980 ) (1,376 ) 15,917 — (206,439 ) Effect of foreign currency translation 25,481 — (24,811 ) — 670 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 $ 12,290 $ 128 $ 149,167 $ — $ 161,585

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 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	11
Kindred
Real estate properties
Number of properties leased under triple net leases	32
Development Projects
Real estate properties
Number of real estate properties	16
Development Projects | Unconsolidated Real Estate Entities
Real estate properties
Number of real estate properties	5
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	360

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
NHP/PMB L.P.
Variable Interest Entity
Total assets	$ 589,436	$ 605,150
Total liabilities	198,163	199,958
Other Identified VIEs
Variable Interest Entity
Total assets	1,840,520	1,983,183
Total liabilities	303,440	348,124
Tax Credit VIEs
Variable Interest Entity
Total assets	801,694	988,598
Total liabilities	$ 304,234	$ 221,908

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)shares	Dec. 31, 2017USD ($)
Redeemable Noncontrolling Interest
Redeemable OP Unitholder interest, fair value | $	$ 131	$ 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 general partner 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)	Sep. 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	Sep. 30, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables	$ 244,360	$ 267,764
Straight-line rent receivables, allowance	$ 44,400	$ 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 - (Details) - Customer Concentration Risk	9 Months Ended
	Sep. 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	38.30%
Total Gross Book Value of Properties | Seniors Housing Communities | Triple-Net Leased Properties
Concentration Risk
Concentration percentage	22.30%
Total Gross Book Value of Properties | Seniors Housing Communities | Senior Living Operations
Concentration Risk
Concentration percentage	39.40%
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	5.20%
Kindred | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	1.10%

CONCENTRATION OF CREDIT RISK _2

CONCENTRATION OF CREDIT RISK - Triple-Net Leased Properties (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Jul. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Apr. 30, 2018USD ($)periodLease	Sep. 30, 2018	Sep. 30, 2017property	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Concentration Risk
Other noncash income (expense)						$ (390)	$ (7,439)
Brookdale Senior Living
Concentration Risk
Fee received			$ 2,500
Master leases | Lease			1
Renewal options | period			2
Lease renewal option term			10 years
Other noncash income (expense)			$ (21,300)
Ardent
Concentration Risk
Fee received		$ 14,000
Kindred
Concentration Risk
Fee received	$ 12,300
Kindred | Skilled Nursing Facilities
Concentration Risk
Number of real estate properties sold | property					36
Revenue from Rights Concentration Risk | Revenues | Brookdale Senior Living
Concentration Risk
Concentration percentage				4.80%	4.90%
Revenue from Rights Concentration Risk | Revenues | Ardent
Concentration Risk
Concentration percentage				3.10%	3.10%
Revenue from Rights Concentration Risk | Revenues | Kindred
Concentration Risk
Concentration percentage				3.50%	4.70%
Revenue from Rights Concentration Risk | NOI | Brookdale Senior Living
Concentration Risk
Concentration percentage				8.90%	8.40%
Revenue from Rights Concentration Risk | NOI | Ardent
Concentration Risk
Concentration percentage				5.80%	5.30%
Revenue from Rights Concentration Risk | NOI | Kindred
Concentration Risk
Concentration percentage				6.60%	8.10%

CONCENTRATION OF CREDIT RISK _3

CONCENTRATION OF CREDIT RISK - Senior Living Operations (Details)	1 Months Ended	9 Months Ended
	Jan. 31, 2018USD ($)property	Sep. 30, 2018USD ($)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 | $		$ 20,900,000
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		360
Seniors Housing Communities | Atria and Sunrise
Concentration Risk
Number of independent third party managed properties | property		265

DISPOSITIONS - DISPOSITIONS - (

DISPOSITIONS - DISPOSITIONS - (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)propertyparcel	Sep. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Vacant parcels sold | parcel	2
Proceeds from real estate disposals | $	$ 326,100
Net gain on the sale of assets, net of tax | $	35,900
Impairment of real estate | $	$ 10,700	$ 20,200
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	7
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 Held For Sale (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2018USD ($)property	Sep. 30, 2018USD ($)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		$ 24,180	$ 65,413
Liabilities related to assets held for sale		$ 14,790	$ 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		1	3
Assets held for sale		$ 24,877	$ 65,413
Liabilities related to assets held for sale		$ 14,429	$ 60,265
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties held for sale | property		0	0
Assets held for sale		$ (697)	$ 0
Liabilities related to assets held for sale		$ 361	$ 0

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS - LOANS RECEIVABLE AND INVESTMENTS - (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Loans Receivable And Investments [Abstract]
Total loans receivable and investments, net, carrying amount	$ 786,419	$ 1,406,216

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	$ 208,090	$ 0
Debt securities, available-for-sale, fair value	208,090	0
Non-mortgage loans receivable, net	50,478	59,857
Total loans receivable and investments, net, carrying amount	786,419	1,406,216
Total loans receivable and investments, net, amortized cost	767,801	1,405,414
Total loans receivable and investments, net, fair value	771,888	1,399,836
Total loans receivable and investments, net, unrealized gain	18,618	802
Non-Mortgage Loans Receivable, Net
Accounts, Notes, Loans and Financing Receivable
Non-mortgage loans receivable, net	50,478	59,857
Non-mortgage loans receivable, amortized cost	50,478	59,857
Non-mortgage loans receivable, fair value	49,915	58,849
Non-mortgage loans receivable, net, unrealized gain	0	0
Secured/mortgage loans and other, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, held-to-maturity	466,614	1,291,694
Debt securities, held-to-maturity, fair value	452,646	1,286,322
Debt securities, held-to-maturity, accumulated unrecognized gain	0	0
Government-sponsored pooled loan investments, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	61,237	54,665
Debt securities, available-for-sale, amortized cost	53,292	53,863
Debt securities, available-for-sale, fair value	61,237	54,665
Debt securities, available-for-sale, unrealized gain	7,945	802
Total investments reported as Secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, unrealized gain	7,945	802
Debt Securities, Available-for-sale and Held-to-maturity	527,851	1,346,359
Debt securities, available-for-sale and held-to-maturity, amortized cost	519,906	1,345,557
Debt securities, Available-for-Sale and Held-to-Maturity, fair value	513,883	$ 1,340,987
Senior unsecured notes
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	208,090
Debt securities, available-for-sale, amortized cost	197,417
Debt securities, available-for-sale, fair value	208,090
Debt securities, available-for-sale, unrealized gain	$ 10,673

