Ventas (VTR) 10-Q 26 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 23, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-10989
Entity Registrant Name	Ventas, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1055020
Entity Address, Address Line One	353 N. Clark Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Country	US
Entity Address, Postal Zip Code	60654
City Area Code	877
Local Phone Number	483-6827
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	VTR
Title of 12(b) Security	Common Stock, $0.25 par value
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		372,584,521
Entity Shell Company	false
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate investments:
Land and improvements	$ 2,128,409	$ 2,114,406
Buildings and improvements	22,837,251	22,437,243
Construction in progress	386,550	422,334
Acquired lease intangibles	1,267,322	1,502,955
Operating lease assets	374,319	0
Gross real estate investments	26,993,851	26,476,938
Accumulated depreciation and amortization	(6,758,067)	(6,383,281)
Net real estate investment property	20,235,784	20,093,657
Secured loans receivable and investments, net	693,651	495,869
Investments in unconsolidated real estate entities	47,112	48,378
Net real estate investments	20,976,547	20,637,904
Cash and cash equivalents	81,987	72,277
Escrow deposits and restricted cash	56,309	59,187
Goodwill	1,050,470	1,050,548
Assets held for sale	1,754	5,454
Other assets	821,844	759,185
Total assets	22,988,911	22,584,555
Liabilities:
Senior notes payable and other debt	10,256,092	10,733,699
Accrued interest	111,388	99,667
Operating lease liabilities	233,757	0
Accounts payable and other liabilities	1,137,980	1,086,030
Liabilities related to assets held for sale	1,216	205
Deferred income taxes	149,454	205,219
Total liabilities	11,889,887	12,124,820
Redeemable OP unitholder and noncontrolling interests	222,662	188,141
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, 371,478 and 356,572 shares issued at June 30, 2019 and December 31, 2018, respectively	92,852	89,125
Capital in excess of par value	13,940,117	13,076,528
Accumulated other comprehensive loss	(39,671)	(19,582)
Retained earnings (deficit)	(3,173,287)	(2,930,214)
Total Ventas stockholders’ equity	10,820,011	10,215,857
Noncontrolling interests	56,351	55,737
Total equity	10,876,362	10,271,594
Total liabilities and equity	$ 22,988,911	$ 22,584,555

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
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	371,478,000	356,572,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Rental income	$ 398,570	$ 360,262	$ 800,066	$ 745,071
Income from loans and investments	19,529	56,417	36,655	87,598
Interest and other income	9,202	2,347	9,489	11,981
Total revenues	950,717	942,304	1,893,591	1,886,009
Interest	110,369	113,029	220,988	224,392
Depreciation and amortization	226,187	223,634	462,107	456,784
Property-level operating expenses	435,901	421,413	866,405	834,326
Office building services costs	515	534	1,148	649
General, administrative and professional fees	43,079	36,656	83,839	73,830
Loss (gain) on extinguishment of debt, net	4,022	(93)	4,427	10,884
Merger-related expenses and deal costs	4,600	4,494	6,780	21,830
Other	(11,481)	3,527	(11,458)	6,647
Total expenses	813,192	803,194	1,634,236	1,629,342
Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	137,525	139,110	259,355	256,667
Loss from unconsolidated entities	(2,529)	(6,371)	(3,475)	(47,110)
Gain on real estate dispositions	19,150	35,827	24,597	35,875
Income tax benefit	57,752	734	59,009	3,976
Income from continuing operations	211,898	169,300	339,486	249,408
Discontinued operations	0	0	0	(10)
Net income	211,898	169,300	339,486	249,398
Net income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Net income attributable to common stockholders	$ 210,529	$ 166,519	$ 336,314	$ 245,222
Income from continuing operations (in usd per share)	$ 0.59	$ 0.48	$ 0.94	$ 0.70
Net income attributable to common stockholders (in usd per share)	0.58	0.47	0.94	0.69
Income from continuing operations (in usd per share)	0.58	0.47	0.93	0.69
Net income attributable to common stockholders (in usd per share)	$ 0.58	$ 0.46	$ 0.93	$ 0.68
Triple-Net Leased Properties
Rental income	$ 196,382	$ 167,870	$ 396,450	$ 358,511
Property-level operating expenses	6,321	0	13,754	0
Office Operations
Rental income	202,188	192,392	403,616	386,560
Property-level operating expenses	62,743	60,301	124,828	120,994
Resident Fees and Services
Other revenues	520,725	518,989	1,042,172	1,033,742
Office Building and Other Services Revenue
Other revenues	2,691	4,289	5,209	7,617
Senior Living Operations
Property-level operating expenses	$ 366,837	$ 361,112	$ 727,823	$ 713,332

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 211,898	$ 169,300	$ 339,486	$ 249,398
Other comprehensive (loss) income:
Foreign currency translation	(8,586)	(15,246)	(4,759)	(3,043)
Unrealized (loss) gain on available for sale securities	(2,395)	12,857	6,896	12,685
Derivative instruments	(16,625)	6,002	(22,063)	14,617
Total other comprehensive (loss) income	(27,606)	3,613	(19,926)	24,259
Comprehensive income	184,292	172,913	319,560	273,657
Comprehensive income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Comprehensive income attributable to common stockholders	$ 182,923	$ 170,132	$ 316,388	$ 269,481

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
Increase (decrease) in stockholders' equity
Cumulative effect change in accounting principles	$ 30,643	$ 0	$ 0	$ 0	$ 30,643	$ 0	$ 30,643	$ 0
Beginning 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
Net income	249,398	0	0	0	245,222	0	245,222	4,176
Other comprehensive income	24,259	0	0	24,259	0	0	24,259	0
Net change in noncontrolling interests	(10,979)	0	(1,465)	0	0	0	(1,465)	(9,514)
Dividends to common stockholders	(564,269)	0	0	0	(564,269)	0	(564,269)	0
Issuance of common stock for stock plans	4,764	16	4,258	0	0	490	4,764	0
Adjust redeemable OP unitholder interests to current fair value	4,286	0	4,286	0	0	0	4,286	0
Redemption of OP Units	(321)	0	(555)	0	0	234	(321)	0
Grant of restricted stock, net of forfeitures	7,603	40	8,818	0	0	(1,255)	7,603	0
Ending Balance at Jun. 30, 2018	10,677,569	89,085	13,068,399	(10,861)	(2,529,102)	(573)	10,616,948	60,621
Beginning Balance at Mar. 31, 2018	10,804,044	89,062	13,080,220	(14,474)	(2,413,440)	(553)	10,740,815	63,229
Increase (decrease) in stockholders' equity
Net income	169,300	0	0	0	166,519	0	166,519	2,781
Other comprehensive income	3,613	0	0	3,613	0	0	3,613	0
Net change in noncontrolling interests	(7,624)	0	(2,235)	0	0	0	(2,235)	(5,389)
Dividends to common stockholders	(282,181)	0	0	0	(282,181)	0	(282,181)	0
Issuance of common stock for stock plans	3,603	15	3,098	0	0	490	3,603	0
Adjust redeemable OP unitholder interests to current fair value	(19,251)	0	(19,251)	0	0	0	(19,251)	0
Redemption of OP Units	(194)	0	(194)	0	0	0	(194)	0
Grant of restricted stock, net of forfeitures	6,259	8	6,761	0	0	(510)	6,259	0
Ending Balance at Jun. 30, 2018	10,677,569	89,085	13,068,399	(10,861)	(2,529,102)	(573)	10,616,948	60,621
Increase (decrease) in stockholders' equity
Cumulative effect change in accounting principles	638	0	0	(163)	801	0	638	0
Beginning Balance at Dec. 31, 2018	10,271,594	89,125	13,076,528	(19,582)	(2,930,214)	0	10,215,857	55,737
Increase (decrease) in stockholders' equity
Net income	339,486	0	0	0	336,314	0	336,314	3,172
Other comprehensive income	(19,926)	0	0	(19,926)	0	0	(19,926)	0
Net change in noncontrolling interests	(4,656)	0	(2,098)	0	0	0	(2,098)	(2,558)
Dividends to common stockholders	(580,188)	0	0	0	(580,188)	0	(580,188)	0
Issuance of common stock	866,156	3,553	862,603	0	0	0	866,156	0
Issuance of common stock for stock plans	45,451	113	41,183	0	0	4,155	45,451	0
Adjust redeemable OP unitholder interests to current fair value	(35,009)	0	(35,009)	0	0	0	(35,009)	0
Grant of restricted stock, net of forfeitures	(7,184)	61	(3,090)	0	0	(4,155)	(7,184)	0
Ending Balance at Jun. 30, 2019	10,876,362	92,852	13,940,117	(39,671)	(3,173,287)	0	10,820,011	56,351
Beginning Balance at Mar. 31, 2019	10,206,013	89,579	13,160,550	(12,065)	(3,088,401)	0	10,149,663	56,350
Increase (decrease) in stockholders' equity
Net income	211,898	0	0	0	210,529	0	210,529	1,369
Other comprehensive income	(27,606)	0	0	(27,606)	0	0	(27,606)	0
Net change in noncontrolling interests	(1,776)	0	(408)	0	0	0	(408)	(1,368)
Dividends to common stockholders	(295,415)	0	0	0	(295,415)	0	(295,415)	0
Issuance of common stock	767,718	3,163	764,555	0	0	0	767,718	0
Issuance of common stock for stock plans	31,533	104	31,364	0	0	65	31,533	0
Adjust redeemable OP unitholder interests to current fair value	(15,941)	0	(15,941)	0	0	0	(15,941)	0
Grant of restricted stock, net of forfeitures	(62)	6	(3)	0	0	(65)	(62)	0
Ending Balance at Jun. 30, 2019	$ 10,876,362	$ 92,852	$ 13,940,117	$ (39,671)	$ (3,173,287)	$ 0	$ 10,820,011	$ 56,351

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends to common stockholders, per share (in usd per share)	$ 0.7925	$ 0.79	$ 1.585	$ 1.58

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 339,486	$ 249,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	462,107	456,784
Amortization of deferred revenue and lease intangibles, net	(6,145)	(23,837)
Other non-cash amortization	11,587	8,650
Stock-based compensation	18,475	14,273
Straight-lining of rental income	(17,000)	28,085
Loss on extinguishment of debt, net	4,427	10,884
Gain on real estate dispositions	(24,597)	(35,875)
Gain on real estate loan investments	0	(13,202)
Income tax benefit	(61,195)	(5,317)
Loss from unconsolidated entities	3,475	47,110
Distributions from unconsolidated entities	1,300	2,634
Other	5,091	1,124
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(44,472)	12,776
Increase (decrease) in accrued interest	11,398	(1,504)
Increase (decrease) in accounts payable and other liabilities	25,282	(41,647)
Net cash provided by operating activities	729,219	710,336
Cash flows from investing activities:
Net investment in real estate property	(208,039)	(12,257)
Investment in loans receivable	(507,148)	(211,554)
Proceeds from real estate disposals	74,405	312,243
Proceeds from loans receivable	289,657	866,097
Development project expenditures	(114,226)	(155,682)
Capital expenditures	(58,381)	(42,029)
Distributions from unconsolidated entities	0	6,792
Investment in unconsolidated entities	(934)	(40,033)
Insurance proceeds for property damage claims	16,939	2,329
Net cash (used in) provided by investing activities	(507,727)	725,906
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(506,551)	(197,726)
Net change in borrowings under commercial paper program	269,810	0
Proceeds from debt	712,934	750,316
Repayment of debt	(997,061)	(1,431,887)
Purchase of noncontrolling interests	0	(2,429)
Payment of deferred financing costs	(6,837)	(6,348)
Issuance of common stock, net	866,033	0
Cash distribution to common stockholders	(567,142)	(563,395)
Cash distribution to redeemable OP unitholders	(4,551)	(3,744)
Cash issued for redemption of OP Units	0	(975)
Contributions from noncontrolling interests	3,594	0
Distributions to noncontrolling interests	(4,103)	(7,808)
Proceeds from stock option exercises	25,738	2,325
Other	(6,732)	(4,320)
Net cash used in financing activities	(214,868)	(1,465,991)
Net increase (decrease) in cash, cash equivalents and restricted cash	6,624	(29,749)
Effect of foreign currency translation	208	(401)
Cash, cash equivalents and restricted cash at beginning of period	131,464	188,253
Cash, cash equivalents and restricted cash at end of period	138,296	158,103
Assets and liabilities assumed from acquisitions and other:
Real estate investments	1,069	28,916
Other assets	183	4,112
Other liabilities	1,252	15,944
Equity issued for redemption of OP Units	$ 0	$ 266

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2019
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, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. As of June 30, 2019 , 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”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had 17 properties under development, including four 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, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. As of June 30, 2019 , we leased a total of 424 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 June 30, 2019 , pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”), Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) and Eclipse Senior Living (“ESL”), to manage 372 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 124 properties (excluding two properties managed by Brookdale Senior Living pursuant to a long-term management agreement), 11 properties and 32 properties, respectively, as of June 30, 2019 . Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and non-mortgage loans and other investments relating to seniors housing and healthcare operators or properties.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2—ACCOUNTING POLICIES The accompanying Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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, 2018 , filed with the SEC on February 8, 2019 . 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 research and innovation projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and that we are the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. In general, the assets of consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. June 30, 2019 December 31, 2018 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 676,556 $ 246,265 $ 673,467 $ 238,147 Other identified VIEs 2,145,884 444,837 2,075,499 402,478 Tax credit VIEs 831,553 340,990 797,077 298,154 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 (“PMB”). Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of June 30, 2019 , third party investors owned 3.3 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 31% of the total units then outstanding, and we owned 7.3 million Class B limited partnership units in NHP/PMB, representing the remaining 69% . 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. As redemption rights are outside of our control, the redeemable OP Units are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Units at the greater of cost or redemption value. As of June 30, 2019 and December 31, 2018 , the fair value of the redeemable OP Units was $204.9 million and $174.6 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 Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at June 30, 2019 and December 31, 2018 . 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. Accounting for Historic and New Markets Tax Credits For certain of our research and innovation centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new markets tax credits (“NMTCs”). As of June 30, 2019 , we owned ten properties, including one property in development, that had syndicated HTCs or NMTCs, or both, to TCIs. In general, TCIs invest cash 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 nominal 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 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 investment 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 investment 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 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. 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. • Available for sale securities - We estimate the fair value of marketable debt securities, including 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. ◦ 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 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 Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and research 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 of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At June 30, 2019 and December 31, 2018 , this cumulative excess totaled $266.0 million and $250.0 million (net of allowances of $44.6 million , recorded under prior accounting guidance), 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. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, 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, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. Senior Living Operations Our resident agreements are accounted for as leases and 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. Recently Issued or Adopted Accounting Standards We adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, 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 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 elected these practical expedients using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 are not provided for periods prior to January 1, 2019. Upon adoption, we recognized both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We now also report revenues and expenses within our triple-net leased properties reportable business segment for real estate taxes and insurance that are escrowed and 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 and office leases also contain service elements. We elected the practical expedient to account for our resident and office leases as a single lease component. Also, we now expense certain leasing costs, other than leasing commissions, as they are incurred. Prior to the adoption of ASC 842, GAAP provided for the deferral and amortization of such costs over the applicable lease term. We are continuing to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms. As of January 1, 2019, we recognized operating lease assets of $361.7 million on our Consolidated Balance Sheets which includes the present value of minimum lease payments as well as certain existing above and/or below market lease intangible values associated with such leases. Also upon adoption, we recognized operating lease liabilities of $216.9 million on our Consolidated Balance Sheets. The present value of minimum lease payments was calculated on each lease using a discount rate that approximates our incremental borrowing rate primarily adjusted for the length of the individual lease terms. As of the January 1, 2019 adoption date, we utilized discount rates ranging from 6.15% to 7.60% for our ground leases. Upon adoption, we recognized a cumulative effect adjustment to retained earnings of $0.6 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require an entity to evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in earlier recognition of credit losses on loans and other financial instruments. Under existing guidance, an entity generally only considered past events and current conditions in measuring an incurred loss. ASU 2016-13 is effective for us beginning January 1, 2020 and we are still evaluating the impact of adoption. Adoption of this standard is not expected to have a significant impact on our Consolidated Financial Statements.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
CONCENTRATION OF CREDIT RISK	NOTE 3—CONCENTRATION OF CREDIT RISK As of June 30, 2019 , Atria, Sunrise, Brookdale Senior Living, Ardent, ESL and Kindred managed or operated approximately 22.1% , 11.0% , 8.2% , 5.1% , 4.3% and 1.1% , respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of June 30, 2019 ). Because Atria, Sunrise and ESL 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 39.8% and 21.1% of our consolidated real estate investments were seniors housing communities included in the senior living operations and triple-net leased properties reportable business segments, respectively (excluding properties classified as held for sale as of June 30, 2019 ). MOBs, research and innovation centers, IRFs and LTACs, health systems, skilled nursing facilities (“SNFs”) and secured loans receivable and investments collectively comprised the remaining 39.1% . Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of June 30, 2019 , 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 June 30, 2019 2018 Revenues (1) : Brookdale Senior Living (2) 4.8 % 2.5 % Ardent 3.1 3.0 Kindred 3.4 3.4 NOI: Brookdale Senior Living (2) 8.9 % 4.3 % Ardent 5.8 5.5 Kindred 6.4 6.3 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) 2018 includes the impact of a net non-cash charge of $21.3 million related to April 2018 lease extensions. 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 June 30, 2019 and 2018 . If 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. Our 9.8% ownership interest in Ardent entitles us to certain rights and minority protections, as well as the right to appoint one of 11 members on the Ardent Board of Directors. Senior Living Operations As of June 30, 2019 , Atria, Sunrise and ESL, collectively, provided comprehensive property management and accounting services with respect to 347 of our 367 consolidated 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, Sunrise’s or ESL’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, Sunrise’s or ESL’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 customary rights and minority protections, including the right to appoint two of six members to the Atria Board of Directors. Our 34% ownership interest in ESL entitles us to customary rights and minority 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, Ardent and ESL 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 transactions in July 2018 pursuant to which Kindred was acquired by a consortium of TPG Capital, Welsh, Carson, Anderson & Stowe and Humana, Inc. 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. Kindred, Atria, Sunrise, Ardent and ESL are not currently subject to the reporting requirements of the SEC. The information related to Kindred, Atria, Sunrise, Ardent and ESL contained or referred to in this Quarterly Report on Form 10-Q has been derived from publicly available information or was provided to us by Kindred, Atria, Sunrise, Ardent or ESL, as the case may be, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy.

DISPOSITIONS

DISPOSITIONS	6 Months Ended
	Jun. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
DISPOSITIONS	NOTE 4—DISPOSITIONS 2019 Activity During the six months ended June 30, 2019 , we sold seven triple-net leased properties, six MOBs and our leasehold interest in one vacant land parcel for aggregate consideration of $74.4 million , and we recognized a gain on the sale of these assets of $24.6 million . Real Estate Impairment We recognized impairments of $13.5 million and $10.7 million , respectively, for the six months ended June 30, 2019 and 2018 , which are recorded in depreciation and amortization in our Consolidated Statements of Income, and relate primarily to our triple-net leased properties and office operations reportable business segments. 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, including the amounts reported on our Consolidated Balance Sheets. As of June 30, 2019 As of December 31, 2018 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale (Dollars in thousands) Triple-Net Leased Properties (1) — $ — $ 12 1 $ 5,482 $ 40 Office Operations (1) — 37 927 — 160 152 Senior Living Operations (1) 1 1,717 277 — (188 ) 13 Total 1 $ 1,754 $ 1,216 1 $ 5,454 $ 205 (1) Balances may include anticipated post-closing settlements of working capital for disposed properties.

