Companies: 10,652     total market cap: HK$1095.532 T
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Ventas
VTR
#673
Rank
HK$283.98 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
HK$604.57
Share price
-0.33%
Change (1 day)
28.26%
Change (1 year)
๐Ÿ  Real estate
Categories
Ventas, Inc. is a real estate investment trust specializing in the ownership and management of health care facilities in the United States, Canada and the United Kingdom.
  1. Ventas
  2. Annual Reports (10-K)
  3. Financial Year 2018

Ventas - 10-K annual report 2018


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
(Mark One)
 
 
x
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
OR
¨
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from            to          
Commission File Number 1-10989
 
VENTAS, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of
Incorporation or Organization)
 
61-1055020
(IRS Employer
Identification No.)
353 N. Clark Street, Suite 3300, Chicago, Illinois
(Address of Principal Executive Offices)
 
60654
(Zip Code)
(877) 483-6827
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.25 per share
 
New York Stock Exchange
         Securities registered pursuant to Section 12(g) of the Act: None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes x    No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes ¨ No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment of this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act
Large accelerated filer x
Accelerated filer ¨
Non-accelerated filer ¨
 
Smaller reporting company ¨
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨    No x
The aggregate market value of shares of the registrant’s common stock held by non-affiliates of the registrant on June 30, 2018, based on a closing price of the common stock of $56.95 as reported on the New York Stock Exchange, was $20.0 billion. 
As of February 5, 2019, there were 356,647,224 shares of the registrant’s common stock outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the registrant’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 14, 2019 are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K.
 


CAUTIONARY STATEMENTS

Unless otherwise indicated or except where the context otherwise requires, the terms “we,” “us” and “our” and other similar terms in this Annual Report on Form 10-K refer to Ventas, Inc. and its consolidated subsidiaries.

Forward-Looking Statements

This Annual Report on Form 10-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements regarding our or our tenants’, operators’, borrowers’ or managers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, merger integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations, and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ from our expectations. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

Our actual future results and trends may differ materially from expectations depending on a variety of factors discussed in our filings with the Securities and Exchange Commission (the “SEC”). These factors include without limitation:

•
The ability and willingness of our tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with us, including, in some cases, their obligations to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities;

•
The ability of our tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness;

•
Our success in implementing our business strategy and our ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments;

•
Macroeconomic conditions such as a disruption of or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates;

•
The nature and extent of future competition, including new construction in the markets in which our seniors housing communities and office buildings are located;

•
The extent and effect of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates;

•
Increases in our borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of London Inter-bank Offered Rate (“LIBOR”) after 2021;

•
The ability of our tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of our properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients;

•
Changes in general economic conditions or economic conditions in the markets in which we may, from time to time, compete, and the effect of those changes on our revenues, earnings and funding sources;

•
Our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due;

•
Our ability and willingness to maintain our qualification as a REIT in light of economic, market, legal, tax and other considerations;


i

•
Final determination of our taxable net income for the year ended December 31, 2018 and for the year ending December 31, 2019;

•
The ability and willingness of our tenants to renew their leases with us upon expiration of the leases, our ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we exercise our right to replace an existing tenant, and obligations, including indemnification obligations, we may incur in connection with the replacement of an existing tenant;

•
Risks associated with our senior living operating portfolio, such as factors that can cause volatility in our operating income and earnings generated by those properties, including without limitation national and regional economic conditions, development of new competing properties, costs of food, materials, energy, labor and services, employee benefit costs, insurance costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties;

•
Changes in exchange rates for any foreign currency in which we may, from time to time, conduct business;

•
Year-over-year changes in the Consumer Price Index (“CPI”) or the U.K. Retail Price Index and the effect of those changes on the rent escalators contained in our leases and on our earnings;

•
Our ability and the ability of our tenants, operators, borrowers and managers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers;

•
The impact of damage to our properties from catastrophic weather and other natural events and the physical effects of climate change; 

•
The impact of increased operating costs and uninsured professional liability claims on our liquidity, financial condition and results of operations or that of our tenants, operators, borrowers and managers and our ability and the ability of our tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims;

•
Risks associated with our office building portfolio and operations, including our ability to successfully design, develop and manage office buildings and to retain key personnel;

•
The ability of the hospitals on or near whose campuses our medical office buildings (“MOBs”) are located and their affiliated health systems to remain competitive and financially viable and to attract physicians and physician groups;

•
Risks associated with our investments in joint ventures and unconsolidated entities, including our lack of sole decision-making authority and our reliance on our joint venture partners’ financial condition;

•
Our ability to obtain the financial results expected from our development and redevelopment projects, including projects undertaken through our joint ventures;

•
The impact of market or issuer events on the liquidity or value of our investments in marketable securities;

•
Consolidation in the seniors housing and healthcare industries resulting in a change of control of, or a competitor’s investment in, one or more of our tenants, operators, borrowers or managers or significant changes in the senior management of our tenants, operators, borrowers or managers;

•
The impact of litigation or any financial, accounting, legal or regulatory issues that may affect us or our tenants, operators, borrowers or managers; and

•
Changes in accounting principles, or their application or interpretation, and our ability to make estimates and the assumptions underlying the estimates, which could have an effect on our earnings.

Many of these factors, some of which are described in greater detail under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K, are beyond our control and the control of our management.


ii

Brookdale Senior Living, Kindred, Atria, Sunrise, Ardent and ESL Information

Brookdale Senior Living Inc. (together with its subsidiaries, “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 Healthcare, LLC (formerly Kindred Healthcare, Inc., together with its subsidiaries, “Kindred”) is not currently subject to the reporting requirements of the SEC, but was subject to such reporting requirements prior to the closing of its acquisition by a consortium of TPG Capital (“TPG”), Welsh, Carson, Anderson & Stowe (“WCAS”) and Humana, Inc. in July 2018. The information related to Brookdale Senior Living and Kindred contained or referred to in this Annual Report on Form 10-K 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 on the SEC’s website at www.sec.gov.

Atria Senior Living, Inc. (“Atria”), Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”), Kindred and Eclipse Senior Living (“ESL”) are not currently subject to the reporting requirements of the SEC. The information related to Atria, Sunrise, Ardent, Kindred and ESL contained or referred to in this Annual Report on Form 10-K has been derived from publicly available information or was provided to us by Atria, Sunrise, Ardent, Kindred 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.

iii

TABLE OF CONTENTS

PART I
Item 1.
Business
1
Item 1A.
Risk Factors
13
Item 1B.
Unresolved Staff Comments
32
Item 2.
Properties
32
Item 3.
Legal Proceedings
34
Item 4.
Mine Safety Disclosures
34
PART II
Item 5.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
35
Item 6.
Selected Financial Data
37
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
38
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
71
Item 8.
Financial Statements and Supplementary Data
72
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
168
Item 9A.
Controls and Procedures
168
Item 9B.
Other Information
168
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
168
Item 11.
Executive Compensation
168
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
168
Item 13.
Certain Relationships and Related Transactions, and Director Independence
168
Item 14.
Principal Accountant Fees and Services
169
PART IV
Item 15.
Exhibits and Financial Statement Schedules
170
Item 16.
10-K Summary
177


iv

PART I
ITEM 1.    Business

BUSINESS

Overview

Ventas, Inc., 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 December 31, 2018, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems and skilled nursing facilities (“SNFs”), and we had 19 properties under development, including five properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois.

We primarily invest in seniors housing, 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 December 31, 2018, we leased a total of 442 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 December 31, 2018, 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 359 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 129 properties (excluding two properties managed by Brookdale Senior Living pursuant to a long-term management agreement), 11 properties and 32 properties, respectively, as of December 31, 2018.

Through our Lillibridge Healthcare Services, Inc. (“Lillibridge”) subsidiary and our ownership interest in PMB Real Estate Services LLC (“PMBRES”), 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.

We operate through three reportable business segments: triple-net leased properties, senior living operations and office operations. See our Consolidated Financial Statements and the related notes, including “NOTE 2—ACCOUNTING POLICIES” and “NOTE 19—SEGMENT INFORMATION,” included in Part II, Item 8 of this Annual Report on Form 10-K.

Business Strategy

We aim to enhance shareholder value by delivering consistent, superior total returns through a strategy of: (1) generating reliable and growing cash flows; (2) maintaining a balanced, diversified portfolio of high-quality assets; and (3) preserving our financial strength, flexibility and liquidity.

Generating Reliable and Growing Cash Flows

Generating reliable and growing cash flows from our seniors housing and healthcare assets enables us to pay regular cash dividends to stockholders and creates opportunities to increase stockholder value through profitable investments. The combination of steady contractual growth from our long-term triple-net leases, steady, reliable cash flows from our loan investments and stable cash flows from our office buildings with the higher growth potential inherent in our seniors housing operating communities drives our ability to generate sustainable, growing cash flows that are resilient to economic downturns.


1

Maintaining a Balanced, Diversified Portfolio

We believe that maintaining a balanced portfolio of high-quality assets diversified by investment type, geographic location, asset type, tenant/operator, revenue source and operating model diminishes the risk that any single factor or event could materially harm our business. Portfolio diversification also enhances the reliability of our cash flows by reducing our exposure to any individual tenant, operator or manager and making us less susceptible to single-state regulatory or reimbursement changes, regional climate events and local economic downturns.

Preserving Our Financial Strength, Flexibility and Liquidity

A strong, flexible balance sheet and excellent liquidity position us favorably to capitalize on strategic growth opportunities in the seniors housing and healthcare industries through acquisitions, investments and development and redevelopment projects. We maintain our financial strength to pursue profitable investment opportunities by actively managing our leverage, improving our cost of capital and preserving our access to multiple sources of liquidity, including unsecured bank debt, mortgage financings and public debt and equity markets.

2018 Highlights and Other Recent Developments

Investments and Dispositions

•
During the year ended December 31, 2018, we received aggregate proceeds of $862.9 million for the full repayment of the principal balances of 14 loans receivable with a weighted average interest rate of 9.1% that were due to mature between 2018 and 2033, which resulted in total gains of $27.8 million.

•
Included in the repayments above is $713 million that we received in June 2018 for the full repayment of the principal balance of a $700 million term loan and $13 million then outstanding on a revolving line of credit we made to a subsidiary of Ardent. We also received a $14 million cash pre-payment fee and accelerated recognition of the unamortized portion ($13.2 million) of a previously received cash “upfront” fee for the loans, resulting in income of $27.2 million.

•
In June 2018, we made a $200 million investment in senior unsecured notes issued by a subsidiary of Ardent at a price of 98.6% of par value. The notes have an effective interest rate of 10.0% and mature in 2026.

•
During 2018, we sold 23 properties and two vacant land parcels for aggregate consideration of $348.6 million and recognized a gain on the sales of real estate assets of $46.2 million.    

•
During the year ended December 31, 2018, we acquired six properties for an aggregate purchase price of $311.3 million.

Liquidity and Capital

•
During 2018, we repaid or redeemed $2.0 billion of aggregate principal then outstanding with a weighted average rate of 3.56% senior notes due between 2018 and 2021 and recognized a loss on extinguishment of debt of $48.6 million.

•
During 2018, we issued a total of $1.4 billion of senior notes with weighted average interest rate of 4.2% with maturities between 2028 and 2029.

•
In July 2018, we entered into a new $900.0 million unsecured term loan facility priced at LIBOR plus 0.90%. The new term loan facility is comprised of a $300.0 million term loan that matures in 2023 and a $600.0 million term loan that matures in 2024.  This unsecured term loan facility replaced and repaid in full our $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975%.

•
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.

•
In January 2019, Ventas Realty established an unsecured commercial paper note program initially rated A2/P2/F2 with an available maximum aggregate amount outstanding at any time of $1 billion.


2

Portfolio

•
In January 2018, we transitioned the management of 76 private pay seniors housing communities to ESL. These assets, substantially all of which were previously leased by Elmcroft Senior Living (“Elmcroft”) under triple-net leases, are now operated by ESL under a management contract with us and are included in the senior living operations reportable business segment. We also acquired a 34% ownership interest in ESL with customary rights and protections. ESL management owns the 66% controlling interest.

•
In April 2018, we entered into various agreements with Brookdale Senior Living that provide for, among other things: (a) a consolidation of substantially all of our multiple lease agreements with Brookdale Senior Living into one guaranteed master lease (the “Master Lease”); (b) extension of the term for substantially all of our Brookdale Senior Living leased properties until at least December 31, 2025; and (c) a modification of the annual cash rent for the Brookdale Senior Living leased properties. In connection with these agreements, we recognized a net non-cash expense of $21.3 million for the acceleration of straight-line rent receivables, net unamortized market lease intangibles and deferred revenues, which is included in triple-net leased rental income in our Consolidated Statements of Income. We also received a fee of $2.5 million that is being amortized over the new lease term. The agreements also contemplate the sale of certain properties under the Master Lease. However, we cannot provide any assurance that we will be able to successfully complete the sales on a timely basis or at all.

Portfolio Summary

The following table summarizes our consolidated portfolio of properties and other investments, including construction in progress, as of and for the year ended December 31, 2018:
 
 
 
 
 
 
Real Estate Property Investments
 
Revenues
Asset Type
 
# of
Properties (1)
 
# of Units/
Sq. Ft./ Beds(2)
 
Real Estate Property Investment, at Cost
 
Percent of
Total Real Estate Property Investments
 
Real Estate
Property
Investment Per Unit/Bed/Sq. Ft.
 
Revenue
 
Percent of Total Revenues
 
 
(Dollars in thousands)
Seniors housing communities
 
730

 
65,144

 
$16,595,631
 
62.6
%
 
$
254.8

 
$2,513,400
 
67.2
%
MOBs(3)
 
355

 
19,740,563

 
5,372,530

 
20.3

 
0.3

 
582,145

 
15.5

Research and innovation centers
 
32

 
5,937,163

 
2,109,334

 
8.0

 
0.4

 
207,283

 
5.5

IRFs and LTACs
 
37

 
3,124

 
459,027

 
1.7

 
146.9

 
157,855

 
4.2

Health systems
 
12

 
2,064

 
1,508,460

 
5.7

 
730.8

 
113,476

 
3.0

SNFs
 
17

 
1,882

 
204,488

 
0.8

 
108.7

 
21,919

 
0.6

Development properties and other
 
14

 
 
 
227,468

 
0.9

 
 
 
 
 
 
Total real estate investments, at cost
 
1,197

 
 
 
$
26,476,938

 
100.0
%
 
 
 


 


Income from loans and investments
 
 
 
 
 
 
 
 
 
 
 
124,218

 
3.3

Interest and other income
 
 

 
 

 
 
 


 
 

 
24,892

 
0.7

Revenues related to assets classified as held for sale
 
1

 
 
 
 
 
 
 
 
 
622

 
0.0

Total revenues
 
 

 
 

 


 


 
 

 
$
3,745,810

 
100.0
%

(1) 
As of December 31, 2018, we also owned four seniors housing communities and one MOB through investments in unconsolidated entities. Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom and were operated or managed by 89 unaffiliated healthcare operating companies.
(2) 
Seniors housing communities are generally measured in units; MOBs and research and innovation centers are measured by square footage; and IRFs and LTACs, health systems and SNFs are generally measured by licensed bed count.
(3) 
As of December 31, 2018, we leased 68 of our consolidated MOBs pursuant to triple-net leases, Lillibridge or PMBRES managed 277 of our consolidated MOBs and 10 of our consolidated MOBs were managed by six unaffiliated managers. Through Lillibridge and PMBRES, we also provided management and leasing services for 83 MOBs owned by third parties as of December 31, 2018.


3

Seniors Housing and Healthcare Properties

As of December 31, 2018, we owned a total of 1,189 seniors housing and healthcare properties (including properties classified as held for sale) as follows:
 
Consolidated
(100% interest)
 
Consolidated
(<100% interest)
 
Unconsolidated
(25% interest)
 
Total
Seniors housing communities
722

 
9

 
4

 
735

MOBs
319

 
36

 
1

 
356

Research and innovation centers
20

 
12

 
—

 
32

IRFs and LTACs

36

 
1

 
—

 
37

Health systems
12

 
—

 
—

 
12

SNFs
17

 
—

 
—

 
17

Total
1,126

 
58

 
5

 
1,189

    
Seniors Housing Communities

Our seniors housing communities include independent and assisted living communities, continuing care retirement communities and communities providing care for individuals with Alzheimer’s disease and other forms of dementia or memory loss. These communities offer studio, one bedroom and two bedroom residential units on a month-to-month basis primarily to elderly individuals requiring various levels of assistance. Basic services for residents of these communities include housekeeping, meals in a central dining area and group activities organized by the staff with input from the residents. More extensive care and personal supervision, at additional fees, are also available for such needs as eating, bathing, grooming, transportation, limited therapeutic programs and medication administration, which allow residents certain conveniences and enable them to live as independently as possible according to their abilities. These services are often met by home health providers and through close coordination with the resident’s physician and SNFs. Charges for room, board and services are generally paid from private sources.

Medical Office Buildings

Typically, our MOBs are multi-tenant properties leased to several unrelated medical practices, although in many cases they may be associated with a large single specialty or multi-specialty group. Tenants include physicians, dentists, psychologists, therapists and other healthcare providers, who require space devoted to patient examination and treatment, diagnostic imaging, outpatient surgery and other outpatient services. MOBs are similar to commercial office buildings, although they require greater plumbing, electrical and mechanical systems to accommodate physicians’ requirements such as sinks in every room, brighter lights and specialized medical equipment. As of December 31, 2018, we owned or managed for third parties approximately 22 million square feet of MOBs that are predominantly located on or near a health system.

Research and Innovation Centers

Our research and innovation centers contain laboratory and office space primarily for scientific research for universities, academic medical centers, technology, biotechnology, medical device and pharmaceutical companies and other organizations involved in the research and innovation industry. While these properties have characteristics similar to commercial office buildings, they generally contain more advanced electrical, mechanical, and heating, ventilating and air conditioning systems. The facilities generally have specialty equipment including emergency generators, fume hoods, lab bench tops and related amenities. In many instances, research and innovation center tenants make significant investments to improve their leased space, in addition to landlord improvements, to accommodate biology, chemistry or medical device research initiatives. Our research and innovation centers are primarily located on or contiguous to university and academic medical campuses. The campus settings allow us the opportunity to provide flexible, contiguous/adjacent expansion to accommodate the growth of existing tenants.

Inpatient Rehabilitation and Long-term Acute Care Facilities

We have 29 properties that are operated as LTACs. LTACs have a Medicare average length of stay of greater than 25 days and serve medically complex, chronically ill patients who require a high level of monitoring and specialized care, but whose conditions do not necessitate the continued services of an intensive care unit. The operators of these LTACs have the capability to treat patients who suffer from multiple systemic failures or conditions such as neurological disorders, head injuries, brain stem and spinal cord trauma, cerebral vascular accidents, chemical brain injuries, central nervous system

4

disorders, developmental anomalies and cardiopulmonary disorders. Chronic patients often depend on technology for continued life support, such as mechanical ventilators, total parenteral nutrition, respiration or cardiac monitors and dialysis machines, and, due to their severe medical conditions, generally are not clinically appropriate for admission to a nursing facility or rehabilitation hospital. All of our LTACs are freestanding facilities, and we do not own any “hospitals within hospitals.” We also own eight IRFs devoted to the rehabilitation of patients with various neurological, musculoskeletal, orthopedic and other medical conditions following stabilization of their acute medical issues.

Health Systems

We have 12 properties that are operated as health systems. Health systems provide medical and surgical services, including inpatient care, intensive care, cardiac care, diagnostic services and emergency services. These health systems also provide outpatient services such as outpatient surgery, laboratory, radiology, respiratory therapy, cardiology and physical therapy. In the United States, these health systems receive payments for patient services from the federal government primarily under the Medicare program, state governments under their respective Medicaid or similar programs, health maintenance organizations, preferred provider organizations, other private insurers and directly from patients.

Skilled Nursing Facilities

We have 17 properties that are operated as SNFs. SNFs provide rehabilitative, restorative, skilled nursing and medical treatment for patients and residents who do not require the high technology, care-intensive, high cost setting of an acute care or rehabilitation hospital. Treatment programs include physical, occupational, speech, respiratory and other therapies, including sub-acute clinical protocols such as wound care and intravenous drug treatment. Charges for these services are generally paid from a combination of government reimbursement and private sources.

Geographic Diversification of Properties

Our portfolio of seniors housing and healthcare properties is broadly diversified by geographic location throughout the United States, Canada and the United Kingdom, with properties in only 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 year ended December 31, 2018.

Loans and Investments

As of December 31, 2018, we had $756.5 million of net loans receivable and investments relating to seniors housing and healthcare operators or properties. Our loans receivable and investments provide us with interest income, principal amortization and transaction fees and are typically secured by mortgage liens or leasehold mortgages on the underlying properties and corporate or personal guarantees by affiliates of the borrowing entity. In some cases, the loans are secured by a pledge of ownership interests in the entity or entities that own the related seniors housing or healthcare properties. From time to time, we also make investments in mezzanine loans, which are subordinated to senior secured loans held by other investors that encumber the same real estate. See “NOTE 6—LOANS RECEIVABLE AND INVESTMENTS” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Development and Redevelopment Projects

We are party to certain agreements that obligate us to develop seniors housing or healthcare properties funded through capital that we and, in certain circumstances, our joint venture partners provide. As of December 31, 2018, we had 19 properties under development pursuant to these agreements, including five properties that are owned through unconsolidated real estate entities. In addition, from time to time, we engage in redevelopment projects with respect to our existing seniors housing communities to maximize the value, increase NOI, maintain a market-competitive position, achieve property stabilization or change the primary use of the property.

Segment Information

We operate through three reportable business segments: triple-net leased properties, senior living operations and office operations. Non-segment assets, classified as “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 these segments, in significant part, based on segment NOI and related measures. For further information regarding our business

5

segments and a discussion of our definition of segment NOI, see “NOTE 19—SEGMENT INFORMATION” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Significant Tenants, Operators and Managers

The following table summarizes certain information regarding our tenant, operator and manager concentration as of and for the year ended December 31, 2018 (excluding properties classified as held for sale and properties owned by investments in unconsolidated entities as of December 31, 2018):
 
Number of
Properties Leased
or Managed
 
Percent of Total Real Estate Investments (1)
 
Percent of Total Revenues
 
Percent of NOI
Senior living operations
355

 
39.5
%
 
55.3
%
 
30.7
%
Brookdale Senior Living (2)
129

 
8.4

 
4.3

 
7.6

Ardent
11

 
5.2

 
3.1

 
5.7

Kindred
32

 
1.1

 
3.5

 
6.4


(1)
Based on gross book value.
(2)
Excludes two properties managed by Brookdale Senior Living pursuant to a long-term management agreement and included in the senior living operations reportable business segment.

Triple-Net Leased Properties

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 year ended December 31, 2018. If any of Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all. See “Risk Factors—Risks Arising from Our Business—Our leases and other agreements with Brookdale Senior Living, Ardent and Kindred account for a significant portion of our revenues and operating income; any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to satisfy its obligations under our agreements could have a Material Adverse Effect on us” included in Part I, Item 1A of this Annual Report on Form 10-K.

Brookdale Senior Living Leases

As of December 31, 2018, we leased 129 consolidated properties (excluding two properties managed by Brookdale Senior Living pursuant to a long-term management agreement and included in the senior living operations reportable business segment) to Brookdale Senior Living.

Pursuant to our lease agreement, Brookdale Senior Living is obligated to pay base rent, which escalates annually at a specified rate over the prior period base rent. As of December 31, 2018, the aggregate 2019 contractual cash rent due to us from Brookdale Senior Living, including a reduction for an annual rent credit equal to $8.0 million, was approximately $179.2 million, and the current aggregate contractual base rent (computed in accordance with U.S. generally accepted accounting principles (“GAAP”)) due to us from Brookdale Senior Living was approximately $179.5 million.) See “NOTE 3—CONCENTRATION OF CREDIT RISK” and “NOTE 14—COMMITMENTS AND CONTINGENCIES” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.


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Ardent Lease

As of December 31, 2018, we leased 10 properties to Ardent pursuant to a single, triple-net master lease agreement. Per our master lease agreement, Ardent is obligated to pay base rent, which escalates annually by the lesser of four times the increase in the consumer price index for the relevant period and 2.5%.  The initial term of the master lease expires on August 31, 2035 and Ardent has one ten-year renewal option.

As of December 31, 2018, the aggregate 2019 contractual cash rent due to us from Ardent was approximately $117.7 million, and the current aggregate contractual base rent (computed in accordance with GAAP) due to us from Ardent was also approximately $117.7 million. 

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.

Kindred Master Leases

As of December 31, 2018, we leased 29 properties to Kindred pursuant to a master lease agreement. In November 2016, Kindred extended the lease term to 2025 for all of our LTACs operated by Kindred that were scheduled to mature in 2018 and 2020, at the current rent level.

The aggregate annual rent we receive under each Kindred master lease is referred to as “base rent.” Base rent escalates annually at a specified rate over the prior period base rent, contingent, in some cases, upon the satisfaction of specified facility revenue parameters. The annual rent escalator under the Kindred master lease for 25 properties is based on year-over-year changes in CPI, subject to a floor and cap, and is 2.7% for four properties. As of December 31, 2018, the aggregate 2019 contractual cash rent due to us from Kindred was approximately $125.6 million, and the current aggregate contractual base rent (computed in accordance with GAAP) due to us from Kindred was approximately $127.9 million. 
 
Senior Living Operations

As of December 31, 2018, Atria, Sunrise and ESL, collectively, provided comprehensive property management and accounting services with respect to 334 consolidated seniors housing communities pursuant to long-term management agreements with us. Under these management agreements, the operators receive annual base management fees ranging from 4.5% to 7% of revenues generated by the applicable properties and, in some cases, additional management fees based on the achievement of specified performance targets. Our management agreements with Atria and ESL have initial terms expiring between 2023 and 2027, and our management agreements with Sunrise have terms expiring between 2030 and 2038. In some cases, our management agreements include renewal provisions. See “NOTE 3—CONCENTRATION OF CREDIT RISK” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

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. However, 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 those 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. See “Risk Factors—Risks Arising from Our Business—The properties managed by Atria, Sunrise and ESL account for a significant portion of our revenues and operating income; adverse developments in Atria’s, Sunrise’s or ESL’s business and affairs or financial condition could have a Material Adverse Effect on us” and “—We have rights to terminate our management agreements with Atria, Sunrise and ESL in whole or with respect to specific properties under certain circumstances, and we may be unable to replace Atria, Sunrise or ESL if our management agreements are terminated or not renewed” included in Part I, Item 1A of this Annual Report on Form 10-K.

Our 34% ownership interests in Atria and ESL entitle us to certain rights and protections, as well as the right to appoint two of six members on each’s Board of Directors.
    

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Competition

We generally compete for investments in seniors housing and healthcare assets with publicly traded, private and non-listed healthcare REITs, real estate partnerships, healthcare providers, healthcare lenders and other investors, including developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of whom may have greater financial resources and lower costs of capital than we do. Increased competition challenges our ability to identify and successfully capitalize on opportunities that meet our objectives, which is affected by, among other factors, the availability of suitable acquisition or investment targets, our ability to negotiate acceptable transaction terms and our access to and cost of capital. See “Risk Factors—Risks Arising from Our Business—Our ongoing strategy depends, in part, upon future investments in and acquisitions of, or our development or redevelopment of, seniors housing and healthcare assets, and we may not be successful in identifying and consummating these transactions” included in Part I, Item 1A of this Annual Report on Form 10-K and “NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Our tenants, operators and managers also compete on a local and regional basis with other healthcare operating companies that provide comparable services. Seniors housing community, SNF and health systems operators compete to attract and retain residents and patients to our properties based on scope and quality of care, reputation and financial condition, price, location and physical appearance of the properties, services offered, qualified personnel, physician referrals and family preferences. With respect to MOBs, we and our third-party managers compete to attract and retain tenants based on many of the same factors, in addition to quality of the affiliated health system, physician preferences and proximity to hospital campuses. The ability of our tenants, operators and managers to compete successfully could be affected by private, federal and state reimbursement programs and other laws and regulations. See “Risk Factors—Risks Arising from Our Business—Our tenants, operators and managers may be adversely affected by healthcare regulation and enforcement” and “—Changes in the reimbursement rates or methods of payment from third-party payors, including insurance companies and the Medicare and Medicaid programs, could have a material adverse effect on certain of our tenants and operators and on us” included in Part I, Item 1A of this Annual Report on Form 10-K.

Employees

As of December 31, 2018, we had 500 employees, none of which is subject to a collective bargaining agreement. We believe that relations with our employees are positive.

Insurance

We maintain or require in our lease, management and other agreements that our tenants, operators and managers maintain all applicable lines of insurance on our properties and their operations. We believe that the amount and scope of insurance coverage provided by our policies and the policies required to be maintained by our tenants, operators and managers are customary for similarly situated companies in our industry. Although we regularly monitor our tenants’, operators’ and managers’ compliance with their respective insurance requirements, we cannot assure you that they will maintain the required insurance coverages, and any failure, inability or unwillingness by our tenants, operators and managers to do so could have a Material Adverse Effect on us. We also cannot assure you that we will continue to require the same levels of insurance coverage under our lease, management and other agreements, that such insurance coverage will be available at a reasonable cost in the future or that the policies maintained will fully cover all losses related to our properties upon the occurrence of a catastrophic event, nor can we assure you of the future financial viability of the insurers.

We maintain the property insurance for all of our senior living operations, as well as the general and professional liability insurance for our seniors housing communities and related operations managed by Atria and ESL. However, Sunrise maintains the general and professional liability insurance for our seniors housing communities and related operations that it manages in accordance with the terms of our management agreements. Under our management agreements with Sunrise, we may elect, on an annual basis, whether we or Sunrise will bear responsibility for maintaining the required insurance coverage for the applicable properties, but the costs of such insurance are facility expenses paid from the revenues of those properties, regardless of who maintains the insurance.

Through our office operations, we provide engineering, construction and architectural services in connection with new development projects, and any design, construction or systems failures related to the properties we develop could result in substantial injury or damage to our clients or third parties. Any such injury or damage claims may arise in the ordinary course and may be asserted with respect to ongoing or completed projects. Although we maintain liability insurance to protect us against these claims, if any claim results in a loss, we cannot assure you that our policy limits would be adequate to cover the loss in full. If we sustain losses in excess of our insurance coverage, we may be required to pay the difference and we could

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lose our investment in, or experience reduced profits and cash flows from, the affected MOB or research and innovation center, which could have a Material Adverse Effect on us.

For various reasons, including to reduce and manage costs, many healthcare companies utilize different organizational and corporate structures coupled with self-insurance trusts or captive programs that may provide less coverage than a traditional insurance policy. As a result, companies that self-insure could incur large funded and unfunded general and professional liability expenses, which could have a material adverse effect on their liquidity, financial condition and results of operations. The implementation of a trust or captive by any of our tenants, operators or managers could adversely affect such person’s ability to satisfy its obligations under, or otherwise comply with the terms of, its respective lease, management and other agreements with us, which could have a Material Adverse Effect on us. Likewise, if we decide to implement a captive or self-insurance program, any large funded and unfunded general and professional liability expenses that we incur could have a Material Adverse Effect on us.

Additional Information

We maintain a website at www.ventasreit.com. The information on our website is not incorporated by reference in this Annual Report on Form 10-K, and our web address is included as an inactive textual reference only.

We make available, free of charge, through our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13 or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. In addition, our Guidelines on Governance, our Global Code of Ethics and Business Conduct (including waivers from and amendments to that document) and the charters for each of our Audit and Compliance, Nominating and Corporate Governance and Executive Compensation Committees are available on our website, and we will mail copies of the foregoing documents to stockholders, free of charge, upon request to our Corporate Secretary at Ventas, Inc., 353 North Clark Street, Suite 3300, Chicago, Illinois 60654.

GOVERNMENTAL REGULATION

Healthcare Regulation

Overview

Our tenants, operators and managers are typically subject to extensive and complex federal, state and local laws and regulations relating to quality of care, licensure and certificate of need, government reimbursement, fraud and abuse practices, qualifications of personnel, adequacy of plant and equipment, and other laws and regulations governing the operation of healthcare facilities. Healthcare is a highly regulated industry and that trend will, in general, continue in the future. The applicable rules are wide-ranging and can subject our tenants, operators and managers to civil, criminal, and administrative sanctions, including: the possible loss of accreditation or license; denial of reimbursement; imposition of fines; suspension, decertification, or exclusion from federal and state healthcare programs; or facility closure. Changes in laws or regulations, reimbursement policies, enforcement activity and regulatory non-compliance by tenants, operators and managers can all have a significant effect on their operations and financial condition, which in turn may adversely impact us, as detailed below and set forth under “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K.

A shift toward less comprehensive health coverage facilitated by current presidential administration regulation and new Medicaid waiver programs has the potential to reduce the number of people with health insurance coverage. Additionally, coverage expansions via the Affordable Care Act (the “ACA”) through Medicaid expansion and health insurance exchanges may be scaled back by litigation that may strike some or all of the ACA, or waiver programs that reduce the number of people with Medicaid in a given state. Beyond this, significant changes to commercial health insurance and government sponsored insurance (i.e. Medicare and Medicaid) remain possible. Commercial and government payors, are likely to continue imposing greater discounts and more stringent cost controls upon operators, through changes in reimbursement rates and methodologies, discounted fee structures, the assumption by healthcare providers of all or a portion of the financial risk or otherwise. A shift toward less comprehensive health insurance coverage and increased consumer cost-sharing on health expenditures could have a material adverse effect on certain of our operators’ liquidity, financial condition and results of operations and, in turn, their ability to satisfy their contractual obligations, including making rental payments under and otherwise complying with the terms of our leases.


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Licensure, Certification and CONs

In general, the operators of our inpatient rehabilitation and long-term acute care facilities, health systems and skilled nursing facilities (collectively “healthcare facilities”) must be licensed and periodically certified through various regulatory agencies that determine compliance with federal, state and local laws to participate in the Medicare and Medicaid programs. Legal requirements pertaining to such licensure and certification relate to the quality of medical care provided by the operator, qualifications of the operator’s administrative personnel and clinical staff, adequacy of the physical plant and equipment and continuing compliance with applicable laws and regulations. A loss of licensure or certification could adversely affect a healthcare facility operator’s ability to receive payments from the Medicare and Medicaid programs, which, in turn, could adversely affect its ability to satisfy its obligations to us.

In addition, many of our healthcare facilities are subject to state certificate of need (“CON”) laws that require governmental approval prior to the development or expansion of healthcare facilities and services. The approval process in these states generally requires a facility to demonstrate the need for additional or expanded healthcare facilities or services. CONs, where applicable, are also sometimes necessary for changes in ownership or control of licensed facilities, addition of beds, investment in major capital equipment, introduction of new services or termination of services previously approved through the CON process. CON laws and regulations may restrict an operator’s ability to expand our properties and grow its business in certain circumstances, which could have an adverse effect on the operator’s revenues and, in turn, its ability to make rental payments under and otherwise comply with the terms of our leases. See “Risk Factors-Risks Arising from Our Business-If we must replace any of our tenants or operators, we might be unable to reposition the properties on as favorable terms, or at all, and we could be subject to delays, limitations and expenses, which could have a Material Adverse Effect on us” included in Part I, Item 1A of this Annual Report on Form 10-K.

Compared to healthcare facilities, seniors housing communities (other than those that receive Medicaid payments) do not receive significant funding from governmental healthcare programs and are subject to relatively few, if any, federal regulations. Instead, to the extent they are regulated, such regulation consists primarily of state and local laws governing licensure, provision of services, staffing requirements and other operational matters, which vary greatly from one jurisdiction to another. Although recent growth in the U.S. seniors housing industry has attracted the attention of various federal agencies that believe more federal regulation of these properties is necessary, Congress thus far has deferred to state regulation of seniors housing communities. However, as a result of this growth and increased federal scrutiny, some states have revised and strengthened their regulation of seniors housing communities, and more states are expected to do the same in the future.

As discussed in greater detail below, a number of states have instituted Medicaid waiver programs that blend the functions of healthcare and custodial care providers, and expand the scope of services that can be provided under certain licenses. The trend toward this kind of experimentation is likely to continue, and even hasten, under Republican leadership. The temporary and experimental nature of these programs means that states will also continue to adjust their licensing and certification processes which might result in some providers facing increased competition and others facing new requirements.

Fraud and Abuse Enforcement

Healthcare facilities and seniors housing communities that receive Medicaid payments are subject to various complex federal, state and local laws and regulations that govern healthcare providers' relationships and arrangements and prohibit fraudulent and abusive business practices. These laws and regulations include, among others:

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Federal and state false claims acts, which, among other things, prohibit healthcare providers from filing false claims or making false statements to receive payment from Medicare, Medicaid or other governmental healthcare programs;

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Federal and state anti-kickback and fee-splitting statutes, including the Medicare and Medicaid anti-kickback statute, which prohibit the payment, receipt or solicitation of any remuneration to induce referrals of patients for items or services covered by a governmental healthcare program, including Medicare and Medicaid;

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Federal and state physician self-referral laws, including the federal Stark Law, which generally prohibits physicians from referring patients enrolled in certain governmental healthcare programs to providers of certain designated health services in which the referring physician or an immediate family member of the referring physician has an ownership or other financial interest;

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The federal Civil Monetary Penalties Law, which authorizes the U.S. Department of Health and Human Services (“HHS”) to impose civil penalties administratively for fraudulent acts; and

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•
State and federal data privacy and security laws, including the privacy and security rules of the Health Insurance Portability and Accountability Act of 1996, which provide for the privacy and security of certain individually identifiable health information.

Violating these healthcare fraud and abuse laws and regulations may result in criminal and civil penalties, such as punitive sanctions, damage assessments, monetary penalties, imprisonment, denial of Medicare and Medicaid payments, and exclusion from the Medicare and Medicaid programs. The responsibility for enforcing these laws and regulations lies with a variety or federal, state and local governmental agencies, however many of the laws and regulations can also be enforced by private litigants through federal and state false claims acts and other laws that allow private individuals to bring whistleblower suits known as qui tam actions.

Congress has significantly increased funding to the governmental agencies charged with enforcing the healthcare fraud and abuse laws to facilitate increased audits, investigations and prosecutions of providers suspected of healthcare fraud. As a result, government investigations and enforcement actions brought against healthcare providers have increased significantly in recent years and are expected to continue. A violation of federal or state anti-fraud and abuse laws or regulations by an operator of our properties could have a material adverse effect on the operator’s liquidity, financial condition or results of operations, which could adversely affect its ability to satisfy its contractual obligations, including making rental payments under and otherwise complying with the terms of our leases.

The current presidential administration has signaled it will expand current efforts to enforce healthcare fraud and abuse laws by increasing funding for the Health Care Fraud and Abuse Control program. Additionally, government officials within HHS and the U.S. Department of Justice have stated that they will make it a high priority to prosecute fraud and abuse in federal claims. Further, many state Medicaid programs continue to devote additional resources to fraud, waste, and abuse initiatives. Medicaid reform plans might include lowering the growth rate of Medicaid spending, which will put pressure on states to exert greater scrutiny over the utilization of services. It is likely that states will have increased flexibility and incentive to monitor utilization patterns and take action against outlier providers.

Medicare’s fraud, waste, and abuse initiatives continue to be refined and refocused. The current administration has proposed expanding the extrapolated methods of the Recovery Audit Contractor program, which has recovered more than $2 billion for the Medicare program, into the Medicare Advantage program. Further expansion of these larger finding audits may be implemented in the future.

Reimbursement

The majority of SNF reimbursement, and a significant percentage of health system, IRF and LTAC reimbursement, is through Medicare and Medicaid. Medical buildings and other healthcare related properties have provider tenants that participate in Medicare and Medicaid. These programs are often their largest source of funding. Seniors housing communities generally do not receive funding from Medicare or Medicaid, but their ability to retain their residents is impacted by policy decisions and initiatives established by the administrators of Medicare and Medicaid. The passage of the ACA in 2010 allowed formerly uninsured Americans to acquire coverage and utilize additional health care services. In addition, the ACA gave new authorities to implement Medicaid waiver and pilot programs that impact healthcare and long term custodial care reimbursement by Medicare and Medicaid. These activities promote “aging in place”, allowing senior citizens to stay longer in seniors housing communities, and diverting or delaying their admission into SNFs. The potential risks that accompany these regulatory and market changes are discussed below.

•
As a result of the ACA, and specifically Medicaid expansion and establishment of health insurance exchanges providing subsidized health insurance, an estimated seventeen million more Americans have health insurance than in 2010. These newly-insured Americans utilize services delivered by providers at medical buildings and other healthcare facilities. The ACA was nearly repealed in 2017 and the current presidential administration continues to promulgate regulations to encourage the purchase of less comprehensive forms of health insurance for individuals and families unable to purchase health insurance on their own. In addition, the recent Texas v Azar decision resulted in a district court decision that the ACA was unconstitutional. While this decision is stayed while on appeal, it raises a possibility that the ACA will be struck down, potentially canceling the coverage of the people currently covered by health insurance exchange qualified plans or by Medicaid expansion.

•
Enabled by the Medicare Modernization Act (2003) and subsequent laws, Medicare and Medicaid have implemented pilot programs (officially termed demonstrations or models) to “divert” elderly from SNFs and promote “aging in place” in “the least restrictive environment.” Several states have implemented home and

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community-based Medicaid waiver programs that increase the support services available to senior citizens in senior housing, lengthening the time that many seniors can live outside of a SNF. These Medicaid waiver programs are subject to re-approval and pilots are time-limited. The current presidential administration is not necessarily opposed to these efforts, but is committed to giving states greater control of their Medicaid programs. The current administration has also approved several community engagement waivers that, based on the first implemented waiver in Arkansas, may result in tens thousands of people losing Medicaid coverage. The results of these reforms could be the modification or curtailment of a number of existing pilots and the number of people covered by Medicaid.

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CMS is currently in the midst of transitioning Medicare from a traditional fee-for-service reimbursement model to capitated and value-based approaches in which the government pays a set amount for each beneficiary for a defined period of time, based on that person’s underlying medical needs, rather than the actual services provided. The result is increasing use of management tools to oversee individual providers and coordinate their services. This puts downward pressure on the number and expense of services provided. Roughly 10 million Medicare beneficiaries now receive care via accountable care organizations, and another 21 million are enrolled in Medicare Advantage health plans. The continued trend toward capitated and value-based approaches - particularly Medicare Advantage, which is expected to grow under the current presidential administration - has the potential to diminish the market for certain healthcare providers, particularly specialist physicians and providers of particular diagnostic technologies such as medical resonance imaging services. This could adversely impact the medical properties that house these physicians and medical technology providers.

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The majority of Medicare payments continue to be made through traditional Medicare Part A and Part B fee-for-service schedules. Medicare’s payment regulations, particularly with respect to certain hospitals, skilled nursing care, and home health services have resulted in lower net pay increases than providers of those services often desire. In addition, the Medicare and CHIP Reauthorization Act (MACRA) of 2015 establishes a multi-year transition into pay-for-quality approaches for Medicare physicians and other providers. This will include payment reductions for providers who do not meet government quality standards. The implementation of pay-for-quality models is expected to produce funding disparities that could adversely impact some provider tenants in MOBs and other health care properties.

For the year ended December 31, 2018, approximately 7.1% of our total revenues and 12.7% of our total NOI (in each case excluding amounts in discontinued operations) were attributable to acute and post-acute healthcare facilities in which our third-party tenants receive reimbursement for their services under governmental healthcare programs, such as Medicare and Medicaid. We are neither a participant in, nor a direct recipient of, any reimbursement under these programs with respect to those leased facilities.

Research and Innovation Centers

In 2016, we entered the research and innovation sector through the acquisitions of substantially all of the university affiliated research and innovation real estate assets of Wexford Science & Technology, LLC from affiliates of Blackstone Real Estate Partners VIII, L.P. The research and innovation tenants of these assets are largely university-affiliated organizations. These university-affiliated research and innovation tenants are dependent on government funding to varying degrees. Creating a new pharmaceutical product or medical device requires substantial investments of time and capital, in part because of the extensive regulation of the healthcare industry; it also entails considerable risk of failure in demonstrating that the product is safe and effective and in gaining regulatory approval and market acceptance. Therefore, our tenants in the research and innovation industry face high levels of regulation, expense and uncertainty.

Some of our research and innovation tenants require significant outlays of funds for the research, development and clinical testing of their products and technologies. If private investors, the federal government or other sources of funding are unavailable to support such activities, a tenant’s research and innovation operation may be adversely affected or fail. Further, the research, development, clinical testing, manufacture and marketing of some of our tenants’ products requires federal, state and foreign regulatory approvals which may be costly or difficult to obtain. Even after a research and innovation tenant gains regulatory approval and market acceptance for a product, the product may still present significant regulatory and liability risks, including, among others, the possible later discovery of safety concerns, competition from new products and the expiration of patent protection for the product. Our tenants with marketable products may be adversely affected by healthcare reform and government reimbursement policies, including changes under the current presidential administration or by private healthcare payors. Likewise, our tenants may be unable to adequately protect their intellectual property under patent, copyright or trade secret laws. If our research and innovation tenants’ businesses are adversely affected, they may have difficulty making payments to us, which could materially adversely affect our business, results of operations and financial condition.

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Environmental Regulation

As an owner of real property, we are subject to various federal, state and local laws and regulations regarding environmental, health and safety matters.

These laws and regulations address, among other things, asbestos, polychlorinated biphenyls, fuel oil management, wastewater discharges, air emissions, radioactive materials, medical wastes, and hazardous wastes, and, in certain cases, the costs of complying with these laws and regulations and the penalties for non-compliance can be substantial. With respect to our properties that are operated or managed by third parties, we may be held primarily or jointly and severally liable for costs relating to the investigation and clean-up of any property from which there is or has been an actual or threatened release of a regulated material and any other affected properties, regardless of whether we knew of or caused the release. Such costs typically are not limited by law or regulation and could exceed the property’s value. In addition, we may be liable for certain other costs, such as governmental fines and injuries to persons, property or natural resources, as a result of any such actual or threatened release. See “Risk Factors-Risks Arising from Our Business-We could incur substantial liabilities and costs if any of our properties are found to be contaminated with hazardous substances or we become involved in any environmental disputes” included in Part I, Item 1A of this Annual Report on Form 10-K.

Under the terms of our lease, management and other agreements, we generally have a right to indemnification by the tenants, operators and managers of our properties for any contamination caused by them. However, we cannot assure you that our tenants, operators and managers will have the financial capability or willingness to satisfy their respective indemnification obligations to us, and any failure, inability or unwillingness to do so may require us to satisfy the underlying environmental claims.

In general, we have also agreed to indemnify our tenants and operators against any environmental claims (including penalties and clean-up costs) resulting from any condition arising in, on or under, or relating to, the leased properties at any time before the applicable lease commencement date. With respect to our senior living operating portfolio, we have agreed to indemnify our managers against any environmental claims (including penalties and clean- up costs) resulting from any condition on those properties, unless the manager caused or contributed to that condition.

We did not make any material capital expenditures in connection with environmental, health, and safety laws, ordinances and regulations in 2018 and do not expect that we will be required to make any such material capital expenditures during 2019.    

Canada

In Canada, seniors housing communities are currently generally subject to significantly less regulation than skilled nursing facilities and hospitals, and the regulation of such facilities is principally a matter of provincial and municipal jurisdiction. As a result, the regulatory regimes that apply to seniors housing communities vary depending on the province (and in certain circumstances, the city) in which a facility is located. Recently, certain Canadian provinces have taken steps to implement regulatory measures that could result in enhanced regulation for seniors housing communities in such provinces.

ITEM 1A.    Risk Factors

This section discusses the most significant factors that affect our business, operations and financial condition. It does not describe all risks and uncertainties applicable to us, our industry or ownership of our securities. If any of the following risks, or any other risks and uncertainties that are not addressed below or that we have not yet identified, actually occur, we could be materially adversely affected and the value of our securities could decline.

We have grouped these risk factors into three general categories:

•
Risks arising from our business;

•
Risks arising from our capital structure; and

•
Risks arising from our status as a REIT.


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Risks Arising from Our Business

The properties managed by Atria, Sunrise and ESL account for a significant portion of our revenues and operating income; adverse developments in Atria’s, Sunrise’s or ESL’s business and affairs or financial condition could have a Material Adverse Effect on us.

As of December 31, 2018, Atria, Sunrise and ESL, collectively, managed 334 of our consolidated seniors housing communities pursuant to long-term management agreements. These properties represent a substantial portion of our portfolio, based on their gross book value, and account for a significant portion of our revenues and NOI. Although we have various rights as the property owner under our management agreements, we rely on Atria’s, Sunrise’s and ESL’s personnel, expertise, technical resources and information systems, proprietary information, good faith and judgment to manage our senior living operations. We also rely on Atria, Sunrise and ESL to set appropriate resident fees, to provide accurate property-level financial results for our properties in a timely manner and to otherwise operate our seniors housing communities in compliance with the terms of our management agreements and all applicable laws and regulations. For example, we depend on Atria’s, Sunrise’s and ESL’s ability to attract and retain skilled management personnel who are responsible for the day-to-day operations of our seniors housing communities. A shortage of nurses or other trained personnel or general inflationary pressures may force Atria, Sunrise or ESL to enhance its pay and benefits package to compete effectively for such personnel, but it may not be able to offset these added costs by increasing the rates charged to residents. Any increase in labor costs and other property operating expenses, any failure by Atria, Sunrise or ESL to attract and retain qualified personnel, or significant changes in Atria’s, Sunrise’s or ESL’s senior management or equity ownership could adversely affect the income we receive from our seniors housing communities and have a Material Adverse Effect on us.

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. However, any adverse developments in Atria’s, Sunrise’s or ESL’s business and affairs or financial condition could impair its ability to manage our properties efficiently and effectively and could have a Material Adverse Effect on us. If Atria, Sunrise or ESL experiences any significant financial, legal, accounting or regulatory difficulties due to a weak economy or otherwise, such difficulties could result in, among other adverse events, acceleration of its indebtedness, impairment of its continued access to capital, the enforcement of default remedies by its counterparties, or the commencement of insolvency proceedings by or against it under the U.S. Bankruptcy Code, any one or a combination of which indirectly could have a Material Adverse Effect on us.

Our leases and other agreements with Brookdale Senior Living, Ardent and Kindred account for a significant portion of our revenues and operating income; any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to satisfy its obligations under our agreements could have a Material Adverse Effect on us.

The properties we lease to Brookdale Senior Living, Ardent and Kindred account for a significant portion of our revenues and NOI, and we depend on Brookdale Senior Living, Ardent and Kindred to pay all insurance, taxes, utilities and maintenance and repair expenses in connection with the leased properties and properties that are collateral for the loans. 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 us. In addition, any failure by Brookdale Senior Living, Ardent or Kindred to effectively conduct its operations or to maintain and improve such properties could adversely affect its business reputation and its ability to attract and retain patients and residents in such properties, which could have a Material Adverse Effect on us. Brookdale Senior Living, Ardent and Kindred have agreed to indemnify, defend and hold us harmless from and against various claims, litigation and liabilities arising in connection with their respective businesses, and we cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income, access to financing and insurance coverage to enable them to satisfy their respective indemnification obligations.

We face potential adverse consequences from the bankruptcy, insolvency or financial deterioration of one or more of our tenants, operators, borrowers, managers and other obligors.

We lease our properties to unaffiliated tenants or operate them through independent third-party managers. We are also a direct or indirect lender to various tenants and operators.  We have very limited control over the success or failure of our tenants’ and operators’ businesses and, at any time, a tenant or operator may experience a downturn in its business that weakens its financial condition. If that happens, the tenant or operator may fail to make its payments to us when due. Although our lease, loan and management agreements give us the right to exercise certain remedies in the event of default on the obligations owing to us, we may determine not to do so if we believe that enforcement of our rights would be more detrimental to our business than seeking alternative approaches.

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A downturn in any of our tenants’ or operators’ businesses could ultimately lead to bankruptcy if it is unable to timely resolve the underlying causes, which may be largely outside of its control. Bankruptcy and insolvency laws afford certain rights to a party that has filed for bankruptcy or reorganization that may render certain of these remedies unenforceable, or, at the least, delay our ability to pursue such remedies and realize any recoveries in connection therewith. For example, we cannot evict a tenant or operator solely because of its bankruptcy filing.

A debtor-lessee may reject our lease in a bankruptcy proceeding, in which case our claim against the debtor-lessee for unpaid and future rents would be limited by the statutory cap of the U.S. Bankruptcy Code. This statutory cap could be substantially less than the remaining rent actually owed under the lease, and any claim we have for unpaid rent might not be paid in full. In addition, a debtor-lessee may assert in a bankruptcy proceeding that our lease should be re-characterized as a financing agreement, in which case our rights and remedies as a lender, compared to a landlord, generally would be more limited. If a debtor-manager seeks bankruptcy protection, the automatic stay provisions of the U.S. Bankruptcy Code would preclude us from enforcing our remedies against the manager unless relief is first obtained from the court having jurisdiction over the bankruptcy case. In any of these events, we also may be required to fund certain expenses and obligations (e.g., real estate taxes, debt costs and maintenance expenses) to preserve the value of our properties, avoid the imposition of liens on our properties or transition our properties to a new tenant, operator or manager.

Bankruptcy or insolvency proceedings may also result in increased costs to the operator and significant management distraction. If we are unable to transition affected properties, they could experience prolonged operational disruption, leading to lower occupancy rates and further depressed revenues. Publicity about the operator’s financial condition and insolvency proceedings may also negatively impact their and our reputations, decreasing customer demand and revenues. Any or all of these risks could have a Material Adverse Effect on us. These risks would be magnified where we lease multiple properties to a single operator under a master lease, as an operator failure or default under a master lease would expose us to these risks across multiple properties.

We have rights to terminate our management agreements with Atria, Sunrise and ESL in whole or with respect to specific properties under certain circumstances, and we may be unable to replace Atria, Sunrise or ESL if our management agreements are terminated or not renewed.

We are parties to long-term management agreements pursuant to which Atria, Sunrise and ESL, collectively, provided comprehensive property management and accounting services with respect to 334 of our consolidated seniors housing communities as of December 31, 2018. Most of our management agreements with Atria have terms expiring either July 31, 2024 or December 31, 2027, with successive automatic ten-year renewal periods, and most of our management agreements with Sunrise have terms ranging from 25 to 30 years (which commenced as early as 2004 and as recently as 2012). Our management agreement with ESL has an initial term expiring January 31, 2023, with a conditional five-year renewal period. Our ability to terminate these long-term management agreements is limited to specific circumstances set forth in the agreements and may relate to all properties or a specific property or group of properties.