LOANS RECEIVABLE AND INVESTME_5

LOANS RECEIVABLE AND INVESTMENTS 2018 Activity (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)loan	Sep. 30, 2017USD ($)
Accounts, Notes, Loans and Financing Receivable
Income from loans and investments		$ 18,108	$ 32,985	$ 105,706	$ 85,499
Ardent
Accounts, Notes, Loans and Financing Receivable
Ownership interests accounted for under the equity method		9.80%		9.80%
Ardent subsidiary
Accounts, Notes, Loans and Financing Receivable
Marketable securities	$ 200,000
Offering price, as a percentage of par value	98.60%
Effective interest rate	10.00%
Ardent
Accounts, Notes, Loans and Financing Receivable
Fee received	$ 14,000
Accelerated recognition of unamortized fees received	13,200
Income from loans and investments	27,200
Full Repayments on Loans Receivable
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable				$ 846,700
Number of loans repaid | loan				10
Weighted average interest rate		9.10%		9.10%
Full Repayments on Loans Receivable | Ardent
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	713,000
Mortgage Receivable | Ardent
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	700,000
Revolving Credit Facility | Ardent
Accounts, Notes, Loans and Financing Receivable
Proceeds from collection of loans receivable	$ 13,000

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2018USD ($)	Mar. 31, 2018USD ($)joint_venture	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)
Equity method investments
Number of real estate properties owed by joint ventures, excluding development | property			1,200		1,200
Impairment loss on equity method investment in a real estate joint venture		$ 35.7
Management Service
Equity method investments
Management fees			$ 1.1	$ 1.6	$ 5.1	$ 4.6
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			9.80%		9.80%
Real Estate Joint Ventures
Equity method investments
Ownership interests accounted for under the equity method	25.00%		25.00%		25.00%
Number of real estate properties owed by joint ventures, excluding development | property			31		31
Equity investments in an unconsolidated real estate venture with recognized impairment | joint_venture		1
Proceeds from sale of joint venture interest	$ 57.5
Gain (loss) on sale of joint venture interest	0.9
Decrease in debt related to investment in unconsolidated entities	23.3
Real Estate Joint Ventures | Scenario, Forecast
Equity method investments
Potential management fee revenue lost due to sale of interest in joint venture	$ 4.6

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Intangible assets:
Intangible assets	$ 1,506,269	$ 1,548,074
Goodwill	1,045,877	1,034,644
Other intangibles	35,847	35,890
Accumulated amortization	(904,011)	(864,576)
Net intangible assets	$ 1,683,982	$ 1,754,032
Finite-lived intangible assets, remaining amortization period	22 years 7 months 6 days	22 years 1 month 6 days
Intangible liabilities:
Below market lease intangibles	$ 357,191	$ 359,118
Other lease intangibles	32,324	40,141
Accumulated amortization	(188,537)	(160,985)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 204,546	$ 241,842
Below market leases, remaining weighted average amortization period (in years)	14 years 6 months	13 years 8 months 12 days
Other lease intangibles, remaining weighted average amortization period (in years)	43 years 3 months 18 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	$ 183,212	$ 185,012
Finite-lived intangible assets, remaining amortization period	6 years 9 months 18 days	7 years
In-place and Other Lease Intangibles
Intangible assets:
Intangible assets	$ 1,323,057	$ 1,363,062
Finite-lived intangible assets, remaining amortization period	24 years 7 months 6 days	24 years
Other Intangibles
Intangible assets:
Finite-lived intangible assets, remaining amortization period	12 years 1 month 6 days	14 years 1 month 6 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 244,360	$ 267,764
Non-mortgage loans receivable, net	50,478	59,857
Debt securities, available-for-sale, carrying value	208,090	0
Other intangibles, net	5,804	6,496
Investment in unconsolidated operating entities	62,295	49,738
Other	211,359	189,924
Total other assets	$ 782,386	$ 573,779

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Aug. 31, 2018	Jul. 31, 2018	Feb. 28, 2018	Dec. 31, 2017
Debt instruments
Document Period End Date	Sep. 30, 2018
Senior notes payable and other debt, gross	$ 10,584,000				$ 11,365,633
Deferred financing costs, net	(77,091)				(73,093)
Unamortized fair value adjustment	(2,207)				12,139
Unamortized discounts	(26,247)				(28,617)
Senior notes payable and other debt	10,478,455				11,276,062
Unsecured Revolving Credit Facility
Debt instruments
Senior notes payable and other debt, gross	514,353				535,832
Unsecured Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Senior notes payable and other debt, gross	21,300				28,700
Unsecured Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Senior notes payable and other debt, gross	28,500				31,100
Secured Revolving Construction Credit Facility due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 63,806				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	$ 309,981				318,041
2.70% 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	$ 0				900,000
4.75% Senior Notes due 2021
Debt instruments
Interest rate	4.75%
Senior notes payable and other debt, gross	$ 0				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
3.30% Senior Notes, Series C due 2022
Debt instruments
Interest rate	3.30%
Senior notes payable and other debt, gross	$ 193,738				198,776
Unsecured Term Loan Due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 300,000		$ 300,000		0
3.125% Senior Notes due 2023
Debt instruments
Interest rate	3.125%
Senior notes payable and other debt, gross	$ 400,000				400,000
3.10% Senior Notes due 2023
Debt instruments
Interest rate	3.10%
Senior notes payable and other debt, gross	$ 400,000				400,000
2.55% Senior Notes, Series D due 2023
Debt instruments
Interest rate	2.55%
Senior notes payable and other debt, gross	$ 213,112				218,653
Unsecured Term Loan Due 2024
Debt instruments
Senior notes payable and other debt, gross	$ 600,000		$ 600,000		0
3.75% Senior Notes due 2024
Debt instruments
Interest rate	3.75%
Senior notes payable and other debt, gross	$ 400,000				400,000
4.125% Senior Notes, Series B due 2024
Debt instruments
Interest rate	4.125%
Senior notes payable and other debt, gross	$ 193,738				198,776
3.50% 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
3.85% 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
4.40% Senior Notes due 2029
Debt instruments
Interest rate	4.40%	4.40%
Senior notes payable and other debt, gross	$ 750,000	$ 750,000			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	$ 22,823				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	$ 1,111,299				$ 1,308,564