LOANS RECEIVABLE AND INVESTMENT

LOANS RECEIVABLE AND INVESTMENTS	6 Months Ended
	Jun. 30, 2019
Loans Receivable And Investments [Abstract]
LOANS RECEIVABLE AND INVESTMENTS	NOTE 5—LOANS RECEIVABLE AND INVESTMENTS As of June 30, 2019 and December 31, 2018 , we had $983.8 million and $756.5 million , respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of June 30, 2019: Secured/mortgage loans and other, net $ 637,860 $ 637,860 $ 638,072 $ — Government-sponsored pooled loan investments, net (1) 55,791 50,831 55,791 4,960 Total investments reported as secured loans receivable and investments, net 693,651 688,691 693,863 4,960 Non-mortgage loans receivable, net 59,570 59,570 57,669 — Marketable debt securities (2) 230,618 212,936 230,618 17,682 Total loans receivable and investments, net $ 983,839 $ 961,197 $ 982,150 $ 22,642 As of December 31, 2018: Secured/mortgage loans and other, net $ 439,491 $ 439,491 $ 425,290 $ — Government-sponsored pooled loan investments, net (1) 56,378 49,601 56,378 6,777 Total investments reported as secured loans receivable and investments, net 495,869 489,092 481,668 6,777 Non-mortgage loans receivable, net 54,164 54,164 54,081 — Marketable debt securities (3) 206,442 197,473 206,442 8,969 Total loans receivable and investments, net $ 756,475 $ 740,729 $ 742,191 $ 15,746 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. (2) As of June 30, 2019, investments in marketable debt securities have contractual maturity dates in 2024 and 2026. (3) As of December 31, 2018, investments in marketable debt securities have contractual maturity dates in 2026. 2019 Activity In April 2019, we purchased $5.0 million and $10.5 million of senior secured notes issued by a healthcare company which mature in 2024 and 2026, respectively. The 2024 and 2026 notes were purchased at a price of 102% and 98% of par, respectively, and have an effective interest rate of 8.1% and 8.3% , respectively. These investments are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value. In June 2019, we provided new secured debt financing of $490 million to certain subsidiaries of Colony Capital, Inc. The London Inter-bank Offered Rate (“LIBOR”) based debt financing has a five-year term (inclusive of three one-year extension options) and an effective interest rate of 9.2% as of June 30, 2019 . In connection with this transaction, our previous loan to certain subsidiaries of Colony Capital, Inc. of $282 million was paid in full and we recognized a gain of $0.5 million in income from loans and investments in our Consolidated Statement of Income.

INVESTMENTS IN UNCONSOLIDATED E

INVESTMENTS IN UNCONSOLIDATED ENTITIES	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN UNCONSOLIDATED ENTITIES	NOTE 6—INVESTMENTS IN UNCONSOLIDATED ENTITIES We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At June 30, 2019 , we had a 25% interest in a joint venture that has a 90% or more ownership in six 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 unconsolidated entities in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $0.8 million and $2.3 million for the three months ended June 30, 2019 and 2018 , respectively, and $1.6 million and $4.0 million for the six months ended June 30, 2019 and 2018 , 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 from unconsolidated entities in our Consolidated Statements of Income. We completed the sale of our 25% interest to our joint venture partner in July 2018.

INTANGIBLES

INTANGIBLES	6 Months Ended
	Jun. 30, 2019
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
INTANGIBLES	NOTE 7—INTANGIBLES The following is a summary of our intangibles: As of June 30, 2019 As of December 31, 2018 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 $ 167,979 6.6 $ 181,393 6.7 In-place and other lease intangibles 1,099,343 11.8 1,321,562 24.7 Goodwill 1,050,470 N/A 1,050,548 N/A Other intangibles 35,824 11.4 35,759 11.8 Accumulated amortization (914,832 ) N/A (921,107 ) N/A Net intangible assets $ 1,438,784 11.1 $ 1,668,155 22.9 Intangible liabilities: Below market lease intangibles $ 352,377 14.6 $ 356,771 14.4 Other lease intangibles 13,498 N/A 31,418 46.5 Accumulated amortization (196,916 ) N/A (191,909 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 172,527 14.6 $ 199,848 17.2 N/A—Not Applicable. Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets. The change in other lease intangible assets and liabilities is due to the presentation of ground lease intangibles within operating lease assets on our Consolidated Balance Sheets beginning January 1, 2019. See “ NOTE 2—ACCOUNTING POLICIES .”

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	NOTE 8—OTHER ASSETS The following is a summary of our other assets: As of June 30, 2019 As of December 31, 2018 (In thousands) Straight-line rent receivables $ 265,977 $ 250,023 Non-mortgage loans receivable, net 59,570 54,164 Marketable debt securities 230,618 206,442 Other intangibles, net 5,401 5,623 Investment in unconsolidated operating entities 54,118 56,820 Other 206,160 186,113 Total other assets $ 821,844 $ 759,185

SENIOR NOTES PAYABLE AND OTHER

SENIOR NOTES PAYABLE AND OTHER DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
SENIOR NOTES PAYABLE AND OTHER DEBT	NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT The following is a summary of our senior notes payable and other debt: As of June 30, 2019 As of December 31, 2018 (In thousands) Unsecured revolving credit facility (1) $ 227,323 $ 765,919 Commercial paper notes 270,000 — Secured revolving construction credit facility due 2022 123,223 90,488 3.00% Senior Notes, Series A due 2019 (2) 305,577 293,319 2.70% Senior Notes due 2020 500,000 500,000 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) 190,985 183,325 Unsecured term loan due 2023 200,000 300,000 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) 210,084 201,657 Unsecured term loan due 2024 — 600,000 3.50% Senior Notes due 2024 400,000 — 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 190,985 183,324 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 650,000 650,000 4.40% Senior Notes due 2029 750,000 750,000 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 22,823 22,823 5.45% Senior Notes due 2043 — 258,750 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 — Mortgage loans and other 1,103,503 1,127,697 Total 10,346,903 10,829,702 Deferred financing costs, net (75,564 ) (69,615 ) Unamortized fair value adjustment 9,213 (1,163 ) Unamortized discounts (24,460 ) (25,225 ) Senior notes payable and other debt $ 10,256,092 $ 10,733,699 (1) As of June 30, 2019 and December 31, 2018 , respectively, $15.3 million and $23.1 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $27.0 million and $27.8 million were denominated in British pounds as of June 30, 2019 and December 31, 2018 , respectively. (2) Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% senior notes due 2037 are subject to repurchase, at the option of the holders, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase, at the option of the holders, on July 7 in each of 2023 and 2028. As of June 30, 2019 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2019 $ 372,495 $ 270,000 $ 8,120 $ 650,615 2020 598,436 — 15,323 613,759 2021 71,813 227,323 14,232 313,368 2022 1,532,545 — 12,744 1,545,289 2023 1,450,721 — 9,105 1,459,826 Thereafter 5,683,902 — 80,144 5,764,046 Total maturities $ 9,709,912 $ 497,323 $ 139,668 $ 10,346,903 (1) At June 30, 2019 , we had $415.3 million of borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $82.0 million of unrestricted cash and cash equivalents. Credit Facilities, Commercial Paper and Unsecured Term Loans Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of June 30, 2019 . 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 . In January 2019, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), established an unsecured commercial paper program. Under the terms of the program, we may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion . The notes are sold under customary terms in the United States commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of June 30, 2019, $270.0 million was outstanding under our commercial paper program. As of June 30, 2019 , $227.3 million was outstanding under the unsecured revolving credit facility with an additional $23.7 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured revolving credit facility in order to maintain liquidity and to support our commercial paper program. Including these internal limits, we had $2.5 billion in available liquidity under the unsecured revolving credit facility as of June 30, 2019 . In June 2019, we repaid $100.0 million of the balance outstanding on the $300.0 million unsecured term loan that matures in 2023 and repaid in full the $600.0 million unsecured term loan that was set to mature in 2024 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $3.2 million during the three months ended June 30, 2019. As of June 30, 2019 , we had a $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matures in 2023. The term loan also includes an accordion feature that effectively permits us to increase our aggregate borrowings thereunder to up to $800.0 million . As of June 30, 2019 , we had a $400.0 million secured revolving construction credit facility with $123.2 million of borrowings outstanding. The secured revolving construction credit facility matures in 2022 and is primarily used to finance the development of research and innovation centers and other construction projects. Senior Notes In January 2019, we redeemed $258.8 million aggregate principal amount then outstanding of our 5.45% senior notes due 2043 at a public offering price at par, plus accrued and unpaid interest to the redemption date. Notice of the redemption was given in November 2018 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $7.1 million during the year ended December 31, 2018 and $0.4 million during the first quarter of 2019. In February 2019, Ventas Realty issued and sold $400.0 million aggregate principal amount of 3.50% senior notes due 2024 at a public offering price equal to 99.88% of par and $300.0 million aggregate principal amount of 4.875% senior notes due 2049 at a public offering price equal to 99.77% of par. In June 2019, Ventas Realty issued $450.0 million aggregate principal amount of 2.65% senior notes due 2025 at a public offering price equal to 99.45% of par. The notes were settled and proceeds were received in July 2019. In July 2019, in connection with an announced cash tender offer for such notes, we redeemed $397.1 million aggregate principal amount then outstanding of our 2.70% senior notes due 2020 for a tender offer consideration of 100.37% of par value, plus accrued and unpaid interest to the payment date. Notice of the redemption was given in June 2019 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $0.8 million during the three months ended June 30, 2019.

FAIR VALUES OF FINANCIAL INSTRU

FAIR VALUES OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUES OF FINANCIAL INSTRUMENTS	NOTE 10—FAIR VALUES OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of our financial instruments were as follows: As of June 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 81,987 $ 81,987 $ 72,277 $ 72,277 Secured mortgage loans and other, net 637,860 638,072 439,491 425,290 Non-mortgage loans receivable, net 59,570 57,669 54,164 54,081 Marketable debt securities 230,618 230,618 206,442 206,442 Government-sponsored pooled loan investments 55,791 55,791 56,378 56,378 Derivative instruments 1,992 1,992 6,012 6,012 Liabilities: Senior notes payable and other debt, gross 10,346,903 10,770,652 10,829,702 10,617,074 Derivative instruments 21,870 21,870 4,561 4,561 Redeemable OP Units 204,895 204,895 174,552 174,552 For a discussion of the assumptions considered, refer to “ NOTE 2—ACCOUNTING POLICIES .” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

LITIGATION

LITIGATION	6 Months Ended
	Jun. 30, 2019
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, ESL and our other tenants, operators and managers are parties to certain legal actions, regulatory investigations and claims arising in the conduct of their business and operations. Even though we generally are not party to these proceedings, the unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect such tenants’, operators’ or managers’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us. Proceedings Indemnified and Defended by Third Parties From time to time, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. The tenants of our triple-net leased properties and, in some cases, their affiliates are required by the terms of their leases and other agreements with us to indemnify, defend and hold us harmless against certain actions, investigations and claims arising in the course of their business and related to the operations of our triple-net leased properties. In addition, third parties from whom we acquired certain of our assets and, in some cases, their affiliates are required by the terms of the related conveyance documents to indemnify, defend and hold us harmless against certain actions, investigations and claims related to the acquired assets and arising prior to our ownership or related to excluded assets and liabilities. In some cases, a portion of the purchase price consideration is held in escrow for a specified period of time as collateral for these indemnification obligations. We are presently being defended by certain tenants and other obligated third parties in these types of matters. We cannot assure you that our tenants, their affiliates or other obligated third parties will continue to defend us in these matters, that our tenants, their affiliates or other obligated third parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us or that any purchase price consideration held in escrow will be sufficient to satisfy claims for which we are entitled to indemnification. The unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect our tenants’ or other obligated third parties’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us. Proceedings Arising in Connection with Senior Living and Office Operations; Other Litigation From time to time, we are party to various legal actions, regulatory investigations and claims (some of which may not be insured and some of which may allege large damage amounts) arising in connection with our senior living and office operations or otherwise in the course of our business. In limited circumstances, the manager of the applicable seniors housing community, MOB or research and innovation center may be contractually obligated to indemnify, defend and hold us harmless against such actions, investigations and claims. It is the opinion of management, except as otherwise set forth in this note, that the disposition of any such actions, investigations and claims that are currently pending will not, individually or in the aggregate, have a Material Adverse Effect on us. However, regardless of their merits, we may be forced to expend significant financial resources to defend and resolve these matters. We are unable to predict the ultimate outcome of these actions, investigations and claims, and if management’s assessment of our liability with respect thereto is incorrect, such actions, investigations and claims could have a Material Adverse Effect on us.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 12—INCOME TAXES We have elected to be taxed as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended, for every year beginning with the year ended December 31, 1999. We have also elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), which are subject to federal, state and foreign income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this note. Certain REIT entities are subject to foreign income tax. Although the TRS entities and certain other foreign entities have paid minimal cash federal, state and foreign income taxes for the six months ended June 30, 2019 , their income tax liabilities may increase in future periods as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other operations grow. Such increases could be significant. Our consolidated provisions for income taxes for the three months ended June 30, 2019 and 2018 were benefits of $57.8 million and $0.7 million , respectively. Our consolidated provisions for income taxes for the six months ended June 30, 2019 and 2018 were benefits of $59.0 million and $4.0 million , respectively. The income tax benefits for the three and six months ended June 30, 2019 were primarily due to the $57.6 million reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities. The income tax benefits for the three and six months ended June 30, 2018 were primarily due to operating losses at our TRS entities. During the second quarter of 2019, we concluded it was “more-likely-than-not” that these deferred tax assets would be realized, which resulted in a $57.6 million deferred tax benefit. These deferred tax assets are primarily US federal NOL carryforwards which begin to expire in 2031. This conclusion was based on recently sustained profitability and recent upward revisions to estimates of future taxable income for these TRS entities. Realization of a deferred tax benefit related to NOLs depends, in part, upon generating sufficient taxable income within the relevant carryforward period. In addition to the aforementioned NOLs, the company has other TRS NOL carryforwards that will begin to expire in 2026, while REIT NOL carryforwards will begin to expire within the current year. 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 $149.5 million and $205.2 million as of June 30, 2019 and December 31, 2018 , respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets, net of loss carryforwards. Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service for the year ended December 31, 2015 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2014 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada Revenue Agency and provincial authorities with respect to the Canadian entities for the year ended December 31, 2014 and subsequent years. We are subject to audit in the United Kingdom generally for periods ended in and subsequent to 2017.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 13—STOCKHOLDERS' EQUITY Capital Stock From time to time, we may sell up to an aggregate of $1.0 billion of our common stock under an “at-the-market” equity offering program (“ATM program”). During the six months ended June 30, 2019 , we sold 1.6 million shares of common stock under our ATM program for gross proceeds of $64.15 per share. As of June 30, 2019 , $900.0 million of our common stock remained available for sale under our ATM program. In June 2019, we sold 12.7 million shares of our common stock under a registered public offering for gross proceeds of $62.75 per share. We used the net proceeds to fund a bridge loan to Le Groupe Maurice (“LGM”) in connection with our pending acquisition of a seniors housing portfolio in Canada. We intend to use any net proceeds not used for such purpose for working capital and other general corporate purposes. See "NOTE 17 —SUBSEQUENT EVENT." Accumulated Other Comprehensive Loss The following is a summary of our accumulated other comprehensive loss: As of June 30, 2019 As of December 31, 2018 (In thousands) Foreign currency translation $ (59,775 ) $ (55,016 ) Accumulated unrealized gain on available for sale securities 22,642 15,746 Derivative instruments (2,538 ) 19,688 Total accumulated other comprehensive loss $ (39,671 ) $ (19,582 )

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	NOTE 14—EARNINGS PER SHARE The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 211,898 $ 169,300 $ 339,486 $ 249,408 Discontinued operations — — — (10 ) Net income 211,898 169,300 339,486 249,398 Net income attributable to noncontrolling interests 1,369 2,781 3,172 4,176 Net income attributable to common stockholders $ 210,529 $ 166,519 $ 336,314 $ 245,222 Denominator: Denominator for basic earnings per share—weighted average shares 361,722 356,228 359,301 356,175 Effect of dilutive securities: Stock options 365 115 347 120 Restricted stock awards 468 236 454 211 OP unitholder interests 2,998 2,421 2,998 2,425 Denominator for diluted earnings per share—adjusted weighted average shares 365,553 359,000 363,100 358,931 Basic earnings per share: Income from continuing operations $ 0.59 $ 0.48 $ 0.94 $ 0.70 Net income attributable to common stockholders 0.58 0.47 0.94 0.69 Diluted earnings per share: Income from continuing operations $ 0.58 $ 0.47 $ 0.93 $ 0.69 Net income attributable to common stockholders 0.58 0.46 0.93 0.68 Dividends declared per common share $ 0.7925 $ 0.79 $ 1.585 $ 1.58