We may terminate any of our management agreements with Atria, Sunrise and ESL upon the occurrence of an event of default by the operator in the performance of a material covenant or term thereof (including, in certain circumstances, the revocation of any license or certificate necessary for operation), subject in most cases to such operator’s right to cure such default, or upon the occurrence of certain insolvency events relating to such operator. In addition, we may terminate our management agreements with each Atria and ESL based on their failure to achieve certain NOI targets or upon the payment of a fee. We also may terminate most of our management agreements with Sunrise based on the failure to achieve certain NOI targets or to comply with certain expense control covenants, subject to certain rights of Sunrise to make cure payments to us, and upon the occurrence of certain other events or the existence of certain other conditions.

We continually monitor and assess our contractual rights and remedies under our management agreements with Atria, Sunrise and ESL. When determining whether to pursue any existing or future rights or remedies under those agreements, including termination rights, we consider numerous factors, including legal, contractual, regulatory, business and other relevant considerations. In the event that we exercise our rights to terminate the Atria, Sunrise or ESL management agreements for any reason or such agreements are not renewed upon expiration of their terms, we would attempt to reposition the affected properties with another manager. Although we believe that many qualified national and regional seniors housing operators would be interested in managing our seniors housing communities, we cannot assure you that we would be able to locate another suitable manager or, if we are successful in locating such a manager, that it would manage the properties effectively. Moreover, the transition to a replacement manager would require approval by the applicable regulatory authorities and, in most cases, the mortgage lenders for the properties, and we cannot assure you that such approvals would be granted on a timely basis, if at all. Any inability to replace, or a lengthy delay in replacing, Atria, Sunrise or ESL as the manager of our seniors

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housing communities following termination or non-renewal of the applicable management agreements could have a Material Adverse Effect on us.

If we must replace any of our tenants or operators, we might be unable to reposition the properties on as favorable terms, or at all, and we could be subject to delays, limitations and expenses, which could have a Material Adverse Effect on us.

We cannot predict whether our tenants will renew existing leases beyond their current term. If our leases with Brookdale Senior Living or Ardent, the Kindred master leases or any of our other triple-net leases are not renewed, we would attempt to reposition those properties with another tenant or operator. In case of non-renewal, we generally have one year prior to expiration of the lease term to arrange for repositioning of the properties and our tenants are required to continue to perform all of their obligations (including the payment of all rental amounts) for the non-renewed assets until such expiration. However, following expiration of a lease term or if we exercise our right to replace a tenant or operator in default, rental payments on the related properties could decline or cease altogether while we reposition the properties with a suitable replacement tenant or operator. We also might not be successful in identifying suitable replacements or entering into leases or other arrangements with new tenants or operators on a timely basis or on terms as favorable to us as our current leases, if at all, and we may be required to fund certain expenses and obligations (e.g., real estate taxes, debt costs and maintenance expenses) to preserve the value of, and avoid the imposition of liens on, our properties while they are being repositioned. In addition, we may incur certain obligations and liabilities, including obligations to indemnify the replacement tenant or operator, which could have a Material Adverse Effect on us.

In the event of non-renewal or a tenant default, our ability to reposition our properties with a suitable replacement tenant or operator could be significantly delayed or limited by state licensing, receivership, CON or other laws, as well as by the Medicare and Medicaid change-of-ownership rules, and we could incur substantial additional expenses in connection with any licensing, receivership or change-of-ownership proceedings. Our ability to locate and attract suitable replacement tenants also could be impaired by the specialized healthcare uses or contractual restrictions on use of the properties, and we may be forced to spend substantial amounts to adapt the properties to other uses. Any such delays, limitations and expenses could adversely impact our ability to collect rent, obtain possession of leased properties or otherwise exercise remedies for tenant default and could have a Material Adverse Effect on us.

Moreover, in connection with certain of our properties, we have entered into intercreditor agreements with the tenants’ lenders or tri-party agreements with our lenders. Our ability to exercise remedies under the applicable leases or management agreements or to reposition the applicable properties may be significantly delayed or limited by the terms of the intercreditor agreement or tri-party agreement. Any such delay or limit on our rights and remedies could adversely affect our ability to mitigate our losses and could have a Material Adverse Effect on us.

Merger and acquisition activity or consolidation in the seniors housing and healthcare industries resulting in a change of control of, or a competitor’s investment in, one or more of our tenants, operators or managers could have a Material Adverse Effect on us.

The seniors housing and healthcare industries have recently experienced increased consolidation, including among owners of real estate and care providers. We compete with other healthcare REITs, healthcare providers, healthcare lenders, real estate partnerships, banks, insurance companies, private equity firms and other investors that pursue a variety of investments, which may include investments in our tenants, operators or managers. A competitor’s investment in one of our tenants, operators or managers could enable our competitor to influence that tenant’s, operator’s or manager’s business and strategy in a manner that impairs our relationship with the tenant, operator or manager or is otherwise adverse to our interests. Depending on our contractual agreements and the specific facts and circumstances, we may have the right to consent to, or otherwise exercise rights and remedies, including termination rights, on account of, a competitor’s investment in, a change of control of, or other transactions impacting a tenant, operator or manager. In deciding whether to exercise our rights and remedies, including termination rights, we assess numerous factors, including legal, contractual, regulatory, business and other relevant considerations. In addition, in connection with any change of control of a tenant, operator or manager, the tenant’s, operator’s or manager’s management team may change, which could lead to a change in the tenant’s, operator’s or manager’s strategy or adversely affect the business of the tenant, operator or manager, either of which could have a Material Adverse Effect on us.


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Market conditions, including, but not limited to, interest rates and credit spreads, the availability of credit and the actual and perceived state of the real estate markets and public capital markets generally could negatively impact our business, results of operations, and financial condition.

The markets in which we operate are affected by a number of factors that are largely beyond our control but may nevertheless have a significant negative impact on us. These factors include, but are not limited to:

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Interest rates and credit spreads; 

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The availability of credit, including the price, terms and conditions under which it can be obtained; and

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The actual and perceived state of the real estate market, the market for dividend-paying stocks and public capital markets in general.

In addition, increased inflation may have a pronounced negative impact on the interest expense we pay in connection with our outstanding indebtedness and our general and administrative expenses, as these costs could increase at a rate higher than our rents.

Deflation may result in a decline in general price levels, often caused by a decrease in the supply of money or credit. The predominant effects of deflation are high unemployment, credit contraction and weakened consumer demand. Restricted lending practices may impact our ability to obtain financing for our properties, which could adversely impact our growth and profitability.

Our ongoing strategy depends, in part, upon future investments in and acquisitions of, or our development or redevelopment of, seniors housing and healthcare assets, and we may not be successful in identifying and consummating these transactions.

An important part of our business strategy is to continue to expand and diversify our portfolio through accretive acquisition, investment, development and redevelopment opportunities in domestic and international seniors housing and healthcare properties. Our execution of this strategy by successfully identifying, securing and consummating beneficial transactions is made more challenging by increased competition and can be affected by many factors, including our relationships with current and prospective clients, our ability to obtain debt and equity capital at costs comparable to or better than our competitors and lower than the yield we earn on our acquisitions or investments, and our ability to negotiate favorable terms with property owners seeking to sell and other contractual counterparties. Our competitors for these opportunities include other healthcare REITs, real estate partnerships, healthcare providers, healthcare lenders and other investors, including developers, banks, insurance companies, pension funds, government-sponsored entities and private equity firms, some of whom may have greater financial resources and lower costs of capital than we do. See “Business—Competition” included in Part I, Item 1 of this Annual Report on Form 10-K. If we are unsuccessful at identifying and capitalizing on investment, acquisition, development and redevelopment opportunities, our growth and profitability may be adversely affected.

Investments in and acquisitions of seniors housing and healthcare properties entail risks associated with real estate investments generally, including risks that the investment will not achieve expected returns, that the cost estimates for necessary property improvements will prove inaccurate or that the tenant, operator or manager will fail to meet performance expectations. Investments outside the United States raise legal, economic and market risks associated with doing business in foreign countries, such as currency exchange fluctuations, costly regulatory requirements and foreign tax risks. Domestic and international real estate development and redevelopment projects present additional risks, including construction delays or cost overruns that increase expenses, the inability to obtain required zoning, occupancy and other governmental approvals and permits on a timely basis, and the incurrence of significant costs prior to completion of the project. Furthermore, healthcare properties are often highly customized and the development or redevelopment of such properties may require costly tenant-specific improvements. As a result, we cannot assure you that we will achieve the economic benefit we expect from acquisition, investment, development and redevelopment opportunities.


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Our significant acquisition and investment activity presents certain risks to our business and operations.

We have made and expect to continue to make significant acquisitions and investments as part of our overall business strategy. Our significant acquisition and investment activity presents certain risks to our business and operations, including, among other things, that:

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We may be unable to successfully integrate the operations, personnel or systems of acquired companies, maintain consistent standards, controls, policies and procedures, or realize the anticipated benefits of acquisitions and other investments within the anticipated time frame or at all;

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We may be unable to effectively monitor and manage our expanded portfolio of properties, retain key employees or attract highly qualified new employees;

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Projections of estimated future revenues, costs savings or operating metrics that we develop during the due diligence and integration planning process might be inaccurate;

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Our leverage could increase or our per share financial results could decline if we incur additional debt or issue equity securities to finance acquisitions and investments;

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Acquisitions and other new investments could divert management’s attention from our existing assets;

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The value of acquired assets or the market price of our common stock may decline; and

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We may be unable to continue paying dividends at the current rate.

We cannot assure you that we will be able to integrate acquisitions and investments without encountering difficulties or that any such difficulties will not have a Material Adverse Effect on us.

If the liabilities we assume in connection with acquisitions, including indemnification obligations in favor of third parties, are greater than expected, or if there are unknown liabilities, our business could be materially and adversely affected.

We may assume or incur liabilities in connection with our acquisitions, including, in some cases, contingent liabilities. As we integrate these acquisitions, we may learn additional information about the sellers, the properties, their operations and their liabilities that adversely affects us, such as:

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Liabilities relating to the clean-up or remediation of undisclosed environmental conditions;

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Unasserted claims of vendors or other persons dealing with the sellers;

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Liabilities, claims and litigation, including indemnification obligations, whether or not incurred in the ordinary course of business, relating to periods prior to or following our acquisition;

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Claims for indemnification by general partners, directors, officers and others indemnified by the sellers; and

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Liabilities for taxes relating to periods prior to our acquisition.

As a result, we cannot assure you that our past or future acquisitions will be successful or will not, in fact, harm our business. Among other things, if the liabilities we assume in connection with acquisitions are greater than expected, or if we discover obligations relating to the acquired properties or businesses of which we were not aware at the time of acquisition, our business and results of operations could be materially adversely affected.

In addition, we have now, and may have in the future, certain surviving indemnification obligations in favor of third parties under the terms of acquisition agreements to which we are a party.  Most of these indemnification obligations will be capped as to amount and survival period, and we do not believe that these obligations will be material in the aggregate.  However, there can be no assurances as to the ultimate amount of such obligations or whether such obligations will have a Material Adverse Effect on us.


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Our future results will suffer if we do not effectively manage the expansion of our health system and research and innovation portfolios and operations following the acquisition of AHS and the Research and Innovation Acquisition.

As a result of our acquisition of Ardent Medical Services, Inc. (“AHS”) in 2015, we entered into the health system sector. Also, as a result of the acquisition of substantially all of the university affiliated research and innovation real estate assets of Wexford Science & Technology, LLC (“Wexford”) in 2016 (the “Research and Innovation Acquisition”), we entered into the university-affiliated research and innovation sector. Part of our long-term business strategy involves expanding our health system and research and innovation portfolios through additional acquisitions and development of new properties. Both the asset management of our existing health systems and university-affiliated research and innovation centers portfolios and such additional acquisitions and developments may involve complex challenges. Our future success will depend, in part, upon our ability to manage our expansion opportunities, integrate new investments into our existing business in an efficient and timely manner, successfully monitor the operations, costs, regulatory compliance and service quality of our operators and leverage our relationships with Ardent and other operators of health systems and Wexford and other operators and developers of research and innovation centers. It is possible that our expansion or acquisition opportunities within the health system and research and innovation sectors will not be successful, which could adversely impact our growth and future results.

Our investments are concentrated in seniors housing and healthcare real estate, making us more vulnerable economically to adverse changes in the real estate market and the seniors housing and healthcare industries than if our investments were diversified.

We invest primarily in seniors housing and healthcare properties and are constrained by the terms of our existing indebtedness from making investments outside those industries. This investment focus exposes us to greater economic risk than if our portfolio were to include real estate assets in other industries or assets unrelated to real estate.

The healthcare industry is highly regulated, and changes in government regulation and reimbursement can have material adverse consequences on its participants, some of which may be unintended. The healthcare industry is also highly competitive, and our operators and managers may encounter increased competition for residents and patients, including with respect to the scope and quality of care and services provided, reputation and financial condition, physical appearance of the properties, price and location. Our tenants, operators and managers are large employers who compete for labor, making their results sensitive to changes in the labor market and/or wages and benefits offered to their employees. If our tenants, operators and managers are unable to successfully compete with other operators and managers by maintaining profitable occupancy and rate levels or controlling labor costs, their ability to meet their respective obligations to us may be materially adversely affected. We cannot assure you that future changes in government regulation will not adversely affect the healthcare industry, including our seniors housing and healthcare operations, tenants and operators, nor can we be certain that our tenants, operators and managers will achieve and maintain occupancy and rate levels or labor costs levels that will enable them to satisfy their obligations to us. Any adverse changes in the regulation of the healthcare industry, or the competitiveness of our tenants, operators and managers, or costs of labor, could have a more pronounced effect on us than if we had investments outside the seniors housing and healthcare industries.

Real estate investments are relatively illiquid, and our ability to quickly sell or exchange our properties in response to changes in economic or other conditions is limited. In the event we market any of our properties for sale, the value of those properties and our ability to sell at prices or on terms acceptable to us could be adversely affected by a downturn in the real estate industry or any economic weakness in the seniors housing and healthcare industries. In addition, transfers of healthcare properties may be subject to regulatory approvals that are not required for transfers of other types of commercial properties. We cannot assure you that we will recognize the full value of any property that we sell for liquidity or other reasons, and the inability to respond quickly to changes in the performance of our investments could adversely affect our business, results of operations and financial condition.

Our operating assets expose us to various operational risks, liabilities and claims that could adversely affect our ability to generate revenues or increase our costs and could have a Material Adverse Effect on us.

Our senior living operating assets and office assets expose us to various operational risks, liabilities and claims that could increase our costs or adversely affect our ability to generate revenues, thereby reducing our profitability. These operational risks include fluctuations in occupancy levels, the inability to achieve economic resident fees (including anticipated increases in those fees), increases in the cost of food, materials, energy, labor (as a result of unionization or otherwise) or other services, rent control regulations, national and regional economic conditions, the imposition of new or increased taxes, capital expenditure requirements, professional and general liability claims, and the availability and cost of professional and general liability insurance. Any one or a combination of these factors could result in operating deficiencies in our senior living operations or office operations reportable business segments, which could have a Material Adverse Effect on us.

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Our ownership of properties outside the United States exposes us to different risks than those associated with our domestic properties.

Our current or future ownership of properties outside the United States subjects us to risks that may be different or greater than those we face with our domestic properties. These risks include, but are not limited to:

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Challenges with respect to repatriation of foreign earnings and cash;

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Foreign ownership restrictions with respect to operations in countries in which we own properties;

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Regional or country-specific business cycles and economic instability;

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Challenges of complying with a wide variety of foreign laws and regulations, including those relating to real estate, corporate governance, operations, taxes, employment and legal proceedings;

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Differences in lending practices and the willingness of domestic or foreign lenders to provide financing; and

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Failure to comply with applicable laws and regulations in the United States that affect foreign operations, including, but not limited to, the U.S. Foreign Corrupt Practices Act.

Increased construction and development in the markets in which our seniors housing communities and MOBs are located could adversely affect our future occupancy rates, operating margins and profitability.

Limited barriers to entry in the seniors housing and MOB industries could lead to the development of new seniors housing communities or MOBs that outpaces demand. Data published by the National Investment Center for Seniors Housing & Care has indicated deliveries of new seniors housing communities will remain at elevated levels in 2019, especially in certain geographic markets. If development outpaces demand for those assets in the markets in which our properties are located, those markets may become saturated and we could experience decreased occupancy, reduced operating margins and lower profitability, which could have a Material Adverse Effect on us.

We have now, and may have in the future, exposure to contingent rent escalators, which could hinder our growth and profitability.

We derive a significant portion of our revenues from leasing properties pursuant to long-term triple-net leases that generally provide for fixed rental rates, subject to annual escalations. In certain cases, the annual escalations are contingent upon the achievement of specified revenue parameters or based on changes in CPI, with caps and floors. If, as a result of weak economic conditions or other factors, the properties subject to these leases do not generate sufficient revenue to achieve the specified rent escalation parameters or CPI does not increase, our growth and profitability may be hindered. If strong economic conditions result in significant increases in CPI, but the escalations under our leases are capped, our growth and profitability also may be limited.

We own certain properties subject to ground lease, air rights or other restrictive agreements that limit our uses of the properties, restrict our ability to sell or otherwise transfer the properties and expose us to loss of the properties if such agreements are breached by us or terminated.

Our investments in MOBs and other properties may be made through leasehold interests in the land on which the buildings are located, leases of air rights for the space above the land on which the buildings are located, or other similar restrictive arrangements. Many of these ground lease, air rights and other restrictive agreements impose significant limitations on our uses of the subject properties, restrict our ability to sell or otherwise transfer our interests in the properties or restrict the leasing of the properties. These restrictions may limit our ability to timely sell or exchange the properties, impair the properties’ value or negatively impact our ability to find suitable tenants for the properties. In addition, we could lose our interests in the subject properties if the ground lease, air rights or other restrictive agreements are breached by us or terminated.

We may be unable to successfully foreclose on the collateral securing our loans and other investments, and even if we are successful in our foreclosure efforts, we may be unable to successfully sell any acquired equity interests or reposition any acquired properties, which could adversely affect our ability to recover our investments.

If a borrower defaults under mortgage or other secured loans for which we are the lender, we may attempt to foreclose on the collateral securing those loans, including by acquiring any pledged equity interests or acquiring title to the subject

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properties, to protect our investment. In response, the defaulting borrower may contest our enforcement of foreclosure or other available remedies, seek bankruptcy protection against our exercise of enforcement or other available remedies, or bring claims against us for lender liability. If a defaulting borrower seeks bankruptcy protection, the automatic stay provisions of the U.S. Bankruptcy Code would preclude us from enforcing foreclosure or other available remedies against the borrower unless relief is first obtained from the court with jurisdiction over the bankruptcy case. In addition, we may be subject to intercreditor or tri-party agreements that delay, impact, govern or limit our ability to foreclose on a lien securing a loan or otherwise delay or limit our pursuit of our rights and remedies. Any such delay or limit on our ability to pursue our rights or remedies could have a Material Adverse Effect on us.

Even if we successfully foreclose on the collateral securing our mortgage loans and other investments, costs related to enforcement of our remedies, high loan-to-value ratios or declines in the value of the collateral could prevent us from realizing the full amount of our secured loans, and we could be required to record a valuation allowance for such losses. Moreover, the collateral may include equity interests that we are unable to sell due to securities law restrictions or otherwise, or properties that we are unable to reposition with new tenants or operators on a timely basis, if at all, or without making improvements or repairs. Any delay or costs incurred in selling or repositioning acquired collateral could adversely affect our ability to recover our investments.

Some of our loan investments are subordinated to loans held by third parties.

Our mezzanine loan investments are subordinated to senior secured loans held by other investors that encumber the same real estate. If a senior secured loan is foreclosed, that foreclosure would extinguish our rights in the collateral for our mezzanine loan. In order to protect our economic interest in that collateral, we would need to be prepared, on an expedited basis, to advance funds to the senior lenders in order to cure defaults under the senior secured loans and prevent such a foreclosure. If a senior secured loan has matured or has been accelerated, then in order to protect our economic interest in the collateral, we would need to be prepared, on an expedited basis, to purchase or pay off that senior secured loan, which could require an infusion of fresh capital as large or larger than our initial investment. Our ability to sell or syndicate a mezzanine loan could be limited by transfer restrictions in the intercreditor agreement with the senior secured lenders. Our ability to negotiate modifications to the mezzanine loan documents with our borrowers could be limited by restrictions on modifications in the intercreditor agreement. Since mezzanine loans are typically secured by pledges of equity rather than direct liens on real estate, our mezzanine loan investments are more vulnerable than our mortgage loan investments to losses caused by competing creditor claims, unauthorized transfers, or bankruptcies.

Our tenants, operators and managers may be adversely affected by healthcare regulation and enforcement.

Regulation of the healthcare industry generally has intensified over time both in the number and type of regulations and in the efforts to enforce those regulations. This is particularly true for large for-profit, multi-facility providers like Atria, Sunrise, Brookdale Senior Living, Ardent, Kindred and ESL. Federal, state and local laws and regulations affecting the healthcare industry include those relating to, among other things, licensure, conduct of operations, ownership of facilities, addition of facilities and equipment, allowable costs, services, prices for services, qualified beneficiaries, quality of care, patient rights, fraudulent or abusive behavior, financial and other arrangements that may be entered into by healthcare providers and the research, development, clinical testing, manufacture and marketing of research and innovation products. In addition, changes in enforcement policies by federal and state governments have resulted in an increase in the number of inspections, citations of regulatory deficiencies and other regulatory sanctions, including terminations from the Medicare and Medicaid programs, bars on Medicare and Medicaid payments for new admissions, civil monetary penalties and even criminal penalties. See “Governmental Regulation—Healthcare Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K. We are unable to predict the scope of future federal, state and local regulations and legislation, including the Medicare and Medicaid statutes and regulations, or the intensity of enforcement efforts with respect to such regulations and legislation, and any changes in the regulatory framework could have a material adverse effect on our tenants, operators and managers, which, in turn, could have a Material Adverse Effect on us.

If our tenants, operators and managers fail to comply with the extensive laws, regulations and other requirements applicable to their businesses and the operation of our properties, they could become ineligible to receive reimbursement from governmental and private third-party payor programs, face bans on admissions of new patients or residents, suffer civil or criminal penalties or be required to make significant changes to their operations. Our tenants, operators and managers also could face increased costs related to changes in healthcare regulation, such as a shift toward less comprehensive health coverage, or be forced to expend considerable resources in responding to an investigation or other enforcement action under applicable laws or regulations. In such event, the results of operations and financial condition of our tenants, operators and managers and the results of operations of our properties operated or managed by those entities could be adversely affected, which, in turn, could have a Material Adverse Effect on us.

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Changes in the reimbursement rates or methods of payment from third-party payors, including insurance companies and the Medicare and Medicaid programs, could have a material adverse effect on certain of our tenants and operators and on us.

Certain of our tenants and operators rely on reimbursement from third-party payors, including the Medicare (both traditional Medicare and "managed" Medicare/Medicare Advantage) and Medicaid programs, for substantially all of their revenues. Federal and state legislators and regulators have adopted or proposed various cost-containment measures that would limit payments to healthcare providers, and budget crises and financial shortfalls have caused states to implement or consider Medicaid rate freezes or cuts. See “Governmental Regulation—Healthcare Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K. Private third-party payors also have continued their efforts to control healthcare costs. In addition, coverage expansions via the ACA through Medicaid expansion and health insurance exchanges may be scaled back under regulations promulgated by the current presidential administration. We cannot assure you that our tenants and operators who currently depend on governmental or private payor reimbursement will be adequately reimbursed for the services they provide. Significant limits by governmental and private third-party payors on the scope of services reimbursed or on reimbursement rates and fees, whether from legislation, administrative actions or private payor efforts, could have a material adverse effect on the liquidity, financial condition and results of operations of certain of our tenants and operators, which could affect adversely their ability to comply with the terms of our leases and have a Material Adverse Effect on us.

The healthcare industry trend away from a traditional fee for service reimbursement model towards value-based payment approaches may negatively impact certain of our tenants’ revenues and profitability.

Certain of our tenants, specifically those providers in the post-acute and health system space, are subject to the broad trend in the healthcare industry toward value-based purchasing of healthcare services. These value-based purchasing programs include public reporting of quality data and preventable adverse events tied to the quality and efficiency of care provided by facilities. Medicare no longer reimburses hospitals for care related to certain preventable adverse events and imposes payment reductions on hospitals for preventable readmissions. These punitive approaches could be expanded to additional types of providers in the future.

We expect value-based purchasing programs, including programs that condition reimbursement on patient outcome measures, to become more common and to involve a higher percentage of reimbursement amounts. For example, several of the nation’s largest commercial payors are increasing reliance on value-based reimbursement arrangements. We are unable at this time to predict how this trend will affect the revenues and profitability of those of our tenants who are providers of healthcare services; however, if this trend significantly and adversely affects their profitability, it could in turn negatively affect their ability and willingness to comply with the terms of their leases with us and or renew those leases upon expiration, which could have a Material Adverse Effect on us.

If controls imposed on certain of our tenants who provide healthcare services that are reimbursed by Medicare, Medicaid and other third-party payors to reduce admissions and length of stay affect inpatient volumes at our healthcare facilities, the financial condition or results of operations of those tenants could be adversely affected.

Controls imposed by Medicare, Medicaid and commercial third-party payors designed to reduce admissions and lengths of stay, commonly referred to as “utilization reviews,” have affected and are expected to continue to affect certain of our healthcare facilities, specifically our acute care hospitals and post-acute facilities. Utilization review entails the review of the admission and course of treatment of a patient by managed care plans. Inpatient utilization, average lengths of stay and occupancy rates continue to be negatively affected by payor-required preadmission authorization and utilization review and by payor pressures to maximize outpatient and alternative healthcare delivery services for less acutely ill patients. Efforts to impose more stringent cost controls and reductions are expected to continue, which could negatively impact the financial condition of our tenants who provide healthcare services in our hospitals and post-acute facilities. If so, this could adversely affect these tenants’ ability and willingness to comply with the terms of their leases with us and or renew those leases upon expiration, which could have a Material Adverse Effect on us.

The implementation of new patient criteria for LTACs will change the basis upon which certain of our tenants are reimbursed by Medicare, which could adversely affect those tenants’ revenues and profitability.
 
As part of the Pathway for SGR Reform Act of 2013 enacted on December 26, 2013, Congress adopted various legislative changes impacting LTACs. These legislative changes create new Medicare criteria and payment rules for LTACs, and could have a material adverse impact on the revenues and profitability of the tenants of our LTACs. This material adverse impact could, in turn, negatively affect those tenants’ ability and willingness to comply with the terms of their leases with us or renew those leases upon expiration, which could have a Material Adverse Effect on us.

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The hospitals on or near whose campuses our MOBs are located and their affiliated health systems could fail to remain competitive or financially viable, which could adversely impact their ability to attract physicians and physician groups to our MOBs.

Our MOB operations depend on the competitiveness and financial viability of the hospitals on or near whose campuses our MOBs are located and their ability to attract physicians and other healthcare-related clients to our MOBs. The viability of these hospitals, in turn, depends on factors such as the quality and mix of healthcare services provided, competition for patients, physicians and physician groups, demographic trends in the surrounding community, market position and growth potential, as well as the ability of the affiliated health systems to provide economies of scale and access to capital. If a hospital on or near whose campus one of our MOBs is located fails or becomes unable to meet its financial obligations, and if an affiliated health system is unable to support that hospital, the hospital may be unable to compete successfully or could be forced to close or relocate, which could adversely impact its ability to attract physicians and other healthcare-related clients. Because we rely on proximity to and affiliations with hospitals to create leasing demand in our MOBs, a hospital’s inability to remain competitive or financially viable, or to attract physicians and physician groups, could materially adversely affect our MOB operations and have a Material Adverse Effect on us.

Our development and redevelopment projects, including projects undertaken through our joint ventures, may not yield anticipated returns.

We consider and, when appropriate, invest in various development and redevelopment projects. In deciding whether to make an investment in a particular project, we make certain assumptions regarding the expected future performance of the property. Our assumptions are subject to risks generally associated with development and redevelopment projects, including, among others, that:

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We may be unable to obtain financing for the project on favorable terms or at all;

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We may not complete the project on schedule or within budgeted amounts;

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We may not be able to recognize rental revenue in some cases although cash rent is being paid and the lease has commenced;

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We may encounter delays in obtaining or fail to obtain all necessary zoning, land use, building, occupancy, environmental and other governmental permits and authorizations, or underestimate the costs necessary to develop or redevelop the property to market standards;

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Construction or other delays may provide tenants or residents the right to terminate preconstruction leases or cause us to incur additional costs;

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Volatility in the price of construction materials or labor may increase our project costs;

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In the case of our MOB developments, hospitals or health systems may maintain significant decision-making authority with respect to the development schedule;

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Our builders may fail to perform or satisfy the expectations of our clients or prospective clients;

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We may incorrectly forecast risks associated with development in new geographic regions;

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Tenants may not lease space at the quantity or rental rate levels or on the schedule projected;

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Demand for our project may decrease prior to completion, due to competition from other developments; and

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Lease rates and rents at newly developed or redeveloped properties may fluctuate based on factors beyond our control, including market and economic conditions.

If any of the risks described above occur, our development and redevelopment projects, including projects undertaken through our joint ventures, may not yield anticipated returns, which could have a Material Adverse Effect on us.


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Our investments in joint ventures and unconsolidated entities could be adversely affected by our lack of sole decision-making authority, our reliance on our joint venture partners’ financial condition, any disputes that may arise between us and our joint venture partners, and our exposure to potential losses from the actions of our joint venture partners.

As of December 31, 2018, we owned 36 MOBs, 12 research and innovation centers, nine seniors housing communities and one IRF through consolidated joint ventures, and we had 25% ownership interests in four seniors housing communities and one MOB through investments in unconsolidated entities. In addition, we had a 34% ownership interest in Atria, a 34% ownership interest in ESL and a 9.8% interest in Ardent as of December 31, 2018. These joint ventures and unconsolidated entities involve risks not present with respect to our wholly owned properties, including the following:

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We may be unable to take actions that are opposed by our joint venture partners under arrangements that require us to share decision-making authority over major decisions affecting the ownership or operation of the joint venture and any property owned by the joint venture, such as the sale or financing of the property or the making of additional capital contributions for the benefit of the property;

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For joint ventures in which we have a noncontrolling interest, our joint venture partners may take actions that we oppose;

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Our ability to sell or transfer our interest in a joint venture to a third party may be restricted if we fail to obtain the prior consent of our joint venture partners;

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Our joint venture partners may become bankrupt or fail to fund their share of required capital contributions, which could delay construction or development of a property or increase our financial commitment to the joint venture;

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Our joint venture partners may have business interests or goals with respect to a property that conflict with our business interests and goals, including with respect to the timing, terms and strategies for investment, which could increase the likelihood of disputes regarding the ownership, management or disposition of the property;

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Disagreements with our joint venture partners could result in litigation or arbitration that increases our expenses, distracts our officers and directors, and disrupts the day-to-day operations of the property, including by delaying important decisions until the dispute is resolved; and

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We may suffer losses as a result of actions taken by our joint venture partners with respect to our joint venture investments.

Events that adversely affect the ability of seniors and their families to afford daily resident fees at our seniors housing communities could cause our occupancy rates, resident fee revenues and results of operations to decline.

Assisted and independent living services generally are not reimbursable under government reimbursement programs, such as Medicare and Medicaid. A large majority of the resident fee revenues generated by our senior living operations, therefore, are derived from private pay sources consisting of the income or assets of residents or their family members. In light of the significant expense associated with building new properties and staffing and other costs of providing services, typically only seniors with income or assets that meet or exceed the comparable region median can afford the daily resident and care fees at our seniors housing communities, and a weak economy, depressed housing market or changes in demographics could adversely affect their continued ability to do so. If the managers of our seniors housing communities are unable to attract and retain seniors that have sufficient income, assets or other resources to pay the fees associated with assisted and independent living services, the occupancy rates, resident fee revenues and results of operations of our senior living operations could decline, which, in turn, could have a Material Adverse Effect on us.

Our tenants in the research and innovation industry face high levels of regulation, expense and uncertainty.

Research and innovation tenants, particularly those involved in developing and marketing pharmaceutical products, are subject to certain unique risks, including the following:

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Some of our tenants require significant outlays of funds for the research and development and clinical testing of their products and technologies. The economic environment in recent years has significantly impacted the ability of these companies to access the capital markets and venture capital funding. In addition, state and federal government and university budgets have been negatively impacted by the recent economic environment and, as a result certain programs, including grants related to biotechnology research and development, may be at risk of being eliminated or

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cut back significantly. If private investors, the government, universities, public markets or other sources of funding are unavailable to support such development, a tenant’s business may fail.

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The research and development, clinical testing, manufacture and marketing of some of our tenants’ products require federal, state and foreign regulatory approvals. The approval process is typically long, expensive and uncertain. Even if our tenants have sufficient funds to seek approvals, one or all of their products may fail to obtain the required regulatory approvals on a timely basis or at all. Furthermore, our tenants may only have a small number of products under development. If one product fails to receive the required approvals at any stage of development, it could significantly adversely affect our tenant’s entire business and its ability to pay rent.

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Our tenants may be unable to adequately protect their intellectual property under patent, copyright or trade secret laws. Failure to do so could jeopardize their ability to profit from their efforts and to protect their products from competition.

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Collaborative relationships with other research and innovation entities may be crucial to the development, manufacturing, distribution or marketing of our tenants’ products. If these other entities fail to fulfill their obligations under these collaborative arrangements, our tenants’ businesses will suffer.

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Legislation to reform the U.S. healthcare system, including regulations and legislation relating to the ACA, may include government intervention in product pricing and other changes that adversely affect reimbursement for our tenants’ marketable products. In addition, sales of many of our tenants’ marketable products are dependent, in large part, on the availability and extent of reimbursement from government health administration authorities, private health insurers and other organizations. Changes in government regulations, price controls or third-party payors’ reimbursement policies may reduce reimbursement for our tenants’ marketable products and adversely impact our tenants’ businesses.

We cannot assure you that our tenants in the research and innovation industry will be successful in their businesses. If our tenants’ businesses are adversely affected, they may have difficulty making payments to us, which could materially adversely affect our business, results of operations and financial condition.

The amount and scope of insurance coverage provided by our policies and policies maintained by our tenants, operators and managers may not adequately insure against losses.

We maintain or require in our lease, management and other agreements that our tenants, operators and managers maintain all applicable lines of insurance on our properties and their operations. Although we regularly review the amount and scope of insurance provided by our policies and required to be maintained by our tenants, operators and managers and believe the coverage provided to be customary for similarly situated companies in our industry, we cannot assure you that we or our tenants, operators and managers will continue to be able to maintain adequate levels of insurance. We also cannot assure you that we or our tenants, operators and managers will maintain the required coverages, that we will continue to require the same levels of insurance under our lease, management and other agreements, that such insurance will be available at a reasonable cost in the future or that the policies maintained will fully cover all losses on our properties upon the occurrence of a catastrophic event, nor can we make any guaranty as to the future financial viability of the insurers that underwrite our policies and the policies maintained by our tenants, operators and managers.

For various reasons, including to reduce and manage costs, many healthcare companies utilize different organizational and corporate structures coupled with self-insurance trusts or captive programs that may provide less insurance coverage than a traditional insurance policy. Companies that insure any part of their general and professional liability risks through their own captive limited purpose entities generally estimate the future cost of general and professional liability through actuarial studies that rely primarily on historical data. However, due to the rise in the number and severity of professional claims against healthcare providers, these actuarial studies may underestimate the future cost of claims, and reserves for future claims may not be adequate to cover the actual cost of those claims. As a result, the tenants and operators of our properties who self-insure could incur large funded and unfunded general and professional liability expenses, which could materially adversely affect their liquidity, financial condition and results of operations and, in turn, their ability to satisfy their obligations to us. If we or the managers of our senior living operations decide to implement a captive or self-insurance program, any large funded and unfunded general and professional liability expenses incurred could have a Material Adverse Effect on us.

Should an uninsured loss or a loss in excess of insured limits occur, we could incur substantial liability or lose all or a portion of the capital we have invested in a property, as well as the anticipated future revenues from the property. Following the occurrence of such an event, we might nevertheless remain obligated for any mortgage debt or other financial obligations

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related to the property. We cannot assure you that material uninsured losses, or losses in excess of insurance proceeds, will not occur in the future.

Damage from catastrophic weather and other natural events and the physical effects of climate change could result in losses to the Company.

Certain of our properties are located in areas particularly susceptible to revenue loss, cost increase or damage caused by catastrophic weather and other natural events, including fires, snow or ice storms, windstorms or hurricanes, earthquakes, flooding or other severe weather. These adverse weather and natural events could cause substantial damages or losses to our properties which could exceed our or our tenants’, operators’ and managers’ property insurance coverage. In the event of a loss in excess of insured limits, we could lose our capital invested in the affected property, as well as anticipated future revenue from that property. Any such loss could materially and adversely affect our business and our financial condition and results of operations. Climate change may also have indirect effects on our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable.

To the extent that significant changes in the climate occur in areas where our properties are located, we may experience extreme weather and changes in precipitation and temperature, all of which may result in physical damage to or a decrease in demand for properties located in these areas or affected by these conditions. Should the impact of climate change be material in nature, including destruction of our properties, or occur for lengthy periods of time, our financial condition or results of operations may be adversely affected.

In addition, changes in federal and state legislation and regulation on climate change could result in increased capital expenditures to improve the energy efficiency of our existing properties and could also require us to spend more on our new development properties without a corresponding increase in revenue.

Significant legal actions or regulatory proceedings could subject us or our tenants, operators and managers to increased operating costs and substantial uninsured liabilities, which could materially adversely affect our or their liquidity, financial condition and results of operations.

From time to time, we may be subject to claims brought against us in lawsuits and other legal or regulatory proceedings arising out of our alleged actions or the alleged actions of our tenants, operators and managers for which such tenants, operators and managers may have agreed to indemnify, defend and hold us harmless. An unfavorable resolution of any such litigation or proceeding could materially adversely affect our or their liquidity, financial condition and results of operations and have a Material Adverse Effect on us.

In certain cases, we and our tenants, operators and managers may be subject to professional liability claims brought by plaintiffs’ attorneys seeking significant punitive damages and attorneys’ fees. Due to the historically high frequency and severity of professional liability claims against seniors housing and healthcare providers, the availability of professional liability insurance has decreased and the premiums on such insurance coverage remain costly. As a result, insurance protection against such claims may not be sufficient to cover all claims against us or our tenants, operators or managers, and may not be available at a reasonable cost. If we or our tenants, operators and managers are unable to maintain adequate insurance coverage or are required to pay punitive damages, we or they may be exposed to substantial liabilities.

The occurrence of cyber incidents could disrupt our operations, result in the loss of confidential information and/or damage our business relationships and reputation.

As our reliance on technology has increased, our business is subject to greater risk from cyber incidents, including attempts to gain unauthorized access to our or our managers’ systems to disrupt operations, corrupt data or steal confidential information, and other electronic security breaches.  While we and our managers have implemented measures to help mitigate these threats, such measures cannot guarantee that we will be successful in preventing a cyber incident.  The occurrence of a cyber incident could disrupt our operations, or the operations of our managers, compromise the confidential information of our employees or the residents in our seniors housing communities, and/or damage our business relationships and reputation.

Our operators may be sued under a federal whistleblower statute.

Our operators who engage in business with the federal government may be sued under a federal whistleblower statute designed to combat fraud and abuse in the healthcare industry. See “Governmental Regulation—Healthcare Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K. These lawsuits can involve significant monetary damages and award bounties to private plaintiffs who successfully bring these suits. If any of these lawsuits were brought against our

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operators, such suits combined with increased operating costs and substantial uninsured liabilities could have a material adverse effect on our operators’ liquidity, financial condition and results of operations and on their ability to satisfy their obligations under our leases, which, in turn, could have a Material Adverse Effect on us.

We could incur substantial liabilities and costs if any of our properties are found to be contaminated with hazardous substances or we become involved in any environmental disputes.

Under federal and state environmental laws and regulations, a current or former owner of real property may be liable for costs related to the investigation, removal and remediation of hazardous or toxic substances or petroleum that are released from or are present at or under, or that are disposed of in connection with such property. Owners of real property may also face other environmental liabilities, including government fines and penalties imposed by regulatory authorities and damages for injuries to persons, property or natural resources. Environmental laws and regulations often impose liability without regard to whether the owner was aware of, or was responsible for, the presence, release or disposal of hazardous or toxic substances or petroleum. In certain circumstances, environmental liability may result from the activities of a current or former operator of the property. Although we generally have indemnification rights against the current operators of our properties for contamination caused by them, such indemnification may not adequately cover all environmental costs. See “Governmental Regulation—Environmental Regulation” included in Part I, Item 1 of this Annual Report on Form 10-K.

Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.

The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees could significantly impact our future performance. Competition for these individuals is intense, and we cannot assure you that we will retain our key officers and employees or that we will be able to attract and retain other highly qualified individuals in the future. Losing any one or more of these persons could have a Material Adverse Effect on us.

Failure to maintain effective internal controls could harm our business, results of operations and financial condition.

Pursuant to the Sarbanes-Oxley Act of 2002, we are required to provide a report by management on internal control over financial reporting, including management’s assessment of the effectiveness of such control. Because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud, effective internal controls over financial reporting may not prevent or detect misstatement and can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls over financial reporting and our operating internal controls, including any failure to implement required new or improved controls as a result of changes to our business or otherwise, or if we experience difficulties in their implementation, our business, results of operations and financial condition could be materially adversely harmed and we could fail to meet our reporting obligations.

Economic and other conditions that negatively affect geographic locations to which a greater percentage of our NOI is attributed could adversely affect our financial results.

For the year ended December 31, 2018, approximately 36.2% of our total NOI was derived from properties located in California (14.0%), Texas (6.4%), New York (6.1%), Illinois (5.1%) and Florida (4.6%). As a result, we are subject to increased exposure to adverse conditions affecting these regions, including downturns in the local economies or changes in local real estate conditions, increased construction and competition or decreased demand for our properties, regional climate events and changes in state-specific legislation, which could adversely affect our business and results of operations.

We may be adversely affected by fluctuations in currency exchange rates.

Our ownership of properties in Canada and the United Kingdom currently subjects us to fluctuations in the exchange rates between U.S. dollars and Canadian dollars or the British pound, which may, from time to time, impact our financial condition and results of operations. If we continue to expand our international presence through investments in, or acquisitions or development of, seniors housing or healthcare assets outside the United States, Canada or the United Kingdom, we may transact business in other foreign currencies. Although we may pursue hedging alternatives, including borrowing in local currencies, to protect against foreign currency fluctuations, we cannot assure you that such fluctuations will not have a Material Adverse Effect on us.


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Risks Arising from Our Capital Structure

We may become more leveraged.

As of December 31, 2018, we had approximately $10.7 billion of outstanding indebtedness. The instruments governing our existing indebtedness permit us to incur substantial additional debt, including secured debt, and we may satisfy our capital and liquidity needs through additional borrowings. A high level of indebtedness would require us to dedicate a substantial portion of our cash flow from operations to the payment of debt service, thereby reducing the funds available to implement our business strategy and make distributions to stockholders. A high level of indebtedness could also have the following consequences:

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Potential limits on our ability to adjust rapidly to changing market conditions and vulnerability in the event of a downturn in general economic conditions or in the real estate or healthcare industries;

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Potential impairment of our ability to obtain additional financing to execute on our business strategy; and

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Potential downgrade in the rating of our debt securities by one or more rating agencies, which could have the effect of, among other things, limiting our access to capital and increasing our cost of borrowing.

In addition, from time to time, we mortgage certain of our properties to secure payment of indebtedness. If we are unable to meet our mortgage payments, then the encumbered properties could be foreclosed upon or transferred to the mortgagee with a resulting loss of income and asset value.

We are exposed to increases in interest rates, which could reduce our profitability and adversely impact our ability to refinance existing debt, sell assets or engage in acquisition, investment, development and redevelopment activity, and our decision to hedge against interest rate risk might not be effective.

We receive a significant portion of our revenues by leasing assets under long-term triple-net leases that generally provide for fixed rental rates subject to annual escalations, while certain of our debt obligations are floating rate obligations with interest and related payments that vary with the movement of LIBOR, Bankers’ Acceptance or other indexes. The generally fixed rate nature of a significant portion of our revenues and the variable rate nature of certain of our debt obligations create interest rate risk. Although our operating assets provide a partial hedge against interest rate fluctuations, if interest rates rise, the costs of our existing floating rate debt and any new debt that we incur would increase. These increased costs could reduce our profitability, impair our ability to meet our debt obligations, or increase the cost of financing our acquisition, investment, development and redevelopment activity. An increase in interest rates also could limit our ability to refinance existing debt upon maturity or cause us to pay higher rates upon refinancing, as well as decrease the amount that third parties are willing to pay for our assets, thereby limiting our ability to promptly reposition our portfolio in response to changes in economic or other conditions.

We may seek to manage our exposure to interest rate volatility with hedging arrangements that involve additional risks, including the risks that counterparties may fail to honor their obligations under these arrangements, that these arrangements may not be effective in reducing our exposure to interest rate changes, that the amount of income we earn from hedging transactions may be limited by federal tax provisions governing REITs, and that these arrangements may cause us to pay higher interest rates on our debt obligations than otherwise would be the case. Moreover, no amount of hedging activity can fully insulate us from the risks associated with changes in interest rates. Failure to hedge effectively against interest rate risk, if we choose to engage in such activities, could adversely affect our results of operations and financial condition.

Changes in the method pursuant to which the LIBOR rates are determined and potential phasing out of LIBOR after 2021 may affect our financial results.

LIBOR and certain other interest “benchmarks” may be subject to regulatory guidance and/or reform that could cause interest rates under our current or future debt agreements to perform differently than in the past or cause other unanticipated consequences. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has announced that it intends to stop encouraging or requiring banks to submit rates for the calculation of LIBOR rates after 2021, and it is unclear if LIBOR will cease to exist or if new methods of calculating LIBOR will evolve. If LIBOR ceases to exist or if the methods of calculating LIBOR change from their current form, interest rates on our current or future debt obligations may be adversely affected.


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Limitations on our ability to access capital could have an adverse effect on our ability to make required payments on our debt obligations, make distributions to our stockholders or make future investments necessary to implement our business strategy.

We cannot assure you that we will be able to raise the capital necessary to meet our debt service obligations, make distributions to our stockholders or make future investments necessary to implement our business strategy, if our cash flow from operations is insufficient to satisfy these needs, and the failure to do so could have a Material Adverse Effect on us. Although we believe that we have sufficient access to capital and other sources of funding to meet our expected liquidity needs, we cannot assure you that conditions in the capital markets will not deteriorate or that our access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings and our results of operation and financial condition. If we cannot access capital at an acceptable cost or at all, we may be required to liquidate one or more investments in properties at times that may not permit us to maximize the return on those investments or that could result in adverse tax consequences to us.

As a public company, our access to debt and equity capital depends, in part, on the trading prices of our senior notes and common stock, which, in turn, depend upon market conditions that change from time to time, such as the market’s perception of our financial condition, our growth potential and our current and expected future earnings and cash distributions. Our failure to meet the market’s expectation with regard to future earnings and cash distributions or a significant downgrade in the ratings assigned to our long-term debt could impact our ability to access capital or increase our borrowing costs. We also rely on the financial institutions that are parties to our revolving credit facilities. If these institutions become capital constrained, tighten their lending standards or become insolvent or if they experience excessive volumes of borrowing requests from other borrowers within a short period of time, they may be unable or unwilling to honor their funding commitments to us, which would adversely affect our ability to draw on our revolving credit facilities and, over time, could negatively impact our ability to consummate acquisitions, repay indebtedness as it matures, fund capital expenditures or make distributions to our stockholders.

Covenants in the instruments governing our and our subsidiaries’ existing indebtedness limit our operational flexibility, and a covenant breach could materially adversely affect our operations.

The terms of the instruments governing our existing indebtedness require us to comply with certain customary financial and other covenants, such as maintaining debt service coverage, leverage ratios and minimum net worth requirements. Our continued ability to incur additional debt and to conduct business in general is subject to our compliance with these covenants, which limit our operational flexibility. Breaches of these covenants could result in defaults under the applicable debt instruments and could trigger defaults under any of our other indebtedness that is cross-defaulted against such instruments, even if we satisfy our payment obligations. In addition, covenants contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness may restrict our ability to obtain cash distributions from such subsidiaries for the purpose of meeting our debt service obligations. Financial and other covenants that limit our operational flexibility, as well as defaults resulting from our breach of any of these covenants, could have a Material Adverse Effect on us.

Risks Arising from Our Status as a REIT

Loss of our status as a REIT would have significant adverse consequences for us and the value of our common stock.

If we lose our status as a REIT (currently or with respect to any tax years for which the statute of limitations has not expired), we will face serious tax consequences that will substantially reduce the funds available to satisfy our obligations, to implement our business strategy and to make distributions to our stockholders for each of the years involved because:

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We would not be allowed a deduction for distributions to stockholders in computing our taxable income and would be subject to regular U.S. federal corporate income tax;

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We could be subject to increased state and local taxes; and

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Unless we are entitled to relief under statutory provisions, we could not elect to be subject to tax as a REIT for four taxable years following the year during which we were disqualified.

In addition, in such event we would no longer be required to pay dividends to maintain REIT status, which could adversely affect the value of our common stock.


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Qualification as a REIT involves the application of highly technical and complex provisions of the Internal Revenue Code of 1986, as amended (the “Code”) for which there are only limited judicial and administrative interpretations. The determination of factual matters and circumstances not entirely within our control, as well as new legislation, regulations, administrative interpretations or court decisions, may adversely affect our investors or our ability to remain qualified as a REIT for tax purposes. In order to maintain our qualification as a REIT, we must satisfy a number of requirements, generally including requirements regarding the ownership of our stock, requirements regarding the composition of our assets, a requirement that at least 95% of our gross income in any year must be derived from qualifying sources, and we must make distributions to our stockholders aggregating annually at least 90% of our net taxable income, excluding capital gains. Although we believe that we currently qualify as a REIT, we cannot assure you that we will continue to qualify for all future periods.

The 90% distribution requirement will decrease our liquidity and may limit our ability to engage in otherwise beneficial transactions.

To comply with the 90% distribution requirement applicable to REITs and to avoid the nondeductible excise tax, we must make distributions to our stockholders. Such distributions reduce the funds we have available to finance our investment, acquisition, development and redevelopment activity and may limit our ability to engage in transactions that are otherwise in the best interests of our stockholders.

Although we do not anticipate any inability to satisfy the REIT distribution requirement, from time to time, we may not have sufficient cash or other liquid assets to do so. For example, timing differences between the actual receipt of income and actual payment of deductible expenses, on the one hand, and the inclusion of that income and deduction of those expenses in arriving at our taxable income, on the other hand, or non-deductible expenses such as principal amortization or repayments or capital expenditures in excess of non-cash deductions may prevent us from having sufficient cash or liquid assets to satisfy the 90% distribution requirement.

In the event that timing differences occur or we decide to retain cash or to distribute such greater amount as may be necessary to avoid income and excise taxation, we may seek to borrow funds, issue additional equity securities, pay taxable stock dividends, distribute other property or securities or engage in a transaction intended to enable us to meet the REIT distribution requirements. Any of these actions may require us to raise additional capital to meet our obligations; however, see “Risks Arising from Our Capital Structure—Limitations on our ability to access capital could have an adverse effect on our ability to make required payments on our debt obligations, make distributions to our stockholders or make future investments necessary to implement our business strategy.” The terms of the instruments governing our existing indebtedness restrict our ability to engage in certain of these transactions.

To preserve our qualification as a REIT, our certificate of incorporation contains ownership limits with respect to our capital stock that may delay, defer or prevent a change of control of our company.

To assist us in preserving our qualification as a REIT, our certificate of incorporation provides that if a person acquires beneficial ownership of more than 9.0% of our outstanding common stock or more than 9.9% of our outstanding preferred stock, the shares that are beneficially owned in excess of the applicable limit are considered “excess shares” and are automatically deemed transferred to a trust for the benefit of a charitable institution or other qualifying organization selected by our Board of Directors. The trust is entitled to all dividends with respect to the excess shares and the trustee may exercise all voting power over the excess shares. In addition, we have the right to purchase the excess shares for a price equal to the lesser of (i) the price per share in the transaction that created the excess shares or (ii) the market price on the day we purchase the shares, but if we do not purchase the excess shares, the trustee of the trust is required to transfer the shares at the direction of our Board of Directors. These ownership limits could delay, defer or prevent a transaction or a change of control that might involve a premium price for our common stock or might otherwise be in the best interests of our stockholders.

Our use of TRSs is limited under the Code.

Under the Code, no more than 20% of the value of the gross assets of a REIT may be represented by securities of one or more TRSs. This limitation may affect our ability to increase the size of our TRSs’ operations and assets, and there can be no assurance that we will be able to comply with the applicable limitation, or that such compliance will not adversely affect our business. Also, our TRSs may not, among other things, operate or manage certain health care facilities, which may cause us to forgo investments we might otherwise make. Finally, we may be subject to a 100% excise tax on the income derived from certain transactions with our TRSs that are not on an arm's-length basis. We believe our arrangements with our TRSs are on arm's-length terms and intend to continue to operate in a manner that allows us to avoid incurring the 100% excise tax described above, but there can be no assurance that we will be able to avoid application of that tax.

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The tax imposed on REITs engaging in “prohibited transactions” may limit our ability to engage in transactions which would be treated as sales for federal income tax purposes.

A REIT’s net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business. Although we do not intend to hold any properties that would be characterized as held for sale to customers in the ordinary course of our business, unless a sale or disposition qualifies under certain statutory safe harbors, such characterization is a factual determination and no guarantee can be given that the IRS would agree with our characterization of our properties or that we will always be able to make use of the available safe harbors.

Legislative or other actions affecting REITs could have a negative effect on our stockholders or us.

The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Changes to the tax laws, with or without retroactive application, could adversely affect our investors or us. We cannot predict how changes in the tax laws might affect our investors or us. New legislation, U.S. Treasury Department regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT, the federal income tax consequences of such qualification, or the federal income tax consequences of an investment in us. Also, the law relating to the tax treatment of other entities, or an investment in other entities, could change, making an investment in such other entities more attractive relative to an investment in a REIT.

The Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) significantly changed the U.S. federal income taxation of U.S. businesses and their owners, including REITs and their stockholders. Changes made by the 2017 Tax Act that could affect us and our stockholders include:

•
temporarily reducing individual U.S. federal income tax rates on ordinary income; the highest individual U.S. federal income tax rate has been reduced from 39.6% to 37% for taxable years beginning after December 31, 2017 and before January 1, 2026;

•
permanently eliminating the progressive corporate tax rate structure, which previously imposed a maximum corporate tax rate of 35%, and replacing it with a flat corporate tax rate of 21%;

•
permitting a deduction for certain pass-through business income, including dividends received by our stockholders from us that are not designated by us as capital gain dividends or qualified dividend income, which will allow individuals, trusts, and estates to deduct up to 20% of such amounts for taxable years beginning after December 31, 2017 and before January 1, 2026;

•
reducing the highest rate of withholding with respect to our distributions to non-U.S. stockholders that are treated as attributable to gains from the sale or exchange of U.S. real property interests from 35% to 21%;

•
limiting our deduction for net operating losses arising in taxable years beginning after December 31, 2017 to 80% of REIT taxable income (prior to the application of the dividends paid deduction);

•
generally limiting the deduction for net business interest expense in excess of 30% of a business’s “adjusted taxable income,” except for taxpayers (including most equity REITs) that engage in certain real estate businesses and elect out of this rule (provided that such electing taxpayers must use an alternative depreciation system with longer depreciation periods); and

•
eliminating the corporate alternative minimum tax.

Many of these changes were effective immediately, without any transition periods or grandfathering for existing transactions. The 2017 Tax Act is unclear in many respects and could be subject to potential amendments and technical corrections, as well as interpretations and implementing regulations by the U.S. Treasury Department and IRS, any of which could lessen or increase the impact of the 2017 Tax Act. In addition, it is unclear how these U.S. federal income tax changes will affect state and local taxation, which often uses federal taxable income as a starting point for computing state and local tax liabilities. While some of the changes made by the 2017 Tax Act may adversely affect us in one or more reporting periods and prospectively, other changes may be beneficial on a going forward basis. We continue to work with our tax advisors and auditors to determine the full impact that the 2017 Tax Act as a whole will have on us.


31

ITEM 1B.    Unresolved Staff Comments

None.

ITEM 2.    Properties

Seniors Housing and Healthcare Properties

As of December 31, 2018, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems and skilled nursing facilities (“SNFs”), and we had 19 properties under development, including five properties that are owned by unconsolidated real estate entities. We believe that maintaining a balanced portfolio of high-quality assets diversified by investment type, geographic location, asset type, tenant/operator, revenue source and operating model makes us less susceptible to single-state regulatory or reimbursement changes, regional climate events and local economic downturns and diminishes the risk that any single factor or event could materially harm our business.

As of December 31, 2018, we had $1.1 billion aggregate principal amount of mortgage loan indebtedness outstanding, secured by 60 of our properties. Excluding those portions attributed to our joint venture partners, our share of mortgage loan indebtedness outstanding was $1.0 billion.

The following table provides additional information regarding the geographic diversification of our portfolio of properties as of December 31, 2018 (excluding properties owned through investments in unconsolidated entities and properties classified as held for sale).


32

 
Seniors Housing
Communities
 
SNFs
 
MOBs
 
Research and Innovation Centers
 
IRFs and LTACs
 
Health Systems
Geographic Location
# of
Properties
 
Units
 
# of Properties
 
Licensed Beds
 
# of Properties
 
Square Feet(1)
 
# of Properties
 
Square Feet(1)
 
# of Properties
 
Licensed Beds
 
# of Properties
 
Licensed Beds
Alabama
6

 
409

 
—

 
—

 
4

 
469

 
—

 
—

 
—

 
—

 
—

 
—

Arizona
28

 
2,436

 
—

 
—

 
14

 
880

 
—

 
—

 
1

 
60

 
—

 
—

Arkansas
4

 
296

 
—

 
—

 
1

 
5

 
—

 
—

 
—

 
—

 
—

 
—

California
84

 
9,572

 
—

 
—

 
28

 
2,106

 
—

 
—

 
6

 
503

 
—

 
—

Colorado
15

 
1,257

 
1

 
82

 
13

 
896

 
—

 
—

 
1

 
68

 
—

 
—

Connecticut
14

 
1,718

 
—

 
—

 
—

 
—

 
2

 
1,032

 
—

 
—

 
—

 
—

District of Columbia
—

 
—

 
—

 
—

 
2

 
102

 
—

 
—

 
—

 
—

 
—

 
—

Florida
46

 
4,372

 
—

 
—

 
14

 
318

 
1

 
252

 
6

 
508

 
—

 
—

Georgia
19

 
1,703

 
—

 
—

 
14

 
1,187

 
—

 
—

 
—

 
—

 
—

 
—

Idaho
1

 
70

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Illinois
25

 
2,957

 
1

 
82

 
36

 
1,448

 
1

 
129

 
4

 
430

 
—

 
—

Indiana
9

 
670

 
—

 
—

 
23

 
1,603

 
—

 
—

 
1

 
59

 
—

 
—

Kansas
9

 
541

 
—

 
—

 
1

 
33

 
—

 
—

 
—

 
—

 
—

 
—

Kentucky
9

 
818

 
—

 
—

 
4

 
173

 
—

 
—

 
1

 
384

 
—

 
—

Louisiana
1

 
58

 
—

 
—

 
6

 
396

 
—

 
—

 
—

 
—

 
—

 
—

Maine
6

 
452

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Maryland
5

 
360

 
—

 
—

 
2

 
83

 
5

 
467

 
—

 
—

 
—

 
—

Massachusetts
15

 
1,788

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Michigan
22

 
1,388

 
—

 
—

 
14

 
599

 
—

 
—

 
—

 
—

 
—

 
—

Minnesota
14

 
856

 
—

 
—

 
4

 
241

 
—

 
—

 
—

 
—

 
—

 
—

Mississippi
—

 
—

 
—

 
—

 
1

 
51

 
—

 
—

 
—

 
—

 
—

 
—

Missouri
2

 
153

 
—

 
—

 
21

 
1,166

 
5

 
818

 
1

 
60

 
—

 
—

Montana
3

 
222

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Nebraska
1

 
133

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Nevada
3

 
326

 
—

 
—

 
5

 
416

 
—

 
—

 
1

 
52

 
—

 
—

New Hampshire
1

 
126

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

New Jersey
12

 
1,137

 
1

 
153

 
3

 
37

 
—

 
—

 
—

 
—

 
—

 
—

New Mexico
4

 
453

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
123

 
4

 
544

New York
42

 
4,604

 
—

 
—

 
4

 
244

 
—

 
—

 
—

 
—

 
—

 
—

North Carolina
22

 
1,769

 
—

 
—

 
17

 
724

 
8

 
1,539

 
1

 
124

 
—

 
—

North Dakota
2

 
115

 
—

 
—

 
1

 
114

 
—

 
—

 
—

 
—

 
—

 
—

Ohio
20

 
1,273

 
1

 
150

 
28

 
1,226

 
—

 
—

 
1

 
50

 
—

 
—

Oklahoma
8

 
465

 
—

 
—

 
1

 
80

 
—

 
—

 
—

 
—

 
4

 
954

Oregon
29

 
2,585

 
—

 
—

 
1

 
105

 
—

 
—

 
—

 
—

 
—

 
—

Pennsylvania
31

 
2,399

 
4

 
620

 
9

 
713

 
5

 
862

 
1

 
52

 
—

 
—

Rhode Island
4

 
399

 
—

 
—

 
—

 
—

 
2

 
385

 
—

 
—

 
—

 
—

South Carolina
4

 
318

 
—

 
—

 
21

 
1,153

 
—

 
—

 
—

 
—

 
—

 
—

South Dakota
4

 
182

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Tennessee
18

 
1,476

 
—

 
—

 
10

 
395

 
—

 
—

 
1

 
49

 
—

 
—

Texas
48

 
3,899

 
—

 
—

 
17

 
863

 
—

 
—

 
9

 
602

 
1

 
445

Utah
3

 
321

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Virginia
8

 
664

 
—

 
—

 
5

 
231

 
3

 
453

 
—

 
—

 
—

 
—

Washington
28

 
2,652

 
5

 
469

 
10

 
579

 
—

 
—

 
—

 
—

 
—

 
—

West Virginia
2

 
131

 
4

 
326

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Wisconsin
44

 
2,174

 
—

 
—

 
21

 
1,105

 
—

 
—

 
—

 
—

 
—

 
—

Wyoming
2

 
169

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total U.S.
677

 
59,866

 
17

 
1,882

 
355

 
19,741

 
32

 
5,937

 
37

 
3,124


9


1,943

Canada
41

 
4,499

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

United Kingdom
12

 
779

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3

 
121

Total
730

 
65,144

 
17

 
1,882

 
355

 
19,741

 
32

 
5,937

 
37

 
3,124


12


2,064


(1) 
Square Feet are in thousands 

33

Corporate Offices

Our headquarters are located in Chicago, Illinois and we have an additional corporate office in Louisville, Kentucky. We lease all of our corporate offices.

ITEM 3.    Legal Proceedings

The information contained in “NOTE 14—COMMITMENTS AND CONTINGENCIES” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K is incorporated by reference into this Item 3. Except as set forth therein, we are not a party to, nor is any of our property the subject of, any material pending legal proceedings.

ITEM 4.    Mine Safety Disclosures

Not applicable.

34

PART II

ITEM 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information

Our common stock, par value $0.25 per share, is listed and traded on the New York Stock Exchange (the “NYSE”) under the symbol “VTR.”     As of February 5, 2019, we had 356.6 million shares of our common stock outstanding held by approximately 4,470 stockholders of record.

Dividends and Distributions

We pay regular quarterly dividends to holders of our common stock to comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) governing REITs. In order to maintain our qualification as a REIT, we are required under the Code, among other things, to distribute annually at least 90% of our REIT taxable income, determined without regard to any net capital gain. In addition, we will be subject to income tax at the regular corporate rate to the extent we distribute less than 100% of our REIT taxable income, including any net capital gains. We expect to distribute at least 100% of our taxable net income, after the use of any net operating loss carryforwards, to our stockholders for 2019.

In general, our Board of Directors makes decisions regarding the nature, frequency and amount of our dividends on a quarterly basis. Because the Board considers many factors when making these decisions, including our present and future liquidity needs, our current and projected financial condition and results of operations and the performance and credit quality of our tenants, operators, borrowers and managers, we cannot assure you that we will maintain the practice of paying regular quarterly dividends to continue to qualify as a REIT. Please see “Cautionary Statements” and the risk factors included in Part I, Item 1A of this Annual Report on Form 10-K for a description of other factors that may affect our distribution policy.

Director and Employee Stock Sales

Certain of our directors, executive officers and other employees have adopted and, from time to time in the future, may adopt non-discretionary, written trading plans that comply with Rule 10b5-1 under the Exchange Act, or otherwise monetize, gift or transfer their equity-based compensation. These transactions typically are conducted for estate, tax and financial planning purposes and are subject to compliance with our Amended and Restated Securities Trading Policy and Procedures (“Securities Trading Policy”), the minimum stock ownership requirements contained in our Guidelines on Governance and all applicable laws and regulations.

Our Securities Trading Policy expressly prohibits our directors, executive officers and employees from buying or selling derivatives with respect to our securities or other financial instruments that are designed to hedge or offset a decrease in the market value of our securities and from engaging in short sales with respect to our securities. In addition, our Securities Trading Policy prohibits our directors and executive officers from holding our securities in margin accounts or pledging our securities to secure loans without the prior approval of our Audit and Compliance Committee. Each of our executive officers has advised us that he or she is in compliance with the Securities Trading Policy and has not pledged any of our equity securities to secure margin or other loans.

Stock Repurchases

The table below summarizes repurchases of our common stock made during the quarter ended December 31, 2018:
 
Number of Shares
Repurchased (1)
 
Average Price
Per Share
October 1 through October 31
2,424

 
$
54.37

November 1 through November 30
442

 
$
59.73

December 1 through December 31
148

 
$
62.40


(1)
Repurchases represent shares withheld to pay taxes on the vesting of restricted stock granted to employees under our 2006 Incentive Plan or 2012 Incentive Plan or restricted stock units granted to employees under the Nationwide Health Properties, Inc. (“NHP”) 2005 Performance Incentive Plan and assumed by us in connection with our acquisition of NHP. The value of the shares withheld is the closing price of our common stock on the date the vesting or exercise occurred (or, if not a trading day, the immediately preceding trading day) or the fair market value of our common stock at the time of the exercise, as the case may be.

35

Stock Performance Graph

The following performance graph compares the cumulative total return (including dividends) to the holders of our common stock from December 31, 2013 through December 31, 2018, with the cumulative total returns of the NYSE Composite Index, the FTSE NAREIT Composite REIT Index (the “Composite REIT Index”) and the S&P 500 Index over the same period. The comparison assumes $100 was invested on December 31, 2013 in our common stock and in each of the foregoing indexes and assumes reinvestment of dividends, as applicable. We have included the NYSE Composite Index in the performance graph because our common stock is listed on the NYSE, and we have included the S&P 500 Index because we are a member of the S&P 500. We have included the Composite REIT Index because we believe that it is most representative of the industries in which we compete, or otherwise provides a fair basis for comparison with us, and is therefore particularly relevant to an assessment of our performance. The figures in the table below are rounded to the nearest dollar.
 
12/31/2013
 
12/31/2014
 
12/31/2015
 
12/31/2016
 
12/31/2017
 
12/31/2018
Ventas
$100
 
$131
 
$124
 
$144
 
$145
 
$150
NYSE Composite Index
$100
 
$107
 
$103
 
$115
 
$137
 
$125
Composite REIT Index
$100
 
$127
 
$130
 
$142
 
$155
 
$149
S&P 500 Index
$100
 
$114
 
$115
 
$129
 
$157
 
$150

chart-e78bbaa6b8c65110b7c.jpg


36

ITEM 6.    Selected Financial Data

You should read the following selected financial data in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Part II, Item 7 of this Annual Report on Form 10-K and our Consolidated Financial Statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K, as acquisitions, dispositions, changes in accounting policies and other items may impact the comparability of the financial data.
 
As of and For the Years Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
(Dollars in thousands, except per share data)
Operating Data
 
 
 
 
 
 
 
 
 
Rental income
$
1,513,807

 
$
1,593,598

 
$
1,476,176

 
$
1,346,046

 
$
1,138,457

Resident fees and services
2,069,477

 
1,843,232

 
1,847,306

 
1,811,255

 
1,552,951

Interest expense
442,497

 
448,196

 
419,740

 
367,114

 
292,065

Property-level operating expenses
1,689,880

 
1,483,072

 
1,434,762

 
1,383,640

 
1,195,388

General, administrative and professional fees
151,982

 
135,490

 
126,875

 
128,035

 
121,738

Income from continuing operations
415,991

 
1,361,222

 
652,412

 
408,119

 
377,266

Net income attributable to common stockholders
409,467

 
1,356,470

 
649,231

 
417,843

 
475,767

Per Share Data
 
 
 
 
 
 
 
 
 
Income from continuing operations:
 
 
 
 
 
 
 
 
 
Basic
$
1.17

 
$
3.83

 
$
1.89

 
$
1.24

 
$
1.28

Diluted
$
1.16

 
$
3.80

 
$
1.87

 
$
1.22

 
$
1.27

Net income attributable to common stockholders:
 
 
 
 
 
 
 
 
 
Basic
$
1.15

 
$
3.82

 
$
1.88

 
$
1.26

 
$
1.62

Diluted
$
1.14

 
$
3.78

 
$
1.86

 
$
1.25

 
$
1.60

Other Data
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
1,381,467

 
$
1,428,752

 
$
1,354,702

 
$
1,402,003

 
$
1,252,986

Net cash provided by (used in) investing activities
324,496

 
(937,107
)
 
(1,214,280
)
 
(2,420,740
)
 
(2,050,515
)
Net cash (used in) provided by financing activities
(1,761,937
)
 
(671,327
)
 
96,838

 
1,023,058

 
742,506

FFO (1)
1,308,149

 
1,512,885

 
1,440,544

 
1,365,408

 
1,273,680

Normalized FFO (1)
1,462,055

 
1,491,241

 
1,438,643

 
1,493,683

 
1,330,018

Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate investments, at cost
$
26,476,938

 
$
26,260,553

 
$
25,380,524

 
$
23,855,137

 
$
20,248,504

Cash and cash equivalents
72,277

 
81,355

 
286,707

 
53,023

 
55,348

Total assets
22,584,555

 
23,954,541

 
23,166,600

 
22,261,918

 
21,165,889

Senior notes payable and other debt
10,733,699

 
11,276,062

 
11,127,326

 
11,206,996

 
10,850,273


(1) 
We consider Funds From Operations (“FFO”) and normalized FFO to be appropriate supplemental measures of operating performance of an equity REIT. In particular, we believe that normalized FFO is useful because it allows investors, analysts and our management to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by non-recurring items and other non-operational events such as transactions and litigation. In some cases, we provide information about identified non-cash components of FFO and normalized FFO because it allows investors, analysts and our management to assess the impact of those items on our financial results.

FFO and normalized FFO presented in this Annual Report on Form 10-K, or otherwise disclosed by us, may not be comparable to FFO and normalized FFO presented by other real estate companies due to the fact that not all real estate companies use the same definitions. FFO and normalized FFO should not be considered as alternatives to net income attributable to common stockholders (determined in accordance with U.S. generally accepted accounting principles (“GAAP”)) as indicators of our financial performance or as alternatives to cash flow from operating activities (determined

37

in accordance with GAAP) as measures of our liquidity, nor are FFO and normalized FFO necessarily indicative of sufficient cash flow to fund all of our needs.

We use the National Association of Real Estate Investment Trusts (“NAREIT”) definition of FFO. NAREIT defines FFO as net income attributable to common stockholders (computed in accordance with GAAP), excluding gains or losses from sales of real estate property, including gains or losses on re-measurement of equity method investments, and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. We define normalized FFO as FFO excluding the following income and expense items (which may be recurring in nature): (a) merger-related costs and expenses, including amortization of intangibles, transition and integration expenses, and deal costs and expenses, including expenses and recoveries relating to acquisition lawsuits; (b) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of our debt; (c) the non-cash effect of income tax benefits or expenses, the non-cash impact of changes to our executive equity compensation plan, derivative transactions that have non-cash mark-to-market impacts on our Consolidated Statements of Income and non-cash charges related to lease terminations; (d) the financial impact of contingent consideration, severance-related costs and charitable donations made to the Ventas Charitable Foundation; (e) gains and losses for non-operational foreign currency hedge agreements and changes in the fair value of financial instruments; (f) gains and losses on non-real estate dispositions and other unusual items related to unconsolidated entities; (g) expenses related to the re-audit and re-review in 2014 of our historical financial statements and related matters; and (h) net expenses or recoveries related to natural disasters.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Funds From Operations and Normalized Funds from Operations” included in Part II, Item 7 of this Annual Report on Form 10-K for a reconciliation of FFO and normalized FFO to our GAAP earnings.

ITEM 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion provides information that management believes is relevant to an understanding and assessment of the consolidated financial condition and results of operations of Ventas, Inc. You should read this discussion in conjunction with our Consolidated Financial Statements and the notes thereto included in Part II, Item 8 of this Annual Report on Form 10-K, as it will help you understand:

•
Our company and the environment in which we operate;

•
Our 2018 highlights and other recent developments;

•
Our critical accounting policies and estimates;

•
Our results of operations for the last three years;

•
Our non-GAAP financial measures:

•
How we manage our assets and liabilities;

•
Our liquidity and capital resources;

•
Our cash flows; and

•
Our future contractual obligations.

Corporate and Operating Environment

We are 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 December 31, 2018, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems and skilled nursing facilities (“SNFs”), and we had 19 properties under development,

38

including five properties that are owned by unconsolidated real estate entities. We are an S&P 500 company 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 December 31, 2018, we leased a total of 442 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 December 31, 2018, 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 359 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 129 properties (excluding two properties managed by Brookdale Senior Living pursuant to a long-term management agreement), 11 properties and 32 properties, respectively, as of December 31, 2018.

Through our Lillibridge Healthcare Services, Inc. (“Lillibridge”) subsidiary and our ownership interest in PMB Real Estate Services LLC (“PMBRES”), 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.

We conduct our operations through three reportable business segments: triple-net leased properties, senior living operations and office operations. See “NOTE 19—SEGMENT INFORMATION” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

As of December 31, 2018, our consolidated portfolio included 100% ownership interests in 1,126 properties and controlling joint venture interests in 58 properties, and we had non-controlling ownership interests in five properties through investments in unconsolidated entities. Through Lillibridge and PMBRES, we provided management and leasing services to third parties with respect to 83 MOBs as of December 31, 2018.

We aim to enhance shareholder value by delivering consistent, superior total returns through a strategy of: (1) generating reliable and growing cash flows; (2) maintaining a balanced, diversified portfolio of high-quality assets; and (3) preserving our financial strength, flexibility and liquidity.

Our ability to access capital in a timely and cost-effective manner is critical to the success of our business strategy because it affects our ability to satisfy existing obligations, including the repayment of maturing indebtedness, and to make future investments. Factors such as general market conditions, interest rates, credit ratings on our securities, expectations of our potential future earnings and cash distributions, and the trading price of our common stock that are beyond our control and fluctuate over time all impact our access to and cost of external capital. For that reason, we generally attempt to match the long-term duration of our investments in real property with long-term financing through the issuance of shares of our common stock or the incurrence of long-term fixed rate debt.

2018 Highlights and Other Recent Developments

For information regarding our 2018 highlights and other recent developments, see “Business” in Part I, Item 1 of this Annual Report on Form 10-K.

Critical Accounting Policies and Estimates

Our Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”). GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. We base these estimates on our experience and assumptions we believe to be reasonable under the circumstances. However, if our judgment or interpretation of the facts and circumstances relating to various transactions or

39

other matters had been different, we may have applied a different accounting treatment, resulting in a different presentation of our financial statements. We periodically reevaluate our estimates and assumptions, and in the event they prove to be different from actual results, we make adjustments in subsequent periods to reflect more current estimates and assumptions about matters that are inherently uncertain. We believe that the critical accounting policies described below, among others, affect our more significant estimates and judgments used in the preparation of our financial statements. For more information regarding our critical accounting policies, see “NOTE 2—ACCOUNTING POLICIES” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Principles of Consolidation

The Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K 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.

Accounting for Real Estate Acquisitions

On January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2017-01, FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involveClarifying the Definition of a Business FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-0 (“ASU 2017-01”) which narrows the FASB’s definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 sta

40

s an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We have applied ASU 2017-01 prospectively for acquisitions after January 1, 2017.1 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We have applied ASU 2017-01 prospectively for acquisitions after January 1, 2017.tes that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We have applied ASU 2017-01 prospectively for acquisitions after January 1, 2017.

Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses or assets acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Intangibles primarily include the value of in-place leases and acquired lease contracts.

We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion.

The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above and/or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations at that time.

We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale.

We estimate the fair value of tenant or other customer relationships acquired, if any, by considering the nature and extent of existing relationships with the tenant or customer, growth prospects for developing new business with the tenant or customer, the tenant’s credit quality, expectations of lease renewals with the tenant, and the potential for significant, additional future leasing arrangements with the tenant, and we amortize that value over the expected life of the associated arrangements or leases, including the remaining terms of the related leases and any expected renewal periods. We estimate the fair value of trade names and trademarks using a royalty rate methodology and amortize that value over the estimated useful life of the trade name or trademark.

In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets.

We determine the fair value of loans receivable acquired by discounting the estimated future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. We do not establish a valuation allowance at the acquisition date because the estimated future cash flows already

41

reflect our judgment regarding their uncertainty. We recognize the difference between the acquisition date fair value and the total expected cash flows as interest income using an effective interest method over the life of the applicable loan. Subsequent to the acquisition date, we evaluate changes regarding the uncertainty of future cash flows and the need for a valuation allowance, as appropriate.

We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities.

We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.

Impairment of Long-Lived and Intangible Assets

We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination.

If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period.

We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment.

We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period.

Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.

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

42

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.

Revenue Recognition

Adoption of ASC 606

On January 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASC 606 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” We account for revenues from management contracts (within office building and other services revenue in our Consolidated Statements of Income) and certain point-of-sale transactions (within resident fees and services in our Consolidated Statements of Income) in accordance with ASC 606. The pattern and timing of recognition of income is consistent with the prior accounting model. All other revenues, primarily rental income from leasing activities, is accounted for in accordance with other applicable GAAP. We adopted ASC 606 using the modified retrospective method.

    Triple-Net Leased Properties and Office Operations

Certain of our triple-net leases and most of our MOB and 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 is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets.

Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term.

    Senior Living Operations

We recognize resident fees and services, other than move-in fees, monthly as services are provided. We recognize move-in fees on a straight-line basis over the average resident stay.

    Other

We recognize interest income from loans and investments, including discounts and premiums, using the effective interest method when collectability is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on an impaired loan to the extent our estimate of the fair value of the collateral is sufficient to support the balance of the loan, other receivables and all related accrued interest. When the balance of the loan, other receivables and all related accrued interest is equal to or less than our estimate of the fair value of the collateral, we recognize interest income on a cash basis. We provide a reserve against an impaired loan to the extent our total investment in the loan exceeds our estimate of the fair value of the loan collateral.

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    Allowances

We assess the collectability of our rent receivables, including straight-line rent receivables. We base our assessment of the collectability of rent receivables (other than straight-line rent receivables) on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We base our assessment of the collectability of straight-line rent receivables on several factors, including, among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectability of future rent payments required by a lease, we may adjust our reserve to increase or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates.

Federal Income Tax

We have elected to be treated as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for every year beginning with the year ended December 31, 1999. Accordingly, we generally are not subject to federal income tax on net income that we distribute to our stockholders, provided that we continue to qualify as a REIT. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Certain foreign subsidiaries are subject to foreign income tax, although they did not elect to be treated as TRSs.

We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.

We recognize the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We recognize interest and penalties, if applicable, related to uncertain tax positions as part of income tax benefit or expense.

Recently Issued or Adopted Accounting Standards

    In February 2016, the FASB established ASC Topic 842, Leases (“ASU 842”) by issuing ASU 2016-02, Leases (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. ASC 842 has subsequently been amended by other issued ASUs to clarify and improve the standard as well as to provide certain practical expedients.

ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of non-lease components from the related lease components and, instead, to account for those components as a single lease component if certain criteria are met. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019.

Upon adoption, we will recognize both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We will also begin reporting revenues and expenses within our triple-net leased properties

44

reportable business segment for certain real estate taxes and insurance that are the obligations of the tenants in accordance with their respective leases with us. This reporting will have no impact on our net income. Resident leases within our senior living operations reportable business segment are accounted for as leases but also contain service elements. We expect to elect the practical expedient to account for our resident leases as a single lease component. Also, upon adoption, we will begin expensing certain leasing costs, other than leasing commissions, as they are incurred, which may reduce our net income. Current GAAP provides for the deferral and amortization of such costs over the applicable lease term. We will continue to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms.

As of January 1, 2019 we expect to recognize operating lease assets of $320 million to $420 million which will be presented separately on our Consolidated Balance Sheets and will include the present value of minimum lease payments as well as certain existing above and/or below market lease intangible value associated with such leases. Also upon adoption we expect to recognize operating lease liabilities of $175 million to $275 million which will be presented separately on our Consolidated Balance Sheets. We expect to recognize a cumulative effect adjustment to retained earnings of $1 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018.

    On January 1, 2018, we adopted ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows and ASU 2016-18, Restricted Cash (“ASU 2016-18”), which requires an entity to show the changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. We adopted these ASUs by applying a retrospective transition method which required a restatement of our Consolidated Statement of Cash Flows for all periods presented.

On January 1, 2018, we adopted the provisions of ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). In accordance with ASC 610-20, we recognize any gains when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. We adopted ASC 610-20 using the modified retrospective method and recognized a cumulative effect adjustment to retained earnings of $31.2 million relating to deferred gains on sales of real estate assets in 2015.

On January 1, 2018, we adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires a company to recognize the tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. We adopted ASU 2016-16 by applying a modified retrospective method which resulted in a cumulative effect adjustment to retained earnings of $0.6 million.

Results of Operations

As of December 31, 2018, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria, 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. For further information regarding our business segments and a discussion of our definition of segment NOI, see “NOTE 19—SEGMENT INFORMATION” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.
    

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Years Ended December 31, 2018 and 2017

The table below shows our results of operations for the years ended December 31, 2018 and 2017 and the effect of changes in those results from period to period on our net income attributable to common stockholders.
 
For the Years Ended
December 31,
 
(Decrease) Increase to Net Income
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Segment NOI:
 
 
 
 
 
 
 
Triple-net leased properties
$
740,318

 
$
844,711

 
$
(104,393
)
 
(12.4
)%
Senior living operations
623,276

 
593,167

 
30,109

 
5.1

Office operations
538,506

 
524,566

 
13,940

 
2.7

All other
127,520

 
119,208

 
8,312

 
7.0

Total segment NOI
2,029,620

 
2,081,652

 
(52,032
)
 
(2.5
)
Interest and other income
24,892

 
6,034

 
18,858

 
nm

Interest expense
(442,497
)
 
(448,196
)
 
5,699

 
1.3

Depreciation and amortization
(919,639
)
 
(887,948
)
 
(31,691
)
 
(3.6
)
General, administrative and professional fees
(151,982
)
 
(135,490
)
 
(16,492
)
 
(12.2
)
Loss on extinguishment of debt, net
(58,254
)
 
(754
)
 
(57,500
)
 
nm

Merger-related expenses and deal costs
(30,547
)
 
(10,535
)
 
(20,012
)
 
nm

Other
(66,768
)
 
(20,052
)
 
(46,716
)
 
nm

Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
384,825

 
584,711

 
(199,886
)
 
(34.2
)
Loss from unconsolidated entities
(55,034
)
 
(561
)
 
(54,473
)
 
nm

Gain on real estate dispositions
46,247

 
717,273

 
(671,026
)
 
(93.6
)
Income tax benefit
39,953

 
59,799

 
(19,846
)
 
(33.2
)
Income from continuing operations
415,991

 
1,361,222

 
(945,231
)
 
(69.4
)
Discontinued operations
(10
)
 
(110
)
 
100

 
90.9

Net income
415,981

 
1,361,112

 
(945,131
)
 
(69.4
)
Net income attributable to noncontrolling interests
6,514

 
4,642

 
(1,872
)
 
(40.3
)
Net income attributable to common stockholders
$
409,467

 
$
1,356,470

 
(947,003
)
 
(69.8
)

nm—not meaningful

Segment NOI—Triple-Net Leased Properties

NOI for our triple-net leased properties reportable business segment equals the rental income and other services revenue earned from our triple-net assets. We incur no direct operating expenses for this segment.


46

The following table summarizes results of operations in our triple-net leased properties reportable business segment, including assets sold or classified as held for sale as of December 31, 2018, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Decrease to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
737,796

 
$
840,131

 
$
(102,335
)
 
(12.2
)%
Other services revenue
2,522

 
4,580

 
(2,058
)
 
(44.9
)
Segment NOI
$
740,318

 
$
844,711

 
(104,393
)
 
(12.4
)
    
Triple-net leased properties segment NOI decreased in 2018 over the prior year primarily due to the sale of 36 Kindred SNF properties during 2017, the first quarter 2018 transition of 75 private pay seniors housing communities from triple-net leased properties to senior living operations and the second quarter 2018 non-cash expense of $21.3 million related to the new Brookdale lease agreements.

In our triple-net leased properties segment, our revenues generally consist of fixed rental amounts (subject to annual contractual escalations) received from our tenants in accordance with the applicable lease terms. However, occupancy rates may affect the profitability of our tenants’ operations. The following table sets forth average continuing occupancy rates related to the triple-net leased properties we owned at December 31, 2018 for the trailing 12 months ended September 30, 2018 (which is the most recent information available to us from our tenants) and average continuing occupancy rates related to the triple-net leased properties we owned at December 31, 2017 for the trailing 12 months ended September 30, 2017.
 
Number of Properties at December 31, 2018 
 
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2018
 
 
Number of Properties at December 31, 2017
 
Average Occupancy
for the Trailing 12 Months
Ended September 30,
2017
Seniors housing communities(1)
361

 
85.0
%
 
 
418

 
86.6
%
SNFs(1)
17

 
85.2

 
 
17

 
86.4

IRFs and LTACs(1)
36

 
56.5

 
 
36

 
60.4


(1) 
Excludes properties included in discontinued operations and properties sold or classified as held for sale, non-stabilized properties, properties owned through investments in unconsolidated entities and certain properties for which we do not receive occupancy information. Also excludes properties acquired during the years ended December 31, 2018 and 2017, respectively, and properties that transitioned operators for which we do not have five full quarters of results subsequent to the transition.

The following table compares results of operations for our 414 same-store triple-net leased properties, unadjusted for foreign currency movements between comparison periods and the second quarter 2018 non-cash expense of $21.3 million related to the new Brookdale lease agreements. With regard to our triple-net leased properties segment, “same-store” refers to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding assets sold or classified as held for sale as of December 31, 2018 and assets whose operations were classified as discontinued operations.
 
For the Years Ended
December 31,
 
Increase to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
695,536

 
$
694,584

 
$
952

 
0.1
%
Segment NOI
$
695,536

 
$
694,584

 
952

 
0.1


47

Segment NOI—Senior Living Operations

The following table summarizes results of operations in our senior living operations reportable business segment, including assets sold or classified as held for sale as of December 31, 2018, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
2,069,477

 
$
1,843,232

 
$
226,245

 
12.3
 %
Less: Property-level operating expenses
(1,446,201
)
 
(1,250,065
)
 
(196,136
)
 
(15.7
)
Segment NOI
$
623,276

 
$
593,167

 
30,109

 
5.1

 
Number of
Properties at
December 31,
 
Average Unit
Occupancy
for the Years Ended
December 31,
 
Average Monthly Revenue Per Occupied Room for
the Years Ended
December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Total communities
355

 
293

 
86.9
%
 
88.3
%
 
$
5,647

 
$
5,725

    
Resident fees and services include all amounts earned from residents at our seniors housing communities, such as rental fees related to resident leases, extended health care fees and other ancillary service income. Property-level operating expenses related to our senior living operations segment include labor, food, utilities, marketing, management and other costs of operating the properties.

The increase in our senior living operations segment NOI in 2018 over the prior year is attributable primarily to the first quarter 2018 transition of 75 private pay seniors housing communities from triple-net leased properties to senior living operations.

The following table compares results of operations for our 275 same-store senior living operating communities, unadjusted for foreign currency movements between periods. With regard to our senior living operations segment, “same-store” refers to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding properties that transitioned operators since the start of the prior comparison period, assets sold or classified as held for sale as of December 31, 2018 and assets whose operations were classified as discontinued operations.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
1,773,850

 
$
1,759,670

 
$
14,180

 
0.8
 %
Less: Property-level operating expenses
(1,213,049
)
 
(1,188,064
)
 
(24,985
)
 
(2.1
)
Segment NOI
$
560,801

 
$
571,606

 
(10,805
)
 
(1.9
)
 
Number of
Properties at
December 31,
 
Average Unit
Occupancy
for the Years Ended
December 31,
 
Average Monthly Revenue Per Occupied Room for
the Years Ended
December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Same-store communities
275

 
275

 
87.6
%
 
88.5
%
 
$
5,906

 
$
5,797



48

Segment NOI—Office Operations

The following table summarizes results of operations in our office operations reportable business segment, including assets sold or classified as held for sale as of December 31, 2018, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
776,011

 
$
753,467

 
$
22,544

 
3.0
 %
Office building services revenue
7,592

 
7,497

 
95

 
1.3

Total revenues
783,603

 
760,964

 
22,639

 
3.0

Less:
 
 
 
 
 
 
 
Property-level operating expenses
(243,679
)
 
(233,007
)
 
(10,672
)
 
(4.6
)
Office building services costs
(1,418
)
 
(3,391
)
 
1,973

 
58.2

Segment NOI
$
538,506

 
$
524,566

 
13,940

 
2.7

 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Total office buildings
387

 
391

 
90.1
%
 
92.0
%
 
$
32

 
$
32

    
The increase in our office operations segment NOI in 2018 over the prior year is attributable primarily to in-place rent escalations and research and innovation acquisitions and completed developments, partially offset by asset dispositions.

The following table compares results of operations for our 360 same-store office buildings. With regard to our office operations segment, “same-store” refers to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding assets sold or classified as held for sale as of December 31, 2018, assets whose operations were classified as discontinued operations and redevelopment assets.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
694,209

 
$
684,941

 
$
9,268

 
1.4
 %
Less: Property-level operating expenses
(215,052
)
 
(209,939
)
 
(5,113
)
 
(2.4
)
Segment NOI
$
479,157

 
$
475,002

 
4,155

 
0.9

 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
Same-store office buildings
360

 
360

 
91.8
%
 
92.7
%
 
$
32

 
$
31

    
All Other

The $8.3 million increase in income from loans and investments in 2018 over the prior year due is primarily due to a loan to and debt investment income from Ardent, partially offset by decreased income due to loan repayments received during the first quarter of 2018.


49

Interest and other income

The $18.9 million increase in interest and other income in 2018 over the prior year is primarily due to a payment received that was not previously expected to be collected and the $12.3 million fee received in connection with certain July 2018 Kindred transactions. See “NOTE 3-CONCENTRATION OF CREDIT RISK” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Interest Expense

The $5.7 million decrease in total interest expense in 2018 over the prior year is attributable primarily to a decrease of $29.1 million due to lower debt balances, partially offset by an increase of $23.4 million due to a higher effective interest rate, including the amortization of any fair value adjustments. Our effective interest rate was 3.9% for 2018, compared to 3.7% for 2017.

Depreciation and Amortization

Depreciation and amortization expense related to continuing operations increased during 2018 compared to 2017, primarily due to asset acquisitions, net of dispositions, and carrying value adjustments on five MOBs reclassified from held for sale to continuing operations during the first quarter of 2018.

Loss on Extinguishment of Debt, Net

The loss on extinguishment of debt, net in 2018 was due primarily to the redemption and repayment of the $600.0 million aggregate principal amount then outstanding of our 4.00% senior notes due April 2019 in the first quarter of 2018 and the redemption and repayment of $700 million aggregate principal amount then outstanding of our 4.75% senior notes due 2021 in the third quarter of 2018. The loss on extinguishment of debt, net in 2017 was due primarily to the repayment of term loans and the replacement of our previous $2.0 billion unsecured revolving credit facility.

Merger-Related Expenses and Deal Costs

The $20.0 million increase in merger-related expenses and deal costs in 2018 over the prior year was due primarily to costs associated with the transition of the management of 76 private pay seniors housing communities to ESL during the first quarter of 2018.

Other

The $46.7 million increase in other for 2018 over 2017 is primarily due to expenses and impairments related to natural disasters, specifically property damage occurring from Hurricane Michael and wildfires in California. We believe there is insurance coverage to mitigate these events. However, there can be no assurance regarding the amount or timing of any recoveries. Such recoveries will be recognized when collection is deemed probable.

Loss from Unconsolidated Entities

The $54.5 million increase in loss from unconsolidated entities for 2018 over 2017 is primarily due to our share of Ardent’s losses on the extinguishment of debt resulting from its debt refinancing and expenses and impairments related to natural disasters, and a $35.7 million impairment relating to the carrying costs of one of our equity investments in an unconsolidated real estate joint venture consisting principally of SNFs. In July 2018, we sold our 25% interest to our joint venture partner and received $57.5 million at closing.

Gain on Real Estate Dispositions

The $671.0 million decrease in gain on real estate dispositions for 2018 over 2017 is due primarily to a $657.6 million gain on the sale of 36 Kindred SNFs during 2017.    

50

Income Tax Benefit

The 2018 income tax benefit is primarily due to a $23.2 million benefit for the reversal of a valuation allowance on deferred interest carryforwards and tax losses of certain TRS entities. The $23.2 million valuation allowance reversal is an adjustment to the provisional amount recorded in the prior year related to enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) and is made based upon additional guidance issued by the IRS subsequent to enactment of the 2017 Tax Act. The 2017 income tax benefit is primarily due to accounting for the 2017 Tax Act, specifically a $64.5 million benefit from the reduced U.S. federal corporate tax rate on net deferred tax liabilities and an offsetting expense of $23.3 million to establish a valuation allowance on deferred interest carryforwards (subsequently reversed in 2018), losses of certain TRS entities and the release of a tax reserve.
    
Net Income Attributable to Noncontrolling Interests

The increase in net income attributable to noncontrolling interests of $1.9 million in 2018 over 2017 is primarily due to a gain on the disposition of a property held within a joint venture.
 
Years Ended December 31, 2017 and 2016

The table below shows our results of operations for the years ended December 31, 2017 and 2016 and the effect of changes in those results from period to period on our net income attributable to common stockholders.
 
For the Years Ended
December 31,
 
(Decrease) Increase to Net Income
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Segment NOI:
 
 
 
 
 
 
 
Triple-net leased properties
$
844,711

 
$
850,755

 
$
(6,044
)
 
(0.7
)%
Senior living operations
593,167

 
604,328

 
(11,161
)
 
(1.8
)
Office operations
524,566

 
444,276

 
80,290

 
18.1

All other
119,208

 
101,214

 
17,994

 
17.8

Total segment NOI
2,081,652

 
2,000,573

 
81,079

 
4.1

Interest and other income
6,034

 
876

 
5,158

 
nm

Interest expense
(448,196
)
 
(419,740
)
 
(28,456
)
 
(6.8
)
Depreciation and amortization
(887,948
)
 
(898,924
)
 
10,976

 
1.2

General, administrative and professional fees
(135,490
)
 
(126,875
)
 
(8,615
)
 
(6.8
)
Loss on extinguishment of debt, net
(754
)
 
(2,779
)
 
2,025

 
72.9

Merger-related expenses and deal costs
(10,535
)
 
(24,635
)
 
14,100

 
57.2

Other
(20,052
)
 
(9,988
)
 
(10,064
)
 
nm

Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interest
584,711

 
518,508

 
66,203

 
12.8

(Loss) income from unconsolidated entities
(561
)
 
4,358

 
(4,919
)
 
nm

Gain on real estate dispositions
717,273

 
98,203

 
619,070

 
nm

Income tax benefit
59,799

 
31,343

 
28,456

 
nm

Income from continuing operations
1,361,222

 
652,412

 
708,810

 
nm

Discontinued operations
(110
)
 
(922
)
 
812

 
nm

Net income
1,361,112

 
651,490

 
709,622

 
nm

Net income attributable to noncontrolling interests
4,642

 
2,259

 
(2,383
)
 
nm

Net income attributable to common stockholders
$
1,356,470

 
$
649,231

 
707,239

 
nm


nm—not meaningful     


51

Segment NOI—Triple-Net Leased Properties

The following table summarizes results of operations in our triple-net leased properties reportable business segment, including assets sold or classified as held for sale as of December 31, 2017, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Decrease to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
840,131

 
$
845,834

 
$
(5,703
)
 
(0.7
)%
Other services revenue
4,580

 
4,921

 
(341
)
 
(6.9
)
Segment NOI
$
844,711

 
$
850,755

 
(6,044
)
 
(0.7
)
    
Triple-net leased properties segment NOI decreased in 2017 over the prior year primarily due the sale of 36 Kindred SNF properties during 2017, partially offset by rent increases due to contractual escalations pursuant to the terms of our leases and rent from eight seniors housing communities that we transitioned from senior living operations to triple-net leased properties during 2017.

The following table compares results of operations for our 494 same-store triple-net leased properties, unadjusted for foreign currency movements between comparison periods. With regard to our triple-net leased properties segment, “same-store” refers to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding assets sold or classified as held for sale as of December 31, 2017 and assets whose operations were classified as discontinued operations.
 
For the Years Ended
December 31,
 
Increase to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
769,063

 
$
760,848

 
$
8,215

 
1.1
%
Segment NOI
$
769,063

 
$
760,848

 
8,215

 
1.1


Segment NOI—Senior Living Operations

The following table summarizes results of operations in our senior living operations reportable business segment, including assets sold or classified as held for sale as of December 31, 2017, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Decrease to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
1,843,232

 
$
1,847,306

 
$
(4,074
)
 
(0.2
)%
Less: Property-level operating expenses
(1,250,065
)
 
(1,242,978
)
 
(7,087
)
 
(0.6
)
Segment NOI
$
593,167

 
$
604,328

 
(11,161
)
 
(1.8
)
 
Number of
Properties at
December 31,
 
Average Unit
Occupancy for
the Years
Ended
December 31,
 
Average
Monthly Revenue Per Occupied Room for
the Years
Ended
December 31,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Total communities
293

 
298

 
88.3
%
 
90.3
%
 
$
5,725

 
$
5,474


52

Resident fees and services decreased in 2017 over the prior year primarily due to the transition of eight seniors housing communities to our triple-net leased properties segment and decreased occupancy at our seniors housing communities.

Property-level operating expenses increased year over year primarily due to increases in salaries, benefits, insurance and other operating expenses and the implementation of new care technologies.

The following table compares results of operations for our 285 same-store senior living operating communities, unadjusted for foreign currency movements between periods. With regard to our senior living operations segment, “same-store” refers to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding properties that transitioned operators since the start of the prior comparison period, assets sold or classified as held for sale as of December 31, 2017 and assets whose operations were classified as discontinued operations.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
1,791,843

 
$
1,765,183

 
$
26,660

 
1.5
 %
Less: Property-level operating expenses
(1,215,440
)
 
(1,187,351
)
 
(28,089
)
 
(2.4
)
Segment NOI
$
576,403

 
$
577,832

 
(1,429
)
 
(0.2
)
 
Number of
Properties at
December 31,
 
Average Unit
Occupancy for
the Years
Ended
December 31,
 
Average
Monthly Revenue Per Occupied Room for
the Years
Ended
December 31,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Same-store communities
285

 
285

 
88.3
%
 
90.4
%
 
$
5,745

 
$
5,526


Segment NOI—Office Operations

The following table summarizes results of operations in our office operations reportable business segment, including assets sold or classified as held for sale as of December 31, 2017, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
753,467

 
$
630,342

 
$
123,125

 
19.5
 %
Office building services revenue
7,497

 
13,029

 
(5,532
)
 
(42.5
)
Total revenues
760,964

 
643,371

 
117,593

 
18.3

Less:
 
 
 
 
 
 
 
Property-level operating expenses
(233,007
)
 
(191,784
)
 
(41,223
)
 
(21.5
)
Office building services costs
(3,391
)
 
(7,311
)
 
3,920

 
53.6

Segment NOI
$
524,566

 
$
444,276

 
80,290

 
18.1

 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Total office buildings
391

 
388

 
92.0
%
 
91.7
%
 
$
32

 
$
31



53

The increase in our office operations segment rental income in 2017 over the prior year is attributable primarily to the office buildings we acquired during 2017 and 2016, partially offset by dispositions. The increase in our office building property-level operating expenses is due primarily to those acquired office buildings and increases in real estate taxes and other operating expenses, partially offset by dispositions.

Office building services revenue and costs both decreased in 2017 over the prior year primarily due to decreased construction activity during 2017 compared to 2016.

The following table compares results of operations for our 350 same-store office buildings. With regard to our office operations segment at December 31, 2017, “same-store” referred to properties owned, consolidated, operational and reported under a consistent business model for the full period in both comparison periods, excluding assets sold or classified as held for sale as of December 31, 2017 and assets whose operations were classified as discontinued operations.
 
For the Years Ended
December 31,
 
Increase (Decrease)
to Segment NOI
 
2017
 
2016
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
558,575

 
$
552,045

 
$
6,530

 
1.2
 %
Less: Property-level operating expenses
(169,583
)
 
(164,987
)
 
(4,596
)
 
(2.8
)
Segment NOI
$
388,992

 
$
387,058

 
1,934

 
0.5

    
 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2017
 
2016
 
2017
 
2016
 
2017
 
2016
Same-store office buildings
350

 
350

 
91.3
%
 
92.0
%
 
$
31

 
$
30

    
All Other

All other increased in 2017 over the prior year due primarily to income from new loans issued during 2017, partially offset by decreased interest income attributable to loan repayments received during 2016 and 2017.

Interest and other income

Interest and other income increased $5.2 million in 2017 over the prior year as a result of fees received from a tenant in 2017 which were not associated with a lease agreement.

Interest Expense

The $28.5 million increase in total interest expense is attributable primarily to a $17.1 million increase in interest due to higher debt balances and an $11.3 million increase due to higher effective interest rates, including the amortization of any fair value adjustments. Our effective interest rate was 3.7% for 2017, compared to 3.6% for 2016.

Depreciation and Amortization

Depreciation and amortization expense related to continuing operations decreased during 2017 compared to 2016, primarily due to a decrease in amortization related to certain lease intangibles that were fully amortized during the third quarter of 2016, partially offset by a full year of depreciation and amortization related to the September 2016 acquisition of a research and innovation center portfolio.

Loss on Extinguishment of Debt, Net

The loss on extinguishment of debt, net in 2017 resulted primarily from the repayment of term loans and the replacement of our previous $2.0 billion unsecured revolving credit facility. The loss on extinguishment of debt, net in 2016

54

was due to our redemption and repayment of $550.0 million aggregate principal amount then outstanding of our 1.55% senior notes due 2016 and term loan repayments in 2016.

Merger-Related Expenses and Deal Costs

The $14.1 million decrease in merger-related expenses and deal costs in 2017 over the prior year is primarily due to the September 2016 acquisition of a research and innovation center portfolio.

Other

The $10.1 million increase in other for 2017 over 2016 is primarily due to charges related to natural disasters.

(Loss) Income from Unconsolidated Entities

The $4.9 million decrease in income from unconsolidated entities for 2017 over 2016 is primarily due to our share of net losses related to certain unconsolidated entities in 2017 partially offset by the February 2017 fair value re-measurement of our previously held equity interest, resulting in a gain on re-measurement of $3.0 million. Refer to “NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES” of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K for additional information.    

Gain on Real Estate Dispositions

The increase of $619.1 million in gain on real estate dispositions for 2017 over 2016 is due primarily to the sale of 36 Kindred SNFs in 2017.

Income Tax Benefit

The 2017 income tax benefit is primarily due to accounting for the 2017 Tax Act, specifically a $64.5 million benefit from the reduced U.S. federal corporate tax rate on net deferred tax liabilities and an offsetting expense of $23.3 million to establish a valuation allowance on deferred interest carryforwards, losses of certain TRS entities and the release of a tax reserve. The 2016 income tax benefit was due primarily to losses of certain TRS entities, the reversal of a net deferred tax liability at one TRS and the release of a tax reserve. The TRS losses were mainly attributable to the depreciation and amortization of fixed and intangible assets recorded as deferred tax liabilities in purchase accounting.

Net Income Attributable to Noncontrolling Interests

The increase in net income attributable to noncontrolling interests of $2.4 million for 2017 over 2016 is primarily due to the September 2016 acquisition of a research and innovation center portfolio.

Non-GAAP Financial Measures

We consider certain non-GAAP financial measures to be useful supplemental measures of our operating performance. A non-GAAP financial measure is a measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are not so excluded from or included in the most directly comparable measure calculated and presented in accordance with GAAP. Described below are the non-GAAP financial measures used by management to evaluate our operating performance and that we consider most useful to investors, together with reconciliations of these measures to the most directly comparable GAAP measures.

The non-GAAP financial measures we present in this Annual Report on Form 10-K may not be comparable to those presented by other real estate companies due to the fact that not all real estate companies use the same definitions. You should not consider these measures as alternatives to net income attributable to common stockholders (determined in accordance with GAAP) as indicators of our financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of our liquidity, nor are these measures necessarily indicative of sufficient cash flow to fund all of our needs. We have historically reconciled our non-GAAP financial measures to income from continuing operations because it provides insight into the our continuing operations, but, in light of recent SEC regulations that changed the presentation of statements of income, we now believe that net income is the most comparable GAAP measure. In order to facilitate a clear understanding of our consolidated historical operating results, you should examine these measures in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Annual Report on Form 10-K.

55

Funds From Operations and Normalized Funds From Operations

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values historically have risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, we consider Funds From Operations (“FFO”) and normalized FFO to be appropriate supplemental measures of operating performance of an equity REIT. In particular, we believe that normalized FFO is useful because it allows investors, analysts and our management to compare our operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by non-recurring items and other non-operational events such as transactions and litigation. In some cases, we provide information about identified non-cash components of FFO and normalized FFO because it allows investors, analysts and our management to assess the impact of those items on our financial results.

We use the National Association of Real Estate Investment Trusts (“NAREIT”) definition of FFO. NAREIT defines FFO as net income attributable to common stockholders (computed in accordance with GAAP), excluding gains or losses from sales of real estate property, including gains or losses on re-measurement of equity method investments, and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. We define normalized FFO as FFO excluding the following income and expense items (which may be recurring in nature): (a) merger-related costs and expenses, including amortization of intangibles, transition and integration expenses, and deal costs and expenses, including expenses and recoveries relating to acquisition lawsuits; (b) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of our debt; (c) the non-cash effect of income tax benefits or expenses, the non-cash impact of changes to our executive equity compensation plan, derivative transactions that have non-cash mark-to-market impacts on our Consolidated Statements of Income and non-cash charges related to lease terminations; (d) the financial impact of contingent consideration, severance-related costs and charitable donations made to the Ventas Charitable Foundation; (e) gains and losses for non-operational foreign currency hedge agreements and changes in the fair value of financial instruments; (f) gains and losses on non-real estate dispositions and other unusual items related to unconsolidated entities; (g) expenses related to the re-audit and re-review in 2014 of our historical financial statements and related matters; and (h) net expenses or recoveries related to natural disasters.    

The following table summarizes our FFO and normalized FFO for each of the five years ended December 31, 2018. The decrease in normalized FFO for the year ended December 31, 2018 over the prior year is due primarily to the cumulative net impact of asset dispositions and resulting lower property income.