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	$ 5,154
2,019	553,880
2,020	598,357
2,021	590,124
2,022	1,487,134
Thereafter	7,349,351
Total maturities	10,584,000	$ 11,365,633
Unrestricted cash and cash equivalents	86,107	81,355
Revolving credit facility borrowings outstanding, net of cash and cash equivalents	428,200
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	0
2,019	538,766
2,020	583,866
2,021	62,406
2,022	1,475,293
Thereafter	7,262,876
Total maturities	9,923,207
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	514,353
2,022	0
Thereafter	0
Total maturities	514,353	$ 535,832
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2,018	5,154
2,019	15,114
2,020	14,491
2,021	13,365
2,022	11,841
Thereafter	86,475
Total maturities	146,440
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	$ 22,800
Interest rate	6.59%

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities and Unsecured Term Loans (Details)	1 Months Ended			9 Months Ended
	Jul. 31, 2018USD ($)	Apr. 30, 2018USD ($)	Feb. 28, 2018USD ($)	Sep. 30, 2018USD ($)period	Dec. 31, 2017USD ($)
Debt instruments
Revolving credit facility borrowings outstanding				$ 428,200,000
Senior notes payable and other debt, gross				10,584,000,000	$ 11,365,633,000
Senior notes payable and other debt				10,478,455,000	11,276,062,000
Unsecured Term Loan Due 2020
Debt instruments
Senior notes payable and other debt, gross				0	900,000,000
Long-term debt repaid during reporting period	$ 900,000,000
Unsecured Term Loan Due 2020 | LIBOR
Debt instruments
Variable interest rate	0.975%
Unsecured Term Loan Due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 300,000,000			300,000,000	0
Unsecured Term Loan Due 2024
Debt instruments
Senior notes payable and other debt, gross	600,000,000			600,000,000	0
Unsecured Term Loan Due Facility
Debt instruments
Senior notes payable and other debt, gross	$ 900,000,000
Unsecured Term Loan Due Facility | LIBOR
Debt instruments
Variable interest rate	0.90%
Secured Revolving Construction Credit Facility due 2022
Debt instruments
Revolving credit facility, maximum borrowing capacity				400,000,000
Revolving credit facility borrowings outstanding				63,800,000
Revolving credit facility unused borrowing capacity				336,200,000
Senior notes payable and other debt, gross				63,806,000	2,868,000
4.00% Senior Notes due 2019
Debt instruments
Long-term debt repaid during reporting period		$ 97,900,000
2.00% Senior Notes due 2018
Debt instruments
Senior notes payable and other debt, gross				0	700,000,000
Long-term debt repaid during reporting period			$ 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
Revolving credit facility, maximum borrowing capacity				$ 3,000,000,000
Additional periods | period				2
Additional period term				6 months
Revolving credit facility borrowings outstanding				$ 514,400,000
Letters of credit outstanding				22,700,000
Revolving credit facility unused borrowing capacity				$ 2,500,000,000
Revolving Credit Facility | LIBOR
Debt instruments
Variable interest rate				0.875%
Revolving Credit Facility | Accordion Feature
Debt instruments
Revolving credit facility, maximum borrowing capacity				$ 3,750,000,000
Unsecured Term Loan Due Facility | Accordion Feature
Debt instruments
Senior notes payable and other debt	$ 1,500,000,000

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) - USD ($)	1 Months Ended				3 Months Ended		9 Months Ended
	Aug. 31, 2018	Jul. 31, 2018	Apr. 30, 2018	Feb. 28, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt instruments
Senior notes payable and other debt, gross					$ 10,584,000,000		$ 10,584,000,000		$ 11,365,633,000
Proceeds from issuance of debt							2,412,420,000	$ 1,058,437,000
Loss on extinguishment of debt, net					(39,527,000)	$ (511,000)	(50,411,000)	$ (856,000)
Unsecured term loan due 2020
Debt instruments
Senior notes payable and other debt, gross					0		0		900,000,000
Repayments of long-term debt		$ 900,000,000
4.00% Senior Notes due 2028
Debt instruments
Senior notes payable and other debt, gross				$ 650,000,000	$ 650,000,000		$ 650,000,000		0
Interest rate				4.00%	4.00%		4.00%
Public offering price as percent of par				99.23%
Proceeds from issuance of debt				$ 645,000,000
4.00% Senior Notes due 2019
Debt instruments
Interest rate			4.00%	4.00%
Public offering price as percent of par				101.83%
Senior notes redeemed				$ 502,100,000
Loss on extinguishment of debt, net			$ 1,800,000	$ 11,000,000
Repayments of long-term debt			$ 97,900,000
2.00% Senior Notes due 2018
Debt instruments
Senior notes payable and other debt, gross					$ 0		$ 0		700,000,000
Interest rate				2.00%	2.00%		2.00%
Repayments of long-term debt				$ 700,000,000
4.40% Senior Notes due 2029
Debt instruments
Senior notes payable and other debt, gross	$ 750,000,000				$ 750,000,000		$ 750,000,000		$ 0
Interest rate	4.40%				4.40%		4.40%
Public offering price as percent of par	99.95%
Proceeds from issuance of debt	$ 749,700,000
4.75% Senior Notes, due 2021
Debt instruments
Senior notes payable and other debt, gross					$ 150,500,000		$ 150,500,000
Interest rate	4.75%				4.75%		4.75%
Public offering price as percent of par	104.56%
Loss on extinguishment of debt, net	$ 28,300,000						$ 7,600,000
Repayments of long-term debt	$ 549,500,000
LIBOR | Unsecured term loan due 2020
Debt instruments
Variable interest rate		0.975%