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 15—SEGMENT INFORMATION As of June 30, 2019 , 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, Sunrise and ESL, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and research 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 net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows: For the Three Months Ended June 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 196,382 $ — $ 202,188 $ — $ 398,570 Resident fees and services — 520,725 — — 520,725 Office building and other services revenue — — 1,850 841 2,691 Income from loans and investments — — — 19,529 19,529 Interest and other income — — — 9,202 9,202 Total revenues $ 196,382 $ 520,725 $ 204,038 $ 29,572 $ 950,717 Total revenues $ 196,382 $ 520,725 $ 204,038 $ 29,572 $ 950,717 Less: Interest and other income — — — 9,202 9,202 Property-level operating expenses 6,321 366,837 62,743 — 435,901 Office building services costs — — 515 — 515 Segment NOI 190,061 153,888 140,780 20,370 505,099 (Loss) income from unconsolidated entities (1,285 ) (549 ) 235 (930 ) (2,529 ) Segment profit $ 188,776 $ 153,339 $ 141,015 $ 19,440 502,570 Interest and other income 9,202 Interest expense (110,369 ) Depreciation and amortization (226,187 ) General, administrative and professional fees (43,079 ) Loss on extinguishment of debt, net (4,022 ) Merger-related expenses and deal costs (4,600 ) Other 11,481 Gain on real estate dispositions 19,150 Income tax benefit 57,752 Income from continuing operations 211,898 Discontinued operations — Net income 211,898 Net income attributable to noncontrolling interests 1,369 Net income attributable to common stockholders $ 210,529 For the Three Months Ended June 30, 2018 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 167,870 $ — $ 192,392 $ — $ 360,262 Resident fees and services — 518,989 — — 518,989 Office building and other services revenue 1,177 — 1,977 1,135 4,289 Income from loans and investments — — — 56,417 56,417 Interest and other income — — — 2,347 2,347 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Less: Interest and other income — — — 2,347 2,347 Property-level operating expenses — 361,112 60,301 — 421,413 Office building services costs — — 534 — 534 Segment NOI 169,047 157,877 133,534 57,552 518,010 (Loss) income from unconsolidated entities (4,694 ) (1,714 ) 885 (848 ) (6,371 ) Segment profit $ 164,353 $ 156,163 $ 134,419 $ 56,704 511,639 Interest and other income 2,347 Interest expense (113,029 ) Depreciation and amortization (223,634 ) General, administrative and professional fees (36,656 ) Gain on extinguishment of debt, net 93 Merger-related expenses and deal costs (4,494 ) Other (3,527 ) Gain on real estate dispositions 35,827 Income tax benefit 734 Income from continuing operations 169,300 Discontinued operations — Net income 169,300 Net income attributable to noncontrolling interests 2,781 Net income attributable to common stockholders $ 166,519 For the Six Months Ended June 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 396,450 $ — $ 403,616 $ — $ 800,066 Resident fees and services — 1,042,172 — — 1,042,172 Office building and other services revenue — — 3,626 1,583 5,209 Income from loans and investments — — — 36,655 36,655 Interest and other income — — — 9,489 9,489 Total revenues $ 396,450 $ 1,042,172 $ 407,242 $ 47,727 $ 1,893,591 Total revenues $ 396,450 $ 1,042,172 $ 407,242 $ 47,727 $ 1,893,591 Less: Interest and other income — — — 9,489 9,489 Property-level operating expenses 13,754 727,823 124,828 — 866,405 Office building services costs — — 1,148 — 1,148 Segment NOI 382,696 314,349 281,266 38,238 1,016,549 (Loss) income from unconsolidated entities (777 ) (1,483 ) 464 (1,679 ) (3,475 ) Segment profit $ 381,919 $ 312,866 $ 281,730 $ 36,559 1,013,074 Interest and other income 9,489 Interest expense (220,988 ) Depreciation and amortization (462,107 ) General, administrative and professional fees (83,839 ) Loss on extinguishment of debt, net (4,427 ) Merger-related expenses and deal costs (6,780 ) Other 11,458 Gain on real estate dispositions 24,597 Income tax benefit 59,009 Income from continuing operations 339,486 Discontinued operations — Net income 339,486 Net income attributable to noncontrolling interests 3,172 Net income attributable to common stockholders $ 336,314 For the Six Months Ended June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 358,511 $ — $ 386,560 $ — $ 745,071 Resident fees and services — 1,033,742 — — 1,033,742 Office building and other services revenue 2,320 — 3,610 1,687 7,617 Income from loans and investments — — — 87,598 87,598 Interest and other income — — — 11,981 11,981 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Less: Interest and other income — — — 11,981 11,981 Property-level operating expenses — 713,332 120,994 — 834,326 Office building services costs — — 649 — 649 Segment NOI 360,831 320,410 268,527 89,285 1,039,053 (Loss) income from unconsolidated entities (43,349 ) (2,354 ) 265 (1,672 ) (47,110 ) Segment profit $ 317,482 $ 318,056 $ 268,792 $ 87,613 991,943 Interest and other income 11,981 Interest expense (224,392 ) Depreciation and amortization (456,784 ) General, administrative and professional fees (73,830 ) Loss on extinguishment of debt, net (10,884 ) Merger-related expenses and deal costs (21,830 ) Other (6,647 ) Gain on real estate dispositions 35,875 Income tax benefit 3,976 Income from continuing operations 249,408 Discontinued operations (10 ) Net income 249,398 Net income attributable to noncontrolling interests 4,176 Net income attributable to common stockholders $ 245,222 Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Capital expenditures: Triple-net leased properties $ 5,656 $ 15,340 $ 14,247 $ 21,008 Senior living operations 37,494 24,177 64,453 54,754 Office operations 252,792 64,495 301,946 134,206 Total capital expenditures $ 295,942 $ 104,012 $ 380,646 $ 209,968 Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Revenues: United States $ 896,083 $ 887,265 $ 1,784,364 $ 1,774,975 Canada 47,723 47,750 95,320 96,321 United Kingdom 6,911 7,289 13,907 14,713 Total revenues $ 950,717 $ 942,304 $ 1,893,591 $ 1,886,009 As of June 30, 2019 As of December 31, 2018 (In thousands) Net real estate property: United States $ 18,985,362 $ 18,861,163 Canada 988,987 963,588 United Kingdom 261,435 268,906 Total net real estate property $ 20,235,784 $ 20,093,657

CONDENSED CONSOLIDATING INFORMA

CONDENSED CONSOLIDATING INFORMATION (Unaudited)	6 Months Ended
	Jun. 30, 2019
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 (“Ventas Canada”). 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’s senior notes. The following pages summarize our condensed consolidating information as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,525 $ 110,506 $ 20,862,516 $ — $ 20,976,547 Cash and cash equivalents 470 — 81,517 — 81,987 Escrow deposits and restricted cash 2,081 128 54,100 — 56,309 Investment in and advances to affiliates 15,840,047 2,726,198 — (18,566,245 ) — Goodwill — — 1,050,470 — 1,050,470 Assets held for sale — — 1,754 — 1,754 Other assets 80,041 3,765 738,038 — 821,844 Total assets $ 15,926,164 $ 2,840,597 $ 22,788,395 $ (18,566,245 ) $ 22,988,911 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,139,280 $ 2,116,812 $ — $ 10,256,092 Intercompany loans 8,454,178 (5,046,440 ) (3,407,738 ) — — Accrued interest (12,038 ) 97,208 26,218 — 111,388 Operating lease liabilities 11,918 520 221,319 — 233,757 Accounts payable and other liabilities 323,156 31,489 783,335 — 1,137,980 Liabilities related to assets held for sale — — 1,216 — 1,216 Deferred income taxes 608 — 148,846 — 149,454 Total liabilities 8,777,822 3,222,057 (109,992 ) — 11,889,887 Redeemable OP unitholder and noncontrolling interests 17,923 — 204,739 — 222,662 Total equity 7,130,419 (381,460 ) 22,693,648 (18,566,245 ) 10,876,362 Total liabilities and equity $ 15,926,164 $ 2,840,597 $ 22,788,395 $ (18,566,245 ) $ 22,988,911 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,598 $ 112,691 $ 20,521,615 $ — $ 20,637,904 Cash and cash equivalents 6,470 — 65,807 — 72,277 Escrow deposits and restricted cash 4,211 128 54,848 — 59,187 Investment in and advances to affiliates 15,656,592 2,726,198 — (18,382,790 ) — Goodwill — — 1,050,548 — 1,050,548 Assets held for sale — — 5,454 — 5,454 Other assets 45,989 4,443 708,753 — 759,185 Total assets $ 15,716,860 $ 2,843,460 $ 22,407,025 $ (18,382,790 ) $ 22,584,555 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,620,867 $ 2,112,832 $ — $ 10,733,699 Intercompany loans 8,580,896 (5,629,764 ) (2,951,132 ) — — Accrued interest (9,953 ) 85,717 23,903 — 99,667 Accounts payable and other liabilities 319,753 19,178 747,099 — 1,086,030 Liabilities related to assets held for sale — — 205 — 205 Deferred income taxes 608 — 204,611 — 205,219 Total liabilities 8,891,304 3,095,998 137,518 — 12,124,820 Redeemable OP unitholder and noncontrolling interests 13,746 — 174,395 — 188,141 Total equity 6,811,810 (252,538 ) 22,095,112 (18,382,790 ) 10,271,594 Total liabilities and equity $ 15,716,860 $ 2,843,460 $ 22,407,025 $ (18,382,790 ) $ 22,584,555 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 268 $ 35,725 $ 362,577 $ — $ 398,570 Resident fees and services — — 520,725 — 520,725 Office building and other services revenue — — 2,691 — 2,691 Income from loans and investments 736 — 18,793 — 19,529 Equity earnings in affiliates 202,825 — (564 ) (202,261 ) — Interest and other income 9 51 9,142 — 9,202 Total revenues 203,838 35,776 913,364 (202,261 ) 950,717 Expenses Interest (17,672 ) 82,940 45,101 — 110,369 Depreciation and amortization 1,460 1,367 223,360 — 226,187 Property-level operating expenses — 151 435,750 — 435,901 Office building services costs — — 515 — 515 General, administrative and professional fees 7,079 3,685 32,315 — 43,079 Loss on extinguishment of debt, net — 4,022 — — 4,022 Merger-related expenses and deal costs 2,070 — 2,530 — 4,600 Other 263 — (11,744 ) — (11,481 ) Total expenses (6,800 ) 92,165 727,827 — 813,192 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 210,638 (56,389 ) 185,537 (202,261 ) 137,525 Loss from unconsolidated entities — — (2,529 ) — (2,529 ) Gain on real estate dispositions — — 19,150 — 19,150 Income tax (expense) benefit (109 ) — 57,861 — 57,752 Income (loss) from continuing operations 210,529 (56,389 ) 260,019 (202,261 ) 211,898 Discontinued operations — — — — — Net income (loss) 210,529 (56,389 ) 260,019 (202,261 ) 211,898 Net income attributable to noncontrolling interests — — 1,369 — 1,369 Net income (loss) attributable to common stockholders $ 210,529 $ (56,389 ) $ 258,650 $ (202,261 ) $ 210,529 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 255 $ 34,299 $ 325,708 $ — $ 360,262 Resident fees and services — — 518,989 — 518,989 Office building and other services revenue — — 4,289 — 4,289 Income from loans and investments 272 — 56,145 — 56,417 Equity earnings in affiliates 143,760 — (563 ) (143,197 ) — Interest and other income 2,069 — 278 — 2,347 Total revenues 146,356 34,299 904,846 (143,197 ) 942,304 Expenses Interest (28,295 ) 82,644 58,680 — 113,029 Depreciation and amortization 1,373 1,422 220,839 — 223,634 Property-level operating expenses — 82 421,331 — 421,413 Office building services costs — — 534 — 534 General, administrative and professional fees (409 ) 4,614 32,451 — 36,656 (Gain) loss on extinguishment of debt, net (14 ) 1,787 (1,866 ) — (93 ) Merger-related expenses and deal costs 4,164 — 330 — 4,494 Other 2,327 — 1,200 — 3,527 Total expenses (20,854 ) 90,549 733,499 — 803,194 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 167,210 (56,250 ) 171,347 (143,197 ) 139,110 Loss from unconsolidated entities — — (6,371 ) — (6,371 ) (Loss) gain on real estate dispositions (562 ) — 36,389 — 35,827 Income tax (expense) benefit (129 ) — 863 — 734 Income (loss) from continuing operations 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Discontinued operations — — — — — Net income (loss) 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Net income attributable to noncontrolling interests — — 2,781 — 2,781 Net income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 199,447 $ (143,197 ) $ 166,519 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Revenues Rental income $ 534 $ 71,184 $ 728,348 $ — $ 800,066 Resident fees and services — — 1,042,172 — 1,042,172 Office building and other services revenue — — 5,209 — 5,209 Income from loans and investments 1,159 — 35,496 — 36,655 Equity earnings in affiliates 300,660 — (1,126 ) (299,534 ) — Interest and other income 21 80 9,388 — 9,489 Total revenues 302,374 71,264 1,819,487 (299,534 ) 1,893,591 Expenses Interest (38,343 ) 166,034 93,297 — 220,988 Depreciation and amortization 2,812 2,755 456,540 — 462,107 Property-level operating expenses — 313 866,092 — 866,405 Office building services costs — — 1,148 — 1,148 General, administrative and professional fees (1,589 ) 10,153 75,275 — 83,839 Loss on extinguishment of debt, net — 4,427 — — 4,427 Merger-related expenses and deal costs 2,955 — 3,825 — 6,780 Other 6 1 (11,465 ) — (11,458 ) Total expenses (34,159 ) 183,683 1,484,712 — 1,634,236 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 336,533 (112,419 ) 334,775 (299,534 ) 259,355 Loss from unconsolidated entities — — (3,475 ) — (3,475 ) (Loss) gain on real estate dispositions (1 ) — 24,598 — 24,597 Income tax (expense) benefit (218 ) — 59,227 — 59,009 Income (loss) from continuing operations 336,314 (112,419 ) 415,125 (299,534 ) 339,486 Discontinued operations — — — — — Net income (loss) 336,314 (112,419 ) 415,125 (299,534 ) 339,486 Net income attributable to noncontrolling interests — — 3,172 — 3,172 Net income (loss) attributable to common stockholders $ 336,314 $ (112,419 ) $ 411,953 $ (299,534 ) $ 336,314 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Revenues Rental income $ 856 $ 68,685 $ 675,530 $ — $ 745,071 Resident fees and services — — 1,033,742 — 1,033,742 Office building and other services revenue — — 7,617 — 7,617 Income from loans and investments 763 — 86,835 — 87,598 Equity earnings in affiliates 204,055 — (1,206 ) (202,849 ) — Interest and other income 11,391 — 590 — 11,981 Total revenues 217,065 68,685 1,803,108 (202,849 ) 1,886,009 Expenses Interest (56,990 ) 164,956 116,426 — 224,392 Depreciation and amortization 2,717 2,866 451,201 — 456,784 Property-level operating expenses — 154 834,172 — 834,326 Office building services costs — — 649 — 649 General, administrative and professional fees 148 8,664 65,018 — 73,830 Loss (gain) on extinguishment of debt, net 154 12,596 (1,866 ) — 10,884 Merger-related expenses and deal costs 20,410 — 1,420 — 21,830 Other 4,496 — 2,151 — 6,647 Total expenses (29,065 ) 189,236 1,469,171 — 1,629,342 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 246,130 (120,551 ) 333,937 (202,849 ) 256,667 Loss from unconsolidated entities — — (47,110 ) — (47,110 ) (Loss) gain on real estate dispositions (560 ) — 36,435 — 35,875 Income tax (expense) benefit (338 ) — 4,314 — 3,976 Income (loss) from continuing operations 245,232 (120,551 ) 327,576 (202,849 ) 249,408 Discontinued operations (10 ) — — — (10 ) Net income (loss) 245,222 (120,551 ) 327,576 (202,849 ) 249,398 Net income attributable to noncontrolling interests — — 4,176 — 4,176 Net income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 323,400 $ (202,849 ) $ 245,222 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 210,529 $ (56,389 ) $ 260,019 $ (202,261 ) $ 211,898 Other comprehensive loss: Foreign currency translation (8,211 ) — (375 ) — (8,586 ) Unrealized loss on available for sale securities (1,987 ) — (408 ) — (2,395 ) Derivative instruments 1,723 (14,342 ) (4,006 ) — (16,625 ) Total other comprehensive loss (8,475 ) (14,342 ) (4,789 ) — (27,606 ) Comprehensive income (loss) 202,054 (70,731 ) 255,230 (202,261 ) 184,292 Comprehensive income attributable to noncontrolling interests — — 1,369 — 1,369 Comprehensive income (loss) attributable to common stockholders $ 202,054 $ (70,731 ) $ 253,861 $ (202,261 ) $ 182,923 For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 166,519 $ (56,250 ) $ 202,228 $ (143,197 ) $ 169,300 Other comprehensive income: Foreign currency translation — — (15,246 ) — (15,246 ) Unrealized gain on available for sale securities — — 12,857 — 12,857 Derivative instruments — — 6,002 — 6,002 Total other comprehensive income — — 3,613 — 3,613 Comprehensive income (loss) 166,519 (56,250 ) 205,841 (143,197 ) 172,913 Comprehensive income attributable to noncontrolling interests — — 2,781 — 2,781 Comprehensive income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 203,060 $ (143,197 ) $ 170,132 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Net income (loss) $ 336,314 $ (112,419 ) $ 415,125 $ (299,534 ) $ 339,486 Other comprehensive (loss) income: Foreign currency translation (1,652 ) — (3,107 ) — (4,759 ) Unrealized (loss) gain on available for sale securities (1,987 ) — 8,883 — 6,896 Other 1,723 (18,391 ) (5,395 ) — (22,063 ) Total other comprehensive (loss) income (1,916 ) (18,391 ) 381 — (19,926 ) Comprehensive income (loss) 334,398 (130,810 ) 415,506 (299,534 ) 319,560 Comprehensive income attributable to noncontrolling interests — — 3,172 — 3,172 Comprehensive income (loss) attributable to common stockholders $ 334,398 $ (130,810 ) $ 412,334 $ (299,534 ) $ 316,388 For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Net income $ 245,222 $ (120,551 ) $ 327,576 $ (202,849 ) $ 249,398 Other comprehensive income: Foreign currency translation — — (3,043 ) — (3,043 ) Unrealized gain on available for sale securities — — 12,685 — 12,685 Other — — 14,617 — 14,617 Total other comprehensive income — — 24,259 — 24,259 Comprehensive income (loss) 245,222 (120,551 ) 351,835 (202,849 ) 273,657 Comprehensive income attributable to noncontrolling interests — — 4,176 — 4,176 Comprehensive income attributable to common stockholders $ 245,222 $ (120,551 ) $ 347,659 $ (202,849 ) $ 269,481 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,253 $ (90,987 ) $ 815,953 $ — $ 729,219 Cash flows from investing activities: Net investment in real estate property (208,039 ) — — — (208,039 ) Investment in loans receivable (19,115 ) — (488,033 ) — (507,148 ) Proceeds from real estate disposals 74,095 — 310 — 74,405 Proceeds from loans receivable 33 — 289,624 — 289,657 Development project expenditures — — (114,226 ) — (114,226 ) Capital expenditures — — (58,381 ) — (58,381 ) Investment in unconsolidated entities — — (934 ) — (934 ) Insurance proceeds for property damage claims — — 16,939 — 16,939 Net cash used in investing activities (153,026 ) — (354,701 ) — (507,727 ) Cash flows from financing activities: Net change in borrowings under revolving credit facilities — (497,265 ) (9,286 ) — (506,551 ) Net change in borrowings under commercial paper program — 269,810 — — 269,810 Proceeds from debt — 698,822 14,112 — 712,934 Repayment of debt — (958,756 ) (38,305 ) — (997,061 ) Net change in intercompany debt (175,619 ) 585,213 (409,594 ) — — Payment of deferred financing costs — (6,837 ) — — (6,837 ) Issuance of common stock, net 866,033 — — — 866,033 Cash distribution to common stockholders (567,142 ) — — — (567,142 ) Cash distribution to redeemable OP unitholders — — (4,551 ) — (4,551 ) Contributions from noncontrolling interests — — 3,594 — 3,594 Distributions to noncontrolling interests — — (4,103 ) — (4,103 ) Proceeds from stock option exercises 25,738 — — — 25,738 Other (6,727 ) — (5 ) — (6,732 ) Net cash provided by (used in) financing activities 142,283 90,987 (448,138 ) — (214,868 ) Net (decrease) increase in cash, cash equivalents and restricted cash (6,490 ) — 13,114 — 6,624 Effect of foreign currency translation (1,640 ) — 1,848 — 208 Cash, cash equivalents and restricted cash at beginning of period 10,681 128 120,655 — 131,464 Cash, cash equivalents and restricted cash at end of period $ 2,551 $ 128 $ 135,617 $ — $ 138,296 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (3,651 ) $ (107,438 ) $ 821,425 $ — $ 710,336 Cash flows from investing activities: Net investment in real estate property (12,257 ) — — — (12,257 ) Investment in loans receivable and other (2,830 ) — (208,724 ) — (211,554 ) Proceeds from real estate disposals 312,243 — — — 312,243 Proceeds from loans receivable 1,452 — 864,645 — 866,097 Development project expenditures — — (155,682 ) — (155,682 ) Capital expenditures — — (42,029 ) — (42,029 ) Distributions from unconsolidated entities 6,792 — — — 6,792 Investment in unconsolidated entities — — (40,033 ) — (40,033 ) Insurance proceeds for property damage claims — — 2,329 — 2,329 Net cash provided by investing activities 305,400 — 420,506 — 725,906 Cash flows from financing activities: Net change in borrowings under revolving credit facility — (192,531 ) (5,195 ) — (197,726 ) Proceeds from debt — 655,044 95,272 — 750,316 Repayment of debt — (1,311,098 ) (120,789 ) — (1,431,887 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 237,376 961,644 (1,199,020 ) — — Payment of deferred financing costs — (5,621 ) (727 ) — (6,348 ) Cash distribution from (to) affiliates 7,358 — (7,358 ) — — Cash distribution to common stockholders (563,395 ) — — — (563,395 ) Cash distribution to redeemable OP unitholders — — (3,744 ) — (3,744 ) Cash issued for redemption of OP Units — — (975 ) — (975 ) Distributions to noncontrolling interests — — (7,808 ) — (7,808 ) Proceeds from stock option exercises 2,325 — — — 2,325 Other (4,320 ) — — — (4,320 ) Net cash (used in) provided by financing activities (323,085 ) 107,438 (1,250,344 ) — (1,465,991 ) Net decrease in cash, cash equivalents and restricted cash (21,336 ) — (8,413 ) — (29,749 ) Effect of foreign currency translation (7,744 ) — 7,343 — (401 ) Cash, cash equivalents and restricted cash at beginning of period 46,945 128 141,180 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 17,865 $ 128 $ 140,110 $ — $ 158,103