56

 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
2015
 
2014
 
(In thousands)
Net income attributable to common stockholders
$
409,467

 
$
1,356,470

 
$
649,231

 
$
417,843

 
$
475,767

Adjustments:
 
 
 
 
 
 
 
 
 
Real estate depreciation and amortization
913,537

 
881,088

 
891,985

 
887,126

 
718,649

Real estate depreciation related to noncontrolling interests
(6,926
)
 
(7,565
)
 
(7,785
)
 
(7,906
)
 
(10,314
)
Real estate depreciation related to unconsolidated entities
1,977

 
4,231

 
5,754

 
7,353

 
5,792

(Gain) loss on real estate dispositions related to unconsolidated entities
(875
)
 
(1,057
)
 
(439
)
 
19

 
—

(Gain) loss on re-measurement of equity interest upon acquisition, net
—

 
(3,027
)
 
—

 
176

 
—

Impairment on equity method investments
35,708

 
—

 
—

 
—

 
—

Gain on real estate dispositions related to noncontrolling interests
1,508

 
18

 
—

 
—

 
—

Gain on real estate dispositions
(46,247
)
 
(717,273
)
 
(98,203
)
 
(18,580
)
 
(17,970
)
Discontinued operations:
 
 
 
 
 
 
 
 
 
Loss (gain) on real estate dispositions
—

 
—

 
1

 
(231
)
 
(1,494
)
Depreciation on real estate assets
—

 
—

 
—

 
79,608

 
103,250

FFO attributable to common stockholders
1,308,149

 
1,512,885

 
1,440,544

 
1,365,408

 
1,273,680

Adjustments:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
(18
)
 
(41
)
 
62

 
460

 
5,121

Non-cash income tax benefit
(18,427
)
 
(22,387
)
 
(34,227
)
 
(42,384
)
 
(9,431
)
Effect of the 2017 Tax Act
(24,618
)
 
(36,539
)
 
—

 
—

 
—

Loss on extinguishment of debt, net
63,073

 
839

 
2,779

 
15,797

 
5,013

Gain on non-real estate dispositions related to unconsolidated entities
(2
)
 
(39
)
 
(557
)
 
—

 
—

Merger-related expenses, deal costs and re-audit costs
38,145

 
14,823

 
28,290

 
152,344

 
54,389

Amortization of other intangibles
759

 
1,458

 
1,752

 
2,058

 
1,246

Other items related to unconsolidated entities
5,035

 
3,188

 
—

 
—

 
—

Non-cash impact of changes to equity plan
4,830

 
5,453

 
—

 
—

 
—

Non-cash charges related to lease terminations
21,299

 
—

 
—

 
—

 
—

Natural disaster expenses (recoveries), net
63,830

 
11,601

 
—

 
—

 
—

Normalized FFO attributable to common stockholders
$
1,462,055

 
$
1,491,241

 
$
1,438,643

 
$
1,493,683

 
$
1,330,018



57

Adjusted EBITDA

We consider Adjusted EBITDA an important supplemental measure because it provides another manner in which to evaluate our operating performance and serves as another indicator of our credit strength and our ability to service our debt obligations. We define Adjusted EBITDA as consolidated earnings, which includes amounts in discontinued operations, before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense), excluding gains or losses on extinguishment of debt, our consolidated joint venture partners’ share of EBITDA, merger-related expenses and deal costs, expenses related to the re-audit and re-review in 2014 of our historical financial statements, net gains or losses on real estate activity, gains or losses on re-measurement of equity interest upon acquisition, changes in the fair value of financial instruments, unrealized foreign currency gains or losses, net expenses or recoveries related to natural disasters and non-cash charges related to lease terminations, and including our share of EBITDA from unconsolidated entities and adjustments for other immaterial or identified items. The following table sets forth a reconciliation of net income attributable to common stockholders to Adjusted EBITDA for the years ended December 31, 2018, 2017 and 2016:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Net income attributable to common stockholders
$
409,467

 
$
1,356,470

 
$
649,231

Adjustments:
 
 
 
 
 
Interest
442,497

 
448,196

 
419,740

Loss on extinguishment of debt, net
58,254

 
754

 
2,779

Taxes (including amounts in general, administrative and professional fees)
(37,230
)
 
(57,307
)
 
(29,129
)
Depreciation and amortization
919,639

 
887,948

 
898,924

Non-cash stock-based compensation expense
29,963

 
26,543

 
20,958

Merger-related expenses, deal costs and re-audit costs
33,608

 
12,653

 
25,141

Net income attributable to noncontrolling interests, net of consolidated joint venture partners’ share of EBITDA
(10,420
)
 
(12,975
)
 
(12,654
)
Loss (income) from unconsolidated entities, net of Ventas share of EBITDA from unconsolidated entities
86,278

 
32,219

 
25,246

Gain on real estate dispositions
(46,247
)
 
(717,273
)
 
(98,202
)
Unrealized foreign currency losses (gains)
138

 
(612
)
 
(1,440
)
Changes in fair value of financial instruments
(54
)
 
(61
)
 
51

Gain on re-measurement of equity interest upon acquisition, net
—

 
(3,027
)
 
—

Non-cash charges related to lease terminations
21,299

 
—

 
—

Natural disaster expenses (recoveries), net
54,684

 
11,601

 
—

Adjusted EBITDA
$
1,961,876

 
$
1,985,129

 
$
1,900,645



58

NOI

We also consider NOI an important supplemental measure because it allows investors, analysts and our management to assess our unlevered property-level operating results and to compare our operating results with those of other real estate companies and between periods on a consistent basis. We define NOI as total revenues, less interest and other income, property-level operating expenses and office building services costs. Cash receipts may differ due to straight-line recognition of certain rental income and the application of other GAAP policies. The following table sets forth a reconciliation of net income attributable to common stockholders to NOI for the years ended December 31, 2018, 2017 and 2016:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Net income attributable to common stockholders
$
409,467

 
$
1,356,470

 
$
649,231

Adjustments:
 
 
 
 
 
Interest and other income
(24,892
)
 
(6,034
)
 
(876
)
Interest
442,497

 
448,196

 
419,740

Depreciation and amortization
919,639

 
887,948

 
898,924

General, administrative and professional fees
151,982

 
135,490

 
126,875

Loss on extinguishment of debt, net
58,254

 
754

 
2,779

Merger-related expenses and deal costs
30,557

 
10,645

 
25,556

Other
66,768

 
20,052

 
9,988

Net income attributable to noncontrolling interests
6,514

 
4,642

 
2,259

Loss (income) from unconsolidated entities
55,034

 
561

 
(4,358
)
Income tax benefit
(39,953
)
 
(59,799
)
 
(31,343
)
Gain on real estate dispositions
(46,247
)
 
(717,273
)
 
(98,202
)
NOI
$
2,029,620

 
$
2,081,652

 
$
2,000,573


Asset/Liability Management

Asset/liability management, a key element of enterprise risk management, is designed to support the achievement of our business strategy, while ensuring that we maintain appropriate and tolerable levels of market risk (primarily interest rate risk and foreign currency exchange risk) and credit risk. Effective management of these risks is a contributing factor to the absolute levels and variability of our FFO and net worth. The following discussion addresses our integrated management of assets and liabilities, including the use of derivative financial instruments.

Market Risk

We are exposed to market risk related to changes in interest rates with respect to borrowings under our unsecured revolving credit facility and our unsecured term loans, certain of our mortgage loans that are floating rate obligations, mortgage loans receivable that bear interest at floating rates and marketable debt securities. These market risks result primarily from changes in LIBOR rates or prime rates. To manage these risks, we continuously monitor our level of floating rate debt with respect to total debt and other factors, including our assessment of current and future economic conditions.

59

The table below sets forth certain information with respect to our debt, excluding premiums and discounts.
 
As of December 31,
 
2018
 
2017
 
2016
 
(Dollars in thousands)
Balance:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
$
7,945,598

 
$
8,218,369

 
$
7,854,264

Unsecured term loans
400,000

 
200,000

 
200,000

Mortgage loans and other(1)
698,136

 
1,010,517

 
1,426,837

Variable rate:
 
 
 
 
 
Senior notes
—

 
400,000

 
—

Unsecured revolving credit facility
765,919

 
535,832

 
146,538

Unsecured term loans
500,000

 
700,000

 
1,271,215

Secured revolving construction credit facility
90,488

 
2,868

 
—

Mortgage loans and other(1)
429,561

 
298,047

 
292,060

Total
$
10,829,702

 
$
11,365,633

 
$
11,190,914

Percent of total debt:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
73.4
%
 
72.3
%
 
70.2
%
Unsecured term loans
3.7

 
1.8

 
1.8

Mortgage loans and other(1)
6.4

 
8.9

 
12.7

Variable rate:
 
 
 
 
 
Senior notes
—

 
3.5

 
—

Unsecured revolving credit facility
7.1

 
4.7

 
1.3

Unsecured term loans
4.6

 
6.2

 
11.4

Secured revolving construction credit facility
0.8

 
0.0

 
—

Mortgage loans and other(1)
4.0

 
2.6

 
2.6

Total
100.0
%
 
100.0
%
 
100.0
%
Weighted average interest rate at end of period:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
3.8
%
 
3.7
%
 
3.6
%
Unsecured term loans
2.8

 
2.1

 
2.2

Mortgage loans and other(1)
4.4

 
5.2

 
5.6

Variable rate:
 
 
 
 
 
Senior notes
—

 
2.3

 
—

Unsecured revolving credit facility
3.2

 
2.3

 
1.9

Unsecured term loans
3.3

 
2.3

 
1.7

Secured revolving construction credit facility
4.1

 
3.1

 
—

Mortgage loans and other(1)
3.4

 
2.9

 
2.1

Total
3.7

 
3.6

 
3.6


(1) 
Excludes mortgage debt of $57.4 million related to real estate assets classified as held for sale as of December 31, 2017. All amounts were included in liabilities related to assets held for sale on our Consolidated Balance Sheets.

The variable rate debt in the table above reflects, in part, the effect of $148.8 million notional amount of interest rate swaps with maturities ranging from March 2022 to May 2022 that effectively convert fixed rate debt to variable rate debt. In addition, the fixed rate debt in the table above reflects, in part, the effect of $516.2 million notional amount of interest rate swaps with maturities ranging from April 2019 to September 2027, in each case that effectively convert variable rate debt to

60

fixed rate debt. See “NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.     

The decrease in our outstanding variable rate debt at December 31, 2018 compared to December 31, 2017 is primarily attributable to 2018 interest rate swap activity partially offset by increased mortgage and unsecured revolving credit facility borrowings.

Assuming a 100 basis point increase in the weighted average interest rate related to our variable rate debt and assuming no change in our variable rate debt outstanding as of December 31, 2018, interest expense for 2019 would increase by approximately $16.2 million, or $0.04 per diluted common share.

As of December 31, 2018 and 2017, our joint venture partners’ aggregate share of total debt was $100.9 million and $76.7 million, respectively, with respect to certain properties we owned through consolidated joint ventures. Total debt does not include our portion of debt related to investments in unconsolidated entities, which was $40.8 million and $90.3 million as of December 31, 2018 and 2017, respectively.

The fair value of our fixed and variable rate debt is based on current interest rates at which we could obtain similar borrowings. For fixed rate debt, interest rate fluctuations generally affect the fair value, but not our earnings or cash flows. Therefore, interest rate risk does not have a significant impact on our fixed rate debt obligations until their maturity or earlier prepayment and refinancing. If interest rates have risen at the time we seek to refinance our fixed rate debt, whether at maturity or otherwise, our future earnings and cash flows could be adversely affected by additional borrowing costs. Conversely, lower interest rates at the time of refinancing may reduce our overall borrowing costs.

To highlight the sensitivity of our fixed rate debt to changes in interest rates, the following summary shows the effects of a hypothetical instantaneous change of 100 basis points in interest rates as of December 31, 2018 and 2017:
 
As of December 31,
 
2018
 
2017
 
(In thousands)
Gross book value
$
9,043,734

 
$
9,428,886

Fair value(1)
8,926,280

 
9,640,893

Fair value reflecting change in interest rates(1):
 
 
 
-100 basis points
9,574,799

 
10,148,313

+100 basis points
8,568,149

 
9,184,409


(1) 
The change in fair value of our fixed rate debt from December 31, 2017 to December 31, 2018 was due primarily to 2018 senior note and mortgage repayments, partially offset by a 2018 interest rate swap that effectively converts LIBOR-based floating rate debt to fixed rate debt.

As of December 31, 2018 and 2017, the fair value of our secured and non-mortgage loans receivable, based on our estimates of currently prevailing rates for comparable loans, was $479.4 million and $1.3 billion, respectively. See “NOTE 6—LOANS RECEIVABLE AND INVESTMENTS” and “NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

As a result of our Canadian and United Kingdom operations, we are subject to fluctuations in certain foreign currency exchange rates that may, from time to time, affect our financial condition and operating performance. Based solely on our results for the year ended December 31, 2018 (including the impact of existing hedging arrangements), if the value of the U.S. dollar relative to the British pound and Canadian dollar were to increase or decrease by one standard deviation compared to the average exchange rate during the year, our normalized FFO per share for the year ended December 31, 2018 would decrease or increase, as applicable, by less than $0.01 per share or 0.1%. We will continue to mitigate these risks through a layered approach to hedging looking out for the next year and continual assessment of our foreign operational capital structure. Nevertheless, we cannot assure you that any such fluctuations will not have an effect on our earnings.    


61

Concentration and Credit Risk

We use concentration ratios to identify, understand and evaluate the potential impact of economic downturns and other adverse events that may affect our asset types, geographic locations, business models, and tenants, operators and managers. We evaluate concentration risk in terms of investment mix and operations mix. Investment mix measures the percentage of our investments that is concentrated in a specific asset type or that is operated or managed by a particular tenant, operator or manager. Operations mix measures the percentage of our operating results that is attributed to a particular tenant, operator or manager, geographic location or business model. The following tables reflect our concentration risk as of the dates and for the periods presented:
 
As of
December 31,
 
2018
 
2017
Investment mix by asset type(1):
 
 
 
Seniors housing communities
61.6
%
 
60.3
%
MOBs
20.4

 
19.8

Research and innovation centers
8.1

 
7.3

Health systems
5.6

 
5.3

IRFs and LTACs
1.7

 
1.7

SNFs
0.8

 
0.7

Secured loans receivable and investments, net
1.8

 
4.9

Investment mix by tenant, operator and manager(1):
 
 
 
Atria
22.1
%
 
22.3
%
Sunrise
11.0

 
10.8

Brookdale Senior Living
8.4

 
7.5

Ardent
5.2

 
4.9

ESL
3.9

 
—

Kindred
1.1

 
1.1

All other
48.3

 
53.4


(1) 
Ratios are based on the gross book value of consolidated real estate investments (excluding properties classified as held for sale) as of each reporting date.

62

 
For the Year Ended
December 31,
 
2018
 
2017
 
2016
Operations mix by tenant and operator and business model:
 
 
 
 
 
Revenues(1):
 
 
 
 
 
Senior living operations
55.3
%
 
51.6
%
 
53.6
%
Brookdale Senior Living(2)
4.3

 
4.7

 
4.8

Ardent
3.1

 
3.1

 
3.1

Kindred
3.5

 
4.7

 
5.4

All others
33.8

 
35.9

 
33.1

Adjusted EBITDA(3):
 
 
 
 
 
Senior living operations
31.3
%
 
28.7
%
 
30.9
%
Brookdale Senior Living(2)
6.7

 
7.6

 
7.9

Ardent
5.1

 
5.1

 
5.1

Kindred
5.6

 
7.7

 
8.9

All others
51.3

 
50.9

 
47.2

NOI(4):
 
 
 
 
 
Senior living operations
30.7
%
 
28.5
%
 
30.2
%
Brookdale Senior Living(2)
7.6

 
8.0

 
8.3

Ardent
5.7

 
5.3

 
5.3

Kindred
6.4

 
8.1

 
9.2

All others
49.6

 
50.1

 
47.0

Operations mix by geographic location(5):
 
 
 
 
 
California
15.7
%
 
15.3
%
 
15.3
%
New York
8.4

 
8.6

 
8.8

Texas
6.2

 
5.8

 
6.3

Pennsylvania
4.6

 
4.2

 
3.7

Florida
4.4

 
4.4

 
4.5

All others
60.7

 
61.7

 
61.4


(1) 
Total revenues include medical office building and other services revenue, revenue from loans and investments and interest and other income (excluding amounts in discontinued operations and including amounts related to assets classified as held for sale).
(2) 
Excludes two seniors housing communities included in the senior living operations reportable business segment.
(3) 
Includes amounts in discontinued operations.
(4) 
Excludes amounts in discontinued operations.
(5) 
Ratios are based on total revenues (excluding amounts in discontinued operations and including amounts related to assets classified as held for sale) for each period presented.

See “Non-GAAP Financial Measures” included elsewhere in this Annual Report on Form 10-K for additional disclosure and reconciliations of net income attributable to common stockholders, as computed in accordance with GAAP, to Adjusted EBITDA and NOI, respectively.

We derive a significant portion of our revenues by leasing assets under long-term triple-net leases in which the rental rate is generally fixed with annual escalators, subject to certain limitations. Some of our triple-net lease escalators are contingent upon the satisfaction of specified facility revenue parameters or based on increases in the Consumer Price Index (“CPI”), with caps, floors or collars. We also earn revenues directly from individual residents in our seniors housing communities that are managed by independent operators, such as Atria, Sunrise and ESL, and tenants in our office buildings. For the year ended December 31, 2018, 56.4% of our Adjusted EBITDA (including amounts in discontinued operations) was derived from our senior living operations and office operations, for which rental rates may fluctuate more frequently upon lease rollovers and renewals due to shorter term leases and changing economic or market conditions.


63

The concentration of our triple-net leased properties segment revenues and operating income that are attributed to Brookdale Senior Living, Ardent and Kindred creates credit risk. If any of Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. See “Risk Factors—Risks Arising from Our Business—Our leases and other agreements with Brookdale Senior Living, Ardent and Kindred account for a significant portion of our revenues and operating income; any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to satisfy its obligations under our agreements could have a Material Adverse Effect on us” included in Part I, Item 1A of this Annual Report on Form 10-K and “NOTE 3—CONCENTRATION OF CREDIT RISK” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

We regularly monitor and assess any changes in the relative credit risk of our significant tenants, and in particular those tenants that have recourse obligations under our triple-net leases. The ratios and metrics we use to evaluate a significant tenant’s liquidity and creditworthiness depend on facts and circumstances specific to that tenant and the industry or industries in which it operates, including without limitation the tenant’s credit history and economic conditions related to the tenant, its operations and the markets in which the tenant operates, that may vary over time. Among other things, we may (i) review and analyze information regarding the real estate, seniors housing and healthcare industries generally, publicly available information regarding the significant tenant, and information required to be provided by the tenant under the terms of its lease agreements with us, (ii) examine monthly and/or quarterly financial statements of the significant tenant to the extent publicly available or otherwise provided under the terms of our lease agreements, and (iii) participate in periodic discussions and in-person meetings with representatives of the significant tenant.  Using this information, we calculate multiple financial ratios (which may, but do not necessarily, include net debt to EBITDAR or EBITDARM, fixed charge coverage and tangible net worth), after making certain adjustments based on our judgment, and assess other metrics we deem relevant to an understanding of the significant tenant’s credit risk.

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. However, 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 Atria, Sunrise and ESL to set appropriate resident fees, to provide accurate property-level financials results for our properties in a timely manner 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. See “Risk Factors—Risks Arising from Our Business—The properties managed by Atria, Sunrise and ESL account for a significant portion of our revenues and operating income; adverse developments in Atria’s, Sunrise’s or ESL’s business and affairs or financial condition could have a Material Adverse Effect on us” and “—We have rights to terminate our management agreements with Atria, Sunrise and ESL in whole or with respect to specific properties under certain circumstances, and we may be unable to replace Atria, Sunrise or ESL if our management agreements are terminated or not renewed” included in Part I, Item 1A of this Annual Report on Form 10-K.

Our 34% ownership interests in Atria and ESL entitle us to certain rights and protections, as well as the right to appoint two of six members on each’s Board of Directors.     

Triple-Net Lease Expirations

If our tenants are not able or willing to renew our triple-net leases upon expiration, we may be unable to reposition the applicable properties on a timely basis or on the same or better economic terms, if at all. Although our lease expirations are staggered, the non-renewal of some or all of our triple-net leases that expire in any given year could have a Material Adverse Effect on us. During the year ended December 31, 2018, we had no triple-net lease renewals or expirations without renewal that, in the aggregate, had a material impact on our financial condition or results of operations for that period. See “Risk Factors—Risks Arising from Our Business—If we must replace any of our tenants or operators, we might be unable to reposition the properties on as favorable terms, or at all, and we could be subject to delays, limitations and expenses, which could have a Material Adverse Effect on us” included in Part I, Item IA of this Annual Report on Form 10-K.


64

The following table summarizes our triple-net lease expirations currently scheduled to occur over the next 10 years (excluding leases related to assets classified as held for sale as of December 31, 2018):
 
Number of
Properties
 
2018 Annual Rental Income
 
% of 2018 Total Triple-Net Leased Properties Segment Rental Income
 
(Dollars in thousands)
2019
—

 
$
—

 
—
%
2020
1

 
4,317

 
0.6

2021
36

 
40,268

 
5.5

2022
9

 
9,435

 
1.3

2023
13

 
33,098

 
4.5

2024
32

 
21,982

 
3.0

2025
187

 
307,019

 
41.6

2026
34

 
40,716

 
5.5

2027
7

 
8,786

 
1.2

2028
62

 
99,654

 
13.5


Liquidity and Capital Resources

As of December 31, 2018, we had a total of $72.3 million of unrestricted cash and cash equivalents, operating cash and cash related to our senior living operations and office operations reportable business segments that is deposited and held in property-level accounts. Funds maintained in the property-level accounts are used primarily for the payment of property-level expenses, debt service payments and certain capital expenditures. As of December 31, 2018, we also had escrow deposits and restricted cash of $59.2 million, $2.2 billion of unused borrowing capacity available under our unsecured revolving credit facility and $309.5 million of unused borrowing capacity available under our secured revolving credit facility.

During 2018, our principal sources of liquidity were cash flows from operations, proceeds from the issuance of debt securities, proceeds from loans receivable repayments, borrowings under our unsecured revolving credit facility, proceeds from asset sales and cash on hand.

For the next 12 months, our principal liquidity needs are to: (i) fund operating expenses; (ii) meet our debt service requirements; (iii) repay maturing mortgage and other debt, including $293.3 million of senior notes; (iv) fund capital expenditures; (v) fund acquisitions, investments and commitments, including development and redevelopment activities; and (vi) make distributions to our stockholders and unitholders, as required for us to continue to qualify as a REIT. In addition, we may elect to prepay outstanding indebtedness prior to maturity based on our analysis of various factors. We expect that these liquidity needs generally will be satisfied by a combination of the following: cash flows from operations, cash on hand, debt assumptions and financings (including secured financings), issuances of debt and equity securities, dispositions of assets (in whole or in part through joint venture arrangements with third parties) and borrowings under our revolving credit facilities. However, an inability to access liquidity through multiple capital sources concurrently could have a Material Adverse Effect on us. See “Risk Factors—Risks Arising from Our Capital Structure—Limitations on our ability to access capital could have an adverse effect on our ability to make required payments on our debt obligations, make distributions to our stockholders or make future investments necessary to implement our business strategy” included in Part I, Item 1A of this Annual Report on Form 10-K.

Credit Facilities and Unsecured Term Loans

    Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of December 31, 2018. The unsecured revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

As of December 31, 2018, we had $765.9 million of borrowings outstanding, $23.1 million of letters of credit outstanding and $2.2 billion of unused borrowing capacity available under our unsecured revolving credit facility.


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In July 2018, we entered into a new $900.0 million unsecured term loan facility priced at LIBOR plus 0.90%. The new term loan facility is comprised of a $300.0 million term loan that matures in 2023 and a $600.0 million term loan that matures in 2024.  The new term loan facility also includes an accordion feature that permits us to increase our aggregate borrowings thereunder to up to $1.5 billion. This unsecured term loan facility replaced and repaid in full our $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975%.    
    
As of December 31, 2018, we also had a $400.0 million secured revolving construction credit facility with $90.5 million of borrowings outstanding and $309.5 million of unused borrowing capacity. The secured revolving construction credit facility matures in 2022 and is primarily used to finance research and innovation center and other construction projects.
    
The agreements governing our credit facilities require us to comply with various financial and other restrictive covenants. See “NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K. We were in compliance with all of these covenants at December 31, 2018.

Commercial Paper Program

In January 2019, Ventas Realty established an unsecured commercial paper note program initially rated A2/P2/F2. 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 billion. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes will be fully and unconditionally guaranteed by Ventas.

Senior Notes

As of December 31, 2018, we had $7.0 billion aggregate principal amount of senior notes issued by our subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), and guaranteed by Ventas, Inc. outstanding as follows:

•
$500.0 million principal amount of 2.70% senior notes due 2020 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);

•
$600.0 million principal amount of 4.25% senior notes due 2022 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);

•
$500.0 million principal amount of 3.25% senior notes due 2022 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);

•$400.0 million principal amount of 3.125% senior notes due 2023;

•$400.0 million principal amount of 3.10% senior notes due 2023;

•
$400.0 million principal amount of 3.75% senior notes due 2024;

•
$600.0 million principal amount of 3.50% senior notes due 2025;

•
$500.0 million principal amount of 4.125% senior notes due 2026;

•
$450.0 million principal amount of 3.25% senior notes due 2026;

•
$400.0 million principal amount of 3.85% senior notes due 2027;

•
$650.0 million principal amount of 4.00% senior notes due 2028;

•
$750.0 million principal amount of 4.40% senior notes due 2029;

•
$258.8 million principal amount of 5.45% senior notes due 2043 (co-issued with Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation);

•
$300.0 million principal amount of 5.70% senior notes due 2043; and

66

•
$300.0 million principal amount of 4.375% senior notes due 2045.

As of December 31, 2018, we had $75.2 million aggregate principal amount of senior notes of our subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, outstanding as follows:

•
$52.4 million principal amount of 6.90% senior notes due 2037 (subject to earlier repayment at the option of the holder); and
•
$22.8 million principal amount of 6.59% senior notes due 2038 (subject to earlier repayment at the option of the holder).

In addition, as of December 31, 2018, we had $861.6 million aggregate principal amount of senior notes of our wholly owned subsidiary, Ventas Canada Finance Limited, and guaranteed by Ventas, Inc. outstanding as follows:

•
$293.3 million (C$400.0 million) principal amount of 3.00% senior notes, series A due 2019;

•
$183.3 million (C$250.0 million) principal amount of 3.30% senior notes, Series C due 2022;

•
$201.7 million (C$275.0 million) principal amount of 2.55% senior notes, series D due 2023; and

•
$183.3 million (C$250.0 million) principal amount of 4.125% senior notes, series B due 2024.

In March 2017, Ventas Realty issued and sold $400.0 million aggregate principal amount of 3.10% senior notes due 2023 at a public offering price equal to 99.28% of par, for total proceeds of $397.1 million before the underwriting discount and expenses, and $400.0 million aggregate principal amount of 3.85% senior notes due 2027 at a public offering price equal to 99.20% of par, for total proceeds of $396.8 million before the underwriting discount and expenses.

In April 2017, we repaid in full, at par, $300.0 million aggregate principal amount then outstanding of our 1.25% senior notes due 2017 upon maturity.

In June 2017, Ventas Canada Finance Limited issued and sold C$275.0 million aggregate principal amount of 2.55% senior notes, Series D due 2023 at a price equal to 99.95% of par, for total proceeds of C$274.9 million before the agent fees and expenses. The notes were offered on a private placement basis in Canada. We used part of the proceeds to repay C$124.4 million on our unsecured term loan due 2019.

In February 2018, we repaid in full, at par, $700.0 million aggregate principal amount then outstanding of our 2.00% senior notes due February 2018 upon maturity.

In February 2018, Ventas Realty issued and sold $650.0 million aggregate principal amount of 4.00% senior notes due 2028 at a public offering price equal to 99.23% of par, for total proceeds of $645.0 million before the underwriting discount and expenses.

In February 2018, we redeemed $502.1 million aggregate principal amount then outstanding of our 4.00% senior notes due April 2019 at a public offering price of 101.83% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $11.0 million. The redemption was funded using cash on hand and borrowings under our unsecured revolving credit facility. In April 2018, we repaid the remaining balance then outstanding of our 4.00% senior notes due April 2019 of $97.9 million and recognized a loss on extinguishment of debt of $1.8 million.

In August 2018, Ventas Realty issued and sold $750.0 million aggregate principal amount of 4.40% senior notes due 2029 at a public offering price equal to 99.95% of par, for total proceeds of $749.7 million before the underwriting discount and expenses.

In August 2018, we redeemed $549.5 million aggregate principal amount then outstanding of our 4.75% senior notes due 2021 at a public offering price of 104.56% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $28.3 million. The redemption was funded using proceeds from our August 2018 senior note issuance, cash on hand and borrowings under our unsecured revolving credit facility. In September 2018, we repaid the remaining balance then outstanding of our 4.75% senior notes due 2021 of $150.5 million and recognized a loss on extinguishment of debt of $7.6 million.


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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.

We may, from time to time, seek to retire or purchase our outstanding senior notes for cash or in exchange for equity securities in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, prospects for future access to capital and other factors. The amounts involved may be material.

The indentures governing our outstanding senior notes require us to comply with various financial and other restrictive covenants. See “NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K. We were in compliance with all of these covenants at December 31, 2018.

Mortgage Loan Obligations

At December 31, 2018 and 2017, our consolidated aggregate principal amount of mortgage debt outstanding was $1.1 billion and $1.3 billion, of which our share was $1.0 billion and $1.2 billion, respectively.

For the years ended December 31, 2018, 2017 and 2016, we repaid in full mortgage loans in the aggregate principal amounts of $485.7 million, $411.4 million and $337.8 million, respectively.

Under certain circumstances, contractual and legal restrictions, including those contained in the instruments governing our subsidiaries’ outstanding mortgage indebtedness, may restrict our ability to obtain cash from our subsidiaries for the purpose of meeting our debt service obligations, including our payment guarantees with respect to Ventas Realty’s and Ventas Canada Finance Limited’s senior notes.

See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY” and “NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

Derivatives and Hedging

In January and February 2017, we entered into a total of $275 million of notional forward starting swaps with an effective date of April 3, 2017 that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.33%. In March 2017, these swaps were terminated in conjunction with the issuance of the 3.85% senior notes due 2027, which resulted in a $0.8 million gain that is being recognized over the life of the notes using the effective interest method.

In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023, effectively converting fixed rate debt to three month LIBOR-based floating rate debt.  As a result, we would pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98%. In August 2018, $200 million notional amount of these swaps were terminated, which resulted in a $6.6 million loss that is being recognized over the life of the notes using the effective interest method. In December 2018, the remaining $200 million notional amount of these swaps were terminated, which resulted in a $5.1 million loss that is being recognized over the life of the notes using the effective interest method.

During June and December 2017, we entered into a total of $200 million notional forward starting swaps that reduced our exposure to fluctuations in interest rates prior to the February 2018 issuance of 4.00% senior notes due 2028. On the issuance date, we realized a gain of $10.0 million from these swaps that is being recognized over the life of the notes using the effective interest method.

In August 2018, we entered into interest rate swaps totaling a notional amount of $200 million with a maturity of January 31, 2023 that effectively converts LIBOR-based floating rate debt to fixed rate debt.
    

68

During the twelve months ended December 31, 2018, we entered into $300 million notional value forward starting swaps that reduced our exposure to fluctuations in interest rates prior to our August 2018 issuance of 4.40% senior notes due 2029, which resulted in a $4.4 million gain that is being recognized over the life of the notes using the effective interest method.

Dividends

In order to continue to qualify as a REIT, we must make annual distributions to our stockholders of at least 90% of our REIT taxable income (excluding net capital gain). In addition, we will be subject to income tax at the regular corporate rate to the extent we distribute less than 100% of our REIT taxable income, including any net capital gains. We intend to pay dividends greater than 100% of our taxable income, after the use of any net operating loss carryforwards, for 2019.

We expect that our cash flows will exceed our REIT taxable income due to depreciation and other non-cash deductions in computing REIT taxable income and that we will be able to satisfy the 90% distribution requirement. However, from time to time, we may not have sufficient cash on hand or other liquid assets to meet this requirement or we may decide to retain cash or distribute such greater amount as may be necessary to avoid income and excise taxation. If we do not have sufficient cash on hand or other liquid assets to enable us to satisfy the 90% distribution requirement, or if we desire to retain cash, we may borrow funds, issue additional equity securities, pay taxable stock dividends, if possible, distribute other property or securities or engage in a transaction intended to enable us to meet the REIT distribution requirements or any combination of the foregoing.

Capital Expenditures

The terms of our triple-net leases generally obligate our tenants to pay all capital expenditures necessary to maintain and improve our triple-net leased properties. However, from time to time, we may fund the capital expenditures for our triple-net leased properties through loans or advances to the tenants, which may increase the amount of rent payable with respect to the properties in certain cases. We may also fund capital expenditures for which we may become responsible upon expiration of our triple-net leases or in the event that our tenants are unable or unwilling to meet their obligations under those leases. We also expect to fund capital expenditures related to our senior living operations and office operations reportable business segments with the cash flows from the properties or through additional borrowings. We expect that these liquidity needs generally will be satisfied by a combination of the following: cash flows from operations, cash on hand, debt assumptions and financings (including secured financings), issuances of debt and equity securities, dispositions of assets (in whole or in part through joint venture arrangements with third parties) and borrowings under our revolving credit facilities.

To the extent that unanticipated capital expenditure needs arise or significant borrowings are required, our liquidity may be affected adversely. Our ability to borrow additional funds may be restricted in certain circumstances by the terms of the instruments governing our outstanding indebtedness.

We are party to certain agreements that obligate us to develop seniors housing or healthcare properties funded through capital that we and, in certain circumstances, our joint venture partners provide. As of December 31, 2018, we had 19 properties under development pursuant to these agreements, including five properties that are owned by unconsolidated real estate entities. In addition, from time to time, we engage in redevelopment projects with respect to our existing seniors housing communities to maximize the value, increase NOI, maintain a market-competitive position, achieve property stabilization or change the primary use of the property.

Equity Offerings and Related Events

We may sell our common stock from time to time under an “at-the-market” equity offering program (“ATM program”). In August 2018, we replaced our expired ATM program with an identical program, under which we may sell up to an aggregate of $1.0 billion of our common stock.

For the year ended December 31, 2018, we issued and sold no shares of common stock under our ATM program. Therefore, as of December 31, 2018, $1.0 billion of our common stock remained available for sale under our ATM program.
  
Other

We received proceeds of $8.8 million and $16.3 million for the years ended December 31, 2018 and 2017, respectively, from the exercises of outstanding stock options. Future proceeds from the exercises of stock options will be affected primarily by the future trading price of our common stock and the number of options outstanding. The number of

69

options outstanding decreased to 4.8 million as of December 31, 2018, from 5.0 million as of December 31, 2017. The weighted average exercise price was $59.20 as of December 31, 2018.

Cash Flows

The following table sets forth our sources and uses of cash flows for the years ended December 31, 2018 and 2017:
 
For the Years Ended
December 31,
 
(Decrease) Increase
to Cash
 
2018
 
2017
 
$
 
%
 
(Dollars in thousands)
Cash, cash equivalents and restricted cash at beginning of period
$
188,253

 
$
367,354

 
$
(179,101
)
 
(48.8
)%
Net cash provided by operating activities
1,381,467

 
1,428,752

 
(47,285
)
 
(3.3
)
Net cash provided by (used in) investing activities
324,496

 
(937,107
)
 
1,261,603

 
nm

Net cash used in financing activities
(1,761,937
)
 
(671,327
)
 
(1,090,610
)
 
nm

Effect of foreign currency translation
(815
)
 
581

 
(1,396
)
 
nm

Cash, cash equivalents and restricted cash at end of period
$
131,464

 
$
188,253

 
(56,789
)
 
(30.2)

nm—not meaningful

Cash Flows from Operating Activities

Cash flows from operating activities decreased $47.3 million during the year ended December 31, 2018 over the same period in 2017 due primarily to increased merger-related expenses and deal costs and the cumulative impact of asset dispositions and resulting lower property income.

Cash Flows from Investing Activities

Cash used in investing activities decreased $1.3 billion during 2018 over 2017 primarily due to the second quarter 2018 full repayment of the $700.0 million term loan that we made to Ardent in March 2017 and decreased investment in real estate property and investments during 2018, partially offset by decreased proceeds from real estate disposals principally due to the 2017 sale of 36 SNFs owned by us and operated by Kindred and our $200 million investment in senior unsecured notes issued by a subsidiary of Ardent.

Cash Flows from Financing Activities

Cash used in financing activities increased $1.1 billion during 2018 over 2017 primarily due to higher debt repayments using proceeds from 2018 asset sales and loans receivable repayments, and increased 2018 cash distributions to common stockholders.

Contractual Obligations

The following table summarizes the effect that minimum debt (which includes principal and interest payments) and other material noncancelable commitments are expected to have on our cash flow in future periods as of December 31, 2018:
 
Total
 
Less than 1 year(3)
 
1 - 3 years(4)
 
3 - 5 years(5)
 
More than 5
years(6)
 
(In thousands)
Long-term debt obligations (1) (2)
$
14,166,585

 
$
807,856

 
$
2,195,947

 
$
3,651,262

 
$
7,511,520

Operating obligations, including ground lease obligations
724,955

 
24,941

 
47,922

 
37,118

 
614,974

Total
$
14,891,540

 
$
832,797

 
$
2,243,869

 
$
3,688,380

 
$
8,126,494


(1) 
Amounts represent contractual amounts due, including interest.
(2) 
Interest on variable rate debt based on rates as of December 31, 2018.
(3) 
Includes $293.3 million outstanding principal amount of our 3.00% senior notes, series A due 2019

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(4) 
Includes $500.0 million outstanding principal amount of our 2.700% senior notes due 2020 and $765.9 million of borrowings outstanding on our unsecured revolving credit facility.
(5) 
Includes $90.5 million of borrowings outstanding on our secured revolving construction credit facility, $600.0 million outstanding principal amount of our 4.25% senior notes due 2022, $500.0 million outstanding principal amount of our 3.25% senior notes due 2022, $183.3 million outstanding principal amount of our 3.30% senior notes, Series C due 2022, $300.0 million of borrowings outstanding on our unsecured term loan due 2023, $400.0 million outstanding principal amount of our 3.125% senior notes due 2023, $400.0 million outstanding principal amount of our 3.10% senior notes due 2023 and $201.7 million outstanding principal amount of our 2.55% senior notes, Series D due 2023.
(6) 
Includes $600.0 million of borrowings outstanding on our unsecured term loan due 2024, $4.8 billion aggregate principal amount outstanding of our senior notes maturing between 2024 and 2045. $52.4 million aggregate principal amount outstanding of our 6.90% senior notes due 2037 are subject to repurchase, at the option of the holders, on October 1, 2027, and $22.8 million aggregate principal amount outstanding of our 6.59% senior notes due 2038 are subject to repurchase, at the option of the holders, on July 7 in 2023 and 2028.

As of December 31, 2018, we had $12.3 million of unrecognized tax benefits that are excluded from the table above, as we are unable to make a reasonable reliable estimate of the period of cash settlement, if any, with the respective tax authority.

ITEM 7A.    Quantitative and Qualitative Disclosures About Market Risk
The information set forth in Part II, Item 7 of this Annual Report on Form 10-K under “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Asset/Liability Management” is incorporated by reference into this Item 7A.


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ITEM 8.    Financial Statements and Supplementary Data
Ventas, Inc.
Index to Consolidated Financial Statements and Financial Statement Schedules


Management Report on Internal Control over Financial Reporting
73
Report of Independent Registered Public Accounting Firm
74
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting
75
Consolidated Balance Sheets as of December 31, 2018 and 2017
77
Consolidated Statements of Income for the Years Ended December 31, 2018, 2017 and 2016
78
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017 and 2016
79
Consolidated Statements of Equity for the Years Ended December 31, 2018, 2017 and 2016
80
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016
81
Notes to Consolidated Financial Statements
83
Consolidated Financial Statement Schedules
 
Schedule II — Valuation and Qualifying Accounts
132
Schedule III — Real Estate and Accumulated Depreciation
133
Schedule IV — Mortgage Loans on Real Estate
167


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MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act of 1934, as amended. This system is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with U.S. GAAP. Because of its inherent limitations, internal control over financial reporting is not intended to provide absolute assurance that a misstatement of our financial statements would be prevented or detected.

Management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment, management has concluded that our internal control over financial reporting was effective at the reasonable assurance level as of December 31, 2018.
 
The effectiveness of our internal control over financial reporting as of December 31, 2018 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report included herein.






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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the stockholders and board of directors
Ventas, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Ventas, Inc. and subsidiaries (the “Company”) as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three‑year period ended December 31, 2018, and the related notes and financial statement schedules II, III and IV (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the three‑year period ended December 31, 2018, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 8, 2019 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the Company’s auditor since 2014.

Chicago, Illinois
February 8, 2019



74

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON INTERNAL CONTROL OVER FINANCIAL REPORTING

To the stockholders and board of directors
Ventas, Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Ventas, Inc. and subsidiaries’ (the “Company”) internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of December 31, 2018 and 2017, the related consolidated statements of income, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2018, and the related notes and financial statement schedules II, III, and IV (collectively, the “consolidated financial statements”), and our report dated February 8, 2019 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.


75

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Chicago, Illinois
February 8, 2019






76

VENTAS, INC.
CONSOLIDATED BALANCE SHEETS

 
As of December 31,
 
2018
 
2017
 
(In thousands, except per
share amounts)
Assets
 
 
 
Real estate investments:
 
 
 
Land and improvements
$
2,114,406

 
$
2,151,386

Buildings and improvements
22,437,243

 
22,216,942

Construction in progress
422,334

 
344,151

Acquired lease intangibles
1,502,955

 
1,548,074

 
26,476,938

 
26,260,553

Accumulated depreciation and amortization
(6,383,281
)
 
(5,638,099
)
Net real estate property
20,093,657

 
20,622,454

Secured loans receivable and investments, net
495,869

 
1,346,359

Investments in unconsolidated real estate entities
48,378

 
123,639

Net real estate investments
20,637,904

 
22,092,452

Cash and cash equivalents
72,277

 
81,355

Escrow deposits and restricted cash
59,187

 
106,898

Goodwill
1,050,548

 
1,034,644

Assets held for sale
5,454

 
65,413

Other assets
759,185

 
573,779

Total assets
$
22,584,555

 
$
23,954,541

Liabilities and equity
 
 
 
Liabilities:
 
 
 
Senior notes payable and other debt
$
10,733,699

 
$
11,276,062

Accrued interest
99,667

 
93,958

Accounts payable and other liabilities
1,086,030

 
1,183,489

Liabilities related to assets held for sale
205

 
60,265

Deferred income taxes
205,219

 
250,092

Total liabilities
12,124,820

 
12,863,866

Redeemable OP Unitholder and noncontrolling interests
188,141

 
158,490

Commitments and contingencies

 

Equity:
 
 
 
Ventas stockholders’ equity:
 
 
 
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued
—

 
—

Common stock, $0.25 par value; 600,000 shares authorized, 356,572 and 356,187 shares issued at December 31, 2018 and 2017, respectively
89,125

 
89,029

Capital in excess of par value
13,076,528

 
13,053,057

Accumulated other comprehensive loss
(19,582
)
 
(35,120
)
Retained earnings (deficit)
(2,930,214
)
 
(2,240,698
)
Treasury stock, 0 and 1 shares at December 31, 2018 and 2017, respectively
—

 
(42
)
Total Ventas stockholders’ equity
10,215,857

 
10,866,226

Noncontrolling interests
55,737

 
65,959

Total equity
10,271,594

 
10,932,185

Total liabilities and equity
$
22,584,555

 
$
23,954,541

  See accompanying notes.

77

VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands, except per share
amounts)
Revenues
 
 
 
 
 
Rental income:
 
 
 
 
 
Triple-net leased
$
737,796

 
$
840,131

 
$
845,834

Office
776,011

 
753,467

 
630,342

 
1,513,807

 
1,593,598

 
1,476,176

Resident fees and services
2,069,477

 
1,843,232

 
1,847,306

Office building and other services revenue
13,416

 
13,677

 
21,070

Income from loans and investments
124,218

 
117,608

 
98,094

Interest and other income
24,892

 
6,034

 
876

Total revenues
3,745,810

 
3,574,149

 
3,443,522

Expenses
 
 
 
 
 
Interest
442,497

 
448,196

 
419,740

Depreciation and amortization
919,639

 
887,948

 
898,924

Property-level operating expenses:
 
 
 
 
 
Senior living
1,446,201

 
1,250,065

 
1,242,978

Office
243,679

 
233,007

 
191,784

 
1,689,880

 
1,483,072

 
1,434,762

Office building services costs
1,418

 
3,391

 
7,311

General, administrative and professional fees
151,982

 
135,490

 
126,875

Loss on extinguishment of debt, net
58,254

 
754

 
2,779

Merger-related expenses and deal costs
30,547

 
10,535

 
24,635

Other
66,768

 
20,052

 
9,988

Total expenses
3,360,985

 
2,989,438

 
2,925,014

Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
384,825

 
584,711

 
518,508

(Loss) income from unconsolidated entities
(55,034
)
 
(561
)
 
4,358

Gain on real estate dispositions
46,247

 
717,273

 
98,203

Income tax benefit
39,953

 
59,799

 
31,343

Income from continuing operations
415,991

 
1,361,222

 
652,412

Discontinued operations
(10
)
 
(110
)
 
(922
)
Net income
415,981

 
1,361,112

 
651,490

Net income attributable to noncontrolling interests
6,514

 
4,642

 
2,259

Net income attributable to common stockholders
$
409,467

 
$
1,356,470

 
$
649,231

Earnings per common share
 
 
 
 
 
Basic:
 
 
 
 
 
Income from continuing operations
$
1.17

 
$
3.83

 
$
1.89

Net income attributable to common stockholders
1.15

 
3.82

 
1.88

Diluted:
 
 
 
 
 
Income from continuing operations
$
1.16

 
$
3.80

 
$
1.87

Net income attributable to common stockholders
1.14

 
3.78

 
1.86

Weighted average shares used in computing earnings per common share:
 
 

 
 
Basic
356,265

 
355,326

 
344,703

Diluted
359,301

 
358,566

 
348,390

  See accompanying notes.

78

VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Net income
$
415,981

 
$
1,361,112

 
$
651,490

Other comprehensive income (loss):
 
 
 
 
 
Foreign currency translation
(9,436
)
 
20,612

 
(52,266
)
Unrealized gain (loss) on marketable debt securities
14,944

 
(437
)
 
(310
)
Derivative instruments
10,030

 
2,239

 
2,607

Total other comprehensive income (loss)
15,538

 
22,414

 
(49,969
)
Comprehensive income
431,519

 
1,383,526

 
601,521

Comprehensive income attributable to noncontrolling interests
6,514

—

4,642

—

2,259

Comprehensive income attributable to common stockholders
$
425,005

 
$
1,378,884

 
$
599,262

See accompanying notes.

79

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2018, 2017 and 2016
 
Common
Stock Par
Value
 
Capital in
Excess of
Par Value
 
Accumulated Other Comprehensive Loss
 
Retained
Earnings
(Deficit)
 
Treasury
Stock
 
Total Ventas
Stockholders’
Equity
 
Non- controlling
Interests
 
Total Equity
 
(In thousands, except per share amounts)
Balance at January 1, 2016
$
83,579

 
$
11,602,838

 
$
(7,565
)
 
$
(2,111,958
)
 
$
(2,567
)
 
$
9,564,327

 
$
61,100

 
$
9,625,427

Net income
—

 
—

 
—

 
649,231

 
—

 
649,231

 
2,259

 
651,490

Other comprehensive loss
—

 
—

 
(49,969
)
 
—

 
—

 
(49,969
)
 
—

 
(49,969
)
Impact of CCP Spin-Off
—

 
640

 
—

 
—

 
—

 
640

 
—

 
640

Net change in noncontrolling interests
—

 
(2,179
)
 
—

 
—

 
—

 
(2,179
)
 
19,008

 
16,829

Dividends to common stockholders—$2.965 per share
—

 
—

 
—

 
(1,024,968
)
 
—

 
(1,024,968
)
 
—

 
(1,024,968
)
Issuance of common stock
4,716

 
1,281,947

 
—

 
—

 
17

 
1,286,680

 
—

 
1,286,680

Issuance of common stock for stock plans
99

 
26,594

 
—

 
—

 
2,572

 
29,265

 
—

 
29,265

Change in redeemable noncontrolling interests
—

 
(1,714
)
 
—

 
—

 
—

 
(1,714
)
 
(13,854
)
 
(15,568
)
Adjust redeemable OP Unitholder Interests to current fair value
—

 
(21,085
)
 
—

 
—

 
—

 
(21,085
)
 
—

 
(21,085
)
Redemption of OP and Class C Units
92

 
22,622

 
—

 
—

 
1,098

 
23,812

 
—

 
23,812

Grant of restricted stock, net of forfeitures
28

 
7,339

 
—

 
—

 
(1,167
)
 
6,200

 
—

 
6,200

Balance at December 31, 2016
88,514

 
12,917,002

 
(57,534
)
 
(2,487,695
)
 
(47
)
 
10,460,240

 
68,513

 
10,528,753

Net income
—

 
—

 
—

 
1,356,470

 
—

 
1,356,470

 
4,642

 
1,361,112

Other comprehensive income
—

 
—

 
22,414

 
—

 
—

 
22,414

 
—

 
22,414

Impact of CCP Spin-Off
—

 
107

 
—

 
—

 
—

 
107

 
—

 
107

Net change in noncontrolling interests
—

 
(1,427
)
 
—

 
—

 
—

 
(1,427
)
 
(13,292
)
 
(14,719
)
Dividends to common stockholders—$3.115 per share
—

 
—

 
—

 
(1,109,473
)
 
—

 
(1,109,473
)
 
—

 
(1,109,473
)
Issuance of common stock
276

 
72,618

 
—

 
—

 
553

 
73,447

 
—

 
73,447

Issuance of common stock for stock plans
87

 
21,723

 
—

 
—

 
796

 
22,606

 
—

 
22,606

Change in redeemable noncontrolling interests
—

 
(850
)
 
—

 
—

 
—

 
(850
)
 
6,096

 
5,246

Adjust redeemable OP Unitholder Interests to current fair value
—

 
253

 
—

 
—

 
—

 
253

 
—

 
253

Redemption of OP and Class C Units
84

 
19,845

 
—

 
—

 
3,207

 
23,136

 
—

 
23,136

Grant of restricted stock, net of forfeitures
68

 
23,786

 
—

 
—

 
(4,551
)
 
19,303

 
—

 
19,303

Balance at December 31, 2017
89,029

 
13,053,057

 
(35,120
)
 
(2,240,698
)
 
(42
)
 
10,866,226

 
65,959

 
10,932,185

Net income
—

 
—

 
—

 
409,467

 
—

 
409,467

 
6,514

 
415,981

Other comprehensive income
—

 
—

 
15,538

 
—

 
—

 
15,538

 
—

 
15,538

Net change in noncontrolling interests
—

 
(7,470
)
 
—

 
—

 
—

 
(7,470
)
 
(16,736
)
 
(24,206
)
Dividends to common stockholders—$3.1625 per share
—

 
—

 
—

 
(1,129,626
)
 
—

 
(1,129,626
)
 
—

 
(1,129,626
)
Issuance of common stock for stock plans and other
49

—

11,542

—

—

—

—

—

1,318

 
12,909

 
—

 
12,909

Adjust redeemable OP Unitholder Interests to current fair value
—

 
(3,323
)
 
—

 
—

 
—

 
(3,323
)
 
—

 
(3,323
)
Redemption of OP Units
3

 
(383
)
 
—

 
—

 
252

 
(128
)
 
—

 
(128
)
Grant of restricted stock, net of forfeitures
44

 
23,105

 
—

 
—

 
(1,528
)
 
21,621

 
—

 
21,621

Cumulative effect of change in accounting principles
—

 
—

 
—

 
30,643

 
—

 
30,643

 
—

 
30,643

Balance at December 31, 2018
$
89,125

 
$
13,076,528

 
$
(19,582
)
 
$
(2,930,214
)
 
$
—

 
$
10,215,857

 
$
55,737

 
$
10,271,594

   See accompanying notes.

80

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income
$
415,981

 
$
1,361,112

 
$
651,490

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
919,639

 
887,948

 
898,924

Amortization of deferred revenue and lease intangibles, net
(30,660
)
 
(20,537
)
 
(20,336
)
Other non-cash amortization
18,886

 
16,058

 
10,357

Stock-based compensation
29,963

 
26,543

 
20,958

Straight-lining of rental income, net
13,396

 
(23,134
)
 
(27,988
)
Loss on extinguishment of debt, net
58,254

 
754

 
2,779

Gain on real estate dispositions
(46,247
)
 
(717,273
)
 
(98,203
)
Gain on real estate loan investments
(13,202
)
 
(124
)
 
(2,271
)
Income tax benefit
(43,026
)
 
(63,599
)
 
(34,227
)
Loss (income) from unconsolidated entities
55,034

 
3,588

 
(4,358
)
Gain on re-measurement of equity interest upon acquisition, net
—

 
(3,027
)
 
—

Distributions from unconsolidated entities
2,934

 
4,676

 
7,598

Real estate impairments related to natural disasters
52,510

 
4,616

 
—

Other
3,720

 
4,624

 
(1,847
)
Changes in operating assets and liabilities:
 
 
 
 
 
Increase in other assets
(23,198
)
 
(29,282
)
 
(12,079
)
Increase in accrued interest
4,992

 
11,068

 
2,604

Decrease in accounts payable and other liabilities
(37,509
)
 
(35,259
)
 
(38,699
)
Net cash provided by operating activities
1,381,467

 
1,428,752

 
1,354,702

Cash flows from investing activities:
 
 
 
 
 
Net investment in real estate property
(265,907
)
 
(664,684
)
 
(1,413,595
)
Investment in loans receivable
(229,534
)
 
(748,119
)
 
(158,635
)
Proceeds from real estate disposals
353,792

 
859,874

 
300,561

Proceeds from loans receivable
911,540

 
101,097

 
320,082

Development project expenditures
(330,876
)
 
(299,085
)
 
(143,647
)
Capital expenditures
(131,858
)
 
(132,558
)
 
(117,456
)
Distributions from unconsolidated entities
57,455

 
6,169

 
—

Investment in unconsolidated entities
(47,007
)
 
(61,220
)
 
(6,436
)
Insurance proceeds for property damage claims
6,891

 
1,419

 
4,846

Net cash provided by (used in) investing activities
324,496

 
(937,107
)
 
(1,214,280
)
Cash flows from financing activities:
 
 
 
 
 
Net change in borrowings under revolving credit facilities
321,463

 
384,783

 
(35,637
)
Proceeds from debt
2,549,473

 
1,111,649

 
893,218

Repayment of debt
(3,465,579
)
 
(1,369,084
)
 
(1,022,113
)
Purchase of noncontrolling interests
(4,724
)
 
(15,809
)
 
(2,846
)
Payment of deferred financing costs
(20,612
)
 
(27,297
)
 
(6,555
)
Issuance of common stock, net
—

 
73,596

 
1,286,680

Cash distribution to common stockholders
(1,127,143
)
 
(827,285
)
 
(1,024,968
)
Cash distribution to redeemable OP Unitholders
(7,459
)
 
(5,677
)
 
(8,640
)
Cash issued for redemption of OP and Class C Units

(1,370
)
 
—

 
—

Contributions from noncontrolling interests
1,883

 
4,402

 
7,326

Distributions to noncontrolling interests
(11,574
)
 
(11,187
)
 
(6,879
)
Other
3,705

 
10,582

 
17,252

Net cash (used in) provided by financing activities
(1,761,937
)
 
(671,327
)
 
96,838

Net (decrease) increase in cash, cash equivalents and restricted cash
(55,974
)
 
(179,682
)
 
237,260

Effect of foreign currency translation
(815
)
 
581

 
(825
)
Cash, cash equivalents and restricted cash at beginning of period
188,253

 
367,354

 
130,919

Cash, cash equivalents and restricted cash at end of period
$
131,464

 
$
188,253

 
$
367,354


81

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Supplemental disclosure of cash flow information:
 
 
 
 
 
Interest paid including swap payments and receipts
$
406,907

 
$
409,890

 
$
395,138

Supplemental schedule of non-cash activities:
 
 
 
 
 
Assets acquired and liabilities assumed from acquisitions and other:
 
 
 
 
 
Real estate investments
$
94,280

 
$
425,906

 
$
69,092

Other assets
5,398

 
(3,716
)
 
90,037

Debt
30,508

 
75,231

 
47,641

Other liabilities
18,086

 
70,878

 
72,636

Deferred income tax liability
922

 
(14,869
)
 
9,381

Noncontrolling interests
2,591

 
4,202

 
22,517

Equity issued
30,487

 
—

 
—

Equity issued for redemption of OP and Class C Units
907

 
24,002

 
24,318

See accompanying notes.