SENIOR NOTES PAYABLE AND OTHE_7

SENIOR NOTES PAYABLE AND OTHER DEBT - Mortgage Loan Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Debt instruments
Gain (Loss) on Extinguishment of Debt	$ (39,527)	$ (511)	$ (50,411)	$ (856)
Mortgages Loans and Other
Debt instruments
Repayments of Debt			$ 324,600	$ 307,500

SENIOR NOTES PAYABLE AND OTHE_8

SENIOR NOTES PAYABLE AND OTHER DEBT - Derivatives and Hedging (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2018	Feb. 28, 2018	Sep. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Derivative notional amount					$ 200
Weighted average swap spread				0.98%
Gain on derivative	$ 6.6	$ 10
4.40% Senior Notes due 2029
Derivative [Line Items]
Interest rate	4.40%		4.40%
Gain on derivative	$ 4.4
4.00% Senior Notes due 2028
Derivative [Line Items]
Interest rate		4.00%	4.00%
Forward Starting Swap
Derivative [Line Items]
Derivative notional amount	$ 200		$ 300	$ 400

FAIR VALUES OF FINANCIAL INST_3

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Carrying Amount
Assets:
Cash and cash equivalents	$ 86,107	$ 81,355
Derivative Asset	10,072	7,248
Liabilities:
Senior notes payable and other debt, gross	10,584,000	11,365,633
Derivative instruments	9,119	5,435
Redeemable OP Unitholder Interests	130,999	146,252
Carrying Amount | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity	466,614	1,291,694
Carrying Amount | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	61,237	54,665
Carrying Amount | Senior unsecured notes
Assets:
Debt securities, available-for-sale, carrying value	208,090	0
Carrying Amount | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net	50,478	59,857
Fair Value
Assets:
Cash and cash equivalents, fair value	86,107	81,355
Derivative Asset	10,072	7,248
Liabilities:
Senior notes payable and other debt, fair value	10,434,164	11,600,750
Derivative instruments	9,119	5,435
Redeemable Noncontrolling Interest, Equity, Other, Carrying Amount	130,999	146,252
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	452,646	1,286,322
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	61,237	54,665
Fair Value | Senior unsecured notes
Assets:
Debt securities, available-for-sale, carrying value	208,090	0
Fair Value | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, fair value	$ 49,915	$ 58,849

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Income Taxes [Line Items]
Income tax benefit	$ (7,327)	$ (7,815)	$ (11,303)	$ (13,119)
Deferred income taxes	236,616		236,616		$ 250,092
Interest Expense Limitation due to Tax Cuts and Jobs Act of 2017
Income Taxes [Line Items]
2017 Tax Cuts and Jobs Act provisional adjustment	$ 23,300		$ 23,300

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Aug. 01, 2018
Equity [Abstract]
Equity Offering Program, Authorized Offering Amount		$ 1,000,000
Equity offering program, remaining authorized offering amount	$ 1,000,000
Stock Issued During Period, Value, New Issues, Equity Offering Program	$ 0

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Equity [Abstract]
Foreign currency translation	$ (53,641)	$ (45,580)
Accumulated unrealized gain on marketable debt securities	18,618	802
Other	27,076	9,658
Total accumulated other comprehensive loss	$ (7,947)	$ (35,120)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 103,263	$ 156,930	$ 316,796	$ 465,114
Discontinued operations	0	(19)	(10)	(95)
Gain on real estate dispositions	18	458,280	35,893	502,288
Net income	103,281	615,191	352,679	967,307	$ 1,361,112
Net income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Net income attributable to common stockholders	$ 101,972	$ 613,958	$ 347,194	$ 963,916
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	356,318	355,929	356,224	355,110
Effect of dilutive securities:
Stock options (in shares)	227	624	152	528
Restricted stock awards (in shares)	396	318	271	236
OP Unitholder Interests (in shares)	2,414	2,462	2,421	2,491
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	359,355	359,333	359,068	358,365
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.29	$ 0.44	$ 0.89	$ 1.31
Net income attributable to common stockholders (in usd per share)	0.29	1.72	0.97	2.71
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.29	0.44	0.88	1.30
Net income attributable to common stockholders (in usd per share)	$ 0.28	$ 1.71	$ 0.97	$ 2.69

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2018USD ($)segment
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Intersegment sales and transfers | $	$ 0