SUBSEQUENT EVENT SUBSEQUENT EVE

SUBSEQUENT EVENT SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 17—SUBSEQUENT EVENT In June 2019, we signed a definitive agreement to acquire 31 Canadian seniors housing communities and certain in-progress developments in an 85/15% partnership with the principal of LGM. After closing of the acquisition (the “Acquisition Closing”), the portfolio will continue to be managed by LGM. We will also obtain the exclusive right to jointly develop and own future LGM developments. The acquisition is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals, and is expected to occur in the third quarter of 2019. However, there can be no assurance as to the completion or terms of the acquisition and joint venture. In July 2019, we closed the first phase of the acquisition by funding C $947 million (US $723 million ) to LGM as a bridge loan to enable LGM to buy out its former partner. The bridge loan is required to be fully repaid upon the Acquisition Closing.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
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 limited liability companies (“LLCs”).
Variable Interest Entity	We consolidate several VIEs that share the following common characteristics: • the VIE is in the legal form of an LP or LLC; • the VIE was designed to own and manage its underlying real estate investments; • we are the general partner or managing member of the VIE; • we own a majority of the voting interests in the VIE; • a minority of voting interests in the VIE are owned by external third parties, unrelated to us; • the minority owners do not have substantive kick-out or participating rights in the VIE; and • we are the primary beneficiary of the VIE. We have separately identified certain special purpose entities that were established to allow investments in research and innovation projects by tax credit investors (“TCIs”). We have determined that these special purpose entities are VIEs, we are a holder of variable interests and that we are the primary beneficiary of the VIEs, and therefore we consolidate these special purpose entities. Our primary beneficiary determination is based upon several factors, including but not limited to the rights we have in directing the activities which most significantly impact the VIEs’ economic performance as well as certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. In general, the assets of consolidated VIEs are available only for the settlement of the obligations of the respective entities. Unless otherwise required by the LP or LLC agreement, any mortgage loans of the consolidated VIEs are non-recourse to us. The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. June 30, 2019 December 31, 2018 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 676,556 $ 246,265 $ 673,467 $ 238,147 Other identified VIEs 2,145,884 444,837 2,075,499 402,478 Tax credit VIEs 831,553 340,990 797,077 298,154
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 (“PMB”). Given our wholly owned subsidiary is the general partner and the primary beneficiary of NHP/PMB, we consolidate it as a VIE. As of June 30, 2019 , third party investors owned 3.3 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 31% of the total units then outstanding, and we owned 7.3 million Class B limited partnership units in NHP/PMB, representing the remaining 69% . 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. As redemption rights are outside of our control, the redeemable OP Units are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Units at the greater of cost or redemption value. As of June 30, 2019 and December 31, 2018 , the fair value of the redeemable OP Units was $204.9 million and $174.6 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 Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units. Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at June 30, 2019 and December 31, 2018
Accounting for Historic and New Markets Tax Credits	Accounting for Historic and New Markets Tax Credits For certain of our research and innovation centers, we are party to contractual arrangements with TCIs that were established to enable the TCIs to receive benefits of historic tax credits (“HTCs”) and/or new markets tax credits (“NMTCs”). As of June 30, 2019 , we owned ten properties, including one property in development, that had syndicated HTCs or NMTCs, or both, to TCIs. In general, TCIs invest cash 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 nominal 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 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 investment 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 investment 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 Assets	Impairment of Long-Lived 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.
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. • Available for sale securities - We estimate the fair value of marketable debt securities, including 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. ◦ 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 may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.
Revenue Recognition	Revenue Recognition Triple-Net Leased Properties and Office Operations Certain of our triple-net leases and most of our MOB and research 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 of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At June 30, 2019 and December 31, 2018 , this cumulative excess totaled $266.0 million and $250.0 million (net of allowances of $44.6 million , recorded under prior accounting guidance), 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. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, 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, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions. Senior Living Operations Our resident agreements are accounted for as leases and 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.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards We adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, 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 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 elected these practical expedients using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 are not provided for periods prior to January 1, 2019. Upon adoption, we recognized both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We now also report revenues and expenses within our triple-net leased properties reportable business segment for real estate taxes and insurance that are escrowed and 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 and office leases also contain service elements. We elected the practical expedient to account for our resident and office leases as a single lease component. Also, we now expense certain leasing costs, other than leasing commissions, as they are incurred. Prior to the adoption of ASC 842, GAAP provided for the deferral and amortization of such costs over the applicable lease term. We are continuing to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms. As of January 1, 2019, we recognized operating lease assets of $361.7 million on our Consolidated Balance Sheets which includes the present value of minimum lease payments as well as certain existing above and/or below market lease intangible values associated with such leases. Also upon adoption, we recognized operating lease liabilities of $216.9 million on our Consolidated Balance Sheets. The present value of minimum lease payments was calculated on each lease using a discount rate that approximates our incremental borrowing rate primarily adjusted for the length of the individual lease terms. As of the January 1, 2019 adoption date, we utilized discount rates ranging from 6.15% to 7.60% for our ground leases. Upon adoption, we recognized a cumulative effect adjustment to retained earnings of $0.6 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require an entity to evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in earlier recognition of credit losses on loans and other financial instruments. Under existing guidance, an entity generally only considered past events and current conditions in measuring an incurred loss. ASU 2016-13 is effective for us beginning January 1, 2020 and we are still evaluating the impact of adoption. Adoption of this standard is not expected to have a significant impact on our Consolidated Financial Statements.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of Variable Interest Entities	The table below summarizes the total assets and liabilities of our consolidated VIEs as reported on our Consolidated Balance Sheets. June 30, 2019 December 31, 2018 Total Assets Total Liabilities Total Assets Total Liabilities (In thousands) NHP/PMB L.P. $ 676,556 $ 246,265 $ 673,467 $ 238,147 Other identified VIEs 2,145,884 444,837 2,075,499 402,478 Tax credit VIEs 831,553 340,990 797,077 298,154

CONCENTRATION OF CREDIT RISK (T

CONCENTRATION OF CREDIT RISK (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 2018 Revenues (1) : Brookdale Senior Living (2) 4.8 % 2.5 % Ardent 3.1 3.0 Kindred 3.4 3.4 NOI: Brookdale Senior Living (2) 8.9 % 4.3 % Ardent 5.8 5.5 Kindred 6.4 6.3 (1) Total revenues include office building and other services revenue, income from loans and investments and interest and other income. (2) 2018 includes the impact of a net non-cash charge of $21.3 million related to April 2018 lease extensions.

DISPOSITIONS (Tables)

DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2019
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, including the amounts reported on our Consolidated Balance Sheets. As of June 30, 2019 As of December 31, 2018 Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale Number of Properties Held for Sale Assets Held for Sale Liabilities Related to Assets Held for Sale (Dollars in thousands) Triple-Net Leased Properties (1) — $ — $ 12 1 $ 5,482 $ 40 Office Operations (1) — 37 927 — 160 152 Senior Living Operations (1) 1 1,717 277 — (188 ) 13 Total 1 $ 1,754 $ 1,216 1 $ 5,454 $ 205 (1) Balances may include anticipated post-closing settlements of working capital for disposed properties.

LOANS RECEIVABLE AND INVESTME_2

LOANS RECEIVABLE AND INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Loans Receivable And Investments [Abstract]
Summary of Net Loans Receivable and Investments	The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available-for-sale investments: Carrying Amount Amortized Cost Fair Value Unrealized Gain (In thousands) As of June 30, 2019: Secured/mortgage loans and other, net $ 637,860 $ 637,860 $ 638,072 $ — Government-sponsored pooled loan investments, net (1) 55,791 50,831 55,791 4,960 Total investments reported as secured loans receivable and investments, net 693,651 688,691 693,863 4,960 Non-mortgage loans receivable, net 59,570 59,570 57,669 — Marketable debt securities (2) 230,618 212,936 230,618 17,682 Total loans receivable and investments, net $ 983,839 $ 961,197 $ 982,150 $ 22,642 As of December 31, 2018: Secured/mortgage loans and other, net $ 439,491 $ 439,491 $ 425,290 $ — Government-sponsored pooled loan investments, net (1) 56,378 49,601 56,378 6,777 Total investments reported as secured loans receivable and investments, net 495,869 489,092 481,668 6,777 Non-mortgage loans receivable, net 54,164 54,164 54,081 — Marketable debt securities (3) 206,442 197,473 206,442 8,969 Total loans receivable and investments, net $ 756,475 $ 740,729 $ 742,191 $ 15,746 (1) Investments in government-sponsored pool loans have contractual maturity dates in 2023. (2) As of June 30, 2019, investments in marketable debt securities have contractual maturity dates in 2024 and 2026. (3) As of December 31, 2018, investments in marketable debt securities have contractual maturity dates in 2026.

INTANGIBLES (Tables)

INTANGIBLES (Tables)	6 Months Ended
	Jun. 30, 2019
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]
Schedule of Intangibles	The following is a summary of our intangibles: As of June 30, 2019 As of December 31, 2018 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 $ 167,979 6.6 $ 181,393 6.7 In-place and other lease intangibles 1,099,343 11.8 1,321,562 24.7 Goodwill 1,050,470 N/A 1,050,548 N/A Other intangibles 35,824 11.4 35,759 11.8 Accumulated amortization (914,832 ) N/A (921,107 ) N/A Net intangible assets $ 1,438,784 11.1 $ 1,668,155 22.9 Intangible liabilities: Below market lease intangibles $ 352,377 14.6 $ 356,771 14.4 Other lease intangibles 13,498 N/A 31,418 46.5 Accumulated amortization (196,916 ) N/A (191,909 ) N/A Purchase option intangibles 3,568 N/A 3,568 N/A Net intangible liabilities $ 172,527 14.6 $ 199,848 17.2 N/A—Not Applicable.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets: As of June 30, 2019 As of December 31, 2018 (In thousands) Straight-line rent receivables $ 265,977 $ 250,023 Non-mortgage loans receivable, net 59,570 54,164 Marketable debt securities 230,618 206,442 Other intangibles, net 5,401 5,623 Investment in unconsolidated operating entities 54,118 56,820 Other 206,160 186,113 Total other assets $ 821,844 $ 759,185

SENIOR NOTES PAYABLE AND OTHE_2

SENIOR NOTES PAYABLE AND OTHER DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Senior Notes Payable and Other Debt	The following is a summary of our senior notes payable and other debt: As of June 30, 2019 As of December 31, 2018 (In thousands) Unsecured revolving credit facility (1) $ 227,323 $ 765,919 Commercial paper notes 270,000 — Secured revolving construction credit facility due 2022 123,223 90,488 3.00% Senior Notes, Series A due 2019 (2) 305,577 293,319 2.70% Senior Notes due 2020 500,000 500,000 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) 190,985 183,325 Unsecured term loan due 2023 200,000 300,000 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) 210,084 201,657 Unsecured term loan due 2024 — 600,000 3.50% Senior Notes due 2024 400,000 — 3.75% Senior Notes due 2024 400,000 400,000 4.125% Senior Notes, Series B due 2024 (2) 190,985 183,324 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 650,000 650,000 4.40% Senior Notes due 2029 750,000 750,000 6.90% Senior Notes due 2037 (3) 52,400 52,400 6.59% Senior Notes due 2038 (3) 22,823 22,823 5.45% Senior Notes due 2043 — 258,750 5.70% Senior Notes due 2043 300,000 300,000 4.375% Senior Notes due 2045 300,000 300,000 4.875% Senior Notes due 2049 300,000 — Mortgage loans and other 1,103,503 1,127,697 Total 10,346,903 10,829,702 Deferred financing costs, net (75,564 ) (69,615 ) Unamortized fair value adjustment 9,213 (1,163 ) Unamortized discounts (24,460 ) (25,225 ) Senior notes payable and other debt $ 10,256,092 $ 10,733,699 (1) As of June 30, 2019 and December 31, 2018 , respectively, $15.3 million and $23.1 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $27.0 million and $27.8 million were denominated in British pounds as of June 30, 2019 and December 31, 2018 , respectively. (2) Canadian Dollar debt obligations shown in US Dollars. (3) Our 6.90% senior notes due 2037 are subject to repurchase, at the option of the holders, on October 1, 2027, and our 6.59% senior notes due 2038 are subject to repurchase, at the option of the holders, on July 7 in each of 2023 and 2028.
Scheduled Maturities of Borrowing Arrangements and Other Provisions Excluding Capital Lease Obligations	As of June 30, 2019 , our indebtedness had the following maturities: Principal Amount Due at Maturity Unsecured Revolving Credit Facility and Commercial Paper Notes (1) Scheduled Periodic Amortization Total Maturities (In thousands) 2019 $ 372,495 $ 270,000 $ 8,120 $ 650,615 2020 598,436 — 15,323 613,759 2021 71,813 227,323 14,232 313,368 2022 1,532,545 — 12,744 1,545,289 2023 1,450,721 — 9,105 1,459,826 Thereafter 5,683,902 — 80,144 5,764,046 Total maturities $ 9,709,912 $ 497,323 $ 139,668 $ 10,346,903 (1) At June 30, 2019 , we had $415.3 million of borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $82.0 million of unrestricted cash and cash equivalents.

FAIR VALUES OF FINANCIAL INST_2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Carrying Amounts and Fair Values of Financial Instruments	The carrying amounts and fair values of our financial instruments were as follows: As of June 30, 2019 As of December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Assets: Cash and cash equivalents $ 81,987 $ 81,987 $ 72,277 $ 72,277 Secured mortgage loans and other, net 637,860 638,072 439,491 425,290 Non-mortgage loans receivable, net 59,570 57,669 54,164 54,081 Marketable debt securities 230,618 230,618 206,442 206,442 Government-sponsored pooled loan investments 55,791 55,791 56,378 56,378 Derivative instruments 1,992 1,992 6,012 6,012 Liabilities: Senior notes payable and other debt, gross 10,346,903 10,770,652 10,829,702 10,617,074 Derivative instruments 21,870 21,870 4,561 4,561 Redeemable OP Units 204,895 204,895 174,552 174,552

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Accumulated Other Comprehensive Income	The following is a summary of our accumulated other comprehensive loss: As of June 30, 2019 As of December 31, 2018 (In thousands) Foreign currency translation $ (59,775 ) $ (55,016 ) Accumulated unrealized gain on available for sale securities 22,642 15,746 Derivative instruments (2,538 ) 19,688 Total accumulated other comprehensive loss $ (39,671 ) $ (19,582 )

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table shows the amounts used in computing our basic and diluted earnings per share: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Income from continuing operations $ 211,898 $ 169,300 $ 339,486 $ 249,408 Discontinued operations — — — (10 ) Net income 211,898 169,300 339,486 249,398 Net income attributable to noncontrolling interests 1,369 2,781 3,172 4,176 Net income attributable to common stockholders $ 210,529 $ 166,519 $ 336,314 $ 245,222 Denominator: Denominator for basic earnings per share—weighted average shares 361,722 356,228 359,301 356,175 Effect of dilutive securities: Stock options 365 115 347 120 Restricted stock awards 468 236 454 211 OP unitholder interests 2,998 2,421 2,998 2,425 Denominator for diluted earnings per share—adjusted weighted average shares 365,553 359,000 363,100 358,931 Basic earnings per share: Income from continuing operations $ 0.59 $ 0.48 $ 0.94 $ 0.70 Net income attributable to common stockholders 0.58 0.47 0.94 0.69 Diluted earnings per share: Income from continuing operations $ 0.58 $ 0.47 $ 0.93 $ 0.69 Net income attributable to common stockholders 0.58 0.46 0.93 0.68 Dividends declared per common share $ 0.7925 $ 0.79 $ 1.585 $ 1.58