82
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1—DESCRIPTION OF BUSINESS

Ventas, Inc., 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 December 31, 2018, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), health systems and skilled nursing facilities (“SNFs”), and we had 19 properties under development, including five properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois.

We primarily invest in seniors housing, 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 December 31, 2018, we leased a total of 442 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 December 31, 2018, 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 359 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 129 properties (excluding two properties managed by Brookdale Senior Living pursuant to a long-term management agreement), 11 properties and 32 properties, respectively, as of December 31, 2018.

Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and non-mortgage loans and other investments relating to seniors housing and healthcare operators or properties.

NOTE 2—ACCOUNTING POLICIES

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.

U.S. generally accepted accounting principles (“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.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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 the 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:
 
 
December 31, 2018
 
December 31, 2017
 
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
 
(In thousands)
NHP/PMB L.P.
 
$
673,467

 
$
238,147

 
$
605,150

 
$
199,958

Other identified VIEs
 
2,075,499

 
402,478

 
1,983,183

 
348,124

Tax credit VIEs
 
797,077

 
298,154

 
988,598

 
221,908



Investments in Unconsolidated Entities

We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. Under this method of accounting, our share of the investee’s earnings or losses is included in our Consolidated Statements of Income.

We base the initial carrying value of investments in unconsolidated entities on the fair value of the assets at the time we acquired the joint venture interest. We estimate fair values for our equity method investments based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. The capitalization rates, discount rates and credit spreads we use in these models are based upon assumptions that we believe to be within a reasonable range of current market rates for the respective investments.

We generally amortize any difference between our cost basis and the basis reflected at the joint venture level, if any, over the lives of the related assets and liabilities and include that amortization in our share of income or loss from unconsolidated entities. For earnings of equity method investments with pro rata distribution allocations, net income or loss is allocated between the partners in the joint venture based on their respective stated ownership percentages. In other instances,

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net income or loss is allocated between the partners in the joint venture based on the hypothetical liquidation at book value method (the “HLBV method”). Under the HLBV method, net income or loss is allocated between the partners based on the difference between each partner’s claim on the net assets of the joint venture at the end and beginning of the period, after taking into account contributions and distributions. Each partner’s share of the net assets of the joint venture is calculated as the amount that the partner would receive if the joint venture were to liquidate all of its assets at net book value and distribute the resulting cash to creditors and partners in accordance with their respective priorities. Under the HLBV method, in any given period, we could record more or less income than the joint venture has generated, than actual cash distributions we receive or than the amount we may receive in the event of an actual liquidation.

Redeemable OP Unitholder and Noncontrolling Interests

We own a majority interest in NHP/PMB L.P. (“NHP/PMB”), a limited partnership formed in 2008 to acquire properties from entities affiliated with Pacific Medical Buildings LLC (“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 December 31, 2018, 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.

In October 2018, we acquired three MOBs and the noncontrolling interest in one consolidated MOB from affiliates of PMB. We partially funded the acquisition through the issuance of 0.7 million OP Units, initially valued at $34.0 million.

Prior to January 2017, we owned a majority interest in Ventas Realty Capital Healthcare Trust Operating Partnership, L.P. (“Ventas Realty OP”) and we consolidated this entity because our wholly owned subsidiary is the general partner and was the primary beneficiary of this VIE. In January 2017, third party investors redeemed the remaining limited partnership units (“Class C Units”) outstanding. After giving effect to such redemptions, Ventas Realty OP is our wholly owned subsidiary.

As redemption rights are outside of our control, the redeemable OP Units and Class C Units (together, the “OP Unitholder Interests”) are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Unitholder Interests at the greater of cost or fair value. As of December 31, 2018 and 2017, the fair value of the redeemable OP Unitholder Interests was $174.6 million and $146.3 million, respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Unitholder Interests. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Unitholder Interests.

Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2018 and 2017. Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value.
   
Noncontrolling Interests

Excluding the redeemable noncontrolling interests described above, we present the portion of any equity that we do not own in entities that we control (and thus consolidate) as noncontrolling interests and classify those interests as a component of consolidated equity, separate from total Ventas stockholders’ equity, on our Consolidated Balance Sheets. For consolidated joint ventures with pro rata distribution allocations, net income or loss is allocated between the joint venture partners based on their respective stated ownership percentages. In other cases, net income or loss is allocated between the joint venture partners based on the HLBV method. We account for purchases or sales of equity interests that do not result in a change of control as equity transactions, through capital in excess of par value. In addition, we include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Accounting for Historic and New Markets Tax Credits

For certain of our research and innovation centers, we are party to certain 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 December 31, 2018, we owned nine properties 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.

Accounting Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Accounting for Real Estate Acquisitions

On January 1, 2017, we adopted Accounting Standards Update (“ASU”) 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquired asset is not a business. If this initial test is not met, an acquired asset cannot be considered a business unless it includes an input and a substantive process that together significantly contribute to the ability to create output. The primary differences between business combinations and asset acquisitions include recognition of goodwill at the acquisition date and expense recognition for transaction costs as incurred. We have applied ASU 2017-01 prospectively for acquisitions after January 1, 2017.

Regardless of whether an acquisition is considered a business combination or an asset acquisition, we record the cost of the businesses or assets acquired as tangible and intangible assets and liabilities based upon their estimated fair values as of the acquisition date. Intangibles primarily include the value of in-place leases and acquired lease contracts.

We estimate the fair value of buildings acquired on an as-if-vacant basis or replacement cost basis and depreciate the building value over the estimated remaining life of the building, generally not to exceed 35 years. We determine the fair value of other fixed assets, such as site improvements and furniture, fixtures and equipment, based upon the replacement cost and depreciate such value over the assets’ estimated remaining useful lives as determined at the applicable acquisition date. We determine the value of land either by considering the sales prices of similar properties in recent transactions or based on internal analyses of recently acquired and existing comparable properties within our portfolio. We generally determine the value of construction in progress based upon the replacement cost. However, for certain acquired properties that are part of a ground-up development, we determine fair value by using the same valuation approach as for all other properties and deducting the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


estimated cost to complete the development. During the remaining construction period, we capitalize project costs until the development has reached substantial completion. Construction in progress, including capitalized interest, is not depreciated until the development has reached substantial completion.

The fair value of acquired lease-related intangibles, if any, reflects: (i) the estimated value of any above and/or below market leases, determined by discounting the difference between the estimated market rent and in-place lease rent; and (ii) the estimated value of in-place leases related to the cost to obtain tenants, including leasing commissions, and an estimated value of the absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the acquired space was vacant. We amortize any acquired lease-related intangibles to revenue or amortization expense over the remaining life of the associated lease plus any assumed bargain renewal periods. If a lease is terminated prior to its stated expiration or not renewed upon expiration, we recognize all unamortized amounts of lease-related intangibles associated with that lease in operations at that time.

We estimate the fair value of purchase option intangible assets and liabilities, if any, by discounting the difference between the applicable property’s acquisition date fair value and an estimate of its future option price. We do not amortize the resulting intangible asset or liability over the term of the lease, but rather adjust the recognized value of the asset or liability upon sale.

We estimate the fair value of tenant or other customer relationships acquired, if any, by considering the nature and extent of existing relationships with the tenant or customer, growth prospects for developing new business with the tenant or customer, the tenant’s credit quality, expectations of lease renewals with the tenant, and the potential for significant, additional future leasing arrangements with the tenant, and we amortize that value over the expected life of the associated arrangements or leases, including the remaining terms of the related leases and any expected renewal periods. We estimate the fair value of trade names and trademarks using a royalty rate methodology and amortize that value over the estimated useful life of the trade name or trademark.

In connection with an acquisition, we may assume rights and obligations under certain lease agreements pursuant to which we become the lessee of a given property. We generally assume the lease classification previously determined by the prior lessee absent a modification in the assumed lease agreement. We assess assumed operating leases, including ground leases, to determine whether the lease terms are favorable or unfavorable to us given current market conditions on the acquisition date. To the extent the lease terms are favorable or unfavorable to us relative to market conditions on the acquisition date, we recognize an intangible asset or liability at fair value and amortize that asset or liability to interest or rental expense in our Consolidated Statements of Income over the applicable lease term. We include all lease-related intangible assets and liabilities within acquired lease intangibles and accounts payable and other liabilities, respectively, on our Consolidated Balance Sheets.

We determine the fair value of loans receivable acquired by discounting the estimated future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings. We do not establish a valuation allowance at the acquisition date because the estimated future cash flows already reflect our judgment regarding their uncertainty. We recognize the difference between the acquisition date fair value and the total expected cash flows as interest income using an effective interest method over the life of the applicable loan. Subsequent to the acquisition date, we evaluate changes regarding the uncertainty of future cash flows and the need for a valuation allowance, as appropriate.

We estimate the fair value of noncontrolling interests assumed consistent with the manner in which we value all of the underlying assets and liabilities.

We calculate the fair value of long-term assumed debt by discounting the remaining contractual cash flows on each instrument at the current market rate for those borrowings, which we approximate based on the rate at which we would expect to incur a replacement instrument on the date of acquisition, and recognize any fair value adjustments related to long-term debt as effective yield adjustments over the remaining term of the instrument.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Impairment of Long-Lived and Intangible Assets

We periodically evaluate our long-lived assets, primarily consisting of investments in real estate, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, we consider market conditions and our current intentions with respect to holding or disposing of the asset. We adjust the net book value of leased properties and other long-lived assets to fair value if the sum of the expected future undiscounted cash flows, including sales proceeds, is less than book value. We recognize an impairment loss at the time we make any such determination.

If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period.

We evaluate our investments in unconsolidated entities for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value of our investment may exceed its fair value. If we determine that a decline in the fair value of our investment in an unconsolidated entity is other-than-temporary, and if such reduced fair value is below the carrying value, we record an impairment.

We test goodwill for impairment at least annually, and more frequently if indicators arise. We first assess qualitative factors, such as current macroeconomic conditions, state of the equity and capital markets and our overall financial and operating performance, to determine the likelihood that the fair value of a reporting unit is less than its carrying amount. If we determine it is more likely than not that the fair value of a reporting unit is less than its carrying amount, we proceed with the two-step approach to evaluating impairment. First, we estimate the fair value of the reporting unit and compare it to the reporting unit’s carrying value. If the carrying value exceeds fair value, we proceed with the second step, which requires us to assign the fair value of the reporting unit to all of the assets and liabilities of the reporting unit as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied value of goodwill and is used to determine the amount of impairment. We recognize an impairment loss to the extent the carrying value of goodwill exceeds the implied value in the current period.

Estimates of fair value used in our evaluation of goodwill (if necessary based on our qualitative assessment), investments in real estate, investments in unconsolidated entities and intangible assets are based upon discounted future cash flow projections or other acceptable valuation techniques that are based, in turn, upon all available evidence including level three inputs, such as revenue and expense growth rates, estimates of future cash flows, capitalization rates, discount rates, general economic conditions and trends, or other available market data. Our ability to accurately predict future operating results and cash flows and to estimate and determine fair values impacts the timing and recognition of impairments. While we believe our assumptions are reasonable, changes in these assumptions may have a material impact on our financial results.

Assets Held for Sale and Discontinued Operations

We sell properties from time to time for various reasons, including favorable market conditions or the exercise of purchase options by tenants. We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, have been met. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value minus cost to sell and are no longer depreciated.

If at any time we determine that the criteria for classifying assets as held for sale are no longer met, we reclassify assets within net real estate investments on our Consolidated Balance Sheets for all periods presented. The carrying amount of these assets is adjusted (in the period in which a change in classification is determined) to reflect any depreciation expense that would have been recognized had the asset been continuously classified as net real estate investments.

We report discontinued operations when the following criteria are met: (1) a component of an entity or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on an entity’s operations and financial results; or (2) an acquired business is classified as held for sale on the acquisition date. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Income as discontinued operations for all periods presented. We allocate estimated interest expense to discontinued operations based on property values and our weighted average interest rate or the property’s actual mortgage interest.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Loans Receivable

We record loans receivable, other than those acquired in connection with a business combination, on our Consolidated Balance Sheets (either in secured loans receivable and investments, net or other assets, in the case of non-mortgage loans receivable) at the unpaid principal balance, net of any deferred origination fees, purchase discounts or premiums and valuation allowances. We amortize net deferred origination fees, which are comprised of loan fees collected from the borrower net of certain direct costs, and purchase discounts or premiums over the contractual life of the loan using the effective interest method and immediately recognize in income any unamortized balances if the loan is repaid before its contractual maturity.

We regularly evaluate the collectability of loans receivable based on factors such as corporate and facility-level financial and operational reports, compliance with financial covenants set forth in the applicable loan agreement, the financial strength of the borrower and any guarantor, the payment history of the borrower and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to collect all amounts due under the terms of the applicable loan agreement, we provide a reserve against the portion of the receivable that we estimate may not be collected.

Cash Equivalents

Cash equivalents consist of highly liquid investments with a maturity date of three months or less when purchased. These investments are stated at cost, which approximates fair value.

Escrow Deposits and Restricted Cash

Escrow deposits consist of amounts held by us or our lenders to provide for future real estate tax, insurance expenditures and tenant improvements related to our properties and operations. Restricted cash generally represents amounts paid to us for security deposits and other similar purposes.

Deferred Financing Costs

We amortize deferred financing costs, which are reported within senior notes payable and other debt on our Consolidated Balance Sheets, as a component of interest expense over the terms of the related borrowings using a method that approximates a level yield. Amortized costs of approximately $18.1 million, $18.9 million and $17.9 million were included in interest expense for the years ended December 31, 2018, 2017 and 2016, respectively.

Marketable Debt Securities

We record marketable debt securities as available-for-sale and classify them as a component of other assets on our Consolidated Balance Sheets (other than our interests in government-sponsored pooled loan investments, which are classified as secured loans receivable and investments, net on our Consolidated Balance Sheets). We record these securities at fair value and include unrealized gains and losses recorded in stockholders’ equity as a component of accumulated other comprehensive income on our Consolidated Balance Sheets. We report interest income, including discount or premium amortization, on marketable debt securities and gains or losses on securities sold, which are based on the specific identification method, in income from loans and investments in our Consolidated Statements of Income.

Derivative Instruments

We recognize all derivative instruments in other assets or accounts payable and other liabilities on our Consolidated Balance Sheets at fair value as of the reporting date. We recognize changes in the fair value of derivative instruments in other expenses in our Consolidated Statements of Income or accumulated other comprehensive income on our Consolidated Balance Sheets, depending on the intended use of the derivative and our designation of the instrument.

We do not use our derivative financial instruments, including interest rate caps, interest rate swaps and foreign currency forward contracts, for trading or speculative purposes. Our foreign currency forward contracts and certain of our interest rate swaps (including the interest rate swap contracts of unconsolidated joint ventures) are designated as effectively hedging the variability of expected cash flows related to their underlying securities and, therefore, also are recorded on our Consolidated Balance Sheets at fair value, with changes in the fair value of these instruments recognized in accumulated other comprehensive income on our Consolidated Balance Sheets. We recognize our proportionate share of the change in fair value of swap contracts of our unconsolidated joint ventures in accumulated other comprehensive income on our Consolidated Balance Sheets. Certain of our other interest rate swaps and rate caps were not designated as having a hedging relationship

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


with the underlying securities and therefore do not meet the criteria for hedge accounting under GAAP. Accordingly, these interest rate swaps are recorded on our Consolidated Balance Sheets at fair value, and we recognize changes in the fair value of these instruments in current earnings (in other expenses) in our Consolidated Statements of Income.

Fair Values of Financial Instruments

Fair value is a market-based measurement, not an entity-specific measurement, and we determine fair value based on the assumptions that we expect market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, GAAP establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy).

Level one inputs utilize unadjusted quoted prices for identical assets or liabilities in active markets that we have the ability to access. Level two inputs are inputs other than quoted prices included in level one that are directly or indirectly observable for the asset or liability. Level two inputs may include quoted prices for similar assets and liabilities in active markets and other inputs for the asset or liability that are observable at commonly quoted intervals, such as interest rates, foreign exchange rates and yield curves. Level three inputs are unobservable inputs for the asset or liability, which typically are based on our own assumptions, because there is little, if any, related market activity. If the determination of the fair value measurement is based on inputs from different levels of the hierarchy, the level within which the entire fair value measurement falls is the lowest level input that is significant to the fair value measurement in its entirety. If the volume and level of market activity for an asset or liability has decreased significantly relative to the normal market activity for such asset or liability (or similar assets or liabilities), then transactions or quoted prices may not accurately reflect fair value. In addition, if there is evidence that a transaction for an asset or liability is not orderly, little, if any, weight is placed on that transaction price as an indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

We use the following methods and assumptions in estimating the fair value of our financial instruments.

•
Cash and cash equivalents - The carrying amount of unrestricted cash and cash equivalents reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments.

•
Escrow deposits and restricted cash - The carrying amount of escrow deposits and restricted cash reported on our Consolidated Balance Sheets approximates fair value due to the short maturity of these instruments.

•
Loans receivable - We estimate the fair value of loans receivable using level two and level three inputs. We discount future cash flows using current interest rates at which similar loans with the same terms and length to maturity would be made to borrowers with similar credit ratings.

•
Marketable debt securities - We estimate the fair value of corporate bonds, if any, using level two inputs. We observe quoted prices for similar assets or liabilities in active markets that we have the ability to access. We estimate the fair value of certain government-sponsored pooled loan investments using level three inputs. We consider credit spreads, underlying asset performance and credit quality, and default rates.

•
Derivative instruments - With the assistance of a third party, we estimate the fair value of derivative instruments, including interest rate caps, interest rate swaps, and foreign currency forward contracts, using level two inputs.

◦
Interest rate caps - We observe forward yield curves and other relevant information.

◦
Interest rate swaps - We observe alternative financing rates derived from market-based financing rates, forward yield curves and discount rates.

◦
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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above).

•
Redeemable OP Unitholder Interests - We estimate the fair value of our redeemable OP Unitholder Interests using level one inputs. We base fair value on the closing price of our common stock, as OP Units (and previously Class C Units) may be redeemed at the election of the holder for cash or, at our option, shares of our common stock, subject to adjustment in certain circumstances.

Revenue Recognition

Adoption of ASC 606

On January 1, 2018, we adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASC 606 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” We account for revenues from management contracts (within office building and other services revenue in our Consolidated Statements of Income) and certain point-of-sale transactions (within resident fees and services in our Consolidated Statements of Income) in accordance with ASC 606. The pattern and timing of recognition of income is consistent with the prior accounting model. All other revenues, primarily rental income from leasing activities, is accounted for in accordance with other applicable GAAP. We adopted ASC 606 using the modified retrospective method.

Triple-Net Leased Properties and Office Operations

Certain of our triple-net leases and most of our MOB and 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 is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At December 31, 2018 and 2017, this cumulative excess totaled $250.0 million (net of allowances of $44.6 million) and $267.8 million (net of allowances of $117.8 million), respectively (excluding properties classified as held for sale).

Certain of our leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term.

Senior Living Operations

We recognize resident fees and services, other than move-in fees, monthly as services are provided. We recognize move-in fees on a straight-line basis over the average resident stay.

Other

We recognize interest income from loans and investments, including discounts and premiums, using the effective interest method when collectability is reasonably assured. We apply the effective interest method on a loan-by-loan basis and recognize discounts and premiums as yield adjustments over the related loan term. We recognize interest income on an impaired loan to the extent our estimate of the fair value of the collateral is sufficient to support the balance of the loan, other receivables and all related accrued interest. When the balance of the loan, other receivables and all related accrued interest is equal to or less than our estimate of the fair value of the collateral, we recognize interest income on a cash basis. We provide a reserve against an impaired loan to the extent our total investment in the loan exceeds our estimate of the fair value of the loan collateral.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Allowances

We assess the collectability of our rent receivables, including straight-line rent receivables. We base our assessment of the collectability of rent receivables (other than straight-line rent receivables) on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions. If our evaluation of these factors indicates it is probable that we will be unable to recover the full value of the receivable, we provide a reserve against the portion of the receivable that we estimate may not be recovered. We base our assessment of the collectability of straight-line rent receivables on several factors, including, among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant and the type of property. If our evaluation of these factors indicates it is probable that we will be unable to receive the rent payments due in the future, we provide a reserve against the recognized straight-line rent receivable asset for the portion, up to its full value, that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectability of future rent payments required by a lease, we may adjust our reserve to increase or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates.

Stock-Based Compensation

We recognize share-based payments to employees and directors, including grants of stock options, included in general, administrative and professional fees in our Consolidated Statements of Income generally on a straight-line basis over the requisite service period based on the grant date fair value of the award.

Gain on Sale of Assets

On January 1, 2018, we adopted the provisions of ASC 610-20, Gains and Losses from the Derecognition of Nonfinancial Assets (“ASC 610-20”). In accordance with ASC 610-20, we recognize any gains when we transfer control of a property and when it is probable that we will collect substantially all of the related consideration. We adopted ASC 610-20 using the modified retrospective method and recognized a cumulative effect adjustment to retained earnings of $31.2 million relating to deferred gains on sales of real estate assets in 2015.

Federal Income Tax

We have elected to be treated as a REIT under the applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”), for every year beginning with the year ended December 31, 1999. Accordingly, we generally are not subject to federal income tax on net income that we distribute to our stockholders, provided that we continue to qualify as a REIT. However, with respect to certain of our subsidiaries that have elected to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”), we record income tax expense or benefit, as those entities are subject to federal income tax similar to regular corporations. Certain foreign subsidiaries are subject to foreign income tax, although they did not elect to be treated as TRSs.

We account for deferred income taxes using the asset and liability method and recognize deferred tax assets and liabilities for the expected future tax consequences of events that have been included in our financial statements or tax returns. Under this method, we determine deferred tax assets and liabilities based on the differences between the financial reporting and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Any increase or decrease in the deferred tax liability that results from a change in circumstances, and that causes us to change our judgment about expected future tax consequences of events, is included in the tax provision when such changes occur. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards. A valuation allowance is provided if we believe it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur.

We recognize the tax benefit from an uncertain tax position claimed or expected to be claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. We recognize interest and penalties, if applicable, related to uncertain tax positions as part of income tax benefit or expense.


92
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Foreign Currency

Certain of our subsidiaries’ functional currencies are the local currencies of their respective foreign jurisdictions. We translate the results of operations of our foreign subsidiaries into U.S. dollars using average rates of exchange in effect during the period, and we translate balance sheet accounts using exchange rates in effect at the end of the period. We record resulting currency translation adjustments in accumulated other comprehensive income, a component of stockholders’ equity, on our Consolidated Balance Sheets, and we record foreign currency transaction gains and losses in other expense in our Consolidated Statements of Income.

Segment Reporting

As of December 31, 2018, 2017 and 2016, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. Under our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria, 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. See “NOTE 19—SEGMENT INFORMATION.”
 
Operating Leases

We account for payments made pursuant to operating leases in our Consolidated Statements of Income based on actual rent paid, plus or minus a straight-line rent adjustment for leases that provide for periodic and determinable increases in base rent.

Recently Issued or Adopted Accounting Standards

    In February 2016, the FASB established ASC Topic 842, Leases (“ASU 842”) by issuing ASU 2016-02, Leases (“ASU 2016-02”), which introduces a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification. ASC 842 has subsequently been amended by other issued ASUs to clarify and improve the standard as well as to provide certain practical expedients.

ASC 842 allows for several practical expedients which permit the following: no reassessment of lease classification or initial direct costs; use of the standard’s effective date as the date of initial application; and no separation of non-lease components from the related lease components and, instead, to account for those components as a single lease component if certain criteria are met. We expect to elect these practical expedients and adopt ASC 842 on January 1, 2019 using the effective date as our date of initial application. Therefore, financial information and disclosures under ASC 842 will not be provided for periods prior to January 1, 2019.

Upon adoption, we will recognize both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We will also begin reporting revenues and expenses within our triple-net leased properties reportable business segment for certain real estate taxes and insurance that are the obligations of the tenants in accordance with their respective leases with us. This reporting will have no impact on our net income. Resident leases within our senior living operations reportable business segment and office leases also contain service elements. We expect to elect the practical expedient to account for our resident and office leases as a single lease component. Also, upon adoption, we will begin expensing certain leasing costs, other than leasing commissions, as they are incurred, which may reduce our net income. Current GAAP provides for the deferral and amortization of such costs over the applicable lease term. We will continue to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms.

As of January 1, 2019 we expect to recognize operating lease assets of $320 million to $420 million which will be presented separately on our Consolidated Balance Sheets and will include the present value of minimum lease payments as well as certain existing above and/or below market lease intangible value associated with such leases. Also upon adoption we expect to recognize operating lease liabilities of $175 million to $275 million which will be presented separately on our Consolidated Balance Sheets. We expect to recognize a cumulative effect adjustment to retained earnings of $1 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018.
    

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


On January 1, 2018, we adopted ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows and ASU 2016-18, Restricted Cash (“ASU 2016-18”), which requires an entity to show the changes in total cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. We adopted these ASUs by applying a retrospective transition method which required a restatement of our Consolidated Statement of Cash Flows for all periods presented.

On January 1, 2018, we adopted ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which requires a company to recognize the tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. We adopted ASU 2016-16 by applying a modified retrospective method which resulted in a cumulative effect adjustment to retained earnings of $0.6 million.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation.

NOTE 3—CONCENTRATION OF CREDIT RISK

As of December 31, 2018, Atria, Sunrise, Brookdale Senior Living, Ardent, ESL and Kindred managed or operated approximately 22.1%, 11.0%, 8.4%, 5.2%, 3.9%, and 1.1%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of December 31, 2018). 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 22.1% and 39.5% of our consolidated real estate investments were seniors housing communities included in the triple-net leased properties and senior living operations reportable business segments, respectively (excluding properties classified as held for sale as of December 31, 2018). MOBs, research and innovation centers, IRFs and LTACs, health systems, SNFs and secured loans receivable and investments collectively comprised the remaining 38.4%. Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of December 31, 2018, with properties in one state (California) accounting for more than 10% of our total continuing revenues and net operating income (“NOI,” which is defined as total revenues, excluding interest and other income, less property-level operating expenses and office building services costs) for each of the years ended December 31, 2018, 2017 and 2016.

Triple-Net Leased Properties

The following table reflects the concentration risk related to our triple-net leased properties for the periods presented:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Revenues(1):
 
 
 
 
 
Brookdale Senior Living
4.3
%
 
4.7
%
 
4.8
%
Ardent
3.1

 
3.1

 
3.1

Kindred(2)
3.5

 
4.6

 
5.4

NOI:
 
 
 
 
 
Brookdale Senior Living
7.6
%
 
8.0
%
 
8.3
%
Ardent
5.7

 
5.3

 
5.3

Kindred(2)
6.4

 
7.9

 
9.2



(1) 
Total revenues include office building and other services revenue, income from loans and investments and interest and other income.
(2) 
Includes 36 SNFs that were sold during 2017
    
Each of our leases with Brookdale Senior Living, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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 years ended December 31, 2018, 2017 and 2016. If any of Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all.
    
In July 2018, Kindred closed transactions (the “Go Private Transactions”) pursuant to which (a) Kindred would be acquired by a consortium of TPG Capital (“TPG”), Welsh, Carson, Anderson & Stowe (“WCAS”) and Humana, Inc. and (b) immediately following the acquisition, (i) Kindred’s home health, hospice and community care businesses would be separated from Kindred and operated as a standalone company owned by Humana, Inc., TPG and WCAS, and (ii) Kindred would be operated as a separate healthcare company owned by TPG and WCAS. In connection with the closing of the transactions, we received a payment from Kindred of $12.3 million, which was recognized in interest and other income in our Consolidated Statements of Income during the third quarter of 2018.

In April 2018, we entered into various agreements with Brookdale Senior Living that provide for, among other things: (a) a consolidation of substantially all of our multiple lease agreements with Brookdale Senior Living into one master lease; (b) extension of the term for substantially all of our Brookdale Senior Living leased properties until December 31, 2025, with Brookdale Senior Living retaining two successive 10 year renewal options; and (c) the guarantee of all the Brookdale Senior Living obligations to us by Brookdale Senior Living Inc., including covenant protections for us. In connection with these agreements, we recognized a net non-cash expense of $21.3 million for the acceleration of straight-line rent receivables, net unamortized market lease intangibles and deferred revenues, which is included in triple-net leased rental income in our Consolidated Statements of Income. We also received a fee of $2.5 million that is being amortized over the new lease term.

The following table sets forth the future contracted minimum rentals, excluding contingent rent escalations, but including straight-line rent adjustments and reserves where applicable, for all of our consolidated triple-net and office building leases as of December 31, 2018 (excluding properties classified as held for sale as of December 31, 2018):
 
Brookdale Senior Living
 
Ardent
 
Kindred
 
Other
 
Total
 
(In thousands)
2019
$
179,501

 
$
117,731

 
$
129,357

 
$
886,142

 
$
1,312,731

2020
179,501

 
117,731

 
130,117

 
829,895

 
1,257,244

2021
179,501

 
117,731

 
130,897

 
760,948

 
1,189,077

2022
179,491

 
117,731

 
131,696

 
650,798

 
1,079,716

2023
179,491

 
117,731

 
112,395

 
297,421

 
707,038

Thereafter
358,982

 
1,376,726

 
143,940

 
2,856,091

 
4,735,739

Total
$
1,256,467

 
$
1,965,381

 
$
778,402

 
$
6,281,295

 
$
10,281,545



Senior Living Operations

In January 2018, we transitioned the management of 76 private pay seniors housing communities to ESL. These assets, substantially all of which were previously leased by Elmcroft Senior Living (“Elmcroft”) under triple-net leases, are now operated by ESL under a management contract with us and are included in the senior living operations reportable business segment. Upon termination of our lease with Elmcroft, we derecognized our accumulated straight-line receivable balance and offsetting reserve of $75.2 million. For the twelve months ended December 31, 2018, we recognized $23.6 million of transaction costs relating to this transaction, net of property-level net assets assumed for no consideration, included in merger-related expenses and deal costs in our Consolidated Statements of Income.


95
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


We also acquired a 34% ownership interest in ESL with customary rights and protections, including the right to appoint two of six members to the ESL Board of Directors. ESL management owns the 66% controlling interest.

As of December 31, 2018, Atria, Sunrise and ESL, collectively, provided comprehensive property management and accounting services with respect to 334 of our 355 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.

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 the Go Private Transactions in July 2018. The information related to Brookdale Senior Living and Kindred contained or referred to in this Annual Report on Form 10-K has been derived from SEC filings made by Brookdale Senior Living or Kindred, as the case may be, or other publicly available information, or was provided to us by Brookdale Senior Living or Kindred, and we have not verified this information through an independent investigation or otherwise. We have no reason to believe that this information is inaccurate in any material respect, but we cannot assure you of its accuracy. We are providing this data for informational purposes only, and you are encouraged to obtain Brookdale Senior Living’s and Kindred’s publicly available filings, which can be found at the SEC’s website at www.sec.gov.

Atria, Sunrise, Ardent, Kindred and ESL are not currently subject to the reporting requirements of the SEC. The information related to Atria, Sunrise, Ardent, Kindred and ESL contained or referred to in this Annual Report on Form 10-K has been derived from publicly available information or was provided to us by Atria, Sunrise, Ardent, Kindred 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.

NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY

The following summarizes our acquisition and development activities during 2018, 2017 and 2016. We acquire and invest in seniors housing, research and innovation and healthcare properties primarily to achieve an expected yield on our investment, to grow and diversify our portfolio and revenue base, and to reduce our dependence on any single tenant, operator or manager, geographic location, asset type, business model or revenue source.

2018 Acquisitions

During the year ended December 31, 2018, we acquired five properties reported within our office operations reportable business segment (four MOBs and one research and innovation center) and one seniors housing community reported within our senior living operations reportable business segment for an aggregate purchase price of $311.3 million. Each of these acquisitions was accounted for as an asset acquisition.

2017 Acquisitions

During the year ended December 31, 2017, we acquired 15 triple-net leased properties (including six assets previously owned by an equity method investee), four properties reported within our office operations reportable business segment (three research and innovation centers and one MOB) and three seniors housing communities (reported within our senior living operations reportable business segment) for an aggregate purchase price of $691.3 million. Each of these acquisitions was accounted for as an asset acquisition.
    

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


2016 Acquisitions

Research and Innovation Acquisition

In September 2016, we completed the acquisition of substantially all of the university affiliated research and innovation real estate assets of Wexford Science & Technology, LLC (“Wexford”) from affiliates of Blackstone Real Estate Partners VIII, L.P. for total consideration of $1.5 billion (the “Research and Innovation Acquisition”). The properties acquired continue to be managed by Wexford, which remains a separate management company owned and operated by the existing Wexford management team. We have exclusive rights to fund and own future research and innovation projects developed by Wexford.

Other 2016 Acquisitions

During the year ended December 31, 2016, we made other investments totaling approximately $42.3 million, including the acquisition of one triple-net leased property and two MOBs reported within our office operations reportable business segment.
    
Estimated Fair Value

We accounted for our 2016 acquisitions under the acquisition method in accordance with ASC 805, Business Combinations (“ASC 805”). The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed in our 2016 real estate acquisitions, which we determined using level two and level three inputs:
 
 
Triple-Net Leased Properties
 
Office Operations
 
Total
 
(In thousands)
Land and improvements
 
$
1,579

 
$
63,526

 
$
65,105

Buildings and improvements
 
12,558

 
1,311,676

 
1,324,234

Acquired lease intangibles
 
163

 
200,022

 
200,185

Other assets
 
—

 
99,777

 
99,777

Total assets acquired
 
14,300

 
1,675,001

 
1,689,301

Notes payable and other debt
 
—

 
47,641

 
47,641

Intangible liabilities
 
—

 
103,769

 
103,769

Other liabilities
 
380

 
64,792

 
65,172

Total liabilities assumed
 
380

 
216,202

 
216,582

Noncontrolling interest assumed
 
—

 
24,656

 
24,656

Net assets acquired
 
13,920

 
1,434,143

 
1,448,063

Cash acquired
 
—

 
19,119

 
19,119

Total cash used
 
$
13,920

 
$
1,415,024

 
$
1,428,944



NOTE 5—DISPOSITIONS
2018 Activity
    
During 2018, we sold seven seniors housing communities included in our senior living operations reportable business segment, five triple-net leased properties, 11 MOBs and two vacant land parcels for aggregate consideration of $348.6 million. We recognized a gain on the sales of real estate assets of $46.2 million for the year ended December 31, 2018.

2017 Activity

During the year ended December 31, 2017, we sold 53 triple-net leased properties, five MOBs and certain vacant land parcels for aggregate consideration of $870.8 million, and we recognized a gain on the sale of these assets of $717.3 million.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


SNF Dispositions

In November 2016, we entered into agreements with Kindred providing that Kindred will either acquire all 36 SNFs owned by us and operated by Kindred (the “Ventas SNFs”) for $700 million, in connection with Kindred’s previously announced plan to exit its SNF business; or, renew the current lease on all unpurchased Ventas SNFs not purchased by Kindred by April 30, 2018 until 2025 at the current rent level plus annual escalations. On June 30, 2017, Kindred announced that it had signed definitive agreements to sell its entire SNF business to an affiliate of Blue Mountain Capital Management, LLC and that, as Kindred closes on the sale of its SNFs, Kindred will pay to us its allocable portion of the sale proceeds for a total of approximately $700 million aggregate purchase price for the Ventas SNFs, and we will convey the applicable Ventas SNFs to the ultimate buyer. 

During 2017, we sold the 36 Ventas SNFs, included in the 53 triple-net properties described above, for aggregate consideration of approximately $700 million and recognized a gain on the sale of these assets of $657.6 million, net of taxes.

2016 Activity

During the year ended December 31, 2016, we sold 29 triple-net leased properties, one seniors housing community reported in our senior living operations reportable business segment and six MOBs reported within our office operations reportable business segment for aggregate consideration of $300.8 million. We recognized a gain on the sales of these assets of $98.2 million, net of taxes.

Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale as of December 31, 2018 and 2017, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets:
 
 
December 31, 2018
 
December 31, 2017
 
 
Number of Properties Held for Sale
 
Assets Held for Sale
 
Liabilities Held for Sale
 
Number of Properties Held for Sale
 
Assets Held for Sale
 
Liabilities Held for Sale
 
 
(Dollars in thousands)
Triple-net leased properties
 
1

 
$
5,482

 
$
40

 
—

 
$
—

 
$
—

Office operations (1)
 
—

 
160

 
152

 
3

 
65,413

 
60,265

Senior living operations  (1)
 
—

 
(188
)
 
13

 
—

 
—

 
—

Total
 
1

 
$
5,454

 
$
205

 
3

 
$
65,413

 
$
60,265



(1) 
Balances relate to anticipated post-closing settlements of working capital.

In March 2018, five MOBs no longer met the criteria as being classified as held for sale. As a result, we adjusted the carrying amount of these assets by recognizing depreciation expense of $5.7 million and classified these assets within net real estate investments on our Consolidated Balance Sheets for all periods presented.

Real Estate Impairment

We recognized impairments of $29.5 million, $32.9 million and $35.2 million for the years ended December 31, 2018, 2017 and 2016 respectively, which are recorded primarily as a component of depreciation and amortization in our Consolidated Statements of Income. Our recorded impairments were primarily the result of a change in our intent to hold the impaired assets. In most cases, we recognized an impairment in the periods in which our change in intent was made.

Additionally, we recognized impairments of $52.5 million and $4.6 million for the years ended December 31, 2018 and 2017, respectively, as a result of natural disasters which are recorded as a component of other in our Consolidated Statements of Income. There was no impairment recorded as a result of natural disasters for the year ended December 31, 2016. We believe there is insurance coverage to mitigate these events. However, there can be no assurance regarding the amount or timing of any recoveries. Such recoveries will be recognized when collection is deemed probable.



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 6—LOANS RECEIVABLE AND INVESTMENTS

As of December 31, 2018 and 2017, we had $756.5 million and $1.4 billion, respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net as of December 31, 2018 and 2017, including amortized cost, fair value and unrealized gains or losses on available-for-sale investments:
 
 
Carrying Amount
 
Amortized Cost
 
Fair Value
 
Unrealized Gain
 
 
(In thousands)
As of 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

 
—

Senior unsecured notes(2)
 
206,442

 
197,473

 
206,442

 
8,969

Total loans receivable and investments, net
 
$
756,475

 
$
740,729

 
$
742,191

 
$
15,746


As of December 31, 2017:
 
 
 
 
 
 
 
 
Secured/mortgage loans and other, net
 
$
1,291,694

 
$
1,291,694

 
$
1,286,322

 
$
—

Government-sponsored pooled loan investments, net(1)
 
54,665

 
53,863

 
54,665

 
802

Total investments reported as Secured loans receivable and investments, net
 
1,346,359

 
1,345,557

 
1,340,987

 
802

Non-mortgage loans receivable, net
 
59,857

 
59,857

 
58,849

 
—

Total loans receivable and investments, net
 
$
1,406,216

 
$
1,405,414

 
$
1,399,836

 
$
802



(1) 
Investments in government-sponsored pooled loans have contractual maturity dates in 2023.
(2) Investments in senior unsecured notes have contractual maturity dates in 2026.

2018 Activity
    
During the year ended December 31, 2018, we received aggregate proceeds of $862.9 million for the full repayment of the principal balances of 14 loans receivable with a weighted average interest rate of 9.1% that were due to mature between 2018 and 2033, which resulted in total gains of $27.8 million.

Included in the repayments above is $713 million that we received in June 2018 for the full repayment of the principal balance of a $700.0 million term loan and $13.0 million then outstanding on a revolving line of credit we made to a subsidiary of Ardent. See “2017 Activity” below. We also received a $14.0 million cash pre-payment fee and accelerated recognition of the unamortized portion ($13.2 million) of a previously received cash “upfront” fee for the loans, resulting in income of $27.2 million, which is recorded in income from loans and investments in our Consolidated Statements of Income.

In June 2018, we also made a $200.0 million investment in senior unsecured notes issued by a subsidiary of Ardent at a price of 98.6% of par value. The notes have an effective interest rate of 10.0% and mature in 2026. These investments are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value.

There was no impact on our 9.8% equity investment in Ardent as a result of these transactions.
    
2017 Activity

During the year ended December 31, 2017, we received aggregate proceeds of $37.6 million for the partial prepayment and $35.5 million for the full repayment of loans receivable, which resulted in total gains of $0.6 million.

In March 2017, we provided secured debt financing to a subsidiary of Ardent to facilitate Ardent’s acquisition of LHP Hospital Group, Inc., which included a $700.0 million term loan and a $60.0 million revolving line of credit feature.


99


NOTE 7—INVESTMENTS IN UNCONSOLIDATED ENTITIES
We report investments in unconsolidated entities over whose operating and financial policies we have the ability to exercise significant influence under the equity method of accounting. We are not required to consolidate these entities because our joint venture partners have significant participating rights, nor are these entities considered VIEs, as they are controlled by equity holders with sufficient capital. At December 31, 2018, we had 25% ownership interests in joint ventures that owned five 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. See “NOTE 17—RELATED PARTY TRANSACTIONS” for additional information.

With the exception of our interests in Atria, ESL and Ardent, we provide various services to each unconsolidated entity in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $5.8 million, $6.3 million and $6.7 million for the years ended December 31, 2018, 2017 and 2016, respectively, which is included in office building and other services revenue in our Consolidated Statements of Income.

In July 2018, we sold our 25% interest in an unconsolidated real estate joint venture consisting principally of SNFs to our joint venture partner and received $57.5 million at closing. We recognized a loss of $0.9 million, which is recorded in (loss) income from unconsolidated entities in our Consolidated Statements of Income. We had previously recognized an impairment charge of $35.7 million in March 2018, which was recorded in (loss) income from unconsolidated entities in our Consolidated Statements of Income. In addition, our portion of debt related to investments in unconsolidated entities decreased by $23.3 million. Before the sale, we were the managing member of the real estate joint venture and received approximately $4.6 million in annual management fees which were discontinued upon the sale.

In February 2017, we acquired the controlling interests in six triple-net leased seniors housing communities for a purchase price of $100.0 million. In connection with this acquisition, we re-measured the fair value of our previously held equity interest, resulting in a gain on re-measurement of $3.0 million, which is included in loss from unconsolidated entities in our Consolidated Statements of Income. Since the above acquisition, operations relating to these properties have been consolidated in our Consolidated Statements of Income.    

NOTE 8—INTANGIBLES

The following is a summary of our intangibles as of December 31, 2018 and 2017:
 
December 31, 2018
 
December 31, 2017
 
Balance
 
Remaining
Weighted Average
Amortization
Period in Years
 
Balance
 
Remaining
Weighted Average
Amortization
Period in Years
 
(Dollars in thousands)
Intangible assets:
 
 
 
 
 
 
 
Above market lease intangibles
$
181,393

 
6.7
 
$
185,012

 
7.0
In-place and other lease intangibles
1,321,562

 
24.7
 
1,363,062

 
24.0
Goodwill
1,050,548

 
N/A
 
1,034,644

 
N/A
Other intangibles
35,759

 
11.8
 
35,890

 
14.1
Accumulated amortization
(921,107
)
 
N/A
 
(864,576
)
 
N/A
Net intangible assets
$
1,668,155

 
22.9
 
$
1,754,032

 
22.1
Intangible liabilities:
 
 
 
 
 
 
 
Below market lease intangibles
$
356,771

 
14.4
 
$
359,118

 
13.7
Other lease intangibles
31,418

 
46.5
 
40,141

 
40.8
Accumulated amortization
(191,909
)
 
N/A
 
(160,985
)
 
N/A
Purchase option intangibles
3,568

 
N/A
 
3,568

 
N/A
Net intangible liabilities
$
199,848

 
17.2
 
$
241,842

 
15.6


N/A—Not Applicable 


100
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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. For the years ended December 31, 2018, 2017 and 2016, our net amortization related to these intangibles was $49.2 million, $67.2 million and $104.5 million, respectively. The following is a summary of the estimated net amortization related to these intangibles for each of the next five years:
 
Estimated Net Amortization
 
(In thousands)
2019
$
55,502

2020
44,192

2021
38,450

2022
30,092

2023
26,022



The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2018:
 
 
Goodwill
 
 
(In thousands)
Triple-Net Leased Properties
 
$
321,168

Senior Living Operations
 
259,482

Office Operations
 
469,898

Total Goodwill
 
$
1,050,548


    
NOTE 9—OTHER ASSETS

The following is a summary of our other assets as of December 31, 2018 and 2017:
 
2018
 
2017
 
(In thousands)
Straight-line rent receivables, net
$
250,023

 
$
267,764

Non-mortgage loans receivable, net
54,164

 
59,857

Senior unsecured notes
206,442

 
—

Other intangibles, net
5,623

 
6,496

Investment in unconsolidated operating entities
56,820

 
49,738

Other
186,113

 
189,924

Total other assets
$
759,185

 
$
573,779




101
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 10—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt as of December 31, 2018 and 2017:
 
2018
 
2017
 
(In thousands)
Unsecured revolving credit facility (1)
$
765,919

 
$
535,832

Secured revolving construction credit facility due 2022
90,488

 
2,868

2.00% Senior Notes due 2018
—

 
700,000

4.00% Senior Notes due 2019
—

 
600,000

3.00% Senior Notes, Series A due 2019 (2)
293,319

 
318,041

2.70% Senior Notes due 2020
500,000

 
500,000

Unsecured term loan due 2020
—

 
900,000

4.75% Senior Notes due 2021
—

 
700,000

4.25% Senior Notes due 2022
600,000

 
600,000

3.25% Senior Notes due 2022
500,000

 
500,000

3.30% Senior Notes, Series C due 2022 (2)
183,325

 
198,776

Unsecured term loan due 2023
300,000

 
—

3.125% Senior Notes due 2023
400,000

 
400,000

3.10% Senior Notes due 2023
400,000

 
400,000

2.55% Senior Notes, Series D due 2023 (2)
201,657

 
218,653

Unsecured term loan due 2024
600,000

 
—

3.75% Senior Notes due 2024
400,000

 
400,000

4.125% Senior Notes, Series B due 2024 (2)
183,324

 
198,776

3.50% Senior Notes due 2025
600,000

 
600,000

4.125% Senior Notes due 2026
500,000

 
500,000

3.25% Senior Notes due 2026
450,000

 
450,000

3.85% Senior Notes due 2027
400,000

 
400,000

4.00% Senior Notes due 2028
650,000

 
—

4.40% Senior Notes due 2029
750,000

 
—

6.90% Senior Notes due 2037
52,400

 
52,400

6.59% Senior Notes due 2038
22,823

 
22,973

5.45% Senior Notes due 2043
258,750

 
258,750

5.70% Senior Notes due 2043
300,000

 
300,000

4.375% Senior Notes due 2045
300,000

 
300,000

Mortgage loans and other
1,127,697

 
1,308,564

Total
10,829,702

 
11,365,633

Deferred financing costs, net
(69,615
)
 
(73,093
)
Unamortized fair value adjustment
(1,163
)
 
12,139

Unamortized discounts
(25,225
)
 
(28,617
)
Senior notes payable and other debt
$
10,733,699

 
$
11,276,062



(1) 
As of December 31, 2018 and 2017, respectively, $23.1 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $27.8 million and $31.1 million were denominated in British pounds as of December 31, 2018 and 2017, respectively.
(2) 
These borrowings are in the form of Canadian dollars.


102
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Credit Facilities and Unsecured Term Loans

In April 2017, we entered into an unsecured credit facility comprised of a $3.0 billion unsecured revolving credit facility, priced at London Inter-bank Offered Rate (“LIBOR”) plus 0.875%, that replaced our previous $2.0 billion unsecured revolving credit facility priced at LIBOR plus 1.0%. The new unsecured credit facility was also comprised of our $200.0 million term loan that was scheduled to mature in 2018 and our $278.6 million term loan that was scheduled to mature in 2019. The 2018 and 2019 term loans were priced at LIBOR plus 1.05%. In August 2017, we used most of the proceeds from the sale of 22 SNFs to repay the balances then outstanding on the 2018 and 2019 term loans, and recognized a loss on extinguishment of debt of $0.5 million.

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.

Our unsecured credit facility imposes certain customary restrictions on us, including restrictions pertaining to: (i) liens; (ii) investments; (iii) the incurrence of additional indebtedness; (iv) mergers and dissolutions; (v) certain dividend, distribution and other payments; (vi) permitted businesses; (vii) transactions with affiliates; (viii) agreements limiting certain liens; and (ix) the maintenance of certain consolidated total leverage, secured debt leverage, unsecured debt leverage and fixed charge coverage ratios and minimum consolidated adjusted net worth, and contains customary events of default.

As of December 31, 2018, we had $765.9 million of borrowings outstanding, $23.1 million of letters of credit outstanding and $2.2 billion of unused borrowing capacity available under our unsecured revolving credit facility.    

In July 2018, we entered into a new $900.0 million unsecured term loan facility priced at LIBOR plus 0.90%. The new term loan facility is comprised of a $300.0 million term loan that matures in 2023 and a $600.0 million term loan that matures in 2024.  The new term loan facility also includes an accordion feature that permits us to increase our aggregate borrowings thereunder to up to $1.5 billion. This unsecured term loan facility replaced and repaid in full our $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975%.                

As of December 31, 2018, we also had a $400.0 million secured revolving construction credit facility with $90.5 million of borrowings outstanding and $309.5 million of unused borrowing capacity. The secured revolving construction credit facility matures in 2022 and is primarily used to finance research and innovation center and other construction projects.

Commercial Paper Program

In January 2019, our subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), established an unsecured commercial paper note program initially rated A2/P2/F2. 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 billion. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes will be fully and unconditionally guaranteed by Ventas.

Senior Notes

As of December 31, 2018, we had outstanding $7.0 billion aggregate principal amount of senior notes issued by Ventas Realty ($1.9 billion of which was co-issued by Ventas Realty’s wholly owned subsidiary, Ventas Capital Corporation), approximately $75.2 million aggregate principal amount of senior notes issued by Nationwide Health Properties, Inc. (“NHP”) and assumed by our subsidiary, Nationwide Health Properties, LLC (“NHP LLC”), as successor to NHP, in connection with our acquisition of NHP, and C$1.2 billion aggregate principal amount of senior notes issued by our subsidiary, Ventas Canada Finance Limited (“Ventas Canada”). All of the senior notes issued by Ventas Realty and Ventas Canada are unconditionally guaranteed by Ventas, Inc.

In March 2017, Ventas Realty issued and sold $400.0 million aggregate principal amount of 3.10% senior notes due 2023 at a public offering price equal to 99.28% of par, for total proceeds of $397.1 million before the underwriting discount and expenses, and $400.0 million aggregate principal amount of 3.85% senior notes due 2027 at a public offering price equal to 99.20% of par, for total proceeds of $396.8 million before the underwriting discount and expenses.

In April 2017, we repaid in full, at par, $300.0 million aggregate principal amount then outstanding of our 1.25% senior notes due 2017 upon maturity.


103
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


In June 2017, Ventas Canada issued and sold C$275.0 million aggregate principal amount of 2.55% senior notes, Series D due 2023 at a price equal to 99.95% of par, for total proceeds of C$274.9 million before the agent fees and expenses. The notes were offered on a private placement basis in Canada. We used part of the proceeds to repay C$124.4 million on our unsecured term loan due 2019.

In February 2018, we repaid in full, at par, $700.0 million aggregate principal amount then outstanding of our 2.00% senior notes due February 2018 upon maturity.

In February 2018, Ventas Realty issued and sold $650.0 million aggregate principal amount of 4.00% senior notes due 2028 at a public offering price equal to 99.23% of par, for total proceeds of $645.0 million before the underwriting discount and expenses.

In February 2018, we redeemed $502.1 million aggregate principal amount then outstanding of our 4.00% senior notes due April 2019 at a public offering price of 101.83% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $11.0 million. The redemption was funded using cash on hand and borrowings under our unsecured revolving credit facility. In April 2018, we repaid the remaining balance then outstanding of our 4.00% senior notes due April 2019 of $97.9 million and recognized a loss on extinguishment of debt of $1.8 million.

In August 2018, Ventas Realty issued and sold $750.0 million aggregate principal amount of 4.40% senior notes due 2029 at a public offering price equal to 99.95% of par, for total proceeds of $749.7 million before the underwriting discount and expenses.

In August 2018, we redeemed $549.5 million aggregate principal amount then outstanding of our 4.75% senior notes due 2021 at a public offering price of 104.56% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $28.3 million. The redemption was funded using proceeds from our August 2018 senior note issuance, cash on hand and borrowings under our unsecured revolving credit facility. In September 2018, we repaid the remaining balance then outstanding of our 4.75% senior notes due 2021 of $150.5 million and recognized a loss on extinguishment of debt of $7.6 million.

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.

Ventas Realty’s senior notes are part of our and Ventas Realty’s general unsecured obligations, ranking equal in right of payment with all of our and Ventas Realty’s existing and future senior obligations and ranking senior in right of payment to all of our and Ventas Realty’s existing and future subordinated indebtedness. However, Ventas Realty’s senior notes are effectively subordinated to our and Ventas Realty’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Realty’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Realty and, with respect to those senior notes co-issued by Ventas Capital Corporation, Ventas Capital Corporation).