SEGMENT INFORMATION - Income St

SEGMENT INFORMATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Rental income	$ 384,028	$ 401,876	$ 1,129,099	$ 1,196,596
Income from loans and investments	18,108	32,985	105,706	85,499
Interest and other income	12,554	171	24,535	854
Total revenues	936,538	899,928	2,822,547	2,678,861
Less:
Interest and other income	12,554	171	24,535	854
Property-level operating expenses	428,389	376,207	1,262,715	1,111,024
Office building services costs	431	418	1,080	1,708
Segment NOI	495,164	523,132	1,534,217	1,565,275
(Loss) income from unconsolidated entities	(716)	750	(47,826)	3,794
Segment profit	494,448	523,882	1,486,391	1,569,069
Interest and other income	12,554	171	24,535	854
Interest expense	(107,581)	(113,869)	(331,973)	(336,245)
Depreciation and amortization	(218,579)	(213,407)	(675,363)	(655,298)
General, administrative and professional fees	(39,677)	(33,317)	(113,507)	(100,560)
Loss on extinguishment of debt, net	(39,527)	(511)	(50,411)	(856)
Merger-related expenses and deal costs	(4,458)	(804)	(26,288)	(8,903)
Other	(1,244)	(13,030)	(7,891)	(16,066)
Income tax benefit	7,327	7,815	11,303	13,119
Income from continuing operations	103,263	156,930	316,796	465,114
Resident Fees and Services
Revenues:
Other revenues	518,560	461,700	1,552,302	1,386,131
Office Building and Other Services Revenue
Revenues:
Other revenues	3,288	3,196	10,905	9,781
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	190,117	212,370	548,628	634,955
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	190,319	213,495	551,150	638,410
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	190,319	213,495	551,150	638,410
(Loss) income from unconsolidated entities	1,320	1,122	(42,029)	4,768
Segment profit	191,639	214,617	509,121	643,178
Interest and other income	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
Operating Segments | Triple-Net Leased Properties | Office Building and Other Services Revenue
Revenues:
Other revenues	202	1,125	2,522	3,455
Operating Segments | Senior Living Operations
Revenues:
Rental income	0	0	0	0
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	518,560	461,700	1,552,302	1,386,131
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	366,721	315,598	1,080,053	936,296
Office building services costs	0	0	0	0
Segment NOI	151,839	146,102	472,249	449,835
(Loss) income from unconsolidated entities	(1,314)	300	(3,668)	(157)
Segment profit	150,525	146,402	468,581	449,678
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations | Resident Fees and Services
Revenues:
Other revenues	518,560	461,700	1,552,302	1,386,131
Operating Segments | Senior Living Operations | Office Building and Other Services Revenue
Revenues:
Other revenues	0	0	0	0
Operating Segments | Office Operations
Revenues:
Rental income	193,911	189,506	580,471	561,641
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	196,086	191,074	586,256	566,988
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	61,668	60,609	182,662	174,728
Office building services costs	431	418	1,080	1,708
Segment NOI	133,987	130,047	402,514	390,552
(Loss) income from unconsolidated entities	56	(348)	321	284
Segment profit	134,043	129,699	402,835	390,836
Interest and other income	0	0	0	0
Operating Segments | Office Operations | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
Operating Segments | Office Operations | Office Building and Other Services Revenue
Revenues:
Other revenues	2,175	1,568	5,785	5,347
All Other
Revenues:
Rental income	0	0	0	0
Income from loans and investments	18,108	32,985	105,706	85,499
Interest and other income	12,554	171	24,535	854
Total revenues	31,573	33,659	132,839	87,332
Less:
Interest and other income	12,554	171	24,535	854
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	19,019	33,488	108,304	86,478
(Loss) income from unconsolidated entities	(778)	(324)	(2,450)	(1,101)
Segment profit	18,241	33,164	105,854	85,377
Interest and other income	12,554	171	24,535	854
All Other | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
All Other | Office Building and Other Services Revenue
Revenues:
Other revenues	$ 911	$ 503	$ 2,598	$ 979

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Reporting Information
Capital expenditures	$ 129,205	$ 117,214	$ 339,173	$ 555,933
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Capital expenditures	10,773	9,954	31,781	151,906
Operating Segments | Senior Living Operations
Segment Reporting Information
Capital expenditures	36,138	45,152	90,892	96,533
Operating Segments | Office Operations
Segment Reporting Information
Capital expenditures	$ 82,294	$ 62,108	$ 216,500	$ 307,494

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Revenues:
Total revenues	$ 936,538	$ 899,928	$ 2,822,547	$ 2,678,861
Net real estate property:
Total net real estate property	20,020,634		20,020,634		$ 20,622,454
United States
Revenues:
Total revenues	881,477	844,370	2,656,487	2,521,813
Net real estate property:
Total net real estate property	18,721,154		18,721,154		19,253,724
Canada
Revenues:
Total revenues	48,080	48,639	144,366	137,647
Net real estate property:
Total net real estate property	1,021,728		1,021,728		1,070,903
United Kingdom
Revenues:
Total revenues	6,981	$ 6,919	21,694	$ 19,401
Net real estate property:
Total net real estate property	$ 277,752		$ 277,752		$ 297,827