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary information by reportable business segment	Summary information by reportable business segment is as follows: For the Three Months Ended June 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 196,382 $ — $ 202,188 $ — $ 398,570 Resident fees and services — 520,725 — — 520,725 Office building and other services revenue — — 1,850 841 2,691 Income from loans and investments — — — 19,529 19,529 Interest and other income — — — 9,202 9,202 Total revenues $ 196,382 $ 520,725 $ 204,038 $ 29,572 $ 950,717 Total revenues $ 196,382 $ 520,725 $ 204,038 $ 29,572 $ 950,717 Less: Interest and other income — — — 9,202 9,202 Property-level operating expenses 6,321 366,837 62,743 — 435,901 Office building services costs — — 515 — 515 Segment NOI 190,061 153,888 140,780 20,370 505,099 (Loss) income from unconsolidated entities (1,285 ) (549 ) 235 (930 ) (2,529 ) Segment profit $ 188,776 $ 153,339 $ 141,015 $ 19,440 502,570 Interest and other income 9,202 Interest expense (110,369 ) Depreciation and amortization (226,187 ) General, administrative and professional fees (43,079 ) Loss on extinguishment of debt, net (4,022 ) Merger-related expenses and deal costs (4,600 ) Other 11,481 Gain on real estate dispositions 19,150 Income tax benefit 57,752 Income from continuing operations 211,898 Discontinued operations — Net income 211,898 Net income attributable to noncontrolling interests 1,369 Net income attributable to common stockholders $ 210,529 For the Three Months Ended June 30, 2018 Triple-Net Leased Properties Senior Living Operations Office Operations All Other Total (In thousands) Revenues: Rental income $ 167,870 $ — $ 192,392 $ — $ 360,262 Resident fees and services — 518,989 — — 518,989 Office building and other services revenue 1,177 — 1,977 1,135 4,289 Income from loans and investments — — — 56,417 56,417 Interest and other income — — — 2,347 2,347 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Total revenues $ 169,047 $ 518,989 $ 194,369 $ 59,899 $ 942,304 Less: Interest and other income — — — 2,347 2,347 Property-level operating expenses — 361,112 60,301 — 421,413 Office building services costs — — 534 — 534 Segment NOI 169,047 157,877 133,534 57,552 518,010 (Loss) income from unconsolidated entities (4,694 ) (1,714 ) 885 (848 ) (6,371 ) Segment profit $ 164,353 $ 156,163 $ 134,419 $ 56,704 511,639 Interest and other income 2,347 Interest expense (113,029 ) Depreciation and amortization (223,634 ) General, administrative and professional fees (36,656 ) Gain on extinguishment of debt, net 93 Merger-related expenses and deal costs (4,494 ) Other (3,527 ) Gain on real estate dispositions 35,827 Income tax benefit 734 Income from continuing operations 169,300 Discontinued operations — Net income 169,300 Net income attributable to noncontrolling interests 2,781 Net income attributable to common stockholders $ 166,519 For the Six Months Ended June 30, 2019 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 396,450 $ — $ 403,616 $ — $ 800,066 Resident fees and services — 1,042,172 — — 1,042,172 Office building and other services revenue — — 3,626 1,583 5,209 Income from loans and investments — — — 36,655 36,655 Interest and other income — — — 9,489 9,489 Total revenues $ 396,450 $ 1,042,172 $ 407,242 $ 47,727 $ 1,893,591 Total revenues $ 396,450 $ 1,042,172 $ 407,242 $ 47,727 $ 1,893,591 Less: Interest and other income — — — 9,489 9,489 Property-level operating expenses 13,754 727,823 124,828 — 866,405 Office building services costs — — 1,148 — 1,148 Segment NOI 382,696 314,349 281,266 38,238 1,016,549 (Loss) income from unconsolidated entities (777 ) (1,483 ) 464 (1,679 ) (3,475 ) Segment profit $ 381,919 $ 312,866 $ 281,730 $ 36,559 1,013,074 Interest and other income 9,489 Interest expense (220,988 ) Depreciation and amortization (462,107 ) General, administrative and professional fees (83,839 ) Loss on extinguishment of debt, net (4,427 ) Merger-related expenses and deal costs (6,780 ) Other 11,458 Gain on real estate dispositions 24,597 Income tax benefit 59,009 Income from continuing operations 339,486 Discontinued operations — Net income 339,486 Net income attributable to noncontrolling interests 3,172 Net income attributable to common stockholders $ 336,314 For the Six Months Ended June 30, 2018 Triple-Net Senior Office All Total (In thousands) Revenues: Rental income $ 358,511 $ — $ 386,560 $ — $ 745,071 Resident fees and services — 1,033,742 — — 1,033,742 Office building and other services revenue 2,320 — 3,610 1,687 7,617 Income from loans and investments — — — 87,598 87,598 Interest and other income — — — 11,981 11,981 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Total revenues $ 360,831 $ 1,033,742 $ 390,170 $ 101,266 $ 1,886,009 Less: Interest and other income — — — 11,981 11,981 Property-level operating expenses — 713,332 120,994 — 834,326 Office building services costs — — 649 — 649 Segment NOI 360,831 320,410 268,527 89,285 1,039,053 (Loss) income from unconsolidated entities (43,349 ) (2,354 ) 265 (1,672 ) (47,110 ) Segment profit $ 317,482 $ 318,056 $ 268,792 $ 87,613 991,943 Interest and other income 11,981 Interest expense (224,392 ) Depreciation and amortization (456,784 ) General, administrative and professional fees (73,830 ) Loss on extinguishment of debt, net (10,884 ) Merger-related expenses and deal costs (21,830 ) Other (6,647 ) Gain on real estate dispositions 35,875 Income tax benefit 3,976 Income from continuing operations 249,408 Discontinued operations (10 ) Net income 249,398 Net income attributable to noncontrolling interests 4,176 Net income attributable to common stockholders $ 245,222
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment	Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Capital expenditures: Triple-net leased properties $ 5,656 $ 15,340 $ 14,247 $ 21,008 Senior living operations 37,494 24,177 64,453 54,754 Office operations 252,792 64,495 301,946 134,206 Total capital expenditures $ 295,942 $ 104,012 $ 380,646 $ 209,968
Revenues from external customers by geographic area	Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 (In thousands) Revenues: United States $ 896,083 $ 887,265 $ 1,784,364 $ 1,774,975 Canada 47,723 47,750 95,320 96,321 United Kingdom 6,911 7,289 13,907 14,713 Total revenues $ 950,717 $ 942,304 $ 1,893,591 $ 1,886,009
Net real estate property by geographic area	As of June 30, 2019 As of December 31, 2018 (In thousands) Net real estate property: United States $ 18,985,362 $ 18,861,163 Canada 988,987 963,588 United Kingdom 261,435 268,906 Total net real estate property $ 20,235,784 $ 20,093,657

CONDENSED CONSOLIDATING INFOR_2

CONDENSED CONSOLIDATING INFORMATION (Unaudited) (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Balance Sheet	The following pages summarize our condensed consolidating information as of June 30, 2019 and December 31, 2018 and for the three and six months ended June 30, 2019 and 2018 . CONDENSED CONSOLIDATING BALANCE SHEET As of June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,525 $ 110,506 $ 20,862,516 $ — $ 20,976,547 Cash and cash equivalents 470 — 81,517 — 81,987 Escrow deposits and restricted cash 2,081 128 54,100 — 56,309 Investment in and advances to affiliates 15,840,047 2,726,198 — (18,566,245 ) — Goodwill — — 1,050,470 — 1,050,470 Assets held for sale — — 1,754 — 1,754 Other assets 80,041 3,765 738,038 — 821,844 Total assets $ 15,926,164 $ 2,840,597 $ 22,788,395 $ (18,566,245 ) $ 22,988,911 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,139,280 $ 2,116,812 $ — $ 10,256,092 Intercompany loans 8,454,178 (5,046,440 ) (3,407,738 ) — — Accrued interest (12,038 ) 97,208 26,218 — 111,388 Operating lease liabilities 11,918 520 221,319 — 233,757 Accounts payable and other liabilities 323,156 31,489 783,335 — 1,137,980 Liabilities related to assets held for sale — — 1,216 — 1,216 Deferred income taxes 608 — 148,846 — 149,454 Total liabilities 8,777,822 3,222,057 (109,992 ) — 11,889,887 Redeemable OP unitholder and noncontrolling interests 17,923 — 204,739 — 222,662 Total equity 7,130,419 (381,460 ) 22,693,648 (18,566,245 ) 10,876,362 Total liabilities and equity $ 15,926,164 $ 2,840,597 $ 22,788,395 $ (18,566,245 ) $ 22,988,911 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 3,598 $ 112,691 $ 20,521,615 $ — $ 20,637,904 Cash and cash equivalents 6,470 — 65,807 — 72,277 Escrow deposits and restricted cash 4,211 128 54,848 — 59,187 Investment in and advances to affiliates 15,656,592 2,726,198 — (18,382,790 ) — Goodwill — — 1,050,548 — 1,050,548 Assets held for sale — — 5,454 — 5,454 Other assets 45,989 4,443 708,753 — 759,185 Total assets $ 15,716,860 $ 2,843,460 $ 22,407,025 $ (18,382,790 ) $ 22,584,555 Liabilities and equity Liabilities: Senior notes payable and other debt $ — $ 8,620,867 $ 2,112,832 $ — $ 10,733,699 Intercompany loans 8,580,896 (5,629,764 ) (2,951,132 ) — — Accrued interest (9,953 ) 85,717 23,903 — 99,667 Accounts payable and other liabilities 319,753 19,178 747,099 — 1,086,030 Liabilities related to assets held for sale — — 205 — 205 Deferred income taxes 608 — 204,611 — 205,219 Total liabilities 8,891,304 3,095,998 137,518 — 12,124,820 Redeemable OP unitholder and noncontrolling interests 13,746 — 174,395 — 188,141 Total equity 6,811,810 (252,538 ) 22,095,112 (18,382,790 ) 10,271,594 Total liabilities and equity $ 15,716,860 $ 2,843,460 $ 22,407,025 $ (18,382,790 ) $ 22,584,555
Condensed Consolidating Statement of Income	CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 268 $ 35,725 $ 362,577 $ — $ 398,570 Resident fees and services — — 520,725 — 520,725 Office building and other services revenue — — 2,691 — 2,691 Income from loans and investments 736 — 18,793 — 19,529 Equity earnings in affiliates 202,825 — (564 ) (202,261 ) — Interest and other income 9 51 9,142 — 9,202 Total revenues 203,838 35,776 913,364 (202,261 ) 950,717 Expenses Interest (17,672 ) 82,940 45,101 — 110,369 Depreciation and amortization 1,460 1,367 223,360 — 226,187 Property-level operating expenses — 151 435,750 — 435,901 Office building services costs — — 515 — 515 General, administrative and professional fees 7,079 3,685 32,315 — 43,079 Loss on extinguishment of debt, net — 4,022 — — 4,022 Merger-related expenses and deal costs 2,070 — 2,530 — 4,600 Other 263 — (11,744 ) — (11,481 ) Total expenses (6,800 ) 92,165 727,827 — 813,192 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 210,638 (56,389 ) 185,537 (202,261 ) 137,525 Loss from unconsolidated entities — — (2,529 ) — (2,529 ) Gain on real estate dispositions — — 19,150 — 19,150 Income tax (expense) benefit (109 ) — 57,861 — 57,752 Income (loss) from continuing operations 210,529 (56,389 ) 260,019 (202,261 ) 211,898 Discontinued operations — — — — — Net income (loss) 210,529 (56,389 ) 260,019 (202,261 ) 211,898 Net income attributable to noncontrolling interests — — 1,369 — 1,369 Net income (loss) attributable to common stockholders $ 210,529 $ (56,389 ) $ 258,650 $ (202,261 ) $ 210,529 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Revenues Rental income $ 255 $ 34,299 $ 325,708 $ — $ 360,262 Resident fees and services — — 518,989 — 518,989 Office building and other services revenue — — 4,289 — 4,289 Income from loans and investments 272 — 56,145 — 56,417 Equity earnings in affiliates 143,760 — (563 ) (143,197 ) — Interest and other income 2,069 — 278 — 2,347 Total revenues 146,356 34,299 904,846 (143,197 ) 942,304 Expenses Interest (28,295 ) 82,644 58,680 — 113,029 Depreciation and amortization 1,373 1,422 220,839 — 223,634 Property-level operating expenses — 82 421,331 — 421,413 Office building services costs — — 534 — 534 General, administrative and professional fees (409 ) 4,614 32,451 — 36,656 (Gain) loss on extinguishment of debt, net (14 ) 1,787 (1,866 ) — (93 ) Merger-related expenses and deal costs 4,164 — 330 — 4,494 Other 2,327 — 1,200 — 3,527 Total expenses (20,854 ) 90,549 733,499 — 803,194 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 167,210 (56,250 ) 171,347 (143,197 ) 139,110 Loss from unconsolidated entities — — (6,371 ) — (6,371 ) (Loss) gain on real estate dispositions (562 ) — 36,389 — 35,827 Income tax (expense) benefit (129 ) — 863 — 734 Income (loss) from continuing operations 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Discontinued operations — — — — — Net income (loss) 166,519 (56,250 ) 202,228 (143,197 ) 169,300 Net income attributable to noncontrolling interests — — 2,781 — 2,781 Net income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 199,447 $ (143,197 ) $ 166,519 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Revenues Rental income $ 534 $ 71,184 $ 728,348 $ — $ 800,066 Resident fees and services — — 1,042,172 — 1,042,172 Office building and other services revenue — — 5,209 — 5,209 Income from loans and investments 1,159 — 35,496 — 36,655 Equity earnings in affiliates 300,660 — (1,126 ) (299,534 ) — Interest and other income 21 80 9,388 — 9,489 Total revenues 302,374 71,264 1,819,487 (299,534 ) 1,893,591 Expenses Interest (38,343 ) 166,034 93,297 — 220,988 Depreciation and amortization 2,812 2,755 456,540 — 462,107 Property-level operating expenses — 313 866,092 — 866,405 Office building services costs — — 1,148 — 1,148 General, administrative and professional fees (1,589 ) 10,153 75,275 — 83,839 Loss on extinguishment of debt, net — 4,427 — — 4,427 Merger-related expenses and deal costs 2,955 — 3,825 — 6,780 Other 6 1 (11,465 ) — (11,458 ) Total expenses (34,159 ) 183,683 1,484,712 — 1,634,236 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 336,533 (112,419 ) 334,775 (299,534 ) 259,355 Loss from unconsolidated entities — — (3,475 ) — (3,475 ) (Loss) gain on real estate dispositions (1 ) — 24,598 — 24,597 Income tax (expense) benefit (218 ) — 59,227 — 59,009 Income (loss) from continuing operations 336,314 (112,419 ) 415,125 (299,534 ) 339,486 Discontinued operations — — — — — Net income (loss) 336,314 (112,419 ) 415,125 (299,534 ) 339,486 Net income attributable to noncontrolling interests — — 3,172 — 3,172 Net income (loss) attributable to common stockholders $ 336,314 $ (112,419 ) $ 411,953 $ (299,534 ) $ 336,314 CONDENSED CONSOLIDATING STATEMENT OF INCOME For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Revenues Rental income $ 856 $ 68,685 $ 675,530 $ — $ 745,071 Resident fees and services — — 1,033,742 — 1,033,742 Office building and other services revenue — — 7,617 — 7,617 Income from loans and investments 763 — 86,835 — 87,598 Equity earnings in affiliates 204,055 — (1,206 ) (202,849 ) — Interest and other income 11,391 — 590 — 11,981 Total revenues 217,065 68,685 1,803,108 (202,849 ) 1,886,009 Expenses Interest (56,990 ) 164,956 116,426 — 224,392 Depreciation and amortization 2,717 2,866 451,201 — 456,784 Property-level operating expenses — 154 834,172 — 834,326 Office building services costs — — 649 — 649 General, administrative and professional fees 148 8,664 65,018 — 73,830 Loss (gain) on extinguishment of debt, net 154 12,596 (1,866 ) — 10,884 Merger-related expenses and deal costs 20,410 — 1,420 — 21,830 Other 4,496 — 2,151 — 6,647 Total expenses (29,065 ) 189,236 1,469,171 — 1,629,342 Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests 246,130 (120,551 ) 333,937 (202,849 ) 256,667 Loss from unconsolidated entities — — (47,110 ) — (47,110 ) (Loss) gain on real estate dispositions (560 ) — 36,435 — 35,875 Income tax (expense) benefit (338 ) — 4,314 — 3,976 Income (loss) from continuing operations 245,232 (120,551 ) 327,576 (202,849 ) 249,408 Discontinued operations (10 ) — — — (10 ) Net income (loss) 245,222 (120,551 ) 327,576 (202,849 ) 249,398 Net income attributable to noncontrolling interests — — 4,176 — 4,176 Net income (loss) attributable to common stockholders $ 245,222 $ (120,551 ) $ 323,400 $ (202,849 ) $ 245,222
Condensed Consolidating Statement of Comprehensive Income	CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 210,529 $ (56,389 ) $ 260,019 $ (202,261 ) $ 211,898 Other comprehensive loss: Foreign currency translation (8,211 ) — (375 ) — (8,586 ) Unrealized loss on available for sale securities (1,987 ) — (408 ) — (2,395 ) Derivative instruments 1,723 (14,342 ) (4,006 ) — (16,625 ) Total other comprehensive loss (8,475 ) (14,342 ) (4,789 ) — (27,606 ) Comprehensive income (loss) 202,054 (70,731 ) 255,230 (202,261 ) 184,292 Comprehensive income attributable to noncontrolling interests — — 1,369 — 1,369 Comprehensive income (loss) attributable to common stockholders $ 202,054 $ (70,731 ) $ 253,861 $ (202,261 ) $ 182,923 For the Three Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net income (loss) $ 166,519 $ (56,250 ) $ 202,228 $ (143,197 ) $ 169,300 Other comprehensive income: Foreign currency translation — — (15,246 ) — (15,246 ) Unrealized gain on available for sale securities — — 12,857 — 12,857 Derivative instruments — — 6,002 — 6,002 Total other comprehensive income — — 3,613 — 3,613 Comprehensive income (loss) 166,519 (56,250 ) 205,841 (143,197 ) 172,913 Comprehensive income attributable to noncontrolling interests — — 2,781 — 2,781 Comprehensive income (loss) attributable to common stockholders $ 166,519 $ (56,250 ) $ 203,060 $ (143,197 ) $ 170,132 CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Net income (loss) $ 336,314 $ (112,419 ) $ 415,125 $ (299,534 ) $ 339,486 Other comprehensive (loss) income: Foreign currency translation (1,652 ) — (3,107 ) — (4,759 ) Unrealized (loss) gain on available for sale securities (1,987 ) — 8,883 — 6,896 Other 1,723 (18,391 ) (5,395 ) — (22,063 ) Total other comprehensive (loss) income (1,916 ) (18,391 ) 381 — (19,926 ) Comprehensive income (loss) 334,398 (130,810 ) 415,506 (299,534 ) 319,560 Comprehensive income attributable to noncontrolling interests — — 3,172 — 3,172 Comprehensive income (loss) attributable to common stockholders $ 334,398 $ (130,810 ) $ 412,334 $ (299,534 ) $ 316,388 For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Ventas Consolidated Consolidated (In thousands) Net income $ 245,222 $ (120,551 ) $ 327,576 $ (202,849 ) $ 249,398 Other comprehensive income: Foreign currency translation — — (3,043 ) — (3,043 ) Unrealized gain on available for sale securities — — 12,685 — 12,685 Other — — 14,617 — 14,617 Total other comprehensive income — — 24,259 — 24,259 Comprehensive income (loss) 245,222 (120,551 ) 351,835 (202,849 ) 273,657 Comprehensive income attributable to noncontrolling interests — — 4,176 — 4,176 Comprehensive income attributable to common stockholders $ 245,222 $ (120,551 ) $ 347,659 $ (202,849 ) $ 269,481
Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash provided by (used in) operating activities $ 4,253 $ (90,987 ) $ 815,953 $ — $ 729,219 Cash flows from investing activities: Net investment in real estate property (208,039 ) — — — (208,039 ) Investment in loans receivable (19,115 ) — (488,033 ) — (507,148 ) Proceeds from real estate disposals 74,095 — 310 — 74,405 Proceeds from loans receivable 33 — 289,624 — 289,657 Development project expenditures — — (114,226 ) — (114,226 ) Capital expenditures — — (58,381 ) — (58,381 ) Investment in unconsolidated entities — — (934 ) — (934 ) Insurance proceeds for property damage claims — — 16,939 — 16,939 Net cash used in investing activities (153,026 ) — (354,701 ) — (507,727 ) Cash flows from financing activities: Net change in borrowings under revolving credit facilities — (497,265 ) (9,286 ) — (506,551 ) Net change in borrowings under commercial paper program — 269,810 — — 269,810 Proceeds from debt — 698,822 14,112 — 712,934 Repayment of debt — (958,756 ) (38,305 ) — (997,061 ) Net change in intercompany debt (175,619 ) 585,213 (409,594 ) — — Payment of deferred financing costs — (6,837 ) — — (6,837 ) Issuance of common stock, net 866,033 — — — 866,033 Cash distribution to common stockholders (567,142 ) — — — (567,142 ) Cash distribution to redeemable OP unitholders — — (4,551 ) — (4,551 ) Contributions from noncontrolling interests — — 3,594 — 3,594 Distributions to noncontrolling interests — — (4,103 ) — (4,103 ) Proceeds from stock option exercises 25,738 — — — 25,738 Other (6,727 ) — (5 ) — (6,732 ) Net cash provided by (used in) financing activities 142,283 90,987 (448,138 ) — (214,868 ) Net (decrease) increase in cash, cash equivalents and restricted cash (6,490 ) — 13,114 — 6,624 Effect of foreign currency translation (1,640 ) — 1,848 — 208 Cash, cash equivalents and restricted cash at beginning of period 10,681 128 120,655 — 131,464 Cash, cash equivalents and restricted cash at end of period $ 2,551 $ 128 $ 135,617 $ — $ 138,296 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2018 Ventas, Inc. Ventas Realty Ventas Subsidiaries Consolidated Elimination Consolidated (In thousands) Net cash (used in) provided by operating activities $ (3,651 ) $ (107,438 ) $ 821,425 $ — $ 710,336 Cash flows from investing activities: Net investment in real estate property (12,257 ) — — — (12,257 ) Investment in loans receivable and other (2,830 ) — (208,724 ) — (211,554 ) Proceeds from real estate disposals 312,243 — — — 312,243 Proceeds from loans receivable 1,452 — 864,645 — 866,097 Development project expenditures — — (155,682 ) — (155,682 ) Capital expenditures — — (42,029 ) — (42,029 ) Distributions from unconsolidated entities 6,792 — — — 6,792 Investment in unconsolidated entities — — (40,033 ) — (40,033 ) Insurance proceeds for property damage claims — — 2,329 — 2,329 Net cash provided by investing activities 305,400 — 420,506 — 725,906 Cash flows from financing activities: Net change in borrowings under revolving credit facility — (192,531 ) (5,195 ) — (197,726 ) Proceeds from debt — 655,044 95,272 — 750,316 Repayment of debt — (1,311,098 ) (120,789 ) — (1,431,887 ) Purchase of noncontrolling interests (2,429 ) — — — (2,429 ) Net change in intercompany debt 237,376 961,644 (1,199,020 ) — — Payment of deferred financing costs — (5,621 ) (727 ) — (6,348 ) Cash distribution from (to) affiliates 7,358 — (7,358 ) — — Cash distribution to common stockholders (563,395 ) — — — (563,395 ) Cash distribution to redeemable OP unitholders — — (3,744 ) — (3,744 ) Cash issued for redemption of OP Units — — (975 ) — (975 ) Distributions to noncontrolling interests — — (7,808 ) — (7,808 ) Proceeds from stock option exercises 2,325 — — — 2,325 Other (4,320 ) — — — (4,320 ) Net cash (used in) provided by financing activities (323,085 ) 107,438 (1,250,344 ) — (1,465,991 ) Net decrease in cash, cash equivalents and restricted cash (21,336 ) — (8,413 ) — (29,749 ) Effect of foreign currency translation (7,744 ) — 7,343 — (401 ) Cash, cash equivalents and restricted cash at beginning of period 46,945 128 141,180 — 188,253 Cash, cash equivalents and restricted cash at end of period $ 17,865 $ 128 $ 140,110 $ — $ 158,103