Ventas Canada’s senior notes are part of our and Ventas Canada’s general unsecured obligations, ranking equal in right of payment with all of Ventas Canada’s existing and future subordinated indebtedness. However, Ventas Canada’s senior notes are effectively subordinated to our and Ventas Canada’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. Ventas Canada’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of our subsidiaries (other than Ventas Canada).

NHP LLC’s senior notes are part of NHP LLC’s general unsecured obligations, ranking equal in right of payment with all of NHP LLC’s existing and future senior obligations and ranking senior to all of NHP LLC’s existing and future subordinated indebtedness. However, NHP LLC’s senior notes are effectively subordinated to NHP LLC’s secured indebtedness, if any, to the extent of the value of the assets securing that indebtedness. NHP LLC’s senior notes are also structurally subordinated to the preferred equity and indebtedness, whether secured or unsecured, of its subsidiaries.

Ventas Realty and Ventas Canada may redeem each series of their respective senior notes in whole at any time or in part from time to time, prior to maturity at the redemption prices set forth in the applicable indenture (which include, in many instances, a make-whole premium), plus, in each case, accrued and unpaid interest thereon to the redemption date.


104
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NHP LLC’s 6.90% senior notes due 2037 are subject to repurchase at the option of the holders, at par, on October 1, 2027, and its 6.59% senior notes due 2038 are subject to repurchase at the option of the holders, at par, on July 7 in each of 2023 and 2028.

Mortgages

At December 31, 2018, we had 56 mortgage loans outstanding in the aggregate principal amount of $1.1 billion and secured by 60 of our properties. Of these loans, 45 loans in the aggregate principal amount of $698.1 million bear interest at fixed rates ranging from 3.0% to 8.6% per annum, and 11 loans in the aggregate principal amount of $429.6 million bear interest at variable rates ranging from 1.4% to 5.4% per annum as of December 31, 2018. At December 31, 2018, the weighted average annual rate on our fixed rate mortgage loans was 4.4%, and the weighted average annual rate on our variable rate mortgage loans was 3.4%. Our mortgage loans had a weighted average maturity of 5.8 years as of December 31, 2018.

During the years ended December 31, 2018, 2017 and 2016, we repaid in full mortgage loans in the aggregate principal amount of $485.7 million, $411.4 million and $337.8 million, respectively.
    
Scheduled Maturities of Borrowing Arrangements and Other Provisions

The following summarizes the maturities of our senior notes payable and other debt as of December 31, 2018:
 
Principal Amount
Due at Maturity
 
Unsecured Revolving
Credit
Facility (1)
 
Scheduled Periodic
Amortization
 
Total Maturities
 
(In thousands)
2019
$
390,779

 
$
—

 
$
15,850

 
$
406,629

2020
592,384

 
—

 
15,322

 
607,706

2021
64,342

 
765,919

 
14,232

 
844,493

2022
1,491,561

 
—

 
12,743

 
1,504,304

2023
1,542,294

 
—

 
9,104

 
1,551,398

Thereafter (2)
5,835,010

 
—

 
80,162

 
5,915,172

Total maturities
$
9,916,370

 
$
765,919

 
$
147,413

 
$
10,829,702



(1) 
At December 31, 2018, we had $72.3 million of unrestricted cash and cash equivalents, for $693.6 million of net borrowings outstanding under our unsecured revolving credit facility.
(2) 
Includes $52.4 million aggregate principal amount of 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 2027, and $22.8 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2023 and 2028.
    
The instruments governing our outstanding indebtedness contain covenants that limit our ability and the ability of certain of our subsidiaries to, among other things: (i) incur debt; (ii) make certain dividends, distributions and investments; (iii) enter into certain transactions; and/or (iv) merge, consolidate or sell certain assets. Ventas Realty’s and Ventas Canada’s senior notes also require us and our subsidiaries to maintain total unencumbered assets of at least 150% of our unsecured debt. Our credit facilities also require us to maintain certain financial covenants pertaining to, among other things, our consolidated total leverage, secured debt, unsecured debt, fixed charge coverage and net worth.

As of December 31, 2018, we were in compliance with all of these covenants.

Derivatives and Hedging

In the normal course of our business, interest rate fluctuations affect future cash flows under our variable rate debt obligations, loans receivable and marketable debt securities, and foreign currency exchange rate fluctuations affect our operating results. We follow established risk management policies and procedures, including the use of derivative instruments, to mitigate the impact of these risks.

We do not use derivative instruments for trading or speculative purposes, and we have a policy of entering into contracts only with major financial institutions based upon their credit ratings and other factors. When considered together

105
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


with the underlying exposure that the derivative is designed to hedge, we do not expect that the use of derivatives in this manner would have any material adverse effect on our future financial condition or results of operations.

As of December 31, 2018, our variable rate debt obligations of $1.8 billion reflect, in part, the effect of $148.8 million notional amount of interest rate swaps with maturities ranging from March 2022 to May 2022 that effectively convert fixed rate debt to variable rate debt. As of December 31, 2018, our fixed rate debt obligations of $9.0 billion reflect, in part, the effect of $516.2 million notional amount of interest rate swaps with maturities ranging from April 2019 to September 2027, in each case that effectively convert variable rate debt to fixed rate debt.

In January and February 2017, we entered into a total of $275 million of notional forward starting swaps with an effective date of April 3, 2017 that reduced our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The rate on the notional amounts was locked at a weighted average rate of 2.33%. In March 2017, these swaps were terminated in conjunction with the issuance of the 3.85% senior notes due 2027, which resulted in a $0.8 million gain that is being recognized over the life of the notes using the effective interest method.

In March 2017, we entered into interest rate swaps totaling a notional amount of $400 million with a maturity of January 15, 2023, effectively converting fixed rate debt to three month LIBOR-based floating rate debt.  As a result, we would pay a floating rate equal to three month LIBOR plus a weighted average swap spread of 0.98%. In August 2018, $200 million notional amount of these swaps were terminated, which resulted in a $6.6 million loss that is being recognized over the life of the notes using the effective interest method. In December 2018, the remaining $200 million notional amount of these swaps were terminated, which resulted in a $5.1 million loss that is being recognized over the life of the notes using the effective interest method.

During June and December 2017, we entered into a total of $200 million notional forward starting swaps that reduced our exposure to fluctuations in interest rates prior to the February 2018 issuance of 4.00% senior notes due 2028. On the issuance date, we realized a gain of $10.0 million from these swaps that is being recognized over the life of the notes using the effective interest method.

In August 2018, we entered into interest rate swaps totaling a notional amount of $200 million with a maturity of January 31, 2023 that effectively converts LIBOR-based floating rate debt to fixed rate debt.
    
During the twelve months ended December 31, 2018, we entered into $300 million notional value forward starting swaps that reduced our exposure to fluctuations in interest rates prior to our August 2018 issuance of 4.40% senior notes due 2029, which resulted in a $4.4 million gain that is being recognized over the life of the notes using the effective interest method.

NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS

As of December 31, 2018 and 2017, the carrying amounts and fair values of our financial instruments were as follows:
 
2018
 
2017
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
72,277

 
$
72,277

 
$
81,355

 
$
81,355

Secured mortgage loans and other, net
439,491

 
425,290

 
1,291,694

 
1,286,322

Non-mortgage loans receivable, net
54,164

 
54,081

 
59,857

 
58,849

Senior unsecured notes
206,442

 
206,442

 
—

 
—

Government-sponsored pooled loan investments, net
56,378

 
56,378

 
54,665

 
54,665

Derivative instruments
6,012

 
6,012

 
7,248

 
7,248

Liabilities:
 
 
 
 
 
 
 
Senior notes payable and other debt, gross
10,829,702

 
10,617,074

 
11,365,633

 
11,600,750

Derivative instruments
4,561

 
4,561

 
5,435

 
5,435

Redeemable OP Unitholder Interests
174,552

 
174,552

 
146,252

 
146,252



106


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.

NOTE 12—STOCK- BASED COMPENSATION

Compensation Plans

We currently have: four plans under which outstanding options to purchase common stock, shares of restricted stock or restricted stock units have been, or may in the future be, granted to our officers, employees and non-employee directors (the 2000 Incentive Compensation Plan (Employee Plan), the 2006 Incentive Plan, the 2006 Stock Plan for Directors, and the 2012 Incentive Plan); one plan under which executive officers may receive common stock in lieu of compensation (the Executive Deferred Stock Compensation Plan); and one plan under which certain non-employee directors have received or may receive common stock in lieu of director fees (the Nonemployee Directors’ Deferred Stock Compensation Plan). These plans are referred to collectively as the “Plans.”

During the year ended December 31, 2018, we were permitted to issue shares and grant options, restricted stock and restricted stock units only under the Executive Deferred Stock Compensation Plan, the Nonemployee Directors’ Deferred Stock Compensation Plan and the 2012 Incentive Plan. The 2006 Incentive Plan and the 2006 Stock Plan for Directors (collectively, the “2006 Plans”) expired on December 31, 2012, and no additional grants were permitted under those Plans after that date.

The number of shares initially reserved for issuance and the number of shares available for future grants or issuance under these Plans as of December 31, 2018 were as follows:

•
Executive Deferred Stock Compensation Plan—0.6 million shares were reserved initially for issuance to our executive officers in lieu of the payment of all or a portion of their salary, at their option, and 0.6 million shares were available for future issuance as of December 31, 2018.

•
Nonemployee Directors’ Deferred Stock Compensation Plan—0.6 million shares were reserved initially for issuance to nonemployee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and 0.4 million shares were available for future issuance as of December 31, 2018.

•
2012 Incentive Plan—10.5 million shares (plus the number of shares or options outstanding under the 2006 Plans as of December 31, 2012 that were or are subsequently forfeited or expire unexercised) were reserved initially for grants or issuance to employees and non-employee directors, and 3.6 million shares (plus the number of shares or options outstanding under the 2006 Plans as of December 31, 2018 that were or are subsequently forfeited or expire unexercised) were available for future issuance as of December 31, 2018.

Outstanding options issued under the Plans are exercisable at the market price on the date of grant, expire ten years from the date of grant, and vest or have vested over periods of two or three years. If provided in the applicable Plan or award agreement, the vesting of stock options may accelerate upon a change of control (as defined in the applicable Plan) of Ventas, Inc. and other specified events.

Stock Options

In determining the estimated fair value of our stock options as of the date of grant, we used the Black-Scholes option pricing model with the following assumptions:
 
2018
 
2017
 
2016
Risk-free interest rate
N/A
 
1.69-1.87%

 
0.93-1.27%

Dividend yield
N/A
 
6.00
%
 
5.50
%
Volatility factors of the expected market price for our common stock
N/A
 
21.5-21.6%

 
19.1-20.6%

Weighted average expected life of options
N/A
 
4.0 years

 
4.0 years



107
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following is a summary of stock option activity in 2018:
 
Shares (000’s)
 
Weighted Average
Exercise Price
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Intrinsic
Value
($000’s)
Outstanding as of December 31, 2017
5,025

 
$
58.57

 
 
 
 

Options granted
—

 
—

 
 
 
 

Options exercised
(201
)
 
43.53

 
 
 
 

Options forfeited
(35
)
 
59.49

 
 
 
 
Options expired
(5
)
 
58.93

 
 
 
 
Outstanding as of December 31, 2018
4,784

 
59.20

 
6.4
 
$
13,566

Exercisable as of December 31, 2018
4,196

 
58.89

 
6.3
 
$
13,521



Compensation costs for all share-based awards are based on the grant date fair value and are recognized on a straight-line basis during the requisite service periods, with charges recorded in general and administrative expenses. Compensation costs related to stock options for the years ended December 31, 2018, 2017 and 2016 were $2.6 million, $4.8 million and $6.2 million, respectively.

As of December 31, 2018, we had $0.3 million of total unrecognized compensation cost related to non-vested stock options granted under the Plans. We expect to recognize that cost over a weighted average period of one year.

There were no options issued during 2018. The weighted average grant date fair value per share of options issued during the years ended 2017 and 2016 was $5.23 and $4.73, respectively.

Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2018, 2017 and 2016 were $8.8 million, $16.3 million and $20.4 million, respectively. The total intrinsic value at exercise of options exercised during the years ended December 31, 2018, 2017 and 2016 was $3.1 million, $7.0 million and $8.0 million, respectively. There was no deferred income tax benefit for stock options exercised.

Restricted Stock and Restricted Stock Units    

We recognize the fair value of shares of restricted stock and restricted stock units on the grant date of the award as stock-based compensation expense over the requisite service period, with charges to general and administrative expenses of $27.3 million, $21.7 million and $14.7 million in 2018, 2017 and 2016, respectively. Restricted stock and restricted stock units generally vest over periods ranging from two to five years. If provided in the applicable Plan or award agreement, the vesting of restricted stock and restricted stock units may accelerate upon a change of control (as defined in the applicable Plan) of Ventas and other specified events.
    
A summary of the status of our non-vested restricted stock and restricted stock units as of December 31, 2018, and changes during the year ended December 31, 2018 follows:
 
Restricted
Stock
(000’s)
 
Weighted
Average
Grant Date
Fair Value
 
Restricted
Stock Units (000’s)
 
Weighted
Average
Grant Date
Fair Value
Nonvested at December 31, 2017
319

 
$
58.36

 
414

 
$
62.01

Granted
161

 
50.77

 
331

 
53.44

Vested
(182
)
 
59.35

 
(104
)
 
61.47

Forfeited
(22
)
 
53.94

 
(14
)
 
58.29

Nonvested at December 31, 2018
276

 
53.64

 
627

 
57.70


    
As of December 31, 2018, we had $22.0 million of unrecognized compensation cost related to non-vested restricted stock and restricted stock units under the Plans. We expect to recognize that cost over a weighted average period of 1.47 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2018, 2017 and 2016 was $15.5 million, $16.6 million and $13.9 million, respectively.

108
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Employee and Director Stock Purchase Plan

We have in effect an Employee and Director Stock Purchase Plan (“ESPP”) under which our employees and directors may purchase shares of our common stock at a discount. Pursuant to the terms of the ESPP, on each purchase date, participants may purchase shares of common stock at a price not less than 90% of the market price on that date (with respect to the employee tax-favored portion of the plan) and not less than 95% of the market price on that date (with respect to the additional employee and director portion of the plan). We initially reserved 3.0 million shares for issuance under the ESPP. As of December 31, 2018, 0.1 million shares had been purchased under the ESPP and 2.9 million shares were available for future issuance.

Employee Benefit Plan
    
We maintain a 401(k) plan that allows eligible employees to defer compensation subject to certain limitations imposed by the Code. In 2018, we made contributions for each qualifying employee of up to 3.5% of his or her salary, subject to certain limitations. During 2018, 2017 and 2016, our aggregate contributions were approximately $1.5 million, $1.4 million and $1.3 million, respectively.

NOTE 13—INCOME TAXES

We have elected to be taxed as a REIT under the applicable provisions of the Code, 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 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 we intend to continue to operate in a manner that will enable us to qualify as a REIT, such qualification depends upon our ability to meet, on a continuing basis, various distribution, stock ownership and other tests. During the years ended December 31, 2018, 2017 and 2016, our tax treatment of distributions per common share was as follows:
 
2018
 
2017
 
2016
Tax treatment of distributions:
 
 
 
 
 
Ordinary income
$
—

 
$
1.02814

 
$
2.68216

Qualified ordinary income
0.00375

 
0.00337

 
0.05794

199A qualified business income
2.97465

 
—

 
—

Long-term capital gain
0.05916

 
1.07836

 
0.11613

Unrecaptured Section 1250 gain
0.12244

 
0.21513

 
0.10877

Distribution reported for 1099-DIV purposes
3.16000

 
2.32500

 
2.96500

Add: Dividend declared in current year and taxable in following year
0.79250

 
0.79000

 
—

Less: Dividend declared in prior year and taxable in current year
(0.79000
)
 
—

 
—

Distribution declared per common share outstanding
$
3.16250

 
$
3.11500

 
$
2.96500



We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable income for 2018, 2017 and 2016. Our consolidated benefit for income taxes for the years ended December 31, 2018, 2017 and 2016 was as follows:
 
2018
 
2017
 
2016
 
(In thousands)
Current - Federal
$
(2,953
)
 
$
(5,672
)
 
$
(2,991
)
Current - State
1,332

 
1,119

 
1,241

Deferred - Federal
(32,492
)
 
(54,396
)
 
(19,539
)
Deferred - State
(825
)
 
3,237

 
(3,634
)
Current - Foreign
1,892

 
2,307

 
1,067

Deferred - Foreign
(6,907
)
 
(6,394
)
 
(7,487
)
Total
$
(39,953
)
 
$
(59,799
)
 
$
(31,343
)



109
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The 2018 income tax benefit is primarily due to the reversal of a $23.2 million valuation allowance on deferred interest carryforwards and tax losses of certain TRS entities. The $23.2 million valuation allowance reversal is an adjustment to the provisional amount recorded in the prior year related to enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) and is made based upon additional guidance issued by the IRS subsequent to enactment of the 2017 Tax Act. The 2017 income tax benefit is primarily due to accounting for the 2017 Tax Act, specifically a $64.5 million benefit from the reduced U.S. federal corporate tax rate on net deferred tax liabilities and an offsetting expense of $23.3 million to establish the valuation allowance on deferred interest carryforwards (subsequently reversed in 2018), losses of certain TRS entities and the release of a tax reserve.
  
Although the TRS entities have paid minimal cash federal income taxes for the year ended December 31, 2018, their federal income tax liabilities may increase in future years as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other business segments grow. Such increases could be significant.

A reconciliation of income tax expense and benefit, which is computed by applying the federal corporate tax rate for the years ended December 31, 2018, 2017 and 2016, to the income tax benefit is as follows:
 
2018
 
2017
 
2016
 
(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$
80,811

 
$
204,742

 
$
181,478

State income taxes, net of federal benefit
(253
)
 
(1,115
)
 
(1,022
)
Change in valuation allowance from ordinary operations
(5,451
)
 
8,237

 
3,921

Decrease in ASC 740 income tax liability
(4,347
)
 
(4,750
)
 
(3,582
)
Tax at statutory rate on earnings not subject to federal income taxes
(89,947
)
 
(231,379
)
 
(209,204
)
Foreign rate differential and foreign taxes
1,924

 
6,407

 
2,094

Change in tax status of TRS
359

 
(690
)
 
(5,629
)
Effect of the 2017 Tax Act
(23,160
)
 
(41,212
)
 
—

Other differences
111

 
(39
)
 
601

Income tax benefit
$
(39,953
)
 
$
(59,799
)
 
$
(31,343
)

Tax Cuts and Jobs Act of 2017

On December 22, 2017, the 2017 Tax Act was signed into law making significant changes to the Internal Revenue Code.  At that time, we made a reasonable estimate that the new interest limitation rules may disallow the deferred interest carried forward under the rules prior to the 2017 Tax Act and recorded a provisional valuation allowance adjustment of $23.3 million against the entire deferred tax asset related to the deferred interest carryforward. In the fourth quarter of 2018, the IRS provided additional guidance that if an election is made under the 2017 Tax Act to be excluded from the new interest limitation provision for “real property trade or businesses”, the previous deferred interest carryforward may be deducted. Accordingly, for the current year we have recognized a tax benefit of $23.2 million to adjust the provisional amount recorded in 2017.

Each TRS is a tax paying component for purposes of classifying deferred tax assets and liabilities. The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2018, 2017 and 2016 are summarized as follows:
 
2018
 
2017
 
2016
 
(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$
(269,758
)
 
$
(300,395
)
 
$
(409,803
)
Operating loss and interest deduction carryforwards
133,243

 
146,732

 
195,415

Expense accruals and other
11,910

 
12,890

 
18,185

Valuation allowance
(80,614
)
 
(109,319
)
 
(120,438
)
Net deferred tax liabilities
$
(205,219
)
 
$
(250,092
)
 
$
(316,641
)



110
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


We established beginning net deferred tax assets and liabilities related to temporary differences between the financial reporting and the tax bases of assets acquired and liabilities assumed (primarily property, intangible and related assets, net of NOL carryforwards), for the years ended December 31, 2018, 2017, and 2016, in connection with the following acquisitions:
 
2018
 
2017
 
2016
 
(In thousands)
2016 Research and Innovation Acquisition
$
—

 
$
19,262

 
$
(9,446
)
2017 miscellaneous acquisitions
(922
)
 
(4,510
)
 
—

Established beginning deferred tax assets or liabilities
$
(922
)
 
$
14,752

 
$
(9,446
)


Our net deferred tax liability decreased $44.8 million during 2018 primarily due to accounting for IRS guidance issued subsequent to the enactment of the 2017 Tax Act, specifically a $23.2 million benefit for the reversal of a valuation allowance on deferred interest carryforwards, and tax losses of certain TRS entities. Our net deferred tax liability decreased $66.5 million during 2017 primarily due to accounting for the 2017 Tax Act, specifically a $64.5 million benefit from the reduced U.S. federal corporate tax rate on net deferred tax liabilities and an offsetting expense of $23.3 million to establish a provisional adjustment on deferred interest carryforwards, the impact of TRS operating losses, currency translation adjustments, and purchase accounting adjustments.

Due to uncertainty regarding the realization of certain deferred tax assets, we have established valuation allowances, primarily in connection with the NOL carryforwards related to certain TRSs.  The amounts related to NOLs at the TRS entities for 2018, 2017, and 2016 are $55.1 million, $67.1 million and $84.7 million, respectively.

A rollforward of valuation allowances, for the years ended December 31, 2018, 2017 and 2016, is as follows:
 
2018
 
2017
 
2016
 
(In thousands)
Beginning Balance
$
109,319

 
$
120,438

 
$
120,015

Additions:
 
 
 
 
 
Expenses(1)
4,547

 
9,277

 
6,589

Subtractions:
 
 
 
 
 
Deductions(1)
(9,998
)
 
(1,040
)
 
(2,668
)
Effect of the 2017 Tax Act
(23,160
)
 
(21,321
)
 
—

State income tax, net of federal impact
(718
)
 
956

 
536

Other activity (not resulting in expense or deduction)
624

 
1,009

 
(4,034
)
Ending balance
$
80,614

 
$
109,319

 
$
120,438



(1) 
Generally, Expenses and Deductions are increases and decreases, respectively, in TRS valuation allowances, the latter being through utilization or release. The net amount equals the increase in valuation allowance on the reconciliation of income tax expense and benefit schedule above.
    
We are subject to corporate level taxes (“built-in gains tax”) for any asset dispositions during the five-year period immediately after the assets were owned by a C corporation (either prior to our REIT election, through stock acquisition or merger). The amount of income potentially subject to built-in gains tax is generally equal to the lesser of the excess of the fair value of the asset over its adjusted tax basis as of the date it became a REIT asset or the actual amount of gain. Some, but not all, future gains could be offset by available NOL carryforwards.

At December 31, 2018, 2017 and 2016, the REIT had NOL carryforwards of $910.7 million, $973.4 million and $1.1 billion, respectively. Additionally, the REIT has $14.4 million of federal income tax credits that were carried over from acquisitions. These amounts can be used to offset future taxable income (and/or taxable income for prior years if an audit determines that tax is owed), if any. The REIT will be entitled to utilize NOLs and tax credit carryforwards only to the extent that REIT taxable income exceeds our deduction for dividends paid. Certain NOL and credit carryforwards are limited as to their utilization by Section 382 of the Code. The remaining REIT carryforwards begin to expire in 2019.

For the years ended December 31, 2018 and 2017, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $3.8 billion and $4.1 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes.

111
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service (“IRS”) 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 also subject to audit in Canada for periods subsequent to the acquisition, and certain prior periods, with respect to entities acquired in 2014 from Holiday Retirement. We are subject to audit in the United Kingdom generally for the periods ended in and subsequent to 2017.

The following table summarizes the activity related to our unrecognized tax benefits:
 
2018
 
2017
 
(In thousands)
Balance as of January 1
$
16,765

 
$
20,950

Additions to tax positions related to prior years
207

 
648

Subtractions to tax positions related to prior years
(1,720
)
 
(497
)
Subtractions to tax positions as a result of the lapse of the statute of limitations
(2,908
)
 
(4,336
)
Balance as of December 31
$
12,344

 
$
16,765



Included in these unrecognized tax benefits of $12.3 million and $16.8 million at December 31, 2018 and 2017, respectively, were $10.6 million and $15.0 million of tax benefits at December 31, 2018 and 2017, respectively, that, if recognized, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2018. We do not expect our unrecognized tax benefits to increase or decrease materially in 2019.

As a part of the transfer pricing structure in the normal course of business, the REIT enters into transactions with certain TRSs, such as leasing transactions, other capital financing and allocation of general and administrative costs, which transactions are intended to comply with Internal Revenue Service and foreign tax authority transfer pricing rules.

NOTE 14—COMMITMENTS AND CONTINGENCIES

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.


112
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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 that, 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.

Certain Obligations, Liabilities and Litigation

We may be subject to various obligations, liabilities and litigation assumed in connection with or arising out of our acquisitions or otherwise arising in connection with our business, some of which may be indemnifiable by third parties. If these liabilities are greater than expected or were not known to us at the time of acquisition, if we are not entitled to indemnification, or if the responsible third party fails to indemnify us, such obligations, liabilities and litigation could have a Material Adverse Effect on us. In addition, in connection with the sale or leasing of our properties, we may incur various obligations and liabilities, including indemnification obligations to the buyer or tenant, relating to the operations of those properties, which could have a Material Adverse Effect on us.

Other

With respect to certain of our properties, we are subject to operating and ground lease obligations that generally require fixed monthly or annual rent payments and may include escalation clauses and renewal options. These leases have terms that expire during the next 83 years, excluding extension options.

The following summarizes our future minimum lease obligations under non-cancelable operating and ground leases as of December 31, 2018:
 
Lease Payments
 
(In thousands)
2019
$
24,941

2020
24,287

2021
23,635

2022
18,867

2023
18,251

Thereafter
614,974

Total
$
724,955




113
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 15—EARNINGS PER SHARE

The following table shows the amounts used in computing our basic and diluted earnings per common share:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands, except per share amounts)
Numerator for basic and diluted earnings per share:
 
 
 
 
 
Income from continuing operations
$
415,991

 
$
1,361,222

 
$
652,412

Discontinued operations
(10
)
 
(110
)
 
(922
)
Net income
415,981

 
1,361,112

 
651,490

Net income attributable to noncontrolling interests
6,514

 
4,642

 
2,259

Net income attributable to common stockholders          
$
409,467

 
$
1,356,470

 
$
649,231

Denominator:
 
 
 
 
 
Denominator for basic earnings per share—weighted average shares
356,265

 
355,326

 
344,703

Effect of dilutive securities:
 
 
 
 
 
Stock options
174

 
494

 
569

Restricted stock awards
331

 
265

 
176

OP Unitholder Interests
2,531

 
2,481

 
2,942

Denominator for diluted earnings per share—adjusted weighted average shares
359,301

 
358,566

 
348,390

Basic earnings per share:
 
 
 
 
 
Income from continuing operations
$
1.17

 
$
3.83

 
$
1.89

Net income attributable to common stockholders          
1.15

 
3.82

 
1.88

Diluted earnings per share:
 
 
 
 
 
Income from continuing operations
$
1.16

 
$
3.80

 
$
1.87

Net income attributable to common stockholders          
1.14

 
3.78
 
1.86



There were 3.5 million, 3.0 million and 1.4 million anti-dilutive options outstanding for the years ended December 31, 2018, 2017 and 2016, respectively.

NOTE 16—PERMANENT AND TEMPORARY EQUITY

Capital Stock

We may sell our common stock from time to time under an “at-the-market” equity offering program (“ATM program”). In August 2018, we replaced our expired ATM program with an identical program, under which we may sell up to an aggregate of $1.0 billion of our common stock. During the year ended December 31, 2018, we sold no shares of our common stock under an ATM program. Therefore, as of December 31, 2018, $1.0 billion of our common stock remained available for sale under our ATM program.

During the year ended December 31, 2017, we issued and sold 1.1 million shares of common stock under our previous ATM program for aggregate net proceeds of $73.9 million, after sales agent commissions.

For the year ended December 31, 2016, we issued and sold a total of 18.9 million shares of our common stock under our previous ATM program and public offerings. Aggregate net proceeds for these activities were $1.3 billion, after sales agent commissions. We used the proceeds to fund a portion of the 2016 Research and Innovation Acquisition and for working capital and other general corporate purposes. See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY” for additional information.

Excess Share Provision

In order to preserve our ability to maintain REIT status, our Charter provides that if a person acquires beneficial ownership of more than 9% of our outstanding common stock or 9.9% of our outstanding preferred stock, the shares that are

114
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


beneficially owned in excess of such limit are deemed to be excess shares. These shares are automatically deemed transferred to a trust for the benefit of a charitable institution or other qualifying organization selected by our Board of Directors. The trust is entitled to all dividends with respect to the shares and the trustee may exercise all voting power over the shares.

We have the right to buy the excess shares for a purchase price equal to the lesser of the price per share in the transaction that created the excess shares or the market price on the date we buy the shares, and we may defer payment of the purchase price for the excess shares for up to five years. If we do not purchase the excess shares, the trustee of the trust is required to transfer the excess shares at the direction of the Board of Directors. The owner of the excess shares is entitled to receive the lesser of the proceeds from the sale or the original purchase price for such excess shares, and any additional amounts are payable to the beneficiary of the trust. As of December 31, 2018, there were no shares in the trust.

Our Board of Directors is empowered to grant waivers from the excess share provisions of our Charter.

Accumulated Other Comprehensive Loss

The following is a summary of our accumulated other comprehensive loss as of December 31, 2018 and 2017:
 
2018
 
2017
 
(In thousands)
Foreign currency translation
$
(55,016
)
 
$
(45,580
)
Accumulated unrealized gain on marketable debt securities
15,746

 
802

Derivative instruments
19,688

 
9,658

Total accumulated other comprehensive loss
$
(19,582
)
 
$
(35,120
)


Redeemable OP Unitholder and Noncontrolling Interests

The following is a rollforward of our redeemable OP Unitholder Interests and noncontrolling interests for 2018:
 
 
Redeemable OP Unitholder Interests
 
Redeemable Noncontrolling Interests
 
Total Redeemable OP Unitholder and Noncontrolling Interests
 
 
(In thousands)
Balance as of December 31, 2017
 
$
146,252

 
$
12,238

 
$
158,490

New issuances
 
34,035

 
—

 
34,035

Change in valuation
 
3,323

 
1,351

 
4,674

Distributions and other
 
(7,817
)
 
—

 
(7,817
)
Redemptions
 
(1,241
)
 
—

 
(1,241
)
Balance as of December 31, 2018
 
$
174,552

 
$
13,589

 
$
188,141



NOTE 17—RELATED PARTY TRANSACTIONS

Atria provides comprehensive property management and accounting services with respect to our seniors housing communities that Atria operates, for which we pay annual management fees pursuant to long-term management agreements.  For the years ended December 31, 2018, 2017 and 2016, we incurred fees to Atria of $60.1 million, $59.7 million and $58.7 million respectively, the majority of which are recorded within property-level operating expenses in our Consolidated Statements of Income.

Our 34% ownership interest in Atria entitles us to certain rights and minority protections, as well as the right to appoint two of six members on the Atria Board of Directors.

As of December 31, 2018, we leased 10 hospital campuses to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2018, 2017 and 2016, we recognized rental income from Ardent of $114.8 million, $110.8 million and $106.9 million, respectively, relating to the Ardent master lease.

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.

115
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


ESL provides comprehensive property management and accounting services with respect to our seniors housing communities that ESL operates, for which we pay annual management fees pursuant to a management agreement.  For the year ended December 31, 2018, we incurred fees to ESL of $12.9 million, the majority of which are recorded within property-level operating expenses in our Consolidated Statements of Income.

Our 34% ownership interest in ESL entitles us to customary rights and protections, including the right to appoint two of six members to the ESL Board of Directors.

These transactions are considered to be arm’s length in nature and on terms consistent with transactions with unaffiliated third parties.


116
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 18—QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Summarized unaudited consolidated quarterly information for the years ended December 31, 2018 and 2017 is provided below:
 
For the Year Ended December 31, 2018
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share amounts)
Revenues
$
943,705

 
$
942,304

 
$
936,538

 
$
923,263

 
 
 
 
 
 
 
 
Income from continuing operations
$
80,108

 
$
169,300

 
$
103,281

 
$
63,302

Discontinued operations
(10
)
 
—

 
—

 
—

Net income
80,098

 
169,300

 
103,281

 
63,302

Net income attributable to noncontrolling interests
1,395

 
2,781

 
1,309

 
1,029

Net income attributable to common stockholders          
$
78,703

 
$
166,519

 
$
101,972

 
$
62,273

Earnings per share:
 

 
 

 
 

 
 

Basic:
 

 
 

 
 

 
 

Income from continuing operations
$
0.22

 
$
0.48

 
$
0.29

 
$
0.18

Net income attributable to common stockholders
0.22

 
0.47

 
0.29

 
0.17

Diluted:
 

 
 

 
 

 
 

Income from continuing operations
$
0.22

 
$
0.47

 
$
0.29

 
$
0.18

Net income attributable to common stockholders
0.22

 
0.46

 
0.28

 
0.17

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.79

 
$
0.79

 
$
0.79

 
$
0.7925


 
For the Year Ended December 31, 2017
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share amounts)
Revenues
$
883,443

 
$
895,490

 
$
899,928

 
$
895,288

 
 
 
 
 
 
 
 
Income from continuing operations
$
199,201

 
$
152,991

 
$
615,210

 
$
393,820

Discontinued operations
(53
)
 
(23
)
 
(19
)
 
(15
)
Net income
199,148

 
152,968

 
615,191

 
393,805

Net income attributable to noncontrolling interests
1,021

 
1,137

 
1,233

 
1,251

  Net income attributable to common stockholders          
$
198,127

 
$
151,831

 
$
613,958

 
$
392,554

Earnings per share:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Income from continuing operations
$
0.56

 
$
0.43

 
$
1.73

 
$
1.11

Net income attributable to common stockholders
0.56

 
0.43

 
1.72

 
1.10

Diluted:
 
 
 
 
 
 
 
Income from continuing operations
$
0.56

 
$
0.43

 
$
1.71

 
$
1.10

Net income attributable to common stockholders
0.55

 
0.42

 
1.71

 
1.09

 
 
 
 
 
 
 
 
Dividends declared per share
$
0.775

 
$
0.775

 
$
0.775

 
$
0.79




117
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 19—SEGMENT INFORMATION

As of December 31, 2018, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria, 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 income from continuing operations as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Annual Report on Form 10-K.

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.

118
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Summary information by reportable business segment is as follows:
 
For the Year Ended December 31, 2018
 
Triple-Net
Leased
Properties
 
Senior
Living
Operations
 
Office
Operations
 
All
Other
 
Total
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
737,796

 
$
—

 
$
776,011

 
$
—

 
$
1,513,807

Resident fees and services
—

 
2,069,477

 
—

 
—

 
2,069,477

Office building and other services revenue
2,522

 
—

 
7,592

 
3,302

 
13,416

Income from loans and investments
—

 
—

 
—

 
124,218

 
124,218

Interest and other income
—

 
—

 
—

 
24,892

 
24,892

Total revenues
$
740,318

 
$
2,069,477

 
$
783,603

 
$
152,412

 
$
3,745,810

 
 
 
 
 
 
 
 
 
 
Total revenues
$
740,318

 
$
2,069,477

 
$
783,603

 
$
152,412

 
$
3,745,810

Less:
 
 
 
 
 
 
 
 
 
Interest and other income
—

 
—

 
—

 
24,892

 
24,892

Property-level operating expenses
—

 
1,446,201

 
243,679

 
—

 
1,689,880

Office building services costs
—

 
—

 
1,418

 
—

 
1,418

Segment NOI
740,318

 
623,276

 
538,506

 
127,520

 
2,029,620

(Loss) income from unconsolidated entities
(47,901
)
 
(4,465
)
 
477

 
(3,145
)
 
(55,034
)
Segment profit
$
692,417

 
$
618,811

 
$
538,983

 
$
124,375

 
1,974,586

Interest and other income
 

 
 

 
 

 
 
 
24,892

Interest expense
 

 
 

 
 

 
 

 
(442,497
)
Depreciation and amortization
 

 
 

 
 

 
 

 
(919,639
)
General, administrative and professional fees
 

 
 

 
 

 
 

 
(151,982
)
Loss on extinguishment of debt, net
 

 
 

 
 

 
 

 
(58,254
)
Merger-related expenses and deal costs
 

 
 

 
 

 
 

 
(30,547
)
Other
 

 
 

 
 

 
 

 
(66,768
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
46,247

Income tax benefit
 

 
 

 
 

 
 

 
39,953

Income from continuing operations
 

 
 

 
 

 
 

 
$
415,991


119
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 
For the Year Ended December 31, 2017
 
Triple-Net
Leased
Properties
 
Senior
Living
Operations
 
Office
Operations
 
All
Other
 
Total
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
840,131

 
$
—

 
$
753,467

 
$
—

 
$
1,593,598

Resident fees and services
—

 
1,843,232

 
—

 
—

 
1,843,232

Office building and other services revenue
4,580

 
—

 
7,497

 
1,600

 
13,677

Income from loans and investments
—

 
—

 
—

 
117,608

 
117,608

Interest and other income
—

 
—

 
—

 
6,034

 
6,034

Total revenues
$
844,711

 
$
1,843,232

 
$
760,964

 
$
125,242

 
$
3,574,149

 
 
 
 
 
 
 
 
 
 
Total revenues
$
844,711

 
$
1,843,232

 
$
760,964

 
$
125,242

 
$
3,574,149

Less:
 
 
 
 
 
 
 
 
 
Interest and other income
—

 
—

 
—

 
6,034

 
6,034

Property-level operating expenses
—

 
1,250,065

 
233,007

 
—

 
1,483,072

Office building services costs
—

 
—

 
3,391

 
—

 
3,391

Segment NOI
844,711

 
593,167

 
524,566

 
119,208

 
2,081,652

Income (loss) from unconsolidated entities
845

 
(61
)
 
503

 
(1,848
)
 
(561
)
Segment profit
$
845,556

 
$
593,106

 
$
525,069

 
$
117,360

 
2,081,091

Interest and other income
 

 
 

 
 

 
 
 
6,034

Interest expense
 

 
 

 
 

 
 

 
(448,196
)
Depreciation and amortization
 

 
 

 
 

 
 

 
(887,948
)
General, administrative and professional fees
 

 
 

 
 

 
 

 
(135,490
)
Loss on extinguishment of debt, net
 

 
 

 
 

 
 

 
(754
)
Merger-related expenses and deal costs
 

 
 

 
 

 
 

 
(10,535
)
Other
 

 
 

 
 

 
 

 
(20,052
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
717,273

Income tax benefit
 

 
 

 
 

 
 

 
59,799

Income from continuing operations
 

 
 

 
 

 
 

 
$
1,361,222


120
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 
For the Year Ended December 31, 2016
 
Triple-Net
Leased
Properties
 
Senior
Living
Operations
 
Office
Operations
 
All
Other
 
Total
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
845,834

 
$
—

 
$
630,342

 
$
—

 
$
1,476,176

Resident fees and services
—

 
1,847,306

 
—

 
—

 
1,847,306

Office building and other services revenue
4,921

 
—

 
13,029

 
3,120

 
21,070

Income from loans and investments
—

 
—

 
—

 
98,094

 
98,094

Interest and other income
—

 
—

 
—

 
876

 
876

Total revenues
$
850,755

 
$
1,847,306

 
$
643,371

 
$
102,090

 
$
3,443,522

 
 
 
 
 
 
 
 
 
 
Total revenues
$
850,755

 
$
1,847,306

 
$
643,371

 
$
102,090

 
$
3,443,522

Less:
 
 
 
 
 
 
 
 
 
Interest and other income
—

 
—

 
—

 
876

 
876

Property-level operating expenses
—

 
1,242,978

 
191,784

 
—

 
1,434,762

Office building services costs
—

 
—

 
7,311

 
—

 
7,311

Segment NOI
850,755

 
604,328

 
444,276

 
101,214

 
2,000,573

Income from unconsolidated entities
2,363

 
1,265

 
590

 
140

 
4,358

Segment profit
$
853,118

 
$
605,593

 
$
444,866

 
$
101,354

 
2,004,931

Interest and other income
 

 
 

 
 

 
 
 
876

Interest expense
 

 
 

 
 

 
 

 
(419,740
)
Depreciation and amortization
 

 
 

 
 

 
 

 
(898,924
)
General, administrative and professional fees
 

 
 

 
 

 
 

 
(126,875
)
Loss on extinguishment of debt, net
 
 
 
 
 
 
 
 
(2,779
)
Merger-related expenses and deal costs
 

 
 

 
 

 
 

 
(24,635
)
Other
 

 
 

 
 

 
 

 
(9,988
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
98,203

Income tax benefit
 

 
 

 
 

 
 

 
31,343

Income from continuing operations
 

 
 

 
 

 
 

 
$
652,412


    
Assets by reportable business segment are as follows:
 
As of December 31,
 
2018
 
2017
 
(Dollars in thousands)
Assets:
 
 
 
 
 
 
 
Triple-net leased properties
$
6,795,142

 
30.1
%
 
$
7,778,064

 
32.4
%
Senior living operations
8,156,187

 
36.1

 
7,654,609

 
32.0

Office operations
6,772,957

 
30.0

 
6,897,696

 
28.8

All other assets
860,269

 
3.8

 
1,624,172

 
6.8

Total assets
$
22,584,555

 
100.0
%
 
$
23,954,541

 
100.0
%


121
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Capital expenditures:
 
 
 
 
 
Triple-net leased properties
$
58,744

 
$
254,542

 
$
74,192

Senior living operations
337,750

 
261,900

 
105,614

Office operations
332,147

 
579,885

 
1,487,787

Total capital expenditures
$
728,641

 
$
1,096,327

 
$
1,667,593



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 Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Revenues:
 
 
 
 
 
United States
$
3,524,875

 
$
3,361,682

 
$
3,242,353

Canada
192,350

 
186,049

 
174,831

United Kingdom
28,585

 
26,418

 
26,338

Total revenues
$
3,745,810

 
$
3,574,149

 
$
3,443,522

 
As of December 31,
 
2018
 
2017
 
(In thousands)
Net real estate property:
 
 
 
United States
$
18,861,163

 
$
19,253,724

Canada
963,588

 
1,070,903

United Kingdom
268,906

 
297,827

Total net real estate property
$
20,093,657

 
$
20,622,454



NOTE 20—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. None of our other subsidiaries is obligated with respect to Ventas Canada’s outstanding senior notes, all of which were issued on a private placement basis in Canada.
In connection with the NHP acquisition, our 100% owned subsidiary, 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.

122
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following summarizes our condensed consolidating information as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017, and 2016:

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
319,754

 
19,178

 
747,098

 
—

 
1,086,030

Liabilities related to assets held for sale
—

 
—

 
205

 
—

 
205

Deferred income taxes
608

 
—

 
204,611

 
—

 
205,219

Total liabilities
8,891,305

 
3,095,998

 
137,517

 
—

 
12,124,820

Redeemable OP Unitholder and noncontrolling interests
13,746

 
—

 
174,395

 
—

 
188,141

Total equity
6,811,809

 
(252,538
)
 
22,095,113

 
(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





123
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING BALANCE SHEET
 
As of December 31, 2017
 
Ventas, Inc.
 
Ventas
Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
Net real estate investments
$
1,844

 
$
119,508

 
$
21,971,100

 
$
—

 
$
22,092,452

Cash and cash equivalents
7,129

 
—

 
74,226

 
—

 
81,355

Escrow deposits and restricted cash
39,816

 
128

 
66,954

 
—

 
106,898

Investment in and advances to affiliates
14,790,537

 
2,916,060

 
—

 
(17,706,597
)
 
—

Goodwill
—

 
—

 
1,034,644

 
—

 
1,034,644

Assets held for sale
—

 
—

 
65,413

 
—

 
65,413

Other assets
55,936

 
9,458

 
508,385

 
—

 
573,779

Total assets
$
14,895,262

 
$
3,045,154

 
$
23,720,722

 
$
(17,706,597
)
 
$
23,954,541

Liabilities and equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
$
—

 
$
8,895,641

 
$
2,380,421

 
$
—

 
$
11,276,062

Intercompany loans
7,838,898

 
(7,127,547
)
 
(711,351
)
 
—

 
—

Accrued interest
(6,410
)
 
77,691

 
22,677

 
—

 
93,958

Accounts payable and other liabilities
377,536

 
24,635

 
781,318

 
—

 
1,183,489

Liabilities related to assets held for sale
—

 
—

 
60,265

 
—

 
60,265

Deferred income taxes
608

 
—

 
249,484

 
—

 
250,092

Total liabilities
8,210,632

 
1,870,420

 
2,782,814

 
—

 
12,863,866

Redeemable OP Unitholder and noncontrolling interests
12,237

 
—

 
146,253

 
—

 
158,490

Total equity
6,672,393

 
1,174,734

 
20,791,655

 
(17,706,597
)
 
10,932,185

Total liabilities and equity
$
14,895,262

 
$
3,045,154

 
$
23,720,722

 
$
(17,706,597
)
 
$
23,954,541














124
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF INCOME
 
For the Year Ended December 31, 2018
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
1,407

 
$
139,043

 
$
1,373,357

 
$
—

 
$
1,513,807

Resident fees and services
—

 
—

 
2,069,477

 
—

 
2,069,477

Office building and other services revenues
—

 
—

 
13,416

 
—

 
13,416

Income from loans and investments
1,640

 
—

 
122,578

 
—

 
124,218

Equity earnings in affiliates
308,764

 
—

 
(2,696
)
 
(306,068
)
 
—

Interest and other income
23,802

 
19

 
1,071

 
—

 
24,892

Total revenues
335,613

 
139,062

 
3,577,203

 
(306,068
)
 
3,745,810

Expenses
 
 
 
 
 
 
 
 
 
Interest
(98,411
)
 
327,898

 
213,010

 
—

 
442,497

Depreciation and amortization
5,425

 
5,680

 
908,534

 
—

 
919,639

Property-level operating expenses
—

 
283

 
1,689,597

 
—

 
1,689,880

Office building services costs
—

 
—

 
1,418

 
—

 
1,418

General, administrative and professional fees
(2,866
)
 
18,845

 
136,003

 
—

 
151,982

Loss on extinguishment of debt, net
355

 
55,910

 
1,989

 
—

 
58,254

Merger-related expenses and deal costs
25,880

 
—

 
4,667

 
—

 
30,547

Other
4,881

 
3

 
61,884

 
—

 
66,768

Total expenses
(64,736
)
 
408,619

 
3,017,102

 
—

 
3,360,985

Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
400,349

 
(269,557
)
 
560,101

 
(306,068
)
 
384,825

Loss from unconsolidated entities
—

 
—

 
(55,034
)
 
—

 
(55,034
)
Gain on real estate dispositions
6,653

 
—

 
39,594

 
—

 
46,247

Income tax benefit
2,475

 
—

 
37,478

 
—

 
39,953

Income (loss) from continuing operations
409,477

 
(269,557
)
 
582,139

 
(306,068
)
 
415,991

Discontinued operations
(10
)
 
—

 
—

 
—

 
(10
)
Net income (loss)
409,467

 
(269,557
)
 
582,139

 
(306,068
)
 
415,981

Net income attributable to noncontrolling interests
—

 
—

 
6,514

 
—

 
6,514

Net income (loss) attributable to common stockholders
$
409,467

 
$
(269,557
)
 
$
575,625

 
$
(306,068
)
 
$
409,467




125
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF INCOME
 
For the Year Ended December 31, 2017
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
2,383

 
$
178,165

 
$
1,413,050

 
$
—

 
$
1,593,598

Resident fees and services
—

 
—

 
1,843,232

 
—

 
1,843,232

Office building and other services revenues
—

 
—

 
13,677

 
—

 
13,677

Income from loans and investments
1,236

 
—

 
116,372

 
—

 
117,608

Equity earnings in affiliates
1,260,665

 
—

 
5,086

 
(1,265,751
)
 
—

Interest and other income
5,388

 
—

 
646

 
—

 
6,034

Total revenues
1,269,672

 
178,165

 
3,392,063

 
(1,265,751
)
 
3,574,149

Expenses
 
 
 
 
 
 
 
 
 
Interest
(101,385
)
 
319,632

 
229,949

 
—

 
448,196

Depreciation and amortization
5,483

 
7,510

 
874,955

 
—

 
887,948

Property-level operating expenses
—

 
330

 
1,482,742

 
—

 
1,483,072

Office building services costs
—

 
—

 
3,391

 
—

 
3,391

General, administrative and professional fees
2,040

 
16,976

 
116,474

 
—

 
135,490

Loss (gain) on extinguishment of debt, net
—

 
942

 
(188
)
 
—

 
754

Merger-related expenses and deal costs
9,796

 
—

 
739

 
—

 
10,535

Other
2,247

 
1

 
17,804

 
—

 
20,052

Total expenses
(81,819
)
 
345,391

 
2,725,866

 
—

 
2,989,438

Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
1,351,491

 
(167,226
)
 
666,197

 
(1,265,751
)
 
584,711

Loss from unconsolidated entities
—

 
—

 
(561
)
 
—

 
(561
)
Gain on real estate dispositions
—

 
675,808

 
41,465

 
—

 
717,273

Income tax benefit
5,089

 
—

 
54,710

 
—

 
59,799

Income from continuing operations
1,356,580

 
508,582

 
761,811

 
(1,265,751
)
 
1,361,222

Discontinued operations
(110
)
 
—

 
—

 
—

 
(110
)
Net income
1,356,470

 
508,582

 
761,811

 
(1,265,751
)
 
1,361,112

Net income attributable to noncontrolling interests
—

 
—

 
4,642

 
—

 
4,642

Net income attributable to common stockholders
$
1,356,470

 
$
508,582

 
$
757,169

 
$
(1,265,751
)
 
$
1,356,470




126
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF INCOME
 
For the Year Ended December 31, 2016
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
2,670

 
$
196,991

 
$
1,276,515

 
$
—

 
$
1,476,176

Resident fees and services
—

 
—

 
1,847,306

 
—

 
1,847,306

Office building and other services revenues
1,605

 
—

 
19,465

 
—

 
21,070

Income from loans and investments
341

 
—

 
97,753

 
—

 
98,094

Equity earnings in affiliates
626,644

 
—

 
(603
)
 
(626,041
)
 
—

Interest and other income
665

 
—

 
211

 
—

 
876

Total revenues
631,925

 
196,991

 
3,240,647

 
(626,041
)
 
3,443,522

Expenses
 
 
 
 
 
 
 
 
 
Interest
(46,820
)
 
281,458

 
185,102

 
—

 
419,740

Depreciation and amortization
8,968

 
18,297

 
871,659

 
—

 
898,924

Property-level operating expenses
—

 
317

 
1,434,445

 
—

 
1,434,762

Office building services costs
—

 
—

 
7,311

 
—

 
7,311

General, administrative and professional fees
498

 
18,320

 
108,057

 
—

 
126,875

Loss on extinguishment of debt, net
58

 
2,711

 
10

 
—

 
2,779

Merger-related expenses and deal costs
23,067

 
—

 
1,568

 
—

 
24,635

Other
(705
)
 
41

 
10,652

 
—

 
9,988

Total expenses
(14,934
)
 
321,144

 
2,618,804

 
—

 
2,925,014

Income (loss) before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
646,859

 
(124,153
)
 
621,843

 
(626,041
)
 
518,508

Income from unconsolidated entities
—

 
—

 
4,358

 
—

 
4,358

Gain on real estate dispositions
299

 
63,821

 
34,083

 
—

 
98,203

Income tax benefit
2,994

 
—

 
28,349

 
—

 
31,343

Income (loss) from continuing operations
650,152

 
(60,332
)
 
688,633

 
(626,041
)
 
652,412

Discontinued operations
(921
)

—


(1
)
 
—

 
(922
)
Net income (loss)
649,231

 
(60,332
)
 
688,632

 
(626,041
)
 
651,490

Net income attributable to noncontrolling interests
—

 
—

 
2,259

 
—

 
2,259

Net income (loss) attributable to common stockholders
$
649,231

 
$
(60,332
)
 
$
686,373

 
$
(626,041
)
 
$
649,231





127
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
 
For the Year Ended December 31, 2018
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income (loss)
$
409,467

 
$
(269,557
)
 
$
582,139

 
$
(306,068
)
 
$
415,981

Other comprehensive income:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
(9,436
)
 
—

 
(9,436
)
Unrealized gain on government-sponsored pooled loan investments
—

 
—

 
14,944

 
—

 
14,944

Derivative instruments
—

 
—

 
10,030

 
—

 
10,030

Total other comprehensive income
—

 
—

 
15,538

 
—

 
15,538

Comprehensive income (loss)
409,467

 
(269,557
)
 
597,677

 
(306,068
)
 
431,519

Comprehensive income attributable to noncontrolling interests
—

 
—

 
6,514

 
—

 
6,514

Comprehensive income (loss) attributable to common stockholders
$
409,467

 
$
(269,557
)
 
$
591,163

 
$
(306,068
)
 
$
425,005

 
For the Year Ended December 31, 2017
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income
$
1,356,470

 
$
508,582

 
$
761,811

 
$
(1,265,751
)
 
$
1,361,112

Other comprehensive income:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
20,612

 
—

 
20,612

Unrealized loss on government-sponsored pooled loan investments
—

 
—

 
(437
)
 
—

 
(437
)
Derivative instruments
—

 
—

 
2,239

 
—

 
2,239

Total other comprehensive income
—

 
—

 
22,414

 
—

 
22,414

Comprehensive income
1,356,470

 
508,582

 
784,225

 
(1,265,751
)
 
1,383,526

Comprehensive income attributable to noncontrolling interests
—

 
—

 
4,642

 
—

 
4,642

Comprehensive income attributable to common stockholders
$
1,356,470

 
$
508,582

 
$
779,583

 
$
(1,265,751
)
 
$
1,378,884

 
For the Year Ended December 31, 2016
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income (loss)
$
649,231

 
$
(60,332
)
 
$
688,632

 
$
(626,041
)
 
$
651,490

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
(52,266
)
 
—

 
(52,266
)
Unrealized loss on government-sponsored pooled loan investments


 
—

 
(310
)
 
—

 
(310
)
Derivative instruments
—

 
—

 
2,607

 
—

 
2,607

Total other comprehensive loss
—

 
—

 
(49,969
)
 
—

 
(49,969
)
Comprehensive income (loss)
649,231

 
(60,332
)
 
638,663

 
(626,041
)
 