CONDENSED CONSOLIDATING INFOR_3

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets
Net real estate investments	$ 20,596,963	$ 22,092,452
Cash and cash equivalents	86,107	81,355
Escrow deposits and restricted cash	62,440	106,898
Investment in and advances to affiliates	0	0
Goodwill	1,045,877	1,034,644
Assets held for sale	24,180	65,413
Other assets	782,386	573,779
Total assets	22,597,953	23,954,541
Liabilities:
Senior notes payable and other debt	10,478,455	11,276,062
Intercompany loans	0	0
Accrued interest	76,883	93,958
Accounts payable and other liabilities	1,134,898	1,183,489
Liabilities related to assets held for sale	14,790	60,265
Deferred income taxes	236,616	250,092
Total liabilities	11,941,642	12,863,866
Redeemable OP Unitholder and noncontrolling interests	143,242	158,490
Total equity	10,513,069	10,932,185	$ 10,528,753
Total liabilities and equity	22,597,953	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	(18,147,345)	(17,706,597)
Goodwill	0	0
Assets held for sale	0	0
Other assets	0	0
Total assets	(18,147,345)	(17,706,597)
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	(18,147,345)	(17,706,597)
Total liabilities and equity	(18,147,345)	(17,706,597)
Ventas, Inc.
Assets
Net real estate investments	3,634	1,844
Cash and cash equivalents	8,291	7,129
Escrow deposits and restricted cash	5,198	39,816
Investment in and advances to affiliates	15,421,147	14,790,537
Goodwill	0	0
Assets held for sale	0	0
Other assets	57,960	55,934
Total assets	15,496,230	14,895,260
Liabilities:
Senior notes payable and other debt	0	0
Intercompany loans	8,066,423	7,838,898
Accrued interest	(8,976)	(6,410)
Accounts payable and other liabilities	355,472	377,536
Liabilities related to assets held for sale	0	0
Deferred income taxes	586	608
Total liabilities	8,413,505	8,210,632
Redeemable OP Unitholder and noncontrolling interests	12,399	12,237
Total equity	7,070,326	6,672,391
Total liabilities and equity	15,496,230	14,895,260
Ventas Realty
Assets
Net real estate investments	112,869	119,508
Cash and cash equivalents	0	0
Escrow deposits and restricted cash	128	128
Investment in and advances to affiliates	2,726,198	2,916,060
Goodwill	0	0
Assets held for sale	0	0
Other assets	6,669	9,458
Total assets	2,845,864	3,045,154
Liabilities:
Senior notes payable and other debt	8,330,288	8,895,641
Intercompany loans	(5,390,219)	(7,127,547)
Accrued interest	66,613	77,691
Accounts payable and other liabilities	24,843	24,635
Liabilities related to assets held for sale	0	0
Deferred income taxes	0	0
Total liabilities	3,031,525	1,870,420
Redeemable OP Unitholder and noncontrolling interests	0	0
Total equity	(185,661)	1,174,734
Total liabilities and equity	2,845,864	3,045,154
Ventas Subsidiaries
Assets
Net real estate investments	20,480,460	21,971,100
Cash and cash equivalents	77,816	74,226
Escrow deposits and restricted cash	57,114	66,954
Investment in and advances to affiliates	0	0
Goodwill	1,045,877	1,034,644
Assets held for sale	24,180	65,413
Other assets	717,757	508,387
Total assets	22,403,204	23,720,724
Liabilities:
Senior notes payable and other debt	2,148,167	2,380,421
Intercompany loans	(2,676,204)	(711,351)
Accrued interest	19,246	22,677
Accounts payable and other liabilities	754,583	781,318
Liabilities related to assets held for sale	14,790	60,265
Deferred income taxes	236,030	249,484
Total liabilities	496,612	2,782,814
Redeemable OP Unitholder and noncontrolling interests	130,843	146,253
Total equity	21,775,749	20,791,657
Total liabilities and equity	$ 22,403,204	$ 23,720,724