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Jun. 30, 2019propertytenant
Real estate properties
Number of real estate properties	1,200
Largest tenants | tenant	3
Brookdale Senior Living
Real estate properties
Number of real estate properties	124
Number of Brookdale Senior Living properties excluded from count	2
Ardent
Real estate properties
Number of real estate properties	11
Kindred
Real estate properties
Number of real estate properties	32
Development Projects
Real estate properties
Number of real estate properties	17
Development Projects | Unconsolidated Real Estate Entities
Real estate properties
Number of real estate properties	4
Triple-Net Leased Properties
Real estate properties
Number of real estate properties	424
Seniors Housing Communities
Real estate properties
Number of independent third party managed properties	372

ACCOUNTING POLICIES - Schedule

ACCOUNTING POLICIES - Schedule of VIEs (Details) - Variable Interest Entity - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
NHP/PMB L.P.
Variable Interest Entity
Total assets	$ 676,556	$ 673,467
Total liabilities	246,265	238,147
Other Identified VIEs
Variable Interest Entity
Total assets	2,145,884	2,075,499
Total liabilities	444,837	402,478
Tax Credit VIEs
Variable Interest Entity
Total assets	831,553	797,077
Total liabilities	$ 340,990	$ 298,154

ACCOUNTING POLICIES - Redeemabl

ACCOUNTING POLICIES - Redeemable OP Unitholder and Noncontrolling Interest (Details) shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)shares	Dec. 31, 2018USD ($)
Redeemable Noncontrolling Interest
Redeemable OP unitholder interest, fair value | $	$ 204.9	$ 174.6
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	3.3
Percentage of limited partner ownership interest on total units outstanding	31.00%
NHP/PMB L.P. | General Partner | Class B
Redeemable Noncontrolling Interest
General partners' units outstanding	7.3
Percentage of general partner ownership interest on total units outstanding	69.00%

ACCOUNTING POLICIES - Accountin

ACCOUNTING POLICIES - Accounting for Historic and New Markets Tax Credits (Details)	Jun. 30, 2019property
Real Estate
Number of real estate properties	1,200
Maximum of qualified investment potentially received as new market tax credit	39.00%
Amount of recapture per year historic tax credits are subject to one year after completion of project	20.00%
Amount of recapture new market tax credits are subject to until the end of the seventh year following the qualified investment	100.00%
Real estate properties that qualify for certain tax credits
Real Estate
Number of real estate properties	10
Development Projects | Real estate properties that qualify for certain tax credits
Real Estate
Number of real estate properties	1

ACCOUNTING POLICIES - Revenue R

ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Straight-line rent receivables	$ 265,977
Straight-line rent receivables, net		$ 250,023
Straight-line rent receivables, allowance		$ 44,600

ACCOUNTING POLICIES - Recently

ACCOUNTING POLICIES - Recently Issued or Adopted Accounting Standards (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle
Operating lease assets	$ 374,319		$ 0
Operating lease liabilities	$ 233,757		0
Cumulative effect adjustment to retained earnings			$ 638	$ 30,643
Minimum
New Accounting Pronouncements or Change in Accounting Principle
Operating lease, discount rate		6.15%
Maximum
New Accounting Pronouncements or Change in Accounting Principle
Operating lease, discount rate		7.60%
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle
Operating lease assets		$ 361,700
Operating lease liabilities		216,900
Cumulative effect adjustment to retained earnings		$ 600

CONCENTRATION OF CREDIT RISK -

CONCENTRATION OF CREDIT RISK - (Details) - Customer Concentration Risk	6 Months Ended
	Jun. 30, 2019stateprovince
Concentration Risk
Number of states in which entity operates	45
Number of states accounting for more than 10% of total revenues and net operating income	1
Continuing revenues and NOI threshold	10.00%
CANADA
Concentration Risk
Number of Canadian provinces in which entity operates | province	7
Total Gross Book Value of Properties | Hospitals Medical Office Building and Other
Concentration Risk
Concentration percentage	39.10%
Total Gross Book Value of Properties | Senior Living Operations | Seniors Housing Communities
Concentration Risk
Concentration percentage	39.80%
Total Gross Book Value of Properties | Triple-Net Leased Properties | Seniors Housing Communities
Concentration Risk
Concentration percentage	21.10%
Atria | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	22.10%
Sunrise | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	11.00%
Brookdale Senior Living | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	8.20%
Ardent | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	5.10%
Eclipse Senior Living | Total Gross Book Value of Properties
Concentration Risk
Concentration percentage	4.30%
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 Millions	3 Months Ended
	Jun. 30, 2019board_member	Jun. 30, 2018USD ($)
Concentration Risk
Other noncash expense | $		$ 21.3
Ardent
Concentration Risk
Ownership interests accounted for under the equity method	9.80%
Number of board members appointed	1
Number of board members	11
Brookdale Senior Living | Revenues
Concentration Risk
Concentration percentage	4.80%	2.50%
Brookdale Senior Living | NOI
Concentration Risk
Concentration percentage	8.90%	4.30%
Kindred | Revenues
Concentration Risk
Concentration percentage	3.40%	3.40%
Kindred | NOI
Concentration Risk
Concentration percentage	6.40%	6.30%
Ardent | Revenues
Concentration Risk
Concentration percentage	3.10%	3.00%
Ardent | NOI
Concentration Risk
Concentration percentage	5.80%	5.50%

CONCENTRATION OF CREDIT RISK _3

CONCENTRATION OF CREDIT RISK - Senior Living Operations (Details)	Jun. 30, 2019board_memberproperty
Atria
Concentration Risk
Ownership interests accounted for under the equity method	34.00%
Number of board members appointed	2
Number of board members	6
Eclipse Senior Living
Concentration Risk
Ownership interests accounted for under the equity method	34.00%
Number of board members appointed	2
Number of board members	6
Remaining ownership percentage retained by investee	66.00%
Consolidated Seniors Housing Communities
Concentration Risk
Number of independent third party managed properties | property	367
Consolidated Seniors Housing Communities | Atria, Sunrise and ESL
Concentration Risk
Number of independent third party managed properties | property	347

DISPOSITIONS - DISPOSITIONS - (

DISPOSITIONS - DISPOSITIONS - (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)propertyparcel	Jun. 30, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Vacant land parcels sold | parcel			1
Proceeds from sale of real estate			$ 74,400
Gain on real estate dispositions	$ 19,150	$ 35,827	24,597	$ 35,875
Impairment of real estate			$ 13,500	$ 10,700
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property			7
Medical Office Buildings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties sold | property			6

DISPOSITIONS - Real Estate Asse

DISPOSITIONS - Real Estate Assets Held For Sale (Details) $ in Thousands	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	1	1
Assets held for sale	$ 1,754	$ 5,454
Liabilities related to assets held for sale	$ 1,216	$ 205
Triple-Net Leased Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	0	1
Assets held for sale	$ 0	$ 5,482
Liabilities related to assets held for sale	$ 12	$ 40
Office Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	0	0
Assets held for sale	$ 37	$ 160
Liabilities related to assets held for sale	$ 927	$ 152
Senior Living Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	1	0
Assets held for sale	$ 1,717	$ (188)
Liabilities related to assets held for sale	$ 277	$ 13

LOANS RECEIVABLE AND INVESTME_3

LOANS RECEIVABLE AND INVESTMENTS - LOANS RECEIVABLE AND INVESTMENTS - (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Loans Receivable And Investments [Abstract]
Total loans receivable and investments, net, carrying amount	$ 983,839	$ 756,475

LOANS RECEIVABLE AND INVESTME_4

LOANS RECEIVABLE AND INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	$ 230,618	$ 206,442
Debt securities, available-for-sale, fair value	230,618	206,442
Non-mortgage loans receivable, net	59,570	54,164
Total loans receivable and investments, net, carrying amount	983,839	756,475
Total loans receivable and investments, net, amortized cost	961,197	740,729
Total loans receivable and investments, net, fair value	982,150	742,191
Total loans receivable and investments, net, unrealized gain	22,642	15,746
Non-Mortgage Loans Receivable, Net
Accounts, Notes, Loans and Financing Receivable
Non-mortgage loans receivable, net	59,570	54,164
Non-mortgage loans receivable, amortized cost	59,570	54,164
Non-mortgage loans receivable, fair value	57,669	54,081
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	637,860	439,491
Debt securities, held-to-maturity, fair value	638,072	425,290
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	55,791	56,378
Debt securities, available-for-sale, amortized cost	50,831	49,601
Debt securities, available-for-sale, fair value	55,791	56,378
Debt securities, available-for-sale, unrealized gain	4,960	6,777
Total investments reported as secured loans receivable and investments, net
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, unrealized gain	4,960	6,777
Debt Securities, Available-for-sale and Held-to-maturity	693,651	495,869
Debt securities, available-for-sale and held-to-maturity, amortized cost	688,691	489,092
Debt securities, Available-for-Sale and Held-to-Maturity, fair value	693,863	481,668
Marketable debt securities
Accounts, Notes, Loans and Financing Receivable
Debt securities, available-for-sale, carrying value	230,618	206,442
Debt securities, available-for-sale, amortized cost	212,936	197,473
Debt securities, available-for-sale, fair value	230,618	206,442
Debt securities, available-for-sale, unrealized gain	$ 17,682	$ 8,969

LOANS RECEIVABLE AND INVESTME_5

LOANS RECEIVABLE AND INVESTMENTS 2019 Activity (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Apr. 30, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable
Loan receivable repayment		$ 289,657	$ 866,097
Gain on real estate loan investments		$ 0	$ 13,202
Senior Secured Notes Maturing 2024
Accounts, Notes, Loans and Financing Receivable
Marketable securities				$ 5,000
Offering price, percentage of par				102.00%
Effective interest rate on investment				8.10%
Senior Secured Notes Maturing 2026
Accounts, Notes, Loans and Financing Receivable
Marketable securities				$ 10,500
Offering price, percentage of par				98.00%
Effective interest rate on investment				8.30%
Loans Receivable | Colony Capital, Inc. Subsidiaries
Accounts, Notes, Loans and Financing Receivable
Effective interest rate on investment	9.20%	9.20%
Loans receivable	$ 490,000	$ 490,000
Loan receivable repayment	$ 282,000
Receivables term	5 years
Additional periods	3
Receivables term extension option	1 year
Gain on real estate loan investments	$ 500

INVESTMENTS IN UNCONSOLIDATED_2

INVESTMENTS IN UNCONSOLIDATED ENTITIES (Details) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2018USD ($)joint_venture	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Jul. 31, 2018
Equity method investments
Number of real estate properties | 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 | $		$ 0.8	$ 2.3	$ 1.6	$ 4
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%
Ownership interest in properties		90.00%		90.00%
Number of real estate properties | property		6		6
Equity investments in an unconsolidated real estate venture with recognized impairment | joint_venture	1

INTANGIBLES (Details)

INTANGIBLES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Intangible assets:
Lease intangible assets	$ 1,267,322	$ 1,502,955
Goodwill	1,050,470	1,050,548
Accumulated amortization	(914,832)	(921,107)
Net intangible assets	$ 1,438,784	$ 1,668,155
Finite-lived intangible assets, remaining amortization period	11 years 1 month 6 days	22 years 10 months 24 days
Intangible liabilities:
Below market lease intangibles	$ 352,377	$ 356,771
Other lease intangibles	13,498	31,418
Accumulated amortization	(196,916)	(191,909)
Purchase option intangibles	3,568	3,568
Net intangible liabilities	$ 172,527	$ 199,848
Below market leases, remaining weighted average amortization period (in years)	14 years 7 months 6 days	14 years 4 months 24 days
Other lease intangibles, remaining weighted average amortization period (in years)		46 years 6 months
Net intangible liabilities, remaining weighted average amortization period (in years)	14 years 7 months 6 days	17 years 2 months 12 days
Above Market Lease Intangibles
Intangible assets:
Lease intangible assets	$ 167,979	$ 181,393
Finite-lived intangible assets, remaining amortization period	6 years 7 months 6 days	6 years 8 months 12 days
In-place and Other Lease Intangibles
Intangible assets:
Lease intangible assets	$ 1,099,343	$ 1,321,562
Finite-lived intangible assets, remaining amortization period	11 years 9 months 18 days	24 years 8 months 12 days
Other Intangibles
Intangible assets:
Other intangibles	$ 35,824	$ 35,759
Finite-lived intangible assets, remaining amortization period	11 years 4 months 24 days	11 years 9 months 18 days

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables	$ 265,977
Straight-line rent receivables		$ 250,023
Non-mortgage loans receivable, net	59,570	54,164
Debt securities, available-for-sale, carrying value	230,618	206,442
Other intangibles, net	5,401	5,623
Investment in unconsolidated operating entities	54,118	56,820
Other	206,160	186,113
Total other assets	$ 821,844	$ 759,185