601,521

Comprehensive income attributable to noncontrolling interests
—

 
—

 
2,259

 
—

 
2,259

Comprehensive income (loss) attributable to common stockholders
$
649,231

 
$
(60,332
)
 
$
636,404

 
$
(626,041
)
 
$
599,262





128
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
For the Year Ended December 31, 2018
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
45,334

 
$
(194,283
)
 
$
1,530,416

 
$
—

 
$
1,381,467

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net investment in real estate property
(265,907
)
 
—

 
—

 
—

 
(265,907
)
Investment in loans receivable and other
(4,307
)
 
—

 
(225,227
)
 
—

 
(229,534
)
Proceeds from real estate disposals
353,792

 
—

 
—

 
—

 
353,792

Proceeds from loans receivable
1,490

 
—

 
910,050

 
—

 
911,540

Development project expenditures
—

 
—

 
(330,876
)
 
—

 
(330,876
)
Capital expenditures
—

 
(1,199
)
 
(130,659
)
 
—

 
(131,858
)
Distributions from unconsolidated entities
—

 
—

 
57,455

 
—

 
57,455

Investment in unconsolidated entities
—

 
—

 
(47,007
)
 
—

 
(47,007
)
   Insurance proceeds for property damage claims


 


 
6,891

 
—

 
6,891

Net cash provided by (used in) investing activities
85,068

 
(1,199
)
 
240,627

 
—

 
324,496

Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under revolving credit facilities
—

 
326,620

 
(5,157
)
 
—

 
321,463

Proceeds from debt
—

 
2,309,141

 
240,332

 
—

 
2,549,473

Repayment of debt
—

 
(2,954,654
)
 
(510,925
)
 
—

 
(3,465,579
)
Purchase of noncontrolling interests
(8,271
)
 
—

 
3,547

 
—

 
(4,724
)
Net change in intercompany debt
1,468,811

 
530,236

 
(1,999,047
)
 
—

 
—

Payment of deferred financing costs
—

 
(15,861
)
 
(4,751
)
 
—

 
(20,612
)
Cash distribution (to) from affiliates
(490,214
)
 
—

 
490,214

 
—

 
—

Cash distribution to common stockholders
(1,127,143
)
 
—

 
—

 
—

 
(1,127,143
)
Cash distribution to redeemable OP Unitholders
—

 
—

 
(7,459
)
 
—

 
(7,459
)
Purchases of redeemable OP Units
—

 
—

 
(1,370
)
 
—

 
(1,370
)
Contributions from noncontrolling interests
—

 
—

 
1,883

 
—

 
1,883

Distributions to noncontrolling interests
—

 
—

 
(11,574
)
 
—

 
(11,574
)
Other
3,705

 
—

 
—

 
—

 
3,705

Net cash (used in) provided by financing activities
(153,112
)
 
195,482

 
(1,804,307
)
 
—

 
(1,761,937
)
Net decrease in cash, cash equivalents and restricted cash
(22,710
)
 
—

 
(33,264
)
 
—

 
(55,974
)
Effect of foreign currency translation
(13,554
)
 
—

 
12,739

 
—

 
(815
)
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
$
10,681

 
$
128

 
$
120,655

 
$
—

 
$
131,464











129
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
For the Year Ended December 31, 2017
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
149,923

 
$
(143,960
)
 
$
1,422,789

 
$
—

 
$
1,428,752

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
  Net investment in real estate property
(635,352
)
 
—

 
(29,332
)
 
—

 
(664,684
)
  Investment in loans receivable and other
(4,633
)
 
—

 
(743,486
)
 
—

 
(748,119
)
  Proceeds from real estate disposals
859,587

 
—

 
287

 
—

 
859,874

  Proceeds from loans receivable
47

 
—

 
101,050

 
—

 
101,097

  Development project expenditures
—

 
—

 
(299,085
)
 
—

 
(299,085
)
  Capital expenditures
—

 
(726
)
 
(131,832
)
 
—

 
(132,558
)
  Distributions from unconsolidated entities
—

 
—

 
6,169

 
—

 
6,169

  Investment in unconsolidated entities
—

 
—

 
(61,220
)
 
—

 
(61,220
)
  Insurance proceeds for property damage claims
—

 
—

 
1,419

 
—

 
1,419

Net cash provided by (used in) investing activities
219,649

 
(726
)
 
(1,156,030
)
 
—

 
(937,107
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under unsecured revolving credit facility
—

 
478,868

 
(94,085
)
 
—

 
384,783

Proceeds from debt
—

 
793,904

 
317,745

 
—

 
1,111,649

Repayment of debt
—

 
(778,606
)
 
(590,478
)
 
—

 
(1,369,084
)
Net change in intercompany debt
1,003,315

 
(917,917
)
 
(85,398
)
 
—

 
—

Purchase of noncontrolling interests
(15,809
)
 
—

 
—

 
—

 
(15,809
)
Payment of deferred financing costs
—

 
(20,450
)
 
(6,847
)
 
—

 
(27,297
)
Issuance of common stock, net
73,596

 
—

 
—

 
—

 
73,596

Cash distribution (to) from affiliates
(803,257
)
 
587,511

 
215,746

 
—

 
—

Cash distribution to common stockholders
(827,285
)
 
—

 
—

 
—

 
(827,285
)
Cash distribution to redeemable OP Unitholders
—

 
—

 
(5,677
)
 
—

 
(5,677
)
Contributions from noncontrolling interests
—

 
—

 
4,402

 
—

 
4,402

Distributions to noncontrolling interests
—

 
—

 
(11,187
)
 
—

 
(11,187
)
Other
10,582

 
—

 
—

 
—

 
10,582

Net cash (used in) provided by financing activities
(558,858
)
 
143,310

 
(255,779
)
 
—

 
(671,327
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(189,286
)
 
(1,376
)
 
10,980

 
—

 
(179,682
)
Effect of foreign currency translation
28,442

 
—

 
(27,861
)
 
—

 
581

Cash, cash equivalents and restricted cash at beginning of period
207,789

 
1,504

 
158,061

 
—

 
367,354

Cash, cash equivalents and restricted cash at end of period
$
46,945

 
$
128

 
$
141,180

 
$
—

 
$
188,253


130
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
For the Year Ended December 31, 2016
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
68,567

 
$
(93,005
)
 
$
1,379,140

 
$
—

 
$
1,354,702

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net investment in real estate property
(1,455,184
)
 
—

 
41,589

 
—

 
(1,413,595
)
Investment in loans receivable and other
—

 
—

 
(158,635
)
 
—

 
(158,635
)
Proceeds from real estate disposals
257,441

 
—

 
43,120

 
—

 
300,561

Proceeds from loans receivable
—

 
—

 
320,082

 
—

 
320,082

Development project expenditures
—

 
—

 
(143,647
)
 
—

 
(143,647
)
Capital expenditures
—

 
(314
)
 
(117,142
)
 
—

 
(117,456
)
Investment in unconsolidated entities
—

 
—

 
(6,436
)
 
—

 
(6,436
)
   Insurance proceeds for property damage claims
—

 
—

 
4,846

 
—

 
4,846

Net cash used in investing activities
(1,197,743
)
 
(314
)
 
(16,223
)
 
—

 
(1,214,280
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under unsecured revolving credit facility
—

 
(171,000
)
 
135,363

 
—

 
(35,637
)
Proceeds from debt
—

 
846,521

 
46,697

 
—

 
893,218

Repayment of debt
—

 
(651,820
)
 
(370,293
)
 
—

 
(1,022,113
)
Net change in intercompany debt
990,969

 
84,627

 
(1,075,596
)
 
—

 
—

Purchase of noncontrolling interests
—

 
—

 
(2,846
)
 
—

 
(2,846
)
Payment of deferred financing costs
—

 
(5,787
)
 
(768
)
 
—

 
(6,555
)
Issuance of common stock, net
1,286,680

 
—

 
—

 
—

 
1,286,680

Cash distribution from (to) affiliates
107,289

 
(9,362
)
 
(97,927
)
 
—

 
—

Cash distribution to common stockholders
(1,024,968
)
 
—

 
—

 
—

 
(1,024,968
)
Cash distribution to redeemable OP Unitholders
—

—

—

 
(8,640
)
 
—

 
(8,640
)
Purchases of redeemable OP and Class C Units
—

 
—

 
—

 
—

 
—

Contributions from noncontrolling interests
—

 
—

 
7,326

 
—

 
7,326

Distributions to noncontrolling interests
—

 
—

 
(6,879
)
 
—

 
(6,879
)
Other
17,252

 
—

 
—

 
—

 
17,252

Net cash provided by (used in) financing activities
1,377,222

 
93,179

 
(1,373,563
)
 
—

 
96,838

Net increase (decrease) in cash, cash equivalents and restricted cash
248,046

 
(140
)
 
(10,646
)
 
—

 
237,260

Effect of foreign currency translation
(56,389
)
 
—

 
55,564

 
—

 
(825
)
Cash, cash equivalents and restricted cash at beginning of period
16,132

 
1,644

 
113,143

 
—

 
130,919

Cash, cash equivalents and restricted cash at end of period
$
207,789

 
$
1,504

 
$
158,061

 
$
—

 
$
367,354




131
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)



VENTAS, INC.
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS

Allowance Accounts
 
 
 
Additions
 
Deductions
 
 
 
 
(In thousands)

Year Ended December 31,
 
Balance at Beginning of Year
 
Charged to Earnings
 
Acquired Properties
 
Uncollectible Accounts Written-off
 
Disposed Properties
 
Balance at End of Year
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
15,164

 
10,708

 
3,515

 
(7,533
)
 
(9
)
 
$
21,845

Straight-line rent receivable allowance (1)
 
$
117,764

 
(71,543
)
 
—

 
—

 
(1,576
)
 
$
44,645

 
 
$
132,928

 
(60,835
)
 
3,515

 
(7,533
)
 
(1,585
)
 
$
66,490

 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
11,637

 
7,207

 
—

 
(3,237
)
 
(443
)
 
$
15,164

Straight-line rent receivable allowance
 
$
109,836

 
8,540

 
—

 
—

 
(612
)
 
$
117,764

 
 
$
121,473

 
15,747

 
—

 
(3,237
)
 
(1,055
)
 
$
132,928

 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
 
$
13,545

 
3,773

 
—

 
(5,790
)
 
109

 
$
11,637

Straight-line rent receivable allowance
 
$
101,417

 
9,682

 
—

 
—

 
(1,263
)
 
$
109,836

 
 
$
114,962

 
13,455

 
—

 
(5,790
)
 
(1,154
)
 
$
121,473


(1) 
Amounts charged to earnings primarily relate to termination of lease arrangements with Elmcroft in January 2018.


132


VENTAS, INC.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION

 
For the Years Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)
Reconciliation of real estate:
 
 
 
 
 
Carrying cost:
 
 
 
 
 
Balance at beginning of period
$
24,712,478

 
$
23,859,816

 
$
22,500,638

Additions during period:
 
 
 
 
 
Acquisitions
318,895

 
702,501

 
1,380,044

Capital expenditures
446,490

 
453,829

 
271,288

Deductions during period:
 
 
 
 
 
Foreign currency translation
(105,192
)
 
93,490

 
(6,252
)
Other(1)
(398,688
)
 
(397,158
)
 
(285,902
)
Balance at end of period
$
24,973,983

 
$
24,712,478

 
$
23,859,816

 
 
 
 
 
 
Accumulated depreciation:
 
 
 
 
 
Balance at beginning of period
$
4,802,917

 
$
4,208,010

 
$
3,562,139

Additions during period:
 
 
 
 
 
Depreciation expense
791,882

 
760,314

 
732,309

Dispositions:
 
 
 
 
 
Sales and/or transfers to assets held for sale
(84,819
)
 
(176,918
)
 
(87,431
)
Foreign currency translation
(17,670
)
 
11,511

 
993

Balance at end of period
$
5,492,310

 
$
4,802,917

 
$
4,208,010


(1) 
Other may include sales, transfers to assets held for sale and impairments.

133

VENTAS, INC.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2018
(Dollars in thousands)

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
IRFS AND LTACS
 
 
 
  

  

  

  

  

 

 
 

 
 
 
Rehabilitation Hospital of Southern Arizona
Tucson
AZ
$
—

$
770

$
25,589

$
—

$
770

$
25,589

$
26,359

$
5,654

$
20,705

1992
2011
35 years
Kindred Hospital - Brea
Brea
CA
—

3,144

2,611

—

3,144

2,611

5,755

1,536

4,219

1990
1995
40 years
Kindred Hospital - Ontario
Ontario
CA
—

523

2,988

—

523

2,988

3,511

3,172

339

1950
1994
25 years
Kindred Hospital - San Diego
San Diego
CA
—

670

11,764

—

670

11,764

12,434

11,914

520

1965
1994
25 years
Kindred Hospital - San Francisco Bay Area
San Leandro
CA
—

2,735

5,870

—

2,735

5,870

8,605

6,164

2,441

1962
1993
25 years
Tustin Rehabilitation Hospital
Tustin
CA
—

2,810

25,248

—

2,810

25,248

28,058

5,686

22,372

1991
2011
35 years
Kindred Hospital - Westminster
Westminster
CA
—

727

7,384

—

727

7,384

8,111

7,562

549

1973
1993
20 years
Kindred Hospital - Denver
Denver
CO
—

896

6,367

—

896

6,367

7,263

6,712

551

1963
1994
20 years
Kindred Hospital - South Florida - Coral Gables
Coral Gables
FL
—

1,071

5,348

(1,000
)
71

5,348

5,419

5,102

317

1956
1992
30 years
Kindred Hospital - South Florida Ft. Lauderdale
Fort Lauderdale
FL
—

1,758

14,080

—

1,758

14,080

15,838

14,119

1,719

1969
1989
30 years
Kindred Hospital - North Florida
Green Cove Springs
FL
—

145

4,613

—

145

4,613

4,758

4,683

75

1956
1994
20 years
Kindred Hospital - South Florida - Hollywood
Hollywood
FL
—

605

5,229

—

605

5,229

5,834

5,234

600

1937
1995
20 years
Kindred Hospital - Bay Area St. Petersburg
St. Petersburg
FL
—

1,401

16,706

—

1,401

16,706

18,107

14,919

3,188

1968
1997
40 years
Kindred Hospital - Central Tampa
Tampa
FL
—

2,732

7,676

—

2,732

7,676

10,408

5,471

4,937

1970
1993
40 years
Kindred Hospital - Chicago (North Campus)
Chicago
IL
—

1,583

19,980

—

1,583

19,980

21,563

19,857

1,706

1949
1995
25 years
Kindred - Chicago - Lakeshore
Chicago
IL
—

1,513

9,525

—

1,513

9,525

11,038

9,477

1,561

1995
1976
20 years
Kindred Hospital - Chicago (Northlake Campus)
Northlake
IL
—

850

6,498

—

850

6,498

7,348

6,375

973

1960
1991
30 years
Kindred Hospital - Sycamore
Sycamore
IL
—

77

8,549

—

77

8,549

8,626

8,350

276

1949
1993
20 years
Kindred Hospital - Indianapolis
Indianapolis
IN
—

985

3,801

—

985

3,801

4,786

3,670

1,116

1955
1993
30 years
Kindred Hospital - Louisville
Louisville
KY
—

3,041

12,279

—

3,041

12,279

15,320

12,560

2,760

1964
1995
20 years
Kindred Hospital - St. Louis
St. Louis
MO
—

1,126

2,087

—

1,126

2,087

3,213

1,984

1,229

1984
1991
40 years
Kindred Hospital - Las Vegas (Sahara)
Las Vegas
NV
—

1,110

2,177

—

1,110

2,177

3,287

1,496

1,791

1980
1994
40 years
Lovelace Rehabilitation Hospital
Albuquerque
NM
—

401

17,186

1,689

401

18,875

19,276

1,990

17,286

1989
2015
36 years
Kindred Hospital - Albuquerque
Albuquerque
NM
—

11

4,253

—

11

4,253

4,264

3,043

1,221

1985
1993
40 years
Kindred Hospital - Greensboro
Greensboro
NC
—

1,010

7,586

—

1,010

7,586

8,596

7,722

874

1964
1994
20 years


134

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
University Hospitals Rehabilitation Hospital
Beachwood
OH
—

1,800

16,444

—

1,800

16,444

18,244

2,706

15,538

2013
2013
35 years
Kindred Hospital - Philadelphia
Philadelphia
PA
—

135

5,223

—

135

5,223

5,358

3,660

1,698

1960
1995
35 years
Kindred Hospital - Chattanooga
Chattanooga
TN
—

756

4,415

—

756

4,415

5,171

4,232

939

1975
1993
22 years
Ardent Harrington Cancer Center
Amarillo
TX
—

974

975

—

974

975

1,949

—

1,949

CIP
CIP
CIP
Rehabilitation Hospital of Dallas
Dallas
TX
—

2,318

38,702

—

2,318

38,702

41,020

4,822

36,198

2009
2015
35 years
Baylor Institute for Rehabilition - Ft. Worth TX
Fort Worth
TX
—

2,071

16,018

—

2,071

16,018

18,089

2,166

15,923

2008
2015
35 years
Kindred Hospital - Tarrant County (Fort Worth Southwest)
Fort Worth
TX
—

2,342

7,458

—

2,342

7,458

9,800

7,506

2,294

1987
1986
20 years
Rehabilitation Hospital The Vintage
Houston
TX
—

1,838

34,832

—

1,838

34,832

36,670

4,552

32,118

2012
2015
35 years
Kindred Hospital (Houston Northwest)
Houston
TX
—

1,699

6,788

—

1,699

6,788

8,487

5,929

2,558

1986
1985
40 years
Kindred Hospital - Houston
Houston
TX
—

33

7,062

—

33

7,062

7,095

6,697

398

1972
1994
20 years
Kindred Hospital - Mansfield
Mansfield
TX
—

267

2,462

—

267

2,462

2,729

2,071

658

1983
1990
40 years
Select Rehabilitation - San Antonio TX
San Antonio
TX
—

1,859

18,301

—

1,859

18,301

20,160

2,427

17,733

2010
2015
35 years
Kindred Hospital - San Antonio
San Antonio
TX
—

249

11,413

—

249

11,413

11,662

9,885

1,777

1981
1993
30 years
TOTAL FOR IRFS AND LTACS
 
 
—

48,035

405,487

689

47,035

407,176

454,211

231,105

223,106

 
 
 
SKILLED NURSING FACILITIES
 
 


  

  

  

  

  

 
  

 
 
 
 
Englewood Post Acute and Rehabilitation
Englewood
CO
—

241

2,180

194

241

2,374

2,615

2,100

515

1960
1995
30 years
Brookdale Lisle SNF
Lisle
IL
—

730

9,270

—

730

9,270

10,000

3,108

6,892

1990
2009
35 years
Lopatcong Center
Phillipsburg
NJ
—

1,490

12,336

—

1,490

12,336

13,826

6,423

7,403

1982
2004
30 years
Marietta Convalescent Center
Marietta
OH
—

158

3,266

75

158

3,341

3,499

3,332

167

1972
1993
25 years
The Belvedere
Chester
PA
—

822

7,203

—

822

7,203

8,025

3,741

4,284

1899
2004
30 years
Pennsburg Manor
Pennsburg
PA
—

1,091

7,871

—

1,091

7,871

8,962

4,136

4,826

1982
2004
30 years
Chapel Manor
Philadelphia
PA
—

1,595

13,982

1,358

1,595

15,340

16,935

8,421

8,514

1948
2004
30 years
Wayne Center
Strafford
PA
—

662

6,872

850

662

7,722

8,384

4,395

3,989

1897
2004
30 years
Everett Rehabilitation & Care
Everett
WA
—

2,750

27,337

—

2,750

27,337

30,087

6,257

23,830

1995
2011
35 years
Northwest Continuum Care Center
Longview
WA
—

145

2,563

171

145

2,734

2,879

2,491

388

1955
1992
29 years
Columbia Crest Care & Rehabilitation Center
Moses Lake
WA
—

660

17,439

—

660

17,439

18,099

4,069

14,030

1972
2011
35 years
Lake Ridge Solana Alzheimer's Care Center
Moses Lake
WA
—

660

8,866

—

660

8,866

9,526

2,147

7,379

1988
2011
35 years
Rainier Vista Care Center
Puyallup
WA
—

520

4,780

305

520

5,085

5,605

3,534

2,071

1986
1991
40 years
Logan Center
Logan
WV
—

300

12,959

—

300

12,959

13,259

2,970

10,289

1987
2011
35 years
Ravenswood Healthcare Center
Ravenswood
WV
—

320

12,710

—

320

12,710

13,030

2,924

10,106

1987
2011
35 years
Valley Center
South Charleston
WV
—

750

24,115

—

750

24,115

24,865

5,599

19,266

1987
2011
35 years
White Sulphur
White Sulphur Springs
WV
—

250

13,055

—

250

13,055

13,305

3,021

10,284

1987
2011
35 years
TOTAL FOR SKILLED NURSING FACILITIES
 
 
—

13,144

186,804

2,953

13,144

189,757

202,901

68,668

134,233

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


135

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
HEALTH SYSTEMS
 
 

 
 
 
 
 
 
 
 
 
 

Lovelace Medical Center Downtown
Albuquerque
NM
—

9,840

156,535

7,258

9,928

163,705

173,633

18,548

155,085

1968
2015
33.5 years
Lovelace Westside Hospital
Albuquerque
NM
—

10,107

18,501

(2,783
)
10,107

15,718

25,825

4,149

21,676

1984
2015
20.5 years
Lovelace Women's Hospital
Albuquerque
NM
—

7,236

183,866

11,101

7,236

194,967

202,203

14,903

187,300

1983
2015
47 years
Roswell Regional Hospital
Roswell
NM
—

2,560

41,164

2,134

2,560

43,298

45,858

3,498

42,360

2007
2015
47 years
Hillcrest Hospital Claremore
Claremore
OK
—

3,623

34,359

(9,845
)
3,623

24,514

28,137

2,483

25,654

1955
2015
40 years
Bailey Medical Center
Owasso
OK
—

4,964

8,969

(1,751
)
4,964

7,218

12,182

1,142

11,040

2006
2015
32.5 years
Hillcrest Medical Center
Tulsa
OK
—

28,319

215,199

12,505

28,319

227,704

256,023

24,316

231,707

1928
2015
34 years
Hillcrest Hospital South
Tulsa
OK
—

17,026

100,892

12,340

17,026

113,232

130,258

10,733

119,525

1999
2015
40 years
SouthCreek Medical Plaza
Tulsa
OK
—

2,943

17,860

—

2,943

17,860

20,803

201

20,602

2003
2018
35 years
Baptist St. Anthony's Hospital
Amarillo
TX
—

13,779

358,029

24,582

13,015

383,375

396,390

30,063

366,327

1967
2015
44.5 years
Spire Hull and East Riding Hospital
Anlaby
UK
—

3,194

81,613

(15,337
)
2,616

66,854

69,470

6,488

62,982

2010
2014
50 years
Spire Fylde Coast Hospital
Blackpool
UK
—

2,446

28,896

(5,667
)
2,004

23,671

25,675

2,331

23,344

1980
2014
50 years
Spire Clare Park Hospital
Farnham
UK
—

6,263

26,119

(5,856
)
5,130

21,396

26,526

2,190

24,336

2009
2014
50 years
TOTAL FOR HEALTH SYSTEMS
 
 
—

112,300

1,272,002

28,681

109,471

1,303,512

1,412,983

121,045

1,291,938

 
 
 
BROOKDALE SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookdale Chandler Ray Road
Chandler
AZ
—

2,000

6,538

94

2,000

6,632

8,632

1,616

7,016

1998
2011
35 years
Brookdale Springs Mesa
Mesa
AZ
—

2,747

24,918

145

2,751

25,059

27,810

11,423

16,387

1986
2005
35 years
Brookdale East Arbor
Mesa
AZ
—

655

6,998

100

711

7,042

7,753

3,187

4,566

1998
2005
35 years
Brookdale Oro Valley
Oro Valley
AZ
—

666

6,169

—

666

6,169

6,835

2,809

4,026

1998
2005
35 years
Brookdale Peoria
Peoria
AZ
—

598

4,872

—

598

4,872

5,470

2,219

3,251

1998
2005
35 years
Brookdale Tempe
Tempe
AZ
—

611

4,066

—

611

4,066

4,677

1,852

2,825

1997
2005
35 years
Brookdale East Tucson
Tucson
AZ
—

506

4,745

—

506

4,745

5,251

2,161

3,090

1998
2005
35 years
Brookdale Anaheim
Anaheim
CA
—

2,464

7,908

95

2,464

8,003

10,467

3,363

7,104

1977
2005
35 years
Brookdale Redwood City
Redwood City
CA
—

7,669

66,691

72

7,719

66,713

74,432

30,775

43,657

1988
2005
35 years
Brookdale San Jose
San Jose
CA
—

6,240

66,329

13,043

6,250

79,362

85,612

31,763

53,849

1987
2005
35 years
Brookdale San Marcos
San Marcos
CA
—

4,288

36,204

199

4,314

36,377

40,691

16,786

23,905

1987
2005
35 years
Brookdale Tracy
Tracy
CA
—

1,110

13,296

521

1,110

13,817

14,927

5,344

9,583

1986
2005
35 years
Brookdale Boulder Creek
Boulder
CO
—

1,290

20,683

322

1,378

20,917

22,295

4,836

17,459

1985
2011
35 years
Brookdale Vista Grande
Colorado Springs
CO
—

715

9,279

—

715

9,279

9,994

4,226

5,768

1997
2005
35 years
Brookdale El Camino
Pueblo
CO
—

840

9,403

—

840

9,403

10,243

4,282

5,961

1997
2005
35 years
Brookdale Farmington
Farmington
CT
—

3,995

36,310

77

4,016

36,366

40,382

16,640

23,742

1984
2005
35 years
Brookdale South Windsor
South Windsor
CT
—

2,187

12,682

64

2,198

12,735

14,933

5,360

9,573

1999
2004
35 years
Brookdale Chatfield
West Hartford
CT
—

2,493

22,833

23,311

2,493

46,144

48,637

12,179

36,458

1989
2005
35 years
Brookdale Bonita Springs
Bonita Springs
FL
—

1,540

10,783

696

1,594

11,425

13,019

4,855

8,164

1989
2005
35 years
Brookdale West Boynton Beach
Boynton Beach
FL
—

2,317

16,218

—

2,317

16,218

18,535

7,151

11,384

1999
2005
35 years
Brookdale Deer Creek AL/MC
Deerfield Beach
FL
—

1,399

9,791

18

1,399

9,809

11,208

4,609

6,599

1999
2005
35 years


136

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Brookdale Fort Myers The Colony
Fort Myers
FL
—

1,510

7,862

16

1,510

7,878

9,388

1,816

7,572

1996
2011
35 years
Brookdale Avondale
Jacksonville
FL
—

860

16,745

140

860

16,885

17,745

3,750

13,995

1997
2011
35 years
Brookdale Crown Point
Jacksonville
FL
—

1,300

9,659

20

1,300

9,679

10,979

2,208

8,771

1997
2011
35 years
Brookdale Jensen Beach
Jensen Beach
FL
—

1,831

12,820

537

1,831

13,357

15,188

5,759

9,429

1999
2005
35 years
Brookdale Ormond Beach West
Ormond Beach
FL
—

1,660

9,738

27

1,660

9,765

11,425

2,241

9,184

1997
2011
35 years
Brookdale Palm Coast
Palm Coast
FL
—

470

9,187

—

470

9,187

9,657

2,130

7,527

1997
2011
35 years
Brookdale Pensacola
Pensacola
FL
—

633

6,087

11

633

6,098

6,731

2,772

3,959

1998
2005
35 years
Brookdale Rotonda
Rotonda West
FL
—

1,740

4,331

88

1,740

4,419

6,159

1,187

4,972

1997
2011
35 years
Brookdale Centre Pointe Boulevard
Tallahassee
FL
—

667

6,168

—

667

6,168

6,835

2,809

4,026

1998
2005
35 years
Brookdale Tavares
Tavares
FL
—

280

15,980

—

280

15,980

16,260

3,593

12,667

1997
2011
35 years
Brookdale West Melbourne MC
West Melbourne
FL
—

586

5,481

—

586

5,481

6,067

2,496

3,571

2000
2005
35 years
Brookdale West Palm Beach
West Palm Beach
FL
—

3,758

33,072

499

3,836

33,493

37,329

15,233

22,096

1990
2005
35 years
Brookdale Winter Haven MC
Winter Haven
FL
—

232

3,006

—

232

3,006

3,238

1,369

1,869

1997
2005
35 years
Brookdale Winter Haven AL
Winter Haven
FL
—

438

5,549

—

438

5,549

5,987

2,527

3,460

1997
2005
35 years
Brookdale Twin Falls
Twin Falls
ID
—

703

6,153

17

718

6,155

6,873

2,802

4,071

1997
2005
35 years
Brookdale Lake Shore Drive
Chicago
IL
—

11,057

107,517

4,487

11,057

112,004

123,061

50,664

72,397

1990
2005
35 years
Brookdale Lake View
Chicago
IL
—

3,072

26,668

—

3,072

26,668

29,740

12,310

17,430

1950
2005
35 years
Brookdale Des Plaines
Des Plaines
IL
32,000

6,871

60,165

(41
)
6,805

60,190

66,995

27,738

39,257

1993
2005
35 years
Brookdale Hoffman Estates
Hoffman Estates
IL
—

3,886

44,130

608

3,901

44,723

48,624

19,606

29,018

1987
2005
35 years
Brookdale Lisle IL/AL
Lisle
IL
33,000

7,953

70,400

—

7,953

70,400

78,353

32,395

45,958

1990
2005
35 years
Brookdale Northbrook
Northbrook
IL
—

1,988

39,762

596

2,047

40,299

42,346

17,124

25,222

1999
2004
35 years
Brookdale Hawthorn Lakes IL/AL
Vernon Hills
IL
—

4,439

35,044

326

4,443

35,366

39,809

16,432

23,377

1987
2005
35 years
Brookdale Hawthorn Lakes AL
Vernon Hills
IL
—

1,147

10,041

—

1,147

10,041

11,188

4,628

6,560

1999
2005
35 years
Brookdale Evansville
Evansville
IN
—

357

3,765

—

357

3,765

4,122

1,714

2,408

1998
2005
35 years
Brookdale Castleton
Indianapolis
IN
—

1,280

11,515

—

1,280

11,515

12,795

5,285

7,510

1986
2005
35 years
Brookdale Marion AL (IN)
Marion
IN
—

207

3,570

—

207

3,570

3,777

1,626

2,151

1998
2005
35 years
Brookdale Portage AL
Portage
IN
—

128

3,649

—

128

3,649

3,777

1,662

2,115

1999
2005
35 years
Brookdale Richmond
Richmond
IN
—

495

4,124

—

495

4,124

4,619

1,878

2,741

1998
2005
35 years
Brookdale Derby
Derby
KS
—

440

4,422

—

440

4,422

4,862

1,040

3,822

1994
2011
35 years
Brookdale Leawood State Line
Leawood
KS
—

117

5,127

29

117

5,156

5,273

2,335

2,938

2000
2005
35 years
Brookdale Salina Fairdale
Salina
KS
—

300

5,657

4

300

5,661

5,961

1,329

4,632

1996
2011
35 years
Brookdale Topeka
Topeka
KS
—

370

6,825

—

370

6,825

7,195

3,108

4,087

2000
2005
35 years
Brookdale Wellington
Wellington
KS
—

310

2,434

—

310

2,434

2,744

614

2,130

1994
2011
35 years
Brookdale Cushing Park
Framingham
MA
—

5,819

33,361

2,679

5,829

36,030

41,859

14,668

27,191

1999
2004
35 years
Brookdale Cape Cod
Hyannis
MA
—

1,277

9,063

5

1,277

9,068

10,345

3,619

6,726

1999
2005
35 years
Brookdale Quincy Bay
Quincy
MA
—

6,101

57,862

1,952

6,101

59,814

65,915

26,348

39,567

1986
2005
35 years
Brookdale Davison
Davison
MI
—

160

3,189

2,543

160

5,732

5,892

1,870

4,022

1997
2011
35 years


137



138



139



140

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Brookdale Delta MC
Delta Township
MI
—

730

11,471

—

730

11,471

12,201

2,619

9,582

1998
2011
35 years
Brookdale Delta AL
Delta Township
MI
—

820

3,313

—

820

3,313

4,133

1,057

3,076

1998
2011
35 years
Brookdale Farmington Hills North
Farmington Hills
MI
—

580

10,497

—

580

10,497

11,077

2,675

8,402

1994
2011
35 years
Brookdale Farmington Hills North II
Farmington Hills
MI
—

700

10,246

—

700

10,246

10,946

2,711

8,235

1994
2011
35 years
Brookdale Meridian AL
Haslett
MI
—

1,340

6,134

—

1,340

6,134

7,474

1,531

5,943

1998
2011
35 years
Brookdale Grand Blanc MC
Holly
MI
—

450

12,373

—

450

12,373

12,823

2,829

9,994

1998
2011
35 years
Brookdale Grand Blanc AL
Holly
MI
—

620

14,627

—

620

14,627

15,247

3,366

11,881

1998
2011
35 years
Brookdale Northville
Northville
MI
—

407

6,068

—

407

6,068

6,475

2,764

3,711

1996
2005
35 years
Brookdale Troy MC
Troy
MI
—

630

17,178

—

630

17,178

17,808

3,896

13,912

1998
2011
35 years
Brookdale Troy AL
Troy
MI
—

950

12,503

111

950

12,614

13,564

3,009

10,555

1998
2011
35 years
Brookdale Utica AL
Utica
MI
—

1,142

11,808

57

1,142

11,865

13,007

5,378

7,629

1996
2005
35 years
Brookdale Utica MC
Utica
MI
—

700

8,657

—

700

8,657

9,357

2,106

7,251

1995
2011
35 years
Brookdale Eden Prairie
Eden Prairie
MN
—

301

6,228

3

301

6,231

6,532

2,836

3,696

1998
2005
35 years
Brookdale Faribault
Faribault
MN
—

530

1,085

—

530

1,085

1,615

309

1,306

1997
2011
35 years
Brookdale Inver Grove Heights
Inver Grove Heights
MN
530

253

2,655

—

253

2,655

2,908

1,209

1,699

1997
2005
35 years
Brookdale Mankato
Mankato
MN
—

490

410

—

490

410

900

217

683

1996
2011
35 years
Brookdale Edina
Minneapolis
MN
15,040

3,621

33,141

22,975

3,621

56,116

59,737

17,693

42,044

1998
2005
35 years
Brookdale North Oaks
North Oaks
MN
—

1,057

8,296

—

1,057

8,296

9,353

3,778

5,575

1998
2005
35 years
Brookdale Plymouth
Plymouth
MN
—

679

8,675

—

679

8,675

9,354

3,951

5,403

1998
2005
35 years
Brookdale Willmar
Wilmar
MN
—

470

4,833

—

470

4,833

5,303

1,112

4,191

1997
2011
35 years
Brookdale Winona
Winona
MN
—

800

1,390

—

800

1,390

2,190

645

1,545

1997
2011
35 years
Brookdale West County
Ballwin
MO
—

3,100

35,074

115

3,104

35,185

38,289

5,019

33,270

2012
2014
35 years
Brookdale Evesham
Voorhees Township
NJ
—

3,158

29,909

64

3,158

29,973

33,131

13,622

19,509

1987
2005
35 years
Brookdale Westampton
Westampton
NJ
—

881

4,741

—

881

4,741

5,622

2,159

3,463

1997
2005
35 years
Brookdale Santa Fe
Santa Fe
NM
—

—

28,178

—

—

28,178

28,178

12,605

15,573

1986
2005
35 years
Brookdale Kenmore
Buffalo
NY
—

1,487

15,170

—

1,487

15,170

16,657

6,909

9,748

1995
2005
35 years
Brookdale Clinton IL
Clinton
NY
—

947

7,528

96

961

7,610

8,571

3,428

5,143

1991
2005
35 years
Brookdale Manlius
Manlius
NY
—

890

28,237

(700
)
190

28,237

28,427

6,350

22,077

1994
2011
35 years
Brookdale Pittsford
Pittsford
NY
—

611

4,066

13

611

4,079

4,690

1,852

2,838

1997
2005
35 years
Brookdale East Niskayuna
Schenectady
NY
—

1,021

8,333

—

1,021

8,333

9,354

3,795

5,559

1997
2005
35 years
Brookdale Niskayuna
Schenectady
NY
—

1,884

16,103

—

1,884

16,103

17,987

7,334

10,653

1996
2005
35 years
Brookdale Summerfield
Syracuse
NY
—

1,132

11,434

—

1,132

11,434

12,566

5,207

7,359

1991
2005
35 years
Brookdale Williamsville
Williamsville
NY
—

839

3,841

60

839

3,901

4,740

1,749

2,991

1997
2005
35 years
Brookdale Cary
Cary
NC
—

724

6,466

—

724

6,466

7,190

2,945

4,245

1997
2005
35 years
Brookdale Falling Creek
Hickory
NC
—

330

10,981

—

330

10,981

11,311

2,507

8,804

1997
2011
35 years
Brookdale Winston-Salem
Winston-Salem
NC
—

368

3,497

—

368

3,497

3,865

1,593

2,272

1997
2005
35 years
Brookdale Alliance
Alliance
OH
(530
)
392

6,283

6

392

6,289

6,681

2,861

3,820

1998
2005
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Brookdale Austintown
Austintown
OH
—

151

3,087

—

151

3,087

3,238

1,406

1,832

1999
2005
35 years
Brookdale Barberton
Barberton
OH
—

440

10,884

—

440

10,884

11,324

2,486

8,838

1997
2011
35 years
Brookdale Beavercreek
Beavercreek
OH
—

587

5,381

—

587

5,381

5,968

2,451

3,517

1998
2005
35 years
Brookdale Centennial Park
Clayton
OH
—

630

6,477

—

630

6,477

7,107

1,542

5,565

1997
2011
35 years
Brookdale Westerville
Columbus
OH
—

267

3,600

—

267

3,600

3,867

1,640

2,227

1999
2005
35 years
Brookdale Greenville AL/MC
Greenville
OH
—

490

4,144

—

490

4,144

4,634

1,119

3,515

1997
2011
35 years
Brookdale Marion AL/MC (OH)
Marion
OH
—

620

3,306

—

620

3,306

3,926

870

3,056

1998
2011
35 years
Brookdale Salem AL (OH)
Salem
OH
—

634

4,659

—

634

4,659

5,293

2,122

3,171

1998
2005
35 years
Brookdale Springdale
Springdale
OH
—

1,140

9,134

—

1,140

9,134

10,274

2,111

8,163

1997
2011
35 years
Brookdale Bartlesville South
Bartlesville
OK
—

250

10,529

—

250

10,529

10,779

2,379

8,400

1997
2011
35 years
Brookdale Bethany
Bethany
OK
—

390

1,499

—

390

1,499

1,889

421

1,468

1994
2011
35 years
Brookdale Broken Arrow
Broken Arrow
OK
—

940

6,312

6,410

1,873

11,789

13,662

2,907

10,755

1996
2011
35 years
Brookdale Forest Grove
Forest Grove
OR
—

2,320

9,633

—

2,320

9,633

11,953

2,410

9,543

1994
2011
35 years
Brookdale Mt. Hood
Gresham
OR
—

2,410

9,093

(2,180
)
230

9,093

9,323

2,278

7,045

1988
2011
35 years
Brookdale McMinnville Town Center
McMinnville
OR
767

1,230

7,561

—

1,230

7,561

8,791

2,086

6,705

1989
2011
35 years
Brookdale Denton North
Denton
TX
—

1,750

6,712

—

1,750

6,712

8,462

1,569

6,893

1996
2011
35 years
Brookdale Ennis
Ennis
TX
—

460

3,284

—

460

3,284

3,744

827

2,917

1996
2011
35 years
Brookdale Kerrville
Kerrville
TX
—

460

8,548

—

460

8,548

9,008

1,955

7,053

1997
2011
35 years
Brookdale Medical Center Whitby
San Antonio
TX
—

1,400

10,051

—

1,400

10,051

11,451

2,323

9,128

1997
2011
35 years
Brookdale Western Hills
Temple
TX
—

330

5,081

—

330

5,081

5,411

1,228

4,183

1997
2011
35 years
Brookdale Salem AL (VA)
Salem
VA
—

1,900

16,219

—

1,900

16,219

18,119

7,163

10,956

1998
2011
35 years
Brookdale Alderwood
Lynnwood
WA
—

1,219

9,573

58

1,239

9,611

10,850

4,360

6,490

1999
2005
35 years
Brookdale Puyallup South
Puyallup
WA
—

1,055

8,298

—

1,055

8,298

9,353

3,779

5,574

1998
2005
35 years
Brookdale Richland
Richland
WA
—

960

23,270

8

960

23,278

24,238

5,440

18,798

1990
2011
35 years
Brookdale Park Place
Spokane
WA
—

1,622

12,895

—

1,622

12,895

14,517

6,039

8,478

1915
2005
35 years
Brookdale Allenmore AL
Tacoma
WA
—

620

16,186

362

620

16,548

17,168

3,677

13,491

1997
2011
35 years
Brookdale Allenmore - IL
Tacoma
WA
—

1,710

3,326

(918
)
210

3,908

4,118

1,106

3,012

1988
2011
35 years
Brookdale Yakima
Yakima
WA
—

860

15,276

7

860

15,283

16,143

3,572

12,571

1998
2011
35 years
Brookdale Kenosha
Kenosha
WI
—

551

5,431

2,779

551

8,210

8,761

3,295

5,466

2000
2005
35 years
Brookdale LaCrosse MC
La Crosse
WI
—

621

4,056

1,126

621

5,182

5,803

2,181

3,622

2004
2005
35 years
Brookdale LaCrosse AL
La Crosse
WI
—

644

5,831

2,637

644

8,468

9,112

3,439

5,673

1998
2005
35 years
Brookdale Middleton Century Ave
Middleton
WI
—

360

5,041

—

360

5,041

5,401

1,165

4,236

1997
2011
35 years
Brookdale Onalaska
Onalaska
WI
—

250

4,949

—

250

4,949

5,199

1,137

4,062

1995
2011
35 years
Brookdale Sun Prairie
Sun Prairie
WI
—

350

1,131

—

350

1,131

1,481

319

1,162

1994
2011
35 years
TOTAL FOR BROOKDALE SENIORS HOUSING COMMUNITIES
 
 
80,807

185,427

1,768,730

86,389

182,453

1,858,093

2,040,546

706,549

1,333,997

 
 
 
SUNRISE SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 

Sunrise of Chandler
Chandler
AZ
—

4,344

14,455

1,156

4,439

15,516

19,955

3,643

16,312

2007
2012
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Sunrise of Scottsdale
Scottsdale
AZ
—

2,229

27,575

1,049

2,255

28,598

30,853

9,960

20,893

2007
2007
35 years
Sunrise at River Road
Tucson
AZ
—

2,971

12,399

547

3,000

12,917

15,917

2,865

13,052

2008
2012
35 years
Sunrise of Lynn Valley
Vancouver
BC
—

11,759

37,424

(11,431
)
8,743

29,009

37,752

10,275

27,477

2002
2007
35 years
Sunrise of Vancouver
Vancouver
BC
—

6,649

31,937

1,272

6,661

33,197

39,858

11,658

28,200

2005
2007
35 years
Sunrise of Victoria
Victoria
BC
—

8,332

29,970

(8,154
)
6,277

23,871

30,148

8,478

21,670

2001
2007
35 years
Sunrise at La Costa
Carlsbad
CA
—

4,890

20,590

1,567

5,030

22,017

27,047

8,273

18,774

1999
2007
35 years
Sunrise of Carmichael
Carmichael
CA
—

1,269

14,598

726

1,291

15,302

16,593

3,456

13,137

2009
2012
35 years
Sunrise of Fair Oaks
Fair Oaks
CA
—

1,456

23,679

2,641

2,515

25,261

27,776

8,981

18,795

2001
2007
35 years
Sunrise of Mission Viejo
Mission Viejo
CA
—

3,802

24,560

1,883

3,889

26,356

30,245

9,498

20,747

1998
2007
35 years
Sunrise at Canyon Crest
Riverside
CA
—

5,486

19,658

2,165

5,745

21,564

27,309

7,885

19,424

2006
2007
35 years
Sunrise of Rocklin
Rocklin
CA
—

1,378

23,565

1,279

1,472

24,750

26,222

8,765

17,457

2007
2007
35 years
Sunrise of San Mateo
San Mateo
CA
—

2,682

35,335

1,979

2,742

37,254

39,996

12,954

27,042

1999
2007
35 years
Sunrise of Sunnyvale
Sunnyvale
CA
—

2,933

34,361

1,666

2,969

35,991

38,960

12,498

26,462

2000
2007
35 years
Sunrise at Sterling Canyon
Valencia
CA
—

3,868

29,293

4,835

4,084

33,912

37,996

12,930

25,066

1998
2007
35 years
Sunrise of Westlake Village
Westlake Village
CA
—

4,935

30,722

1,307

5,031

31,933

36,964

11,222

25,742

2004
2007
35 years
Sunrise at Yorba Linda
Yorba Linda
CA
—

1,689

25,240

1,940

1,780

27,089

28,869

9,462

19,407

2002
2007
35 years
Sunrise at Cherry Creek
Denver
CO
—

1,621

28,370

3,137

1,721

31,407

33,128

10,683

22,445

2000
2007
35 years
Sunrise at Pinehurst
Denver
CO
—

1,417

30,885

2,190

1,653

32,839

34,492

12,156

22,336

1998
2007
35 years
Sunrise at Orchard
Littleton
CO
—

1,813

22,183

2,601

1,853

24,744

26,597

8,715

17,882

1997
2007
35 years
Sunrise of Westminster
Westminster
CO
—

2,649

16,243

1,980

2,792

18,080

20,872

6,624

14,248

2000
2007
35 years
Sunrise of Stamford
Stamford
CT
—

4,612

28,533

2,618

5,029

30,734

35,763

11,151

24,612

1999
2007
35 years
Sunrise of Jacksonville
Jacksonville
FL
—

2,390

17,671

789

2,420

18,430

20,850

4,112

16,738

2009
2012
35 years
Sunrise at Ivey Ridge
Alpharetta
GA
—

1,507

18,516

1,520

1,517

20,026

21,543

7,221

14,322

1998
2007
35 years
Sunrise of Huntcliff Summit I
Atlanta
GA
—

4,232

66,161

17,856

4,185

84,064

88,249

31,778

56,471

1987
2007
35 years
Sunrise at Huntcliff Summit II
Atlanta
GA
—

2,154

17,137

2,984

2,160

20,115

22,275

7,286

14,989

1998
2007
35 years
Sunrise at East Cobb
Marietta
GA
—

1,797

23,420

1,704

1,806

25,115

26,921

9,160

17,761

1997
2007
35 years
Sunrise of Barrington
Barrington
IL
—

859

15,085

858

892

15,910

16,802

3,614

13,188

2007
2012
35 years
Sunrise of Bloomingdale
Bloomingdale
IL
—

1,287

38,625

2,157

1,382

40,687

42,069

14,235

27,834

2000
2007
35 years
Sunrise of Buffalo Grove
Buffalo Grove
IL
—

2,154

28,021

1,719

2,339

29,555

31,894

10,500

21,394

1999
2007
35 years
Sunrise of Lincoln Park
Chicago
IL
—

3,485

26,687

2,285

3,504

28,953

32,457

9,727

22,730

2003
2007
35 years
Sunrise of Naperville
Naperville
IL
—

1,946

28,538

2,794

2,624

30,654

33,278

11,370

21,908

1999
2007
35 years
Sunrise of Palos Park
Palos Park
IL
—

2,363

42,205

1,333

2,403

43,498

45,901

15,362

30,539

2001
2007
35 years
Sunrise of Park Ridge
Park Ridge
IL
—

5,533

39,557

3,078

5,689

42,479

48,168

15,092

33,076

1998
2007
35 years
Sunrise of Willowbrook
Willowbrook
IL
—

1,454

60,738

2,640

2,080

62,752

64,832

20,463

44,369

2000
2007
35 years
Sunrise on Old Meridian
Carmel
IN
—

8,550

31,746

1,132

8,558

32,870

41,428

7,346

34,082

2009
2012
35 years
Sunrise of Leawood
Leawood
KS
—

651

16,401

1,107

878

17,281

18,159

3,735

14,424

2006
2012
35 years
Sunrise of Overland Park
Overland Park
KS
—

650

11,015

740

743

11,662

12,405

2,782

9,623

2007
2012
35 years
Sunrise of Baton Rouge
Baton Rouge
LA
—

1,212

23,547

1,828

1,382

25,205

26,587

8,928

17,659

2000
2007
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Sunrise of Arlington
Arlington
MA
—

86

34,393

1,307

107

35,679

35,786

12,715

23,071

2001
2007
35 years
Sunrise of Norwood
Norwood
MA
—

2,230

30,968

2,385

2,306

33,277

35,583

11,737

23,846

1997
2007
35 years
Sunrise of Columbia
Columbia
MD
—

1,780

23,083

3,129

1,918

26,074

27,992

9,232

18,760

1996
2007
35 years
Sunrise of Rockville
Rockville
MD
—

1,039

39,216

2,716

1,075

41,896

42,971

14,241

28,730

1997
2007
35 years
Sunrise of Bloomfield
Bloomfield Hills
MI
—

3,736

27,657

1,992

3,860

29,525

33,385

10,290

23,095

2006
2007
35 years
Sunrise of Cascade
Grand Rapids
MI
—

1,273

21,782

672

1,370

22,357

23,727

4,954

18,773

2007
2012
35 years
Sunrise of Northville
Plymouth
MI
—

1,445

26,090

1,632

1,525

27,642

29,167

9,752

19,415

1999
2007
35 years
Sunrise of Rochester
Rochester
MI
—

2,774

38,666

1,641

2,846

40,235

43,081

14,080

29,001

1998
2007
35 years
Sunrise of Troy
Troy
MI
—

1,758

23,727

1,178

1,860

24,803

26,663

8,878

17,785

2001
2007
35 years
Sunrise of Edina
Edina
MN
—

3,181

24,224

2,922

3,274

27,053

30,327

9,900

20,427

1999
2007
35 years
Sunrise on Providence
Charlotte
NC
—

1,976

19,472

2,618

1,988

22,078

24,066

7,918

16,148

1999
2007
35 years
Sunrise of East Brunswick
East Brunswick
NJ
—

2,784

26,173

2,490

3,030

28,417

31,447

10,615

20,832

1999
2007
35 years
Sunrise of Jackson
Jackson
NJ
—

4,009

15,029

731

4,013

15,756

19,769

3,692

16,077

2008
2012
35 years
Sunrise of Morris Plains
Morris Plains
NJ
—

1,492

32,052

2,210

1,569

34,185

35,754

12,121

23,633

1997
2007
35 years
Sunrise of Old Tappan
Old Tappan
NJ
—

2,985

36,795

2,358

3,177

38,961

42,138

13,786

28,352

1997
2007
35 years
Sunrise of Wall
Wall Township
NJ
—

1,053

19,101

2,115

1,088

21,181

22,269

7,389

14,880

1999
2007
35 years
Sunrise of Wayne
Wayne
NJ
—

1,288

24,990

2,710

1,304

27,684

28,988

9,817

19,171

1996
2007
35 years
Sunrise of Westfield
Westfield
NJ
—

5,057

23,803

2,373

5,136

26,097

31,233

9,527

21,706

1996
2007
35 years
Sunrise of Woodcliff Lake
Woodcliff Lake
NJ
—

3,493

30,801

1,869

3,606

32,557

36,163

11,770

24,393

2000
2007
35 years
Sunrise of North Lynbrook
Lynbrook
NY
—

4,622

38,087

2,371

4,700

40,380

45,080

14,685

30,395

1999
2007
35 years
Sunrise at Fleetwood
Mount Vernon
NY
—

4,381

28,434

2,576

4,646

30,745

35,391

11,281

24,110

1999
2007
35 years
Sunrise of New City
New City
NY
—

1,906

27,323

2,057

1,979

29,307

31,286

10,436

20,850

1999
2007
35 years
Sunrise of Smithtown
Smithtown
NY
—

2,853

25,621

2,927

3,040

28,361

31,401

10,644

20,757

1999
2007
35 years
Sunrise of Staten Island
Staten Island
NY
—

7,237

23,910

859

7,290

24,716

32,006

11,366

20,640

2006
2007
35 years
Sunrise at North Hills
Raleigh
NC
—

749

37,091

5,530

849

42,521

43,370

15,462

27,908

2000
2007
35 years
Sunrise at Parma
Cleveland
OH
—

695

16,641

1,285

897

17,724

18,621

6,508

12,113

2000
2007
35 years
Sunrise of Cuyahoga Falls
Cuyahoga Falls
OH
—

626

10,239

1,709

862

11,712

12,574

4,490

8,084

2000
2007
35 years
Sunrise of Aurora
Aurora
ON
—

1,570

36,113

(9,052
)
1,195

27,436

28,631

9,606

19,025

2002
2007
35 years
Sunrise of Burlington
Burlington
ON
—

1,173

24,448

1,237

1,363

25,495

26,858

9,096

17,762

2001
2007
35 years
Sunrise of Unionville
Markham
ON
—

2,322

41,140

(9,989
)
1,824

31,649

33,473

11,231

22,242

2000
2007
35 years
Sunrise of Mississauga
Mississauga
ON
—

3,554

33,631

(8,350
)
2,779

26,056

28,835

9,400

19,435

2000
2007
35 years
Sunrise of Erin Mills
Mississauga
ON
—

1,957

27,020

(6,872
)
1,469

20,636

22,105

7,387

14,718

2007
2007
35 years
Sunrise of Oakville
Oakville
ON
—

2,753

37,489

1,643

2,917

38,968

41,885

13,660

28,225

2002
2007
35 years
Sunrise of Richmond Hill
Richmond Hill
ON
—

2,155

41,254

(10,132
)
1,746

31,531

33,277

11,176

22,101

2002
2007
35 years
Sunrise of Thornhill
Vaughan
ON
—

2,563

57,513

(12,501
)
1,403

46,172

47,575

15,052

32,523

2003
2007
35 years
Sunrise of Windsor
Windsor
ON
—

1,813

20,882

1,780

1,987

22,488

24,475

7,897

16,578

2001
2007
35 years
Sunrise of Abington
Abington
PA
—

1,838

53,660

6,012

2,053

59,457

61,510

20,610

40,900

1997
2007
35 years


141



142



143

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Sunrise of Blue Bell
Blue Bell
PA
—