CONDENSED CONSOLIDATING INFOR_4

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Revenues:
Rental income	$ 384,028	$ 401,876	$ 1,129,099	$ 1,196,596
Income from loans and investments	18,108	32,985	105,706	85,499
Equity earnings in affiliates	0	0	0	0
Interest and other income	12,554	171	24,535	854
Total revenues	936,538	899,928	2,822,547	2,678,861
Expenses
Interest	107,581	113,869	331,973	336,245
Depreciation and amortization	218,579	213,407	675,363	655,298
Property-level operating expenses	428,389	376,207	1,262,715	1,111,024
Office building services costs	431	418	1,080	1,708
General, administrative and professional fees	39,677	33,317	113,507	100,560
Loss on extinguishment of debt, net	39,527	511	50,411	856
Merger-related expenses and deal costs	4,458	804	26,288	8,903
Other	1,244	13,030	7,891	16,066
Total expenses	839,886	751,563	2,469,228	2,230,660
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	96,652	148,365	353,319	448,201
(Loss) income from unconsolidated entities	(716)	750	(47,826)	3,794
Income tax benefit	7,327	7,815	11,303	13,119
Income from continuing operations	103,263	156,930	316,796	465,114
Discontinued operations	0	(19)	(10)	(95)
Gain on real estate dispositions	(18)	(458,280)	(35,893)	(502,288)
Net income	103,281	615,191	352,679	967,307	$ 1,361,112
Net income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Net income attributable to common stockholders	101,972	613,958	347,194	963,916
Consolidated Elimination
Revenues:
Rental income	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(73,174)	(599,008)	(276,025)	(913,158)
Interest and other income	0	0	0	0
Total revenues	(73,174)	(599,008)	(276,025)	(913,158)
Expenses
Interest	0	0	0	0
Depreciation and amortization	0	0	0	0
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	0	0	0	0
Loss on extinguishment of debt, net	0	0	0	0
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	0	0
Total expenses	0	0	0	0
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(73,174)	(599,008)	(276,025)	(913,158)
(Loss) income from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(73,174)	(599,008)	(276,025)	(913,158)
Discontinued operations		0	0	0
Gain on real estate dispositions	0	0	0	0
Net income	(73,174)	(599,008)	(276,025)	(913,158)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(73,174)	(599,008)	(276,025)	(913,158)
Ventas, Inc.
Revenues:
Rental income	275	601	1,132	1,782
Income from loans and investments	387	309	1,150	908
Equity earnings in affiliates	74,048	594,857	278,103	909,605
Interest and other income	12,335	3	23,726	374
Total revenues	87,045	595,770	304,111	912,669
Expenses
Interest	(19,307)	(16,836)	(76,297)	(61,204)
Depreciation and amortization	1,365	1,314	4,081	4,140
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	2,744	100	2,892	412
Loss on extinguishment of debt, net	202	0	356	0
Merger-related expenses and deal costs	2,980	360	23,390	8,007
Other	28	1,626	4,524	1,743
Total expenses	(11,988)	(13,436)	(41,054)	(46,902)
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	99,033	609,206	345,165	959,571
(Loss) income from unconsolidated entities	0	0	0	0
Income tax benefit	2,944	4,771	2,606	4,440
Income from continuing operations	101,977	613,977	347,771	964,011
Discontinued operations		(19)	(10)	(95)
Gain on real estate dispositions	5	0	567	0
Net income	101,972	613,958	347,194	963,916
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	101,972	613,958	347,194	963,916
Ventas Realty
Revenues:
Rental income	35,189	45,447	103,874	141,717
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	8	0	8	0
Total revenues	35,197	45,447	103,882	141,717
Expenses
Interest	80,255	82,007	245,210	238,312
Depreciation and amortization	1,411	1,455	4,277	6,062
Property-level operating expenses	77	69	231	235
Office building services costs	0	0	0	0
General, administrative and professional fees	4,477	4,240	13,142	13,570
Loss on extinguishment of debt, net	36,219	504	48,815	942
Merger-related expenses and deal costs	0	0	0	0
Other	25	0	25	0
Total expenses	122,464	88,275	311,700	259,121
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	(87,267)	(42,828)	(207,818)	(117,404)
(Loss) income from unconsolidated entities	0	0	0	0
Income tax benefit	0	0	0	0
Income from continuing operations	(87,267)	(42,828)	(207,818)	(117,404)
Discontinued operations		0	0	0
Gain on real estate dispositions	0	(457,952)	0	(472,732)
Net income	(87,267)	415,124	(207,818)	355,328
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(87,267)	415,124	(207,818)	355,328
Ventas Subsidiaries
Revenues:
Rental income	348,564	355,828	1,024,093	1,053,097
Income from loans and investments	17,721	32,676	104,556	84,591
Equity earnings in affiliates	(874)	4,151	(2,078)	3,553
Interest and other income	211	168	801	480
Total revenues	887,470	857,719	2,690,579	2,537,633
Expenses
Interest	46,633	48,698	163,060	159,137
Depreciation and amortization	215,803	210,638	667,005	645,096
Property-level operating expenses	428,312	376,138	1,262,484	1,110,789
Office building services costs	431	418	1,080	1,708
General, administrative and professional fees	32,456	28,977	97,473	86,578
Loss on extinguishment of debt, net	3,106	7	1,240	(86)
Merger-related expenses and deal costs	1,478	444	2,898	896
Other	1,191	11,404	3,342	14,323
Total expenses	729,410	676,724	2,198,582	2,018,441
Income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests	158,060	180,995	491,997	519,192
(Loss) income from unconsolidated entities	(716)	750	(47,826)	3,794
Income tax benefit	4,383	3,044	8,697	8,679
Income from continuing operations	161,727	184,789	452,868	531,665
Discontinued operations		0	0	0
Gain on real estate dispositions	(23)	(328)	(36,460)	(29,556)
Net income	161,750	185,117	489,328	561,221
Net income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Net income attributable to common stockholders	160,441	183,884	483,843	557,830
Resident Fees and Services
Revenues:
Other revenues	518,560	461,700	1,552,302	1,386,131
Resident Fees and Services | Consolidated Elimination
Revenues:
Other revenues	0	0	0	0
Resident Fees and Services | Ventas, Inc.
Revenues:
Other revenues	0	0	0	0
Resident Fees and Services | Ventas Realty
Revenues:
Other revenues	0	0	0	0
Resident Fees and Services | Ventas Subsidiaries
Revenues:
Other revenues	518,560	461,700	1,552,302	1,386,131
Office Building and Other Services Revenue
Revenues:
Other revenues	3,288	3,196	10,905	9,781
Office Building and Other Services Revenue | Consolidated Elimination
Revenues:
Other revenues	0	0	0	0
Office Building and Other Services Revenue | Ventas, Inc.
Revenues:
Other revenues	0	0	0	0
Office Building and Other Services Revenue | Ventas Realty
Revenues:
Other revenues	0	0	0	0
Office Building and Other Services Revenue | Ventas Subsidiaries
Revenues:
Other revenues	$ 3,288	$ 3,196	$ 10,905	$ 9,781

CONDENSED CONSOLIDATING INFOR_5

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Condensed financial statements, captions
Net income (loss)	$ 103,281	$ 615,191	$ 352,679	$ 967,307	$ 1,361,112
Other comprehensive income (loss):
Foreign currency translation	(5,018)	5,239	(8,061)	17,607
Unrealized gain (loss) on marketable debt securities	5,131	(48)	17,816	(233)
Other	2,801	(936)	17,418	(620)
Total other comprehensive income	2,914	4,255	27,173	16,754	$ 22,414
Comprehensive income	106,195	619,446	379,852	984,061
Comprehensive income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Comprehensive income attributable to common stockholders	104,886	618,213	374,367	980,670
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(73,174)	(599,008)	(276,025)	(913,158)
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	(73,174)	(599,008)	(276,025)	(913,158)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(73,174)	(599,008)	(276,025)	(913,158)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	101,972	613,958	347,194	963,916
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	101,972	613,958	347,194	963,916
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	101,972	613,958	347,194	963,916
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(87,267)	415,124	(207,818)	355,328
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	(87,267)	415,124	(207,818)	355,328
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(87,267)	415,124	(207,818)	355,328
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	161,750	185,117	489,328	561,221
Other comprehensive income (loss):
Foreign currency translation	(5,018)	5,239	(8,061)	17,607
Unrealized gain (loss) on marketable debt securities	5,131	(48)	17,816	(233)
Other	2,801	(936)	17,418	(620)
Total other comprehensive income	2,914	4,255	27,173	16,754
Comprehensive income	164,664	189,372	516,501	577,975
Comprehensive income attributable to noncontrolling interests	1,309	1,233	5,485	3,391
Comprehensive income attributable to common stockholders	$ 163,355	$ 188,139	$ 511,016	$ 574,584