SENIOR NOTES PAYABLE AND OTHE_3

SENIOR NOTES PAYABLE AND OTHER DEBT - Summary of Senior Notes Payables and Other Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Feb. 28, 2019	Jan. 03, 2019	Dec. 31, 2018
Debt instruments
Senior notes payable and other debt, gross	$ 10,346,903
Long-term debt and short-term borrowings, gross	10,346,903			$ 10,829,702
Deferred financing costs, net	(75,564)			(69,615)
Unamortized fair value adjustment	9,213			(1,163)
Unamortized discounts	(24,460)			(25,225)
Senior notes payable and other debt	$ 10,256,092			10,733,699
6.90% Senior Note Due 2037
Debt instruments
Interest rate	6.90%
6.59% Percent Senior Note Due 2038
Debt instruments
Interest rate	6.59%
Unsecured revolving credit facility (1) | Revolving Credit Facility
Debt instruments
Senior notes payable and other debt, gross	$ 227,323			765,919
Unsecured revolving credit facility (1) | Revolving Credit Facility | Borrowings Originally Denominated in CAD
Debt instruments
Senior notes payable and other debt, gross	15,300			23,100
Unsecured revolving credit facility (1) | Revolving Credit Facility | Borrowings Originally Denominated in GBP
Debt instruments
Senior notes payable and other debt, gross	27,000			27,800
Secured revolving construction credit facility due 2022 | Revolving Credit Facility
Debt instruments
Senior notes payable and other debt, gross	123,223			90,488
3.00% Senior Notes, Series A due 2019
Debt instruments
Senior notes payable and other debt, gross	$ 305,577			293,319
Interest rate	3.00%
2.70% Senior Notes due 2020
Debt instruments
Senior notes payable and other debt, gross	$ 500,000			500,000
Interest rate	2.70%
4.25% Senior Notes due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 600,000			600,000
Interest rate	4.25%
3.25% Senior Notes due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 500,000			500,000
Interest rate	3.25%
3.30% Senior Notes, Series C due 2022
Debt instruments
Senior notes payable and other debt, gross	$ 190,985			183,325
Interest rate	3.30%
Unsecured Term Loan Due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 200,000			300,000
3.125% Senior Notes due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 400,000			400,000
Interest rate	3.125%
3.10% Senior Notes due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 400,000			400,000
Interest rate	3.10%
2.55% Senior Notes, Series D due 2023
Debt instruments
Senior notes payable and other debt, gross	$ 210,084			201,657
Interest rate	2.55%
Unsecured Term Loan due 2024
Debt instruments
Senior notes payable and other debt, gross	$ 0			600,000
3.50% Senior Notes due 2024
Debt instruments
Senior notes payable and other debt, gross	$ 400,000	$ 400,000		0
Interest rate	3.50%	3.50%
3.75% Senior Notes due 2024
Debt instruments
Senior notes payable and other debt, gross	$ 400,000			400,000
Interest rate	3.75%
4.125% Senior Notes, Series B due 2024
Debt instruments
Senior notes payable and other debt, gross	$ 190,985			183,324
Interest rate	4.125%
3.50% Senior Notes due 2025
Debt instruments
Senior notes payable and other debt, gross	$ 600,000			600,000
Interest rate	3.50%
4.125% Senior Notes due 2026
Debt instruments
Senior notes payable and other debt, gross	$ 500,000			500,000
Interest rate	4.125%
3.25% Senior Notes due 2026
Debt instruments
Senior notes payable and other debt, gross	$ 450,000			450,000
Interest rate	3.25%
3.85% Senior Notes Due 2027
Debt instruments
Senior notes payable and other debt, gross	$ 400,000			400,000
Interest rate	3.85%
4.00% Senior Notes due 2028
Debt instruments
Senior notes payable and other debt, gross	$ 650,000			650,000
Interest rate	4.00%
4.40% Senior Notes due 2029
Debt instruments
Senior notes payable and other debt, gross	$ 750,000			750,000
Interest rate	4.40%
6.90% Senior Notes due 2037
Debt instruments
Senior notes payable and other debt, gross	$ 52,400			52,400
Interest rate	6.90%
6.59% Senior Notes due 2038
Debt instruments
Senior notes payable and other debt, gross	$ 22,823			22,823
Interest rate	6.59%
5.45% Senior Notes due 2043
Debt instruments
Senior notes payable and other debt, gross	$ 0			258,750
Interest rate	5.45%		5.45%
5.70% Senior Notes due 2043
Debt instruments
Senior notes payable and other debt, gross	$ 300,000			300,000
Interest rate	5.70%
4.375% Senior Notes due 2045
Debt instruments
Senior notes payable and other debt, gross	$ 300,000			300,000
Interest rate	4.375%
4.875% Senior Notes due 2049
Debt instruments
Senior notes payable and other debt, gross	$ 300,000	$ 300,000		0
Interest rate	4.875%	4.875%
Mortgages Loans and Other
Debt instruments
Senior notes payable and other debt, gross	$ 1,103,503			$ 1,127,697

SENIOR NOTES PAYABLE AND OTHE_4

SENIOR NOTES PAYABLE AND OTHER DEBT - Indebtedness of Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	$ 650,615
2020	613,759
2021	313,368
2022	1,545,289
2023	1,459,826
Thereafter	5,764,046
Total maturities	10,346,903
Long-term debt and short-term borrowings, gross	10,346,903	$ 10,829,702
Line of Credit Facility and Commercial Paper Program amount outstanding	415,300
Unrestricted cash and cash equivalents	81,987	$ 72,277
Unsecured Revolving Credit Facility and Commercial Paper
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	270,000
2020	0
2021	227,323
2022	0
2023	0
Thereafter	0
Total maturities	497,323
Principal Amount Due at Maturity
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	372,495
2020	598,436
2021	71,813
2022	1,532,545
2023	1,450,721
Thereafter	5,683,902
Total maturities	9,709,912
Scheduled Periodic Amortization
Scheduled maturities of borrowing arrangements and other provisions excluding capital lease obligations
2019	8,120
2020	15,323
2021	14,232
2022	12,744
2023	9,105
Thereafter	80,144
Total maturities	$ 139,668

SENIOR NOTES PAYABLE AND OTHE_5

SENIOR NOTES PAYABLE AND OTHER DEBT - Credit Facilities, Commerical Paper and Unsecured Term Loans (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)period	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt instruments
Commercial paper program capacity	$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Commercial paper	270,000,000	270,000,000		270,000,000		$ 0
Senior notes payable and other debt, gross	10,346,903,000	10,346,903,000		10,346,903,000
Loss on extinguishment of debt, net		4,022,000	$ (93,000)	4,427,000	$ 10,884,000
Unsecured Term Loan Due 2023
Debt instruments
Accordion feature of debt	800,000,000	800,000,000		800,000,000
Repayments of debt	100,000,000
Senior notes payable and other debt, gross	200,000,000	200,000,000		200,000,000		300,000,000
Unsecured Term Loan due 2024
Debt instruments
Repayments of debt	600,000,000
Senior notes payable and other debt, gross	0	0		0		$ 600,000,000
Unsecured Term Loans Due 2023 and 2024
Debt instruments
Loss on extinguishment of debt, net		3,200,000
Secured Revolving Construction Credit Facility due 2022
Debt instruments
Revolving credit facility, maximum borrowing capacity	400,000,000	400,000,000		400,000,000
Revolving credit facility borrowings outstanding	123,200,000	123,200,000		$ 123,200,000
LIBOR | Unsecured Term Loan Due 2023
Debt instruments
Variable interest rate				0.90%
Revolving Credit Facility
Debt instruments
Revolving credit facility, maximum borrowing capacity	3,000,000,000	3,000,000,000		$ 3,000,000,000
Additional periods | period				2
Additional period term				6 months
Accordion feature of debt	3,750,000,000	3,750,000,000		$ 3,750,000,000
Revolving credit facility borrowings outstanding	227,300,000	227,300,000		227,300,000
Letters of credit outstanding	23,700,000	23,700,000		23,700,000
Line of credit, remaining availability less commercial paper	$ 2,500,000,000	$ 2,500,000,000		$ 2,500,000,000
Revolving Credit Facility | LIBOR
Debt instruments
Variable interest rate				0.875%

SENIOR NOTES PAYABLE AND OTHE_6

SENIOR NOTES PAYABLE AND OTHER DEBT - Senior Notes (Details) - USD ($) $ in Thousands	Jun. 24, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jul. 01, 2019	Feb. 28, 2019	Jan. 03, 2019
Debt instruments
Loss on extinguishment of debt, net		$ 4,022		$ (93)	$ 4,427	$ 10,884
Senior notes payable and other debt, gross		$ 10,346,903			10,346,903
Proceeds from issuance of debt					$ 712,934	$ 750,316
5.45% Senior Notes due 2043
Debt instruments
Senior notes redeemed										$ 258,800
Interest rate		5.45%			5.45%					5.45%
Loss on extinguishment of debt, net			$ 400				$ 7,100
Senior notes payable and other debt, gross		$ 0			$ 0		258,750
3.50% Senior Notes due 2024
Debt instruments
Interest rate		3.50%			3.50%				3.50%
Senior notes payable and other debt, gross		$ 400,000			$ 400,000		0		$ 400,000
Public offering price as percent of par									99.88%
4.875% Senior Notes due 2049
Debt instruments
Interest rate		4.875%			4.875%				4.875%
Senior notes payable and other debt, gross		$ 300,000			$ 300,000		0		$ 300,000
Public offering price as percent of par									99.77%
2.65% Senior Notes due 2025
Debt instruments
Issuance date of senior notes	Jun. 24, 2019
2.65% Senior Notes due 2025 | Subsequent Event
Debt instruments
Interest rate								2.65%
Senior notes payable and other debt, gross								$ 450,000
Public offering price as percent of par								99.45%
2.70% Senior Notes due 2020
Debt instruments
Interest rate		2.70%			2.70%
Loss on extinguishment of debt, net		$ 800
Senior notes payable and other debt, gross		$ 500,000			$ 500,000		$ 500,000
2.70% Senior Notes due 2020 | Subsequent Event
Debt instruments
Senior notes redeemed								$ 397,100
Interest rate								2.70%
Public offering price as percent of par								100.37%

FAIR VALUES OF FINANCIAL INST_3

FAIR VALUES OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 81,987	$ 72,277
Non-mortgage loans receivable, net	59,570	54,164
Debt securities, available-for-sale, carrying value	230,618	206,442
Liabilities:
Senior notes payable and other debt, gross	10,346,903
Redeemable OP Units, fair value	204,900	174,600
Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net	59,570	54,164
Non-mortgage loans receivable, fair value	57,669	54,081
Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity	637,860	439,491
Debt securities, held-to-maturity, fair value	638,072	425,290
Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	55,791	56,378
Carrying Value
Assets:
Cash and cash equivalents	81,987	72,277
Derivative instruments	1,992	6,012
Liabilities:
Senior notes payable and other debt, gross	10,346,903	10,829,702
Derivative instruments	21,870	4,561
Redeemable OP Units, carrying amount	204,895	174,552
Carrying Value | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, net	59,570	54,164
Carrying Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity	637,860	439,491
Carrying Value | Marketable debt securities
Assets:
Debt securities, available-for-sale, carrying value	230,618	206,442
Carrying Value | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	55,791	56,378
Fair Value
Assets:
Cash and cash equivalents, fair value	81,987	72,277
Derivative instruments	1,992	6,012
Liabilities:
Senior notes payable and other debt, gross, fair value	10,770,652	10,617,074
Derivative instruments	21,870	4,561
Redeemable OP Units, fair value	204,895	174,552
Fair Value | Non-Mortgage Loan Receivable
Assets:
Non-mortgage loans receivable, fair value	57,669	54,081
Fair Value | Secured/mortgage loans and other, net
Assets:
Debt securities, held-to-maturity, fair value	638,072	425,290
Fair Value | Marketable debt securities
Assets:
Debt securities, available-for-sale, carrying value	230,618	206,442
Fair Value | Government-Sponsored Pooled Loan Investments
Assets:
Debt securities, available-for-sale, carrying value	$ 55,791	$ 56,378

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit	$ 57,752	$ 734	$ 59,009	$ 3,976
Valuation allowance reversal	57,600		57,600
Deferred income taxes	$ 149,454		$ 149,454		$ 205,219

STOCKHOLDERS' EQUITY - Capital

STOCKHOLDERS' EQUITY - Capital Stock (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)$ / sharesshares
Equity offering [Line Items]
Issuance of common stock		$ 767,718	$ 866,156
At-The-Market Equity Offering Program
Equity offering [Line Items]
Common stock authorized under equity offering program	$ 1,000,000	1,000,000	$ 1,000,000
Stock issued during period, shares, new issues, equity offering program | shares			1.6
Stock issued during period, gross proceeds per share, equity offering program | $ / shares			$ 64.15
Equity offering program, remaining authorized offering amount	$ 900,000	$ 900,000	$ 900,000
June 2019 Registered Public Offering
Equity offering [Line Items]
Stock issued during period, shares, new issues, equity offering program | shares	12.7
Stock issued during period, gross proceeds per share, equity offering program | $ / shares	$ 62.75

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Equity [Abstract]
Foreign currency translation	$ (59,775)	$ (55,016)
Accumulated unrealized gain on available for sale securities	22,642	15,746
Derivative instruments	(2,538)	19,688
Total accumulated other comprehensive loss	$ (39,671)	$ (19,582)

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator for basic and diluted earnings per share:
Income from continuing operations	$ 211,898	$ 169,300	$ 339,486	$ 249,408
Discontinued operations	0	0	0	(10)
Net income	211,898	169,300	339,486	249,398
Net income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Net income attributable to common stockholders	$ 210,529	$ 166,519	$ 336,314	$ 245,222
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	361,722	356,228	359,301	356,175
Effect of dilutive securities:
Stock options (in shares)	365	115	347	120
Restricted stock awards (in shares)	468	236	454	211
OP Unitholder Interests (in shares)	2,998	2,421	2,998	2,425
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	365,553	359,000	363,100	358,931
Basic earnings per share:
Income from continuing operations (in usd per share)	$ 0.59	$ 0.48	$ 0.94	$ 0.70
Net income attributable to common stockholders (in usd per share)	0.58	0.47	0.94	0.69
Diluted earnings per share:
Income from continuing operations (in usd per share)	0.58	0.47	0.93	0.69
Net income attributable to common stockholders (in usd per share)	0.58	0.46	0.93	0.68
Dividends declared per common share	$ 0.7925	$ 0.79	$ 1.585	$ 1.58

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 2019USD ($)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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 398,570	$ 360,262	$ 800,066	$ 745,071
Income from loans and investments	19,529	56,417	36,655	87,598
Interest and other income	9,202	2,347	9,489	11,981
Total revenues	950,717	942,304	1,893,591	1,886,009
Less:
Interest and other income	9,202	2,347	9,489	11,981
Property-level operating expenses	435,901	421,413	866,405	834,326
Office building services costs	515	534	1,148	649
Segment NOI	505,099	518,010	1,016,549	1,039,053
Loss from unconsolidated entities	(2,529)	(6,371)	(3,475)	(47,110)
Segment profit	502,570	511,639	1,013,074	991,943
Interest and other income	9,202	2,347	9,489	11,981
Interest expense	(110,369)	(113,029)	(220,988)	(224,392)
Depreciation and amortization	(226,187)	(223,634)	(462,107)	(456,784)
General, administrative and professional fees	(43,079)	(36,656)	(83,839)	(73,830)
Loss on extinguishment of debt, net	4,022	(93)	4,427	10,884
Merger-related expenses and deal costs	(4,600)	(4,494)	(6,780)	(21,830)
Other	11,481	(3,527)	11,458	(6,647)
Gain on real estate dispositions	19,150	35,827	24,597	35,875
Income tax benefit	57,752	734	59,009	3,976
Income from continuing operations	211,898	169,300	339,486	249,408
Discontinued operations	0	0	0	(10)
Net income	211,898	169,300	339,486	249,398
Net income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Net income attributable to common stockholders	210,529	166,519	336,314	245,222
Resident Fees and Services
Revenues:
Other revenues	520,725	518,989	1,042,172	1,033,742
Office Building and Other Services Revenue
Revenues:
Other revenues	2,691	4,289	5,209	7,617
Operating Segments | Triple-Net Leased Properties
Revenues:
Rental income	196,382	167,870	396,450	358,511
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	196,382	169,047	396,450	360,831
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	6,321	0	13,754	0
Office building services costs	0	0	0	0
Segment NOI	190,061	169,047	382,696	360,831
Loss from unconsolidated entities	(1,285)	(4,694)	(777)	(43,349)
Segment profit	188,776	164,353	381,919	317,482
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	0	1,177	0	2,320
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	520,725	518,989	1,042,172	1,033,742
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	366,837	361,112	727,823	713,332
Office building services costs	0	0	0	0
Segment NOI	153,888	157,877	314,349	320,410
Loss from unconsolidated entities	(549)	(1,714)	(1,483)	(2,354)
Segment profit	153,339	156,163	312,866	318,056
Interest and other income	0	0	0	0
Operating Segments | Senior Living Operations | Resident Fees and Services
Revenues:
Other revenues	520,725	518,989	1,042,172	1,033,742
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	202,188	192,392	403,616	386,560
Income from loans and investments	0	0	0	0
Interest and other income	0	0	0	0
Total revenues	204,038	194,369	407,242	390,170
Less:
Interest and other income	0	0	0	0
Property-level operating expenses	62,743	60,301	124,828	120,994
Office building services costs	515	534	1,148	649
Segment NOI	140,780	133,534	281,266	268,527
Loss from unconsolidated entities	235	885	464	265
Segment profit	141,015	134,419	281,730	268,792
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	1,850	1,977	3,626	3,610
All Other
Revenues:
Rental income	0	0	0	0
Income from loans and investments	19,529	56,417	36,655	87,598
Interest and other income	9,202	2,347	9,489	11,981
Total revenues	29,572	59,899	47,727	101,266
Less:
Interest and other income	9,202	2,347	9,489	11,981
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
Segment NOI	20,370	57,552	38,238	89,285
Loss from unconsolidated entities	(930)	(848)	(1,679)	(1,672)
Segment profit	19,440	56,704	36,559	87,613
Interest and other income	9,202	2,347	9,489	11,981
All Other | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
All Other | Office Building and Other Services Revenue
Revenues:
Other revenues	$ 841	$ 1,135	$ 1,583	$ 1,687

SEGMENT INFORMATION - Capital E

SEGMENT INFORMATION - Capital Expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information
Capital expenditures	$ 295,942	$ 104,012	$ 380,646	$ 209,968
Operating Segments | Triple-Net Leased Properties
Segment Reporting Information
Capital expenditures	5,656	15,340	14,247	21,008
Operating Segments | Senior Living Operations
Segment Reporting Information
Capital expenditures	37,494	24,177	64,453	54,754
Operating Segments | Office Operations
Segment Reporting Information
Capital expenditures	$ 252,792	$ 64,495	$ 301,946	$ 134,206

SEGMENT INFORMATION - Revenue a

SEGMENT INFORMATION - Revenue and Net Real Estate Property (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenues:
Total revenues	$ 950,717	$ 942,304	$ 1,893,591	$ 1,886,009
Net real estate property:
Total net real estate property	20,235,784		20,235,784		$ 20,093,657
United States
Revenues:
Total revenues	896,083	887,265	1,784,364	1,774,975
Net real estate property:
Total net real estate property	18,985,362		18,985,362		18,861,163
Canada
Revenues:
Total revenues	47,723	47,750	95,320	96,321
Net real estate property:
Total net real estate property	988,987		988,987		963,588
United Kingdom
Revenues:
Total revenues	6,911	$ 7,289	13,907	$ 14,713
Net real estate property:
Total net real estate property	$ 261,435		$ 261,435		$ 268,906

CONDENSED CONSOLIDATING INFOR_3

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Net real estate investments	$ 20,976,547		$ 20,637,904
Cash and cash equivalents	81,987		72,277
Escrow deposits and restricted cash	56,309		59,187
Investment in and advances to affiliates	0		0
Goodwill	1,050,470		1,050,548
Assets held for sale	1,754		5,454
Other assets	821,844		759,185
Total assets	22,988,911		22,584,555
Liabilities:
Senior notes payable and other debt	10,256,092		10,733,699
Intercompany loans	0		0
Accrued interest	111,388		99,667
Operating lease liabilities	233,757		0
Accounts payable and other liabilities	1,137,980		1,086,030
Liabilities related to assets held for sale	1,216		205
Deferred income taxes	149,454		205,219
Total liabilities	11,889,887		12,124,820
Redeemable OP unitholder and noncontrolling interests	222,662		188,141
Total equity	10,876,362	$ 10,206,013	10,271,594	$ 10,677,569	$ 10,804,044	$ 10,932,185
Total liabilities and equity	22,988,911		22,584,555
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	(18,566,245)		(18,382,790)
Goodwill	0		0
Assets held for sale	0		0
Other assets	0		0
Total assets	(18,566,245)		(18,382,790)
Liabilities:
Senior notes payable and other debt	0		0
Intercompany loans	0		0
Accrued interest	0		0
Operating lease liabilities	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	(18,566,245)		(18,382,790)
Total liabilities and equity	(18,566,245)		(18,382,790)
Ventas, Inc.
Assets
Net real estate investments	3,525		3,598
Cash and cash equivalents	470		6,470
Escrow deposits and restricted cash	2,081		4,211
Investment in and advances to affiliates	15,840,047		15,656,592
Goodwill	0		0
Assets held for sale	0		0
Other assets	80,041		45,989
Total assets	15,926,164		15,716,860
Liabilities:
Senior notes payable and other debt	0		0
Intercompany loans	8,454,178		8,580,896
Accrued interest	(12,038)		(9,953)
Operating lease liabilities	11,918
Accounts payable and other liabilities	323,156		319,753
Liabilities related to assets held for sale	0		0
Deferred income taxes	608		608
Total liabilities	8,777,822		8,891,304
Redeemable OP unitholder and noncontrolling interests	17,923		13,746
Total equity	7,130,419		6,811,810
Total liabilities and equity	15,926,164		15,716,860
Ventas Realty
Assets
Net real estate investments	110,506		112,691
Cash and cash equivalents	0		0
Escrow deposits and restricted cash	128		128
Investment in and advances to affiliates	2,726,198		2,726,198
Goodwill	0		0
Assets held for sale	0		0
Other assets	3,765		4,443
Total assets	2,840,597		2,843,460
Liabilities:
Senior notes payable and other debt	8,139,280		8,620,867
Intercompany loans	(5,046,440)		(5,629,764)
Accrued interest	97,208		85,717
Operating lease liabilities	520
Accounts payable and other liabilities	31,489		19,178
Liabilities related to assets held for sale	0		0
Deferred income taxes	0		0
Total liabilities	3,222,057		3,095,998
Redeemable OP unitholder and noncontrolling interests	0		0
Total equity	(381,460)		(252,538)
Total liabilities and equity	2,840,597		2,843,460
Ventas Subsidiaries
Assets
Net real estate investments	20,862,516		20,521,615
Cash and cash equivalents	81,517		65,807
Escrow deposits and restricted cash	54,100		54,848
Investment in and advances to affiliates	0		0
Goodwill	1,050,470		1,050,548
Assets held for sale	1,754		5,454
Other assets	738,038		708,753
Total assets	22,788,395		22,407,025
Liabilities:
Senior notes payable and other debt	2,116,812		2,112,832
Intercompany loans	(3,407,738)		(2,951,132)
Accrued interest	26,218		23,903
Operating lease liabilities	221,319
Accounts payable and other liabilities	783,335		747,099
Liabilities related to assets held for sale	1,216		205
Deferred income taxes	148,846		204,611
Total liabilities	(109,992)		137,518
Redeemable OP unitholder and noncontrolling interests	204,739		174,395
Total equity	22,693,648		22,095,112
Total liabilities and equity	$ 22,788,395		$ 22,407,025

CONDENSED CONSOLIDATING INFOR_4

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental income	$ 398,570	$ 360,262	$ 800,066	$ 745,071
Income from loans and investments	19,529	56,417	36,655	87,598
Equity earnings in affiliates	0	0	0	0
Interest and other income	9,202	2,347	9,489	11,981
Total revenues	950,717	942,304	1,893,591	1,886,009
Expenses
Interest	110,369	113,029	220,988	224,392
Depreciation and amortization	226,187	223,634	462,107	456,784
Property-level operating expenses	435,901	421,413	866,405	834,326
Office building services costs	515	534	1,148	649
General, administrative and professional fees	43,079	36,656	83,839	73,830
Loss on extinguishment of debt, net	4,022	(93)	4,427	10,884
Merger-related expenses and deal costs	4,600	4,494	6,780	21,830
Other	(11,481)	3,527	(11,458)	6,647
Total expenses	813,192	803,194	1,634,236	1,629,342
Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	137,525	139,110	259,355	256,667
Loss from unconsolidated entities	(2,529)	(6,371)	(3,475)	(47,110)
Gain on real estate dispositions	19,150	35,827	24,597	35,875
Income from continuing operations	211,898	169,300	339,486	249,408
Discontinued operations	0	0	0	(10)
Income tax benefit	57,752	734	59,009	3,976
Net income	211,898	169,300	339,486	249,398
Net income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Net income attributable to common stockholders	210,529	166,519	336,314	245,222
Resident Fees and Services
Revenues:
Other revenues	520,725	518,989	1,042,172	1,033,742
Office Building and Other Services Revenue
Revenues:
Other revenues	2,691	4,289	5,209	7,617
Consolidated Elimination
Revenues:
Rental income	0	0	0	0
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	(202,261)	(143,197)	(299,534)	(202,849)
Interest and other income	0	0	0	0
Total revenues	(202,261)	(143,197)	(299,534)	(202,849)
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, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	(202,261)	(143,197)	(299,534)	(202,849)
Loss from unconsolidated entities	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Income from continuing operations	(202,261)	(143,197)	(299,534)	(202,849)
Discontinued operations	0	0	0	0
Income tax benefit	0	0	0	0
Net income	(202,261)	(143,197)	(299,534)	(202,849)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(202,261)	(143,197)	(299,534)	(202,849)
Consolidated Elimination | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
Consolidated Elimination | Office Building and Other Services Revenue
Revenues:
Other revenues	0	0	0	0
Ventas, Inc.
Revenues:
Rental income	268	255	534	856
Income from loans and investments	736	272	1,159	763
Equity earnings in affiliates	202,825	143,760	300,660	204,055
Interest and other income	9	2,069	21	11,391
Total revenues	203,838	146,356	302,374	217,065
Expenses
Interest	(17,672)	(28,295)	(38,343)	(56,990)
Depreciation and amortization	1,460	1,373	2,812	2,717
Property-level operating expenses	0	0	0	0
Office building services costs	0	0	0	0
General, administrative and professional fees	7,079	(409)	(1,589)	148
Loss on extinguishment of debt, net	0	(14)	0	154
Merger-related expenses and deal costs	2,070	4,164	2,955	20,410
Other	263	2,327	6	4,496
Total expenses	(6,800)	(20,854)	(34,159)	(29,065)
Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	210,638	167,210	336,533	246,130
Loss from unconsolidated entities	0	0	0	0
Gain on real estate dispositions	0	(562)	(1)	(560)
Income from continuing operations	210,529	166,519	336,314	245,232
Discontinued operations	0	0	0	(10)
Income tax benefit	(109)	(129)	(218)	(338)
Net income	210,529	166,519	336,314	245,222
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	210,529	166,519	336,314	245,222
Ventas, Inc. | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
Ventas, Inc. | Office Building and Other Services Revenue
Revenues:
Other revenues	0	0	0	0
Ventas Realty
Revenues:
Rental income	35,725	34,299	71,184	68,685
Income from loans and investments	0	0	0	0
Equity earnings in affiliates	0	0	0	0
Interest and other income	51	0	80	0
Total revenues	35,776	34,299	71,264	68,685
Expenses
Interest	82,940	82,644	166,034	164,956
Depreciation and amortization	1,367	1,422	2,755	2,866
Property-level operating expenses	151	82	313	154
Office building services costs	0	0	0	0
General, administrative and professional fees	3,685	4,614	10,153	8,664
Loss on extinguishment of debt, net	4,022	1,787	4,427	12,596
Merger-related expenses and deal costs	0	0	0	0
Other	0	0	1	0
Total expenses	92,165	90,549	183,683	189,236
Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	(56,389)	(56,250)	(112,419)	(120,551)
Loss from unconsolidated entities	0	0	0	0
Gain on real estate dispositions	0	0	0	0
Income from continuing operations	(56,389)	(56,250)	(112,419)	(120,551)
Discontinued operations	0	0	0	0
Income tax benefit	0	0	0	0
Net income	(56,389)	(56,250)	(112,419)	(120,551)
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to common stockholders	(56,389)	(56,250)	(112,419)	(120,551)
Ventas Realty | Resident Fees and Services
Revenues:
Other revenues	0	0	0	0
Ventas Realty | Office Building and Other Services Revenue
Revenues:
Other revenues	0	0	0	0
Ventas Subsidiaries
Revenues:
Rental income	362,577	325,708	728,348	675,530
Income from loans and investments	18,793	56,145	35,496	86,835
Equity earnings in affiliates	(564)	(563)	(1,126)	(1,206)
Interest and other income	9,142	278	9,388	590
Total revenues	913,364	904,846	1,819,487	1,803,108
Expenses
Interest	45,101	58,680	93,297	116,426
Depreciation and amortization	223,360	220,839	456,540	451,201
Property-level operating expenses	435,750	421,331	866,092	834,172
Office building services costs	515	534	1,148	649
General, administrative and professional fees	32,315	32,451	75,275	65,018
Loss on extinguishment of debt, net	0	(1,866)	0	(1,866)
Merger-related expenses and deal costs	2,530	330	3,825	1,420
Other	(11,744)	1,200	(11,465)	2,151
Total expenses	727,827	733,499	1,484,712	1,469,171
Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests	185,537	171,347	334,775	333,937
Loss from unconsolidated entities	(2,529)	(6,371)	(3,475)	(47,110)
Gain on real estate dispositions	19,150	36,389	24,598	36,435
Income from continuing operations	260,019	202,228	415,125	327,576
Discontinued operations	0	0	0	0
Income tax benefit	57,861	863	59,227	4,314
Net income	260,019	202,228	415,125	327,576
Net income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Net income attributable to common stockholders	258,650	199,447	411,953	323,400
Ventas Subsidiaries | Resident Fees and Services
Revenues:
Other revenues	520,725	518,989	1,042,172	1,033,742
Ventas Subsidiaries | Office Building and Other Services Revenue
Revenues:
Other revenues	$ 2,691	$ 4,289	$ 5,209	$ 7,617

CONDENSED CONSOLIDATING INFOR_5

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statements of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed financial statements, captions
Net income (loss)	$ 211,898	$ 169,300	$ 339,486	$ 249,398
Other comprehensive income (loss):
Foreign currency translation	(8,586)	(15,246)	(4,759)	(3,043)
Unrealized (loss) gain on available for sale securities	(2,395)	12,857	6,896	12,685
Derivative instruments	(16,625)	6,002	(22,063)	14,617
Other comprehensive income	(27,606)	3,613	(19,926)	24,259
Comprehensive income	184,292	172,913	319,560	273,657
Comprehensive income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Comprehensive income attributable to common stockholders	182,923	170,132	316,388	269,481
Consolidated Elimination
Condensed financial statements, captions
Net income (loss)	(202,261)	(143,197)	(299,534)	(202,849)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized (loss) gain on available for sale securities	0	0	0	0
Derivative instruments	0	0	0	0
Other comprehensive income	0	0	0	0
Comprehensive income	(202,261)	(143,197)	(299,534)	(202,849)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(202,261)	(143,197)	(299,534)	(202,849)
Ventas, Inc.
Condensed financial statements, captions
Net income (loss)	210,529	166,519	336,314	245,222
Other comprehensive income (loss):
Foreign currency translation	(8,211)	0	(1,652)	0
Unrealized (loss) gain on available for sale securities	(1,987)	0	(1,987)	0
Derivative instruments	1,723	0	1,723	0
Other comprehensive income	(8,475)	0	(1,916)	0
Comprehensive income	202,054	166,519	334,398	245,222
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	202,054	166,519	334,398	245,222
Ventas Realty
Condensed financial statements, captions
Net income (loss)	(56,389)	(56,250)	(112,419)	(120,551)
Other comprehensive income (loss):
Foreign currency translation	0	0	0	0
Unrealized (loss) gain on available for sale securities	0	0	0	0
Derivative instruments	(14,342)	0	(18,391)	0
Other comprehensive income	(14,342)	0	(18,391)	0
Comprehensive income	(70,731)	(56,250)	(130,810)	(120,551)
Comprehensive income attributable to noncontrolling interests	0	0	0	0
Comprehensive income attributable to common stockholders	(70,731)	(56,250)	(130,810)	(120,551)
Ventas Subsidiaries
Condensed financial statements, captions
Net income (loss)	260,019	202,228	415,125	327,576
Other comprehensive income (loss):
Foreign currency translation	(375)	(15,246)	(3,107)	(3,043)
Unrealized (loss) gain on available for sale securities	(408)	12,857	8,883	12,685
Derivative instruments	(4,006)	6,002	(5,395)	14,617
Other comprehensive income	(4,789)	3,613	381	24,259
Comprehensive income	255,230	205,841	415,506	351,835
Comprehensive income attributable to noncontrolling interests	1,369	2,781	3,172	4,176
Comprehensive income attributable to common stockholders	$ 253,861	$ 203,060	$ 412,334	$ 347,659

CONDENSED CONSOLIDATING INFOR_6

CONDENSED CONSOLIDATING INFORMATION (Unaudited) - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	$ 729,219	$ 710,336
Cash flows from investing activities:
Net investment in real estate property	(208,039)	(12,257)
Investment in loans receivable	(507,148)	(211,554)
Proceeds from real estate disposals	74,405	312,243
Proceeds from loans receivable	289,657	866,097
Development project expenditures	(114,226)	(155,682)
Capital expenditures	(58,381)	(42,029)
Distributions from unconsolidated entities	0	6,792
Investment in unconsolidated entities	(934)	(40,033)
Insurance proceeds for property damage claims	16,939	2,329
Net cash (used in) provided by investing activities	(507,727)	725,906
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(506,551)	(197,726)
Net change in borrowings under commercial paper program	269,810	0
Proceeds from debt	712,934	750,316
Repayment of debt	(997,061)	(1,431,887)
Purchase of noncontrolling interests	0	(2,429)
Net change in intercompany debt	0	0
Payment of deferred financing costs	(6,837)	(6,348)
Cash distribution (to) from affiliates		0
Issuance of common stock, net	866,033	0
Cash distribution to common stockholders	(567,142)	(563,395)
Cash distribution to redeemable OP unitholders	(4,551)	(3,744)
Contributions from noncontrolling interests	3,594	0
Cash issued for redemption of OP Units	0	(975)
Distributions to noncontrolling interests	(4,103)	(7,808)
Proceeds from stock option exercises	25,738	2,325
Other	(6,732)	(4,320)
Net cash used in financing activities	(214,868)	(1,465,991)
Net decrease in cash, cash equivalents and restricted cash	6,624	(29,749)
Effect of foreign currency translation	208	(401)
Cash, cash equivalents and restricted cash at beginning of period	131,464	188,253
Cash, cash equivalents and restricted cash at end of period	138,296	158,103
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
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash (used in) provided by investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	0	0
Net change in borrowings under commercial paper program	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests		0
Net change in intercompany debt	0	0
Payment of deferred financing costs	0	0
Cash distribution (to) from affiliates		0
Issuance of common stock, net	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Cash issued for redemption of OP Units		0
Distributions to noncontrolling interests	0	0
Proceeds from stock option exercises	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	4,253	(3,651)
Cash flows from investing activities:
Net investment in real estate property	(208,039)	(12,257)
Investment in loans receivable	(19,115)	(2,830)
Proceeds from real estate disposals	74,095	312,243
Proceeds from loans receivable	33	1,452
Development project expenditures	0	0
Capital expenditures	0	0
Distributions from unconsolidated entities		6,792
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash (used in) provided by investing activities	(153,026)	305,400
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	0	0
Net change in borrowings under commercial paper program	0
Proceeds from debt	0	0
Repayment of debt	0	0
Purchase of noncontrolling interests		(2,429)
Net change in intercompany debt	(175,619)	237,376
Payment of deferred financing costs	0	0
Cash distribution (to) from affiliates		(7,358)
Issuance of common stock, net	866,033
Cash distribution to common stockholders	(567,142)	(563,395)
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Cash issued for redemption of OP Units		0
Distributions to noncontrolling interests	0	0
Proceeds from stock option exercises	25,738	2,325
Other	(6,727)	(4,320)
Net cash used in financing activities	142,283	(323,085)
Net decrease in cash, cash equivalents and restricted cash	(6,490)	(21,336)
Effect of foreign currency translation	(1,640)	(7,744)
Cash, cash equivalents and restricted cash at beginning of period	10,681	46,945
Cash, cash equivalents and restricted cash at end of period	2,551	17,865
Ventas Realty
Condensed Consolidating Statement of Cash Flows
Net cash provided by (used in) operating activities	(90,987)	(107,438)
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
Investment in unconsolidated entities	0	0
Insurance proceeds for property damage claims	0	0
Net cash (used in) provided by investing activities	0	0
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(497,265)	(192,531)
Net change in borrowings under commercial paper program	269,810
Proceeds from debt	698,822	655,044
Repayment of debt	(958,756)	(1,311,098)
Purchase of noncontrolling interests		0
Net change in intercompany debt	585,213	961,644
Payment of deferred financing costs	(6,837)	(5,621)
Cash distribution (to) from affiliates		0
Issuance of common stock, net	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	0	0
Contributions from noncontrolling interests	0
Cash issued for redemption of OP Units		0
Distributions to noncontrolling interests	0	0
Proceeds from stock option exercises	0	0
Other	0	0
Net cash used in financing activities	90,987	107,438
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	128	128
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	815,953	821,425
Cash flows from investing activities:
Net investment in real estate property	0	0
Investment in loans receivable	(488,033)	(208,724)
Proceeds from real estate disposals	310	0
Proceeds from loans receivable	289,624	864,645
Development project expenditures	(114,226)	(155,682)
Capital expenditures	(58,381)	(42,029)
Distributions from unconsolidated entities		0
Investment in unconsolidated entities	(934)	(40,033)
Insurance proceeds for property damage claims	16,939	2,329
Net cash (used in) provided by investing activities	(354,701)	420,506
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(9,286)	(5,195)
Net change in borrowings under commercial paper program	0
Proceeds from debt	14,112	95,272
Repayment of debt	(38,305)	(120,789)
Purchase of noncontrolling interests		0
Net change in intercompany debt	(409,594)	(1,199,020)
Payment of deferred financing costs	0	(727)
Cash distribution (to) from affiliates		7,358
Issuance of common stock, net	0
Cash distribution to common stockholders	0	0
Cash distribution to redeemable OP unitholders	(4,551)	(3,744)
Contributions from noncontrolling interests	3,594
Cash issued for redemption of OP Units		(975)
Distributions to noncontrolling interests	(4,103)	(7,808)
Proceeds from stock option exercises	0	0
Other	(5)	0
Net cash used in financing activities	(448,138)	(1,250,344)
Net decrease in cash, cash equivalents and restricted cash	13,114	(8,413)
Effect of foreign currency translation	1,848	7,343
Cash, cash equivalents and restricted cash at beginning of period	120,655	141,180
Cash, cash equivalents and restricted cash at end of period	$ 135,617	$ 140,110

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions, $ in Millions	Jul. 01, 2019USD ($)property	Jul. 01, 2019CAD ($)property	Jun. 30, 2019property
Subsequent Event [Line Items]
Number of real estate properties | property			1,200
Le Groupe Maurice
Subsequent Event [Line Items]
Remaining ownership percentage retained by investee	15.00%	15.00%
Subsequent Event | CANADA
Subsequent Event [Line Items]
Number of real estate properties | property	31	31
Subsequent Event | Canada, Dollars | Loans Receivable
Subsequent Event [Line Items]
Loans receivable | $		$ 947
Subsequent Event | United States of America, Dollars | Loans Receivable
Subsequent Event [Line Items]
Loans receivable | $	$ 723
Subsequent Event | Le Groupe Maurice
Subsequent Event [Line Items]
Ownership interest in properties	85.00%	85.00%