CONDENSED CONSOLIDATING INFOR_6

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 1,017,622	$ 1,082,225
Cash flows from investing activities:
Net investment in real estate property	(35,800)	(346,491)
Investment in loans receivable	(212,089)	(734,033)
Proceeds from real estate disposals	331,243	614,753
Proceeds from loans receivable	866,313	84,361
Development project expenditures	(230,348)	(210,423)
Capital expenditures	(73,025)	(83,387)
Distributions from unconsolidated entities	57,430	5,816
Investment in unconsolidated entities	(45,106)	(42,399)
Insurance proceeds for property damage claims	6,327	1,393
Net cash provided by (used in) investing activities	664,945	(710,410)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	41,292	384,738
Proceeds from debt	2,412,420	1,058,437
Repayment of debt	(3,294,104)	(1,225,525)
Purchase of noncontrolling interests	2,429	15,809
Net change in intercompany debt	0	0
Payment of deferred financing costs	(16,583)	(26,426)
Issuance of common stock, net	0	73,596
Cash distribution (to) from affiliates	0	0
Cash distribution to common stockholders	(845,248)	(827,285)
Cash distribution to redeemable OP Unitholders	(5,594)	(5,677)
Contributions from noncontrolling interests	500	4,402
Cash issued for redemption of OP and Class C Units	(1,370)	0
Distributions to noncontrolling interests	(9,968)	(9,248)
Other	(736)	10,543
Net cash used in financing activities	(1,721,820)	(578,254)
Net decrease in cash, cash equivalents and restricted cash	(39,253)	(206,439)
Effect of foreign currency translation	(453)	670
Cash, cash equivalents and restricted cash at beginning of period	188,253	367,354
Cash, cash equivalents and restricted cash at end of period	148,547	161,585
Consolidated Elimination
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	0	0
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable	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	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 (to) from affiliates	0	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP Unitholders	0	0
Contributions from noncontrolling interests	0	0
Cash issued for redemption of OP and Class C Units	0
Distributions to noncontrolling interests	0	0
Other	0	0
Net cash used in 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 provided by (used in) operating activities	30,077	60,382
Cash flows from investing activities:
Net investment in real estate property	(35,800)	(317,785)
Investment in loans receivable	(3,036)	(2,727)
Proceeds from real estate disposals	331,243	616,637
Proceeds from loans receivable	1,473	36
Development project expenditures	0	0
Capital expenditures	0	0
Distributions from unconsolidated entities	0	0
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	293,880	296,161
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	976,533	743,966
Payment of deferred financing costs	0	0
Issuance of common stock, net		73,596
Cash distribution (to) from affiliates	(473,343)	(562,534)
Cash distribution to common stockholders	(845,248)	(827,285)
Cash distribution to redeemable OP Unitholders	0	0
Contributions from noncontrolling interests	0	0
Cash issued for redemption of OP and Class C Units	0
Distributions to noncontrolling interests	0	0
Other	(736)	10,543
Net cash used in financing activities	(345,223)	(577,523)
Net decrease in cash, cash equivalents and restricted cash	(21,266)	(220,980)
Effect of foreign currency translation	(12,190)	25,481
Cash, cash equivalents and restricted cash at beginning of period	46,945	207,789
Cash, cash equivalents and restricted cash at end of period	13,489	12,290
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(163,311)	(87,781)
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable	0	0
Proceeds from real estate disposals	0	0
Proceeds from loans receivable	0	0
Development project expenditures	0	0
Capital expenditures	0	(604)
Distributions from unconsolidated entities	0	0
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash provided by (used in) investing activities	0	(604)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	49,438	467,000
Proceeds from debt	2,309,141	793,904
Repayment of debt	(2,949,456)	(778,606)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	769,781	(748,587)
Payment of deferred financing costs	(15,593)	(20,450)
Issuance of common stock, net		0
Cash distribution (to) from affiliates	0	373,748
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP Unitholders	0	0
Contributions from noncontrolling interests	0	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 financing activities	163,311	87,009
Net decrease in cash, cash equivalents and restricted cash	0	(1,376)
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	128
Ventas Subsidiaries
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	1,150,856	1,109,624
Cash flows from investing activities:
Net investment in real estate property	0	(28,706)
Investment in loans receivable	(209,053)	(731,306)
Proceeds from real estate disposals	0	(1,884)
Proceeds from loans receivable	864,840	84,325
Development project expenditures	(230,348)	(210,423)
Capital expenditures	(73,025)	(82,783)
Distributions from unconsolidated entities	57,430	5,816
Investment in unconsolidated entities	(45,106)	(42,399)
Insurance proceeds for property damage claims	6,327	1,393
Net cash provided by (used in) investing activities	371,065	(1,005,967)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(8,146)	(82,262)
Proceeds from debt	103,279	264,533
Repayment of debt	(344,648)	(446,919)
Purchase of noncontrolling interests	0	0
Net change in intercompany debt	(1,746,314)	4,621
Payment of deferred financing costs	(990)	(5,976)
Issuance of common stock, net		0
Cash distribution (to) from affiliates	473,343	188,786
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP Unitholders	(5,594)	(5,677)
Contributions from noncontrolling interests	500	4,402
Cash issued for redemption of OP and Class C Units	(1,370)
Distributions to noncontrolling interests	(9,968)	(9,248)
Other	0	0
Net cash used in financing activities	(1,539,908)	(87,740)
Net decrease in cash, cash equivalents and restricted cash	(17,987)	15,917
Effect of foreign currency translation	11,737	(24,811)
Cash, cash equivalents and restricted cash at beginning of period	141,180	158,061
Cash, cash equivalents and restricted cash at end of period	$ 134,930	$ 149,167