1,765

23,920

3,369

1,866

27,188

29,054

9,774

19,280

2006
2007
35 years
Sunrise of Exton
Exton
PA
—

1,123

17,765

2,379

1,209

20,058

21,267

7,285

13,982

2000
2007
35 years
Sunrise of Haverford
Haverford
PA
—

941

25,872

2,290

986

28,117

29,103

9,956

19,147

1997
2007
35 years
Sunrise of Granite Run
Media
PA
—

1,272

31,781

2,442

1,379

34,116

35,495

12,136

23,359

1997
2007
35 years
Sunrise of Lower Makefield
Morrisville
PA
—

3,165

21,337

667

3,174

21,995

25,169

5,035

20,134

2008
2012
35 years
Sunrise of Westtown
West Chester
PA
—

1,547

22,996

2,149

1,576

25,116

26,692

9,371

17,321

1999
2007
35 years
Sunrise of Hillcrest
Dallas
TX
—

2,616

27,680

1,082

2,626

28,752

31,378

10,133

21,245

2006
2007
35 years
Sunrise of Fort Worth
Fort Worth
TX
—

2,024

18,587

928

2,147

19,392

21,539

4,494

17,045

2007
2012
35 years
Sunrise of Frisco
Frisco
TX
—

2,523

14,547

591

2,535

15,126

17,661

3,174

14,487

2009
2012
35 years
Sunrise of Cinco Ranch
Katy
TX
—

2,512

21,600

1,262

2,580

22,794

25,374

5,154

20,220

2007
2012
35 years
Sunrise at Holladay
Holladay
UT
—

2,542

44,771

1,104

2,581

45,836

48,417

10,058

38,359

2008
2012
35 years
Sunrise of Sandy
Sandy
UT
—

2,576

22,987

414

2,638

23,339

25,977

8,369

17,608

2007
2007
35 years
Sunrise of Alexandria
Alexandria
VA
—

88

14,811

2,461

240

17,120

17,360

6,726

10,634

1998
2007
35 years
Sunrise of Richmond
Richmond
VA
—

1,120

17,446

1,339

1,198

18,707

19,905

7,068

12,837

1999
2007
35 years
Sunrise at Bon Air
Richmond
VA
—

2,047

22,079

907

2,032

23,001

25,033

5,240

19,793

2008
2012
35 years
Sunrise of Springfield
Springfield
VA
—

4,440

18,834

2,707

4,545

21,436

25,981

7,846

18,135

1997
2007
35 years
TOTAL FOR SUNRISE SENIORS HOUSING COMMUNITIES
 
 
—

245,515

2,532,176

103,706

246,896

2,634,501

2,881,397

899,063

1,982,334

 
 
 
ATRIA SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Arbour Lake
Calgary
AB
—

2,512

39,188

(5,126
)
2,151

34,423

36,574

5,389

31,185

2003
2014
35 years
Canyon Meadows
Calgary
AB
—

1,617

30,803

(3,776
)
1,384

27,260

28,644

4,463

24,181

1995
2014
35 years
Churchill Manor
Edmonton
AB
—

2,865

30,482

(4,129
)
2,442

26,776

29,218

4,397

24,821

1999
2014
35 years
The View at Lethbridge
Lethbridge
AB
—

2,503

24,770

(3,438
)
2,146

21,689

23,835

3,834

20,001

2007
2014
35 years
Victoria Park
Red Deer
AB
—

1,188

22,554

(2,488
)
1,015

20,239

21,254

3,620

17,634

1999
2014
35 years
Ironwood Estates
St. Albert
AB
—

3,639

22,519

(2,378
)
3,137

20,643

23,780

3,578

20,202

1998
2014
35 years
Atria Regency
Mobile
AL
—

950

11,897

1,559

981

13,425

14,406

4,248

10,158

1996
2011
35 years
Atria Chandler Villas
Chandler
AZ
—

3,650

8,450

1,927

3,769

10,258

14,027

4,040

9,987

1988
2011
35 years
Atria Park of Sierra Pointe
Scottsdale
AZ
—

10,930

65,372

5,899

10,994

71,207

82,201

10,884

71,317

2000
2014
35 years
Atria Campana del Rio
Tucson
AZ
—

5,861

37,284

2,998

5,985

40,158

46,143

11,712

34,431

1964
2011
35 years
Atria Valley Manor
Tucson
AZ
—

1,709

60

950

1,768

951

2,719

540

2,179

1963
2011
35 years
Atria Bell Court Gardens
Tucson
AZ
—

3,010

30,969

2,308

3,060

33,227

36,287

8,837

27,450

1964
2011
35 years
Longlake Chateau
Nanaimo
BC
—

1,874

22,910

(2,646
)
1,603

20,535

22,138

3,683

18,455

1990
2014
35 years
Prince George Chateau
Prince George
BC
—

2,066

22,761

(3,019
)
1,765

20,043

21,808

3,542

18,266

2005
2014
35 years
The Victorian
Victoria
BC
—

3,419

16,351

(1,682
)
2,936

15,152

18,088

2,811

15,277

1988
2014
35 years
The Victorian at McKenzie
Victoria
BC
—

4,801

25,712

(3,175
)
4,100

23,238

27,338

3,969

23,369

2003
2014
35 years
Atria Burlingame
Burlingame
CA
—

2,494

12,373

1,702

2,579

13,990

16,569

4,200

12,369

1977
2011
35 years
Atria Las Posas
Camarillo
CA
—

4,500

28,436

1,273

4,518

29,691

34,209

7,857

26,352

1997
2011
35 years
Atria Carmichael Oaks
Carmichael
CA
17,650

2,118

49,694

2,626

2,155

52,283

54,438

11,037

43,401

1992
2013
35 years
Atria El Camino Gardens
Carmichael
CA
—

6,930

32,318

15,083

7,215

47,116

54,331

13,356

40,975

1984
2011
35 years


144

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Atria Covina
Covina
CA
—

170

4,131

787

262

4,826

5,088

1,735

3,353

1977
2011
35 years
Atria Daly City
Daly City
CA
—

3,090

13,448

1,215

3,102

14,651

17,753

4,233

13,520

1975
2011
35 years
Atria Covell Gardens
Davis
CA
—

2,163

39,657

11,761

2,388

51,193

53,581

15,601

37,980

1987
2011
35 years
Atria Encinitas
Encinitas
CA
—

5,880

9,212

2,408

5,945

11,555

17,500

3,400

14,100

1984
2011
35 years
Atria North Escondido
Escondido
CA
—

1,196

7,155

522

1,215

7,658

8,873

1,628

7,245

2002
2014
35 years
Atria Grass Valley
Grass Valley
CA
10,986

1,965

28,414

1,073

2,020

29,432

31,452

6,359

25,093

2000
2013
35 years
Atria Golden Creek
Irvine
CA
—

6,900

23,544

2,172

6,930

25,686

32,616

7,308

25,308

1985
2011
35 years
Atria Park of Lafayette
Lafayette
CA
18,532

5,679

56,922

1,747

6,238

58,110

64,348

11,564

52,784

2007
2013
35 years
Atria Del Sol
Mission Viejo
CA
—

3,500

12,458

8,633

3,781

20,810

24,591

7,116

17,475

1985
2011
35 years
Atria Newport Plaza
Newport Beach
CA
—

4,534

32,912

307

4,545

33,208

37,753

1,122

36,631

1989
2017
35 years
Atria Tamalpais Creek
Novato
CA
—

5,812

24,703

914

5,831

25,598

31,429

6,918

24,511

1978
2011
35 years
Atria Park of Pacific Palisades
Pacific Palisades
CA
—

4,458

17,064

1,796

4,489

18,829

23,318

7,259

16,059

2001
2007
35 years
Atria Palm Desert
Palm Desert
CA
—

2,887

9,843

1,348

3,127

10,951

14,078

5,269

8,809

1988
2011
35 years
Atria Hacienda
Palm Desert
CA
—

6,680

85,900

3,433

6,876

89,137

96,013

22,407

73,606

1989
2011
35 years
Atria Paradise
Paradise
CA
—

2,265

28,262

(22,643
)
1,995

5,889

7,884

6,203

1,681

1999
2013
35 years
Atria Del Rey
Rancho Cucamonga
CA
—

3,290

17,427

5,749

3,477

22,989

26,466

8,341

18,125

1987
2011
35 years
Atria Rocklin
Rocklin
CA
18,789

4,427

52,064

1,221

4,473

53,239

57,712

7,335

50,377

2001
2015
35 years
Atria La Jolla
San Diego
CA
—

8,210

46,315

(1,675
)
8,212

44,638

52,850

1,519

51,331

1984
2017
35 years
Atria Penasquitos
San Diego
CA
—

2,649

24,067

2,202

2,649

26,269

28,918

870

28,048

1991
2017
35 years
Atria Collwood
San Diego
CA
—

290

10,650

1,259

347

11,852

12,199

3,693

8,506

1976
2011
35 years
Atria Rancho Park
San Dimas
CA
—

4,066

14,306

1,870

4,625

15,617

20,242

5,226

15,016

1975
2011
35 years
Atria Willow Glen
San Jose
CA
—

8,521

43,168

3,123

8,602

46,210

54,812

11,148

43,664

1976
2011
35 years
Atria San Juan
San Juan Capistrano
CA
—

5,110

29,436

8,645

5,336

37,855

43,191

13,793

29,398

1985
2011
35 years
Atria Hillsdale
San Mateo
CA
—

5,240

15,956

10,950

5,253

26,893

32,146

4,698

27,448

1986
2011
35 years
Atria Santa Clarita
Santa Clarita
CA
—

3,880

38,366

1,221

3,890

39,577

43,467

5,560

37,907

2001
2015
35 years
Atria Sunnyvale
Sunnyvale
CA
—

6,120

30,068

5,141

6,236

35,093

41,329

10,004

31,325

1977
2011
35 years
Atria Park of Tarzana
Tarzana
CA
—

960

47,547

5,958

5,861

48,604

54,465

9,525

44,940

2008
2013
35 years
Atria Park of Vintage Hills
Temecula
CA
—

4,674

44,341

2,402

4,879

46,538

51,417

10,145

41,272

2000
2013
35 years
Atria Park of Grand Oaks
Thousand Oaks
CA
—

5,994

50,309

1,130

6,055

51,378

57,433

10,807

46,626

2002
2013
35 years
Atria Hillcrest
Thousand Oaks
CA
—

6,020

25,635

10,256

6,624

35,287

41,911

13,087

28,824

1987
2011
35 years
Atria Walnut Creek
Walnut Creek
CA
—

6,910

15,797

17,372

7,635

32,444

40,079

12,655

27,424

1978
2011
35 years
Atria Valley View
Walnut Creek
CA
—

7,139

53,914

2,923

7,175

56,801

63,976

21,921

42,055

1977
2011
35 years
Atria Longmont
Longmont
CO
—

2,807

24,877

1,300

2,852

26,132

28,984

6,052

22,932

2009
2012
35 years
Atria Darien
Darien
CT
—

653

37,587

11,829

1,156

48,913

50,069

13,389

36,680

1997
2011
35 years
Atria Larson Place
Hamden
CT
—

1,850

16,098

2,229

1,885

18,292

20,177

5,341

14,836

1999
2011
35 years
Atria Greenridge Place
Rocky Hill
CT
—

2,170

32,553

2,500

2,392

34,831

37,223

8,970

28,253

1998
2011
35 years
Atria Stamford
Stamford
CT
—

1,200

62,432

19,320

1,487

81,465

82,952

18,323

64,629

1975
2011
35 years
Atria Stratford
Stratford
CT
—

3,210

27,865

2,043

3,210

29,908

33,118

8,338

24,780

1999
2011
35 years


145

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Atria Crossroads Place
Waterford
CT
—

2,401

36,495

7,855

2,577

44,174

46,751

13,040

33,711

2000
2011
35 years
Atria Hamilton Heights
West Hartford
CT
—

3,120

14,674

3,691

3,163

18,322

21,485

6,337

15,148

1904
2011
35 years
Atria Windsor Woods
Hudson
FL
—

1,610

32,432

3,107

1,687

35,462

37,149

9,895

27,254

1988
2011
35 years
Atria Park of Baypoint Village
Hudson
FL
—

2,083

28,841

9,481

2,352

38,053

40,405

11,681

28,724

1986
2011
35 years
Atria Park of San Pablo
Jacksonville
FL
—

1,620

14,920

1,185

1,660

16,065

17,725

4,339

13,386

1999
2011
35 years
Atria Park of St. Joseph's
Jupiter
FL
—

5,520

30,720

1,814

5,561

32,493

38,054

6,977

31,077

2007
2013
35 years
Atria Lady Lake
Lady Lake
FL
—

3,752

26,265

1,161

3,768

27,410

31,178

3,735

27,443

2010
2015
35 years
Atria Park of Lake Forest
Sanford
FL
—

3,589

32,586

4,639

4,096

36,718

40,814

9,751

31,063

2002
2011
35 years
Atria Evergreen Woods
Spring Hill
FL
—

2,370

28,371

4,879

2,554

33,066

35,620

10,181

25,439

1981
2011
35 years
Atria North Point
Alpharetta
GA
39,416

4,830

78,318

2,684

4,868

80,964

85,832

14,069

71,763

2007
2014
35 years
Atria Buckhead
Atlanta
GA
—

3,660

5,274

1,359

3,688

6,605

10,293

2,410

7,883

1996
2011
35 years
Atria Mableton
Austell
GA
—

1,911

18,879

630

1,946

19,474

21,420

4,154

17,266

2000
2013
35 years
Atria Park of Tucker
Tucker
GA
—

1,103

20,679

738

1,120

21,400

22,520

4,568

17,952

2000
2013
35 years
Atria Park of Glen Ellyn
Glen Ellyn
IL
—

2,455

34,064

3,401

2,740

37,180

39,920

13,475

26,445

2000
2007
35 years
Atria Newburgh
Newburgh
IN
—

1,150

22,880

1,393

1,150

24,273

25,423

6,101

19,322

1998
2011
35 years
Atria Hearthstone East
Topeka
KS
—

1,150

20,544

1,473

1,241

21,926

23,167

6,064

17,103

1998
2011
35 years
Atria Hearthstone West
Topeka
KS
—

1,230

28,379

2,337

1,267

30,679

31,946

8,957

22,989

1987
2011
35 years
Atria Highland Crossing
Covington
KY
—

1,677

14,393

1,534

1,689

15,915

17,604

5,147

12,457

1988
2011
35 years
Atria Summit Hills
Crestview Hills
KY
—

1,780

15,769

1,024

1,812

16,761

18,573

4,851

13,722

1998
2011
35 years
Atria Elizabethtown
Elizabethtown
KY
—

850

12,510

777

869

13,268

14,137

3,645

10,492

1996
2011
35 years
Atria St. Matthews
Louisville
KY
—

939

9,274

1,288

953

10,548

11,501

3,806

7,695

1998
2011
35 years
Atria Stony Brook
Louisville
KY
—

1,860

17,561

1,242

1,953

18,710

20,663

5,281

15,382

1999
2011
35 years
Atria Springdale
Louisville
KY
—

1,410

16,702

1,404

1,410

18,106

19,516

5,092

14,424

1999
2011
35 years
Atria Marland Place
Andover
MA
—

1,831

34,592

19,500

1,996

53,927

55,923

18,372

37,551

1996
2011
35 years
Atria Longmeadow Place
Burlington
MA
—

5,310

58,021

1,970

5,387

59,914

65,301

14,615

50,686

1998
2011
35 years
Atria Fairhaven
Fairhaven
MA
—

1,100

16,093

1,006

1,157

17,042

18,199

4,436

13,763

1999
2011
35 years
Atria Woodbriar Place
Falmouth
MA
—

4,630

27,314

5,676

6,433

31,187

37,620

7,666

29,954

2013
2013
35 years
Atria Woodbriar Park
Falmouth
MA
—

1,970

43,693

21,453

2,699

64,417

67,116

16,113

51,003

1975
2011
35 years
Atria Draper Place
Hopedale
MA
—

1,140

17,794

1,748

1,234

19,448

20,682

5,293

15,389

1998
2011
35 years
Atria Merrimack Place
Newburyport
MA
—

2,774

40,645

6,429

4,319

45,529

49,848

10,342

39,506

2000
2011
35 years
Atria Marina Place
Quincy
MA
—

2,590

33,899

1,973

2,755

35,707

38,462

9,315

29,147

1999
2011
35 years
Riverheights Terrace
Brandon
MB
—

799

27,708

(2,817
)
682

25,008

25,690

4,181

21,509

2001
2014
35 years
Amber Meadow
Winnipeg
MB
—

3,047

17,821

(1,551
)
2,598

16,719

19,317

3,321

15,996

2000
2014
35 years
The Westhaven
Winnipeg
MB
—

871

23,162

(2,582
)
757

20,694

21,451

3,600

17,851

1988
2014
35 years
Atria Manresa
Annapolis
MD
—

4,193

19,000

1,890

4,465

20,618

25,083

5,821

19,262

1920
2011
35 years
Atria Salisbury
Salisbury
MD
—

1,940

24,500

973

1,959

25,454

27,413

6,369

21,044

1995
2011
35 years
Atria Kennebunk
Kennebunk
ME
—

1,090

23,496

1,471

1,138

24,919

26,057

6,687

19,370

1998
2011
35 years
Atria Park of Ann Arbor
Ann Arbor
MI
—

1,703

15,857

2,143

1,806

17,897

19,703

7,118

12,585

2001
2007
35 years
Atria Kinghaven
Riverview
MI
—

1,440

26,260

2,386

1,598

28,488

30,086

8,017

22,069

1987
2011
35 years


146

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Ste. Anne's Court
Fredericton
NB
—

1,221

29,626

(3,414
)
1,046

26,387

27,433

4,401

23,032

2002
2014
35 years
Chateau de Champlain
St. John
NB
—

796

24,577

(2,240
)
694

22,439

23,133

3,906

19,227

2002
2014
35 years
Atria Southpoint Walk
Durham
NC
15,557

2,130

25,920

1,239

2,135

27,154

29,289

5,963

23,326

2009
2013
35 years
Atria Oakridge
Raleigh
NC
14,430

1,482

28,838

1,467

1,519

30,268

31,787

6,633

25,154

2009
2013
35 years
Atria Cranford
Cranford
NJ
280

8,260

61,411

5,385

8,406

66,650

75,056

17,995

57,061

1993
2011
35 years
Atria Tinton Falls
Tinton Falls
NJ
—

6,580

13,258

1,741

6,762

14,817

21,579

4,927

16,652

1999
2011
35 years
Atria Seville
Las Vegas
NV
—

—

796

1,598

11

2,383

2,394

1,663

731

1999
2011
35 years
Atria Summit Ridge
Reno
NV
—

4

407

649

20

1,040

1,060

832

228

1997
2011
35 years
Atria Shaker
Albany
NY
—

1,520

29,667

1,585

1,626

31,146

32,772

8,054

24,718

1997
2011
35 years
Atria Crossgate
Albany
NY
—

1,080

20,599

1,217

1,100

21,796

22,896

5,999

16,897

1980
2011
35 years
Atria Woodlands
Ardsley
NY
44,962

7,660

65,581

3,037

7,718

68,560

76,278

17,656

58,622

2005
2011
35 years
Atria Bay Shore
Bay Shore
NY
15,275

4,440

31,983

2,586

4,453

34,556

39,009

9,152

29,857

1900
2011
35 years
Atria Briarcliff Manor
Briarcliff Manor
NY
—

6,560

33,885

2,160

6,725

35,880

42,605

9,984

32,621

1997
2011
35 years
Atria Riverdale
Bronx
NY
—

1,020

24,149

15,297

1,084

39,382

40,466

13,154

27,312

1999
2011
35 years
Atria Delmar Place
Delmar
NY
—

1,201

24,850

956

1,223

25,784

27,007

4,690

22,317

2004
2013
35 years
Atria East Northport
East Northport
NY
—

9,960

34,467

19,754

10,250

53,931

64,181

14,151

50,030

1996
2011
35 years
Atria Glen Cove
Glen Cove
NY
—

2,035

25,190

1,295

2,063

26,457

28,520

13,083

15,437

1997
2011
35 years
Atria Great Neck
Great Neck
NY
—

3,390

54,051

27,092

3,472

81,061

84,533

14,953

69,580

1998
2011
35 years
Atria Cutter Mill
Great Neck
NY
—

2,750

47,919

3,286

2,761

51,194

53,955

12,669

41,286

1999
2011
35 years
Atria Huntington
Huntington Station
Bayside
—

8,190

1,169

2,627

8,232

3,754

11,986

2,465

9,521

1987
2011
35 years
Atria Hertlin Place
Lake Ronkonkoma
NY
—

7,886

16,391

2,222

7,886

18,613

26,499

4,534

21,965

2002
2012
35 years
Atria Lynbrook
Lynbrook
NY
—

3,145

5,489

2,070

3,176

7,528

10,704

2,628

8,076

1996
2011
35 years
Atria Tanglewood
Lynbrook
NY
23,590

4,120

37,348

1,207

4,145

38,530

42,675

9,627

33,048

2005
2011
35 years
Atria West 86
New York
NY
—

80

73,685

7,115

167

80,713

80,880

21,453

59,427

1998
2011
35 years
Atria on the Hudson
Ossining
NY
—

8,123

63,089

4,698

8,212

67,698

75,910

18,710

57,200

1972
2011
35 years
Atria Penfield
Penfield
NY
—

620

22,036

1,133

723

23,066

23,789

6,145

17,644

1972
2011
35 years
Atria Plainview
Plainview
NY
—

2,480

16,060

1,913

2,630

17,823

20,453

5,124

15,329

2000
2011
35 years
Atria Rye Brook
Port Chester
NY
—

9,660

74,936

2,416

9,744

77,268

87,012

19,326

67,686

2004
2011
35 years
Atria Kew Gardens
Queens
NY
—

3,051

66,013

8,846

3,079

74,831

77,910

19,155

58,755

1999
2011
35 years
Atria Forest Hills
Queens
NY
—

2,050

16,680

1,924

2,074

18,580

20,654

5,034

15,620

2001
2011
35 years
Atria Greece
Rochester
NY
—

410

14,967

1,122

639

15,860

16,499

4,464

12,035

1970
2011
35 years
Atria on Roslyn Harbor
Roslyn
NY
65,000

12,909

72,720

2,512

12,974

75,167

88,141

18,778

69,363

2006
2011
35 years
Atria Guilderland
Slingerlands
NY
—

1,170

22,414

814

1,171

23,227

24,398

5,980

18,418

1950
2011
35 years
Atria South Setauket
South Setauket
NY
—

8,450

14,534

1,781

8,835

15,930

24,765

6,113

18,652

1967
2011
35 years
The Court at Brooklin
Brooklin
ON
—

2,515

35,602

(3,914
)
2,164

32,039

34,203

5,066

29,137

2004
2014
35 years
Burlington Gardens
Burlington
ON
—

7,560

50,744

(7,715
)
6,464

44,125

50,589

6,808

43,781

2008
2014
35 years
The Court at Rushdale
Hamilton
ON
—

1,799

34,633

(4,015
)
1,533

30,884

32,417

4,978

27,439

2004
2014
35 years
Kingsdale Chateau
Kingston
ON
—

2,221

36,272

(4,177
)
1,910

32,406

34,316

5,212

29,104

2000
2014
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Crystal View Lodge
Nepean
ON
—

1,587

37,243

(4,033
)
1,554

33,243

34,797

5,309

29,488

2000
2014
35 years
The Court at Barrhaven
Nepean
ON
—

1,778

33,922

(3,762
)
1,554

30,384

31,938

5,043

26,895

2004
2014
35 years
Stamford Estates
Niagara Falls
ON
—

1,414

29,439

(3,924
)
1,205

25,724

26,929

4,279

22,650

2005
2014
35 years
Sherbrooke Heights
Peterborough
ON
—

2,485

33,747

(3,793
)
2,126

30,313

32,439

5,035

27,404

2001
2014
35 years
Anchor Pointe
St. Catharines
ON
—

8,214

24,056

(3,768
)
7,003

21,499

28,502

3,984

24,518

2000
2014
35 years
The Court at Pringle Creek
Whitby
ON
—

2,965

39,206

(5,169
)
2,586

34,416

37,002

5,567

31,435

2002
2014
35 years
Atria Bethlehem
Bethlehem
PA
—

2,479

22,870

1,043

2,496

23,896

26,392

6,727

19,665

1998
2011
35 years
Atria Center City
Philadelphia
PA
—

3,460

18,291

18,732

3,535

36,948

40,483

7,879

32,604

1964
2011
35 years
Atria South Hills
Pittsburgh
PA
—

880

10,884

876

913

11,727

12,640

3,655

8,985

1998
2011
35 years
La Residence Steger
Saint-Laurent
QC
—

1,995

10,926

(116
)
1,742

11,063

12,805

2,433

10,372

1999
2014
35 years
Atria Bay Spring Village
Barrington
RI
—

2,000

33,400

2,796

2,080

36,116

38,196

10,455

27,741

2000
2011
35 years
Atria Harborhill
East Greenwich
RI
—

2,089

21,702

1,744

2,183

23,352

25,535

6,436

19,099

1835
2011
35 years
Atria Lincoln Place
Lincoln
RI
—

1,440

12,686

1,257

1,475

13,908

15,383

4,308

11,075

2000
2011
35 years
Atria Aquidneck Place
Portsmouth
RI
—

2,810

31,623

1,111

2,814

32,730

35,544

8,067

27,477

1999
2011
35 years
Atria Forest Lake
Columbia
SC
—

670

13,946

963

691

14,888

15,579

3,968

11,611

1999
2011
35 years
Primrose Chateau
Saskatoon
SK
—

2,611

32,729

(3,683
)
2,290

29,367

31,657

4,761

26,896

1996
2014
35 years
Mulberry Estates
Moose Jaw
SK
—

2,173

31,791

(3,786
)
1,943

28,235

30,178

4,681

25,497

2003
2014
35 years
Queen Victoria Estates
Regina
SK
—

3,018

34,109

(4,178
)
2,572

30,377

32,949

4,920

28,029

2000
2014
35 years
Atria Weston Place
Knoxville
TN
—

793

7,961

1,222

969

9,007

9,976

2,827

7,149

1993
2011
35 years
Atria at the Arboretum
Austin
TX
—

8,280

61,764

3,010

8,377

64,677

73,054

13,609

59,445

2009
2012
35 years
Atria Carrollton
Carrollton
TX
5,902

360

20,465

1,537

370

21,992

22,362

6,045

16,317

1998
2011
35 years
Atria Grapevine
Grapevine
TX
—

2,070

23,104

1,129

2,092

24,211

26,303

6,334

19,969

1999
2011
35 years
Atria Westchase
Houston
TX
—

2,318

22,278

1,235

2,347

23,484

25,831

6,424

19,407

1999
2011
35 years
Atria Cinco Ranch
Katy
TX
—

3,171

73,287

1,454

3,201

74,711

77,912

9,548

68,364

2010
2015
35 years
Atria Kingwood
Kingwood
TX
—

1,170

4,518

802

1,192

5,298

6,490

1,877

4,613

1998
2011
35 years
Atria at Hometown
North Richland Hills
TX
—

1,932

30,382

2,028

1,963

32,379

34,342

7,214

27,128

2007
2013
35 years
Atria Canyon Creek
Plano
TX
—

3,110

45,999

2,903

3,148

48,864

52,012

10,555

41,457

2009
2013
35 years
Atria Richardson
Richardson
TX
—

1,590

23,662

1,315

1,600

24,967

26,567

6,451

20,116

1998
2011
35 years
Atria Cypresswood
Spring
TX
—

880

9,192

283

897

9,458

10,355

2,651

7,704

1996
2011
35 years
Atria Sugar Land
Sugar Land
TX
—

970

17,542

971

980

18,503

19,483

4,970

14,513

1999
2011
35 years
Atria Copeland
Tyler
TX
—

1,879

17,901

2,041

1,888

19,933

21,821

5,286

16,535

1997
2011
35 years
Atria Willow Park
Tyler
TX
—

920

31,271

1,412

982

32,621

33,603

8,915

24,688

1985
2011
35 years
Atria Virginia Beach
Virginia Beach
VA
—

1,749

33,004

981

1,754

33,980

35,734

9,001

26,733

1998
2011
35 years
Amberwood
Port Richey
FL
—

1,320

—

—

1,320

—

1,320

—

1,320

N/A
2011
N/A
Atria Development & Construction Fees
 
 
—

—

409

—

—

409

409

—

409

CIP
CIP
CIP
TOTAL FOR ATRIA SENIORS HOUSING COMMUNITIES
 
 
290,369

534,811

4,846,956

381,575

546,533

5,216,809

5,763,342

1,270,360

4,492,982

 
 
 
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
OTHER SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elmcroft of Grayson Valley
Birmingham
AL
—

1,040

19,145

754

1,046

19,893

20,939

4,823

16,116

2000
2011
35 years
Elmcroft of Byrd Springs
Hunstville
AL
—

1,720

11,270

1,029

1,723

12,296

14,019

3,205

10,814

1999
2011
35 years
Elmcroft of Heritage Woods
Mobile
AL
—

1,020

10,241

792

1,025

11,028

12,053

2,928

9,125

2000
2011
35 years
Elmcroft of Halcyon
Montgomery
AL
—

220

5,476

333

259

5,770

6,029

1,954

4,075

1999
2006
35 years
Rosewood Manor
Scottsboro
AL
—

680

4,038

—

680

4,038

4,718

966

3,752

1998
2011
35 years
West Shores
Hot Springs
AR
—

1,326

10,904

1,825

1,326

12,729

14,055

4,351

9,704

1988
2005
35 years
Elmcroft of Maumelle
Maumelle
AR
—

1,252

7,601

347

1,258

7,942

9,200

2,700

6,500

1997
2006
35 years
Elmcroft of Mountain Home
Mountain Home
AR
—

204

8,971

372

204

9,343

9,547

3,183

6,364

1997
2006
35 years
Elmcroft of Sherwood
Sherwood
AR
—

1,320

5,693

407

1,320

6,100

7,420

2,051

5,369

1997
2006
35 years
Chandler Memory Care Community
Chandler
AZ
—

2,910

8,882

184

3,094

8,882

11,976

2,155

9,821

2012
2012
35 years
Silver Creek Inn Memory Care Community
Gilbert
AZ
—

890

5,918

—

890

5,918

6,808

1,322

5,486

2012
2012
35 years
Prestige Assisted Living at Green Valley
Green Valley
AZ
—

1,227

13,977

—

1,227

13,977

15,204

1,910

13,294

1998
2014
35 years
Prestige Assisted Living at Lake Havasu City
Lake Havasu
AZ
—

594

14,792

—

594

14,792

15,386

2,009

13,377

1999
2014
35 years
Lakeview Terrace
Lake Havasu City
AZ
—

706

7,810

109

706

7,919

8,625

1,143

7,482

2009
2015
35 years
Arbor Rose
Mesa
AZ
—

1,100

11,880

2,434

1,100

14,314

15,414

4,832

10,582

1999
2011
35 years
The Stratford
Phoenix
AZ
—

1,931

33,576

22

1,931

33,598

35,529

4,573

30,956

2001
2014
35 years
Amber Creek Inn Memory Care
Scottsdale
AZ
—

2,310

6,322

677

2,185

7,124

9,309

766

8,543

1986
2011
35 years
Prestige Assisted Living at Sierra Vista
Sierra Vista
AZ
—

295

13,224

—

295

13,224

13,519

1,792

11,727

1999
2014
35 years
The Woodmark at Sun City
Sun City
AZ
—

964

35,093

706

1,071

35,692

36,763

4,584

32,179

2000
2015
35 years
Rock Creek Memory Care Community
Surprise
AZ
10,057

826

16,353

3

826

16,356

17,182

585

16,597

2017
2017
35 years
Elmcroft of Tempe
Tempe
AZ
—

1,090

12,942

1,290

1,098

14,224

15,322

3,690

11,632

1999
2011
35 years
Elmcroft of River Centre
Tucson
AZ
—

1,940

5,195

1,068

1,940

6,263

8,203

1,840

6,363

1999
2011
35 years
Sierra Ridge Memory Care
Auburn
CA
—

681

6,071

—

681

6,071

6,752

841

5,911

2011
2014
35 years
Careage Banning
Banning
CA
—

2,970

16,037

—

2,970

16,037

19,007

4,058

14,949

2004
2011
35 years
Las Villas Del Carlsbad
Carlsbad
CA
—

1,760

30,469

961

1,760

31,430

33,190

10,765

22,425

1987
2006
35 years
Prestige Assisted Living at Chico
Chico
CA
—

1,069

14,929

—

1,069

14,929

15,998

2,036

13,962

1998
2014
35 years
Villa Bonita
Chula Vista
CA
—

1,610

9,169

—

1,610

9,169

10,779

2,416

8,363

1989
2011
35 years
The Meadows Senior Living
Elk Grove
CA
—

1,308

19,667

—

1,308

19,667

20,975

2,676

18,299

2003
2014
35 years
Las Villas Del Norte
Escondido
CA
—

2,791

32,632

1,113

2,809

33,727

36,536

11,524

25,012

1986
2006
35 years
Alder Bay Assisted Living
Eureka
CA
—

1,170

5,228

(70
)
1,170

5,158

6,328

1,386

4,942

1997
2011
35 years
Cedarbrook
Fresno
CA
—

1,652

12,613

—

1,652

12,613

14,265

777

13,488

2014
2017
35 years
Elmcroft of La Mesa
La Mesa
CA
—

2,431

6,101

92

2,431

6,193

8,624

2,136

6,488

1997
2006
35 years
Grossmont Gardens
La Mesa
CA
—

9,104

59,349

2,246

9,115

61,584

70,699

20,992

49,707

1964
2006
35 years
Palms, The
La Mirada
CA
—

2,700

43,919

—

2,700

43,919

46,619

7,664

38,955

1990
2013
35 years


147



148



149



150



151

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Prestige Assisted Living at Lancaster
Lancaster
CA
—

718

10,459

—

718

10,459

11,177

1,426

9,751

1999
2014
35 years
Prestige Assisted Living at Marysville
Marysville
CA
—

741

7,467

—

741

7,467

8,208

1,023

7,185

1999
2014
35 years
Mountview Retirement Residence
Montrose
CA
—

1,089

15,449

622

1,089

16,071

17,160

5,450

11,710

1974
2006
35 years
Redwood Retirement
Napa
CA
—

2,798

12,639

—

2,798

12,639

15,437

2,252

13,185

1986
2013
35 years
Prestige Assisted Living at Oroville
Oroville
CA
—

638

8,079

—

638

8,079

8,717

1,103

7,614

1999
2014
35 years
Valencia Commons
Rancho Cucamonga
CA
—

1,439

36,363

—

1,439

36,363

37,802

6,327

31,475

2002
2013
35 years
Mission Hills
Rancho Mirage
CA
—

6,800

3,637

—

6,800

3,637

10,437

1,443

8,994

1999
2011
35 years
Shasta Estates
Redding
CA
—

1,180

23,463

—

1,180

23,463

24,643

4,088

20,555

2009
2013
35 years
The Vistas
Redding
CA
—

1,290

22,033

—

1,290

22,033

23,323

5,224

18,099

2007
2011
35 years
Elmcroft of Point Loma
San Diego
CA
—

2,117

6,865

(1,928
)
6

7,048

7,054

2,420

4,634

1999
2006
35 years
Regency of Evergreen Valley
San Jose
CA
—

2,700

7,994

—

2,700

7,994

10,694

2,527

8,167

1998
2011
35 years
Villa del Obispo
San Juan Capistrano
CA
—

2,660

9,560

156

2,660

9,716

12,376

2,447

9,929

1985
2011
35 years
Villa Santa Barbara
Santa Barbara
CA
—

1,219

12,426

5,325

1,219

17,751

18,970

5,061

13,909

1977
2005
35 years
Skyline Place Senior Living
Sonora
CA
—

1,815

28,472

—

1,815

28,472

30,287

3,893

26,394

1996
2014
35 years
Oak Terrace Memory Care
Soulsbyville
CA
—

1,146

5,275

—

1,146

5,275

6,421

743

5,678

1999
2014
35 years
Eagle Lake Village
Susanville
CA
—

1,165

6,719

—

1,165

6,719

7,884

1,392

6,492

2006
2012
35 years
Bonaventure, The
Ventura
CA
—

5,294

32,747

—

5,294

32,747

38,041

5,790

32,251

2005
2013
35 years
Sterling Inn
Victorville
CA
12,558

733

18,564

2,521

733

21,085

21,818

1,102

20,716

1992
2017
35 years
Sterling Commons
Victorville
CA
5,850

768

13,124

—

768

13,124

13,892

781

13,111

1994
2017
35 years
Prestige Assisted Living at Visalia
Visalia
CA
—

1,300

8,378

—

1,300

8,378

9,678

1,156

8,522

1998
2014
35 years
Westminster Terrace
Westminster
CA
—

1,700

11,514

22

1,700

11,536

13,236

2,738

10,498

2001
2011
35 years
Highland Trail
Broomfield
CO
—

2,511

26,431

—

2,511

26,431

28,942

4,632

24,310

2009
2013
35 years
Caley Ridge
Englewood
CO
—

1,157

13,133

—

1,157

13,133

14,290

2,721

11,569

1999
2012
35 years
Garden Square at Westlake
Greeley
CO
—

630

8,211

—

630

8,211

8,841

2,027

6,814

1998
2011
35 years
Garden Square of Greeley
Greeley
CO
—

330

2,735

—

330

2,735

3,065

686

2,379

1995
2011
35 years
Lakewood Estates
Lakewood
CO
—

1,306

21,137

—

1,306

21,137

22,443

3,689

18,754

1988
2013
35 years
Sugar Valley Estates
Loveland
CO
—

1,255

21,837

—

1,255

21,837

23,092

3,808

19,284

2009
2013
35 years
Devonshire Acres
Sterling
CO
—

950

13,569

(2,922
)
965

10,632

11,597

2,714

8,883

1979
2011
35 years
The Hearth at Gardenside
Branford
CT
—

7,000

31,518

—

7,000

31,518

38,518

7,470

31,048

1999
2011
35 years
The Hearth at Tuxis Pond
Madison
CT
—

1,610

44,322

—

1,610

44,322

45,932

10,077

35,855

2002
2011
35 years
White Oaks
Manchester
CT
—

2,584

34,507

—

2,584

34,507

37,091

6,032

31,059

2007
2013
35 years
Willows Care Home
Romford
UK
—

4,695

6,983

(1,568
)
4,065

6,045

10,110

837

9,273

1986
2015
40 years
Cedars Care Home
Southend-on-Sea
UK
—

2,649

4,925

(1,017
)
2,293

4,264

6,557

608

5,949

2014
2015
40 years
Hampton Manor Belleview
Belleview
FL
—

390

8,337

62

390

8,399

8,789

2,026

6,763

1988
2011
35 years
Sabal House
Cantonment
FL
—

430

5,902

—

430

5,902

6,332

1,411

4,921

1999
2011
35 years
Bristol Park of Coral Springs
Coral Springs
FL
—

3,280

11,877

2,223

3,280

14,100

17,380

3,030

14,350

1999
2011
35 years
Stanley House
Defuniak Springs
FL
—

410

5,659

—

410

5,659

6,069

1,351

4,718

1999
2011
35 years
The Peninsula
Hollywood
FL
—

3,660

9,122

1,416

3,660

10,538

14,198

2,679

11,519

1972
2011
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Elmcroft of Timberlin Parc
Jacksonville
FL
—

455

5,905

456

455

6,361

6,816

2,132

4,684

1998
2006
35 years
Forsyth House
Milton
FL
—

610

6,503

—

610

6,503

7,113

1,539

5,574

1999
2011
35 years
Princeton Village of Largo
Largo
FL
—

1,718

10,438

227

1,718

10,665

12,383

1,821

10,562

1992
2015
35 years
Barrington Terrace of Ft. Myers
Fort Myers
FL
—

2,105

18,190

1,089

2,110

19,274

21,384

2,999

18,385

2001
2015
35 years
Barrington Terrace of Naples
Naples
FL
—

2,596

18,716

1,101

2,610

19,803

22,413

2,898

19,515

2004
2015
35 years
The Carlisle Naples
Naples
FL
—

8,406

78,091

—

8,406

78,091

86,497

17,966

68,531

1998
2011
35 years
Naples ALZ Development
Naples
FL
—

2,983

—

—

2,983

—

2,983

—

2,983

CIP
CIP
CIP
Hampton Manor at 24th Road
Ocala
FL
—

690

8,767

77

690

8,844

9,534

2,071

7,463

1996
2011
35 years
Hampton Manor at Deerwood
Ocala
FL
—

790

5,605

3,769

983

9,181

10,164

1,836

8,328

2005
2011
35 years
Las Palmas
Palm Coast
FL
—

984

30,009

—

984

30,009

30,993

5,217

25,776

2009
2013
35 years
Princeton Village of Palm Coast
Palm Coast
FL
—

1,958

24,525

180

1,958

24,705

26,663

3,476

23,187

2007
2015
35 years
Outlook Pointe at Pensacola
Pensacola
FL
—

2,230

2,362

154

2,230

2,516

4,746

893

3,853

1999
2011
35 years
Magnolia House
Quincy
FL
—

400

5,190

—

400

5,190

5,590

1,258

4,332

1999
2011
35 years
Outlook Pointe at Tallahassee
Tallahassee
FL
—

2,430

17,745

523

2,430

18,268

20,698

4,469

16,229

1999
2011
35 years
Magnolia Place
Tallahassee
FL
—

640

8,013

98

640

8,111

8,751

1,866

6,885

1999
2011
35 years
Bristol Park of Tamarac
Tamarac
FL
—

3,920

14,130

1,969

3,920

16,099

20,019

3,498

16,521

2000
2011
35 years
Elmcroft of Carrolwood
Tampa
FL
—

5,410

20,944

1,454

5,415

22,393

27,808

5,468

22,340

2001
2011
35 years
Arbor Terrace of Athens
Athens
GA
—

1,767

16,442

569

1,777

17,001

18,778

2,417

16,361

1998
2015
35 years
Arbor Terrace at Cascade
Atlanta
GA
—

3,052

9,040

878

3,057

9,913

12,970

2,007

10,963

1999
2015
35 years
Augusta Gardens
Augusta
GA
—

530

10,262

308

543

10,557

11,100

2,588

8,512

1997
2011
35 years
Benton House of Covington
Covington
GA
7,443

1,297

11,397

277

1,297

11,674

12,971

1,744

11,227

2009
2015
35 years
Arbor Terrace of Decatur
Decatur
GA
—

3,102

19,599

(814
)
1,298

20,589

21,887

2,839

19,048

1990
2015
35 years
Benton House of Douglasville
Douglasville
GA
—

1,697

15,542

112

1,697

15,654

17,351

2,260

15,091

2010
2015
35 years
Elmcroft of Martinez
Martinez
GA
—

408

6,764

338

408

7,102

7,510

2,277

5,233

1997
2007
35 years
Benton House of Newnan
Newnan
GA
—

1,474

17,487

238

1,474

17,725

19,199

2,495

16,704

2010
2015
35 years
Elmcroft of Roswell
Roswell
GA
—

1,867

15,835

339

1,867

16,174

18,041

2,185

15,856

1997
2014
35 years
Benton Village of Stockbridge
Stockbridge
GA
—

2,221

21,989

629

2,231

22,608

24,839

3,310

21,529

2008
2015
35 years
Benton House of Sugar Hill
Sugar Hill
GA
—

2,173

14,937

144

2,174

15,080

17,254

2,296

14,958

2010
2015
35 years
Mayflower Care Home
Northfleet
UK
—

4,330

7,519

(1,590
)
3,749

6,510

10,259

919

9,340

2012
2015
40 years
Villas of St. James - Breese, IL
Breese
IL
—

671

6,849

—

671

6,849

7,520

1,144

6,376

2009
2015
35 years
Villas of Holly Brook - Chatham, IL
Chatham
IL
—

1,185

8,910

—

1,185

8,910

10,095

1,531

8,564

2012
2015
35 years
Villas of Holly Brook - Effingham, IL
Effingham
IL
—

508

6,624

—

508

6,624

7,132

1,075

6,057

2011
2015
35 years
Villas of Holly Brook - Herrin, IL
Herrin
IL
—

2,175

9,605

—

2,175

9,605

11,780

1,901

9,879

2012
2015
35 years
Villas of Holly Brook - Marshall, IL
Marshall
IL
—

1,461

4,881

—

1,461

4,881

6,342

1,124

5,218

2012
2015
35 years
Villas of Holly Brook - Newton, IL
Newton
IL
—

458

4,590

—

458

4,590

5,048

827

4,221

2011
2015
35 years
Rochester Senior Living at Wyndcrest
Rochester
IL
—

570

6,536

142

570

6,678

7,248

1,077

6,171

2005
2015
35 years
Villas of Holly Brook, Shelbyville, IL
Shelbyville
IL
—

2,292

3,351

—

2,292

3,351

5,643

1,236

4,407

2011
2015
35 years
Elmcroft of Muncie
Muncie
IN
—

244

11,218

538

277

11,723

12,000

3,773

8,227

1998
2007
35 years
Wood Ridge
South Bend
IN
—

590

4,850

(35
)
590

4,815

5,405

1,195

4,210

1990
2011
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Maples Care Home
Bexleyheath
UK
—

5,042

7,525

(1,688
)
4,365

6,514

10,879

910

9,969

2007
2015
40 years
Barty House Nursing Home
Maidstone
UK
—

3,769

3,089

(920
)
3,263

2,675

5,938

516

5,422

2013
2015
40 years
Tunbridge Wells Care Centre
Tunbridge Wells
UK
—

4,323

5,869

(1,368
)
3,743

5,081

8,824

752

8,072

2010
2015
40 years
Elmcroft of Florence (KY)
Florence
KY
—

1,535

21,826

512

1,535

22,338

23,873

2,998

20,875

2010
2014
35 years
Hartland Hills
Lexington
KY
—

1,468

23,929

—

1,468

23,929

25,397

4,175

21,222

2001
2013
35 years
Elmcroft of Mount Washington
Mount Washington
KY
—

758

12,048

463

758

12,511

13,269

1,683

11,586

2005
2014
35 years
Heathlands Care Home
Chingford
UK
—

5,398

7,967

(1,795
)
4,673

6,897

11,570

983

10,587

1980
2015
40 years
Heritage Woods
Agawam
MA
—

1,249

4,625

—

1,249

4,625

5,874

2,542

3,332

1997
2004
30 years
Devonshire Estates
Lenox
MA
—

1,832

31,124

—

1,832

31,124

32,956

5,429

27,527

1998
2013
35 years
Outlook Pointe at Hagerstown
Hagerstown
MD
—

2,010

1,293

296

2,010

1,589

3,599

629

2,970

1999
2011
35 years
Clover Healthcare
Auburn
ME
—

1,400

26,895

876

1,400

27,771

29,171

6,919

22,252

1982
2011
35 years
Gorham House
Gorham
ME
—

1,360

33,147

1,472

1,527

34,452

35,979

7,841

28,138

1990
2011
35 years
Kittery Estates
Kittery
ME
—

1,531

30,811

—

1,531

30,811

32,342

5,368

26,974

2009
2013
35 years
Woods at Canco
Portland
ME
—

1,441

45,578

—

1,441

45,578

47,019

7,922

39,097

2000
2013
35 years
Sentry Inn at York Harbor
York Harbor
ME
—

3,490

19,869

—

3,490

19,869

23,359

4,643

18,716

2000
2011
35 years
Elmcroft of Downriver
Brownstown Charter Township
MI
—

320

32,652

1,055

371

33,656

34,027

7,756

26,271

2000
2011
35 years
Independence Village of East Lansing
East Lansing
MI
—

1,956

18,122

398

1,956

18,520

20,476

3,711

16,765

1989
2012
35 years
Primrose Austin
Austin
MN
—

2,540

11,707

443

2,540

12,150

14,690

2,760

11,930

2002
2011
35 years
Primrose Duluth
Duluth
MN
—

6,190

8,296

257

6,245

8,498

14,743

2,193

12,550

2003
2011
35 years
Primrose Mankato
Mankato
MN
—

1,860

8,920

352

1,860

9,272

11,132

2,314

8,818

1999
2011
35 years
Lodge at White Bear
White Bear Lake
MN
—

732

24,999

—

732

24,999

25,731

4,344

21,387

2002
2013
35 years
Assisted Living at the Meadowlands - O'Fallon, MO
O'Fallon
MO
—

2,326

14,158

—

2,326

14,158

16,484

2,364

14,120

1999
2015
35 years
Canyon Creek Inn Memory Care
Billings
MT
—

420

11,217

7

420

11,224

11,644

2,539

9,105

2011
2011
35 years
Spring Creek Inn Alzheimer's Community
Bozeman
MT
—

1,345

16,877

—

1,345

16,877

18,222

1,034

17,188

2010
2017
35 years
The Springs at Missoula
Missoula
MT
16,217

1,975

34,390

1,826

1,975

36,216

38,191

7,176

31,015

2004
2012
35 years
Carillon ALF of Asheboro
Asheboro
NC
—

680

15,370

—

680

15,370

16,050

3,550

12,500

1998
2011
35 years
Arbor Terrace of Asheville
Asheville
NC
—

1,365

15,679

773

1,365

16,452

17,817

2,427

15,390

1998
2015
35 years
Elmcroft of Little Avenue
Charlotte
NC
—

250

5,077

339

250

5,416

5,666

1,823

3,843

1997
2006
35 years
Carillon ALF of Cramer Mountain
Cramerton
NC
—

530

18,225

—

530

18,225

18,755

4,232

14,523

1999
2011
35 years
Carillon ALF of Harrisburg
Harrisburg
NC
—

1,660

15,130

—

1,660

15,130

16,790

3,506

13,284

1997
2011
35 years
Carillon ALF of Hendersonville
Hendersonville
NC
—

2,210

7,372

—

2,210

7,372

9,582

1,889

7,693

2005
2011
35 years
Carillon ALF of Hillsborough
Hillsborough
NC
—

1,450

19,754

—

1,450

19,754

21,204

4,534

16,670

2005
2011
35 years
Willow Grove
Matthews
NC
—

763

27,544

—

763

27,544

28,307

4,785

23,522

2009
2013
35 years
Carillon ALF of Newton
Newton
NC
—

540

14,935

—

540

14,935

15,475

3,449

12,026

2000
2011
35 years
Independence Village of Olde Raleigh
Raleigh
NC
—

1,989

18,648

—

1,989

18,648

20,637

3,749

16,888

1991
2012
35 years
Elmcroft of Northridge
Raleigh
NC
—

184

3,592

1,231

207

4,800

5,007

1,357

3,650

1984
2006
35 years
Carillon ALF of Salisbury
Salisbury
NC
—

1,580

25,026

—

1,580

25,026

26,606

5,689

20,917

1999
2011
35 years
Carillon ALF of Shelby
Shelby
NC
—

660

15,471

—

660

15,471

16,131

3,586

12,545

2000
2011
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Elmcroft of Southern Pines
Southern Pines
NC
—

1,196

10,766

539

1,196

11,305

12,501

2,786

9,715

1998
2010
35 years
Carillon ALF of Southport
Southport
NC
—

1,330

10,356

—

1,330

10,356

11,686

2,528

9,158

2005
2011
35 years
Primrose Bismarck
Bismarck
ND
—

1,210

9,768

255

1,210

10,023

11,233

2,375

8,858

1994
2011
35 years
Wellington ALF - Minot ND
Minot
ND
—

3,241

9,509

—

3,241

9,509

12,750

1,963

10,787

2005
2015
35 years
Crown Pointe
Omaha
NE
—

1,316

11,950

2,418

1,316

14,368

15,684

4,758

10,926

1985
2005
35 years
Birch Heights
Derry
NH
—

1,413

30,267

—

1,413

30,267

31,680

5,271

26,409

2009
2013
35 years
Bear Canyon Estates
Albuquerque
NM
—

1,879

36,223

—

1,879

36,223

38,102

6,313

31,789

1997
2013
35 years
The Woodmark at Uptown
Albuquerque
NM
—

2,439

33,276

720

2,471

33,964

36,435

4,780

31,655

2000
2015
35 years
Elmcroft of Quintessence
Albuquerque
NM
—

1,150

26,527

959

1,165

27,471

28,636

6,387

22,249

1998
2011
35 years
Prestige Assisted Living at Mira Loma
Henderson
NV
—

1,279

12,558

—

1,279

12,558

13,837

1,161

12,676

1998
2016
35 years
The Amberleigh
Buffalo
NY
—

3,498

19,097

6,188

3,498

25,285

28,783

7,825

20,958

1988
2005
35 years
Brookdale Battery Park City
New York
NY
116,100

2,903

186,978

—

2,903

186,978

189,881

987

188,894

2000
2018
35 years
The Hearth at Castle Gardens
Vestal
NY
—

1,830

20,312

2,230

1,885

22,487

24,372

6,541

17,831

1994
2011
35 years
Elmcroft of Lima
Lima
OH
—

490

3,368

366

490

3,734

4,224

1,237

2,987

1998
2006
35 years
Elmcroft of Ontario
Mansfield
OH
—

523

7,968

372

523

8,340

8,863

2,835

6,028

1998
2006
35 years
Elmcroft of Medina
Medina
OH
—

661

9,788

562

661

10,350

11,011

3,499

7,512

1999
2006
35 years
Elmcroft of Washington Township
Miamisburg
OH
—

1,235

12,611

580

1,235

13,191

14,426

4,484

9,942

1998
2006
35 years
Elmcroft of Sagamore Hills
Sagamore Hills
OH
—

980

12,604

730

980

13,334

14,314

4,509

9,805

2000
2006
35 years
Elmcroft of Lorain
Vermilion
OH
—

500

15,461

1,058

557

16,462

17,019

4,166

12,853

2000
2011
35 years
Gardens at Westlake Senior Living
Westlake
OH
—

2,401

20,640

328

2,403

20,966

23,369

3,186

20,183

1987
2015
35 years
Elmcroft of Xenia
Xenia
OH
—

653

2,801

613

653

3,414

4,067

1,082

2,985

1999
2006
35 years
Arbor House of Mustang
Mustang
OK
—

372

3,587

—

372

3,587

3,959

704

3,255

1999
2012
35 years
Arbor House of Norman
Norman
OK
—

444

7,525

—

444

7,525

7,969

1,470

6,499

2000
2012
35 years
Arbor House Reminisce Center
Norman
OK
—

438

3,028

—

438

3,028

3,466

597

2,869

2004
2012
35 years
Arbor House of Midwest City
Oklahoma City
OK
—

544

9,133

—

544

9,133

9,677

1,784

7,893

2004
2012
35 years
Mansion at Waterford
Oklahoma City
OK
—

2,077

14,184

—

2,077

14,184

16,261

2,939

13,322

1999
2012
35 years
Meadowbrook Place
Baker City
OR
—

1,430

5,311

—

1,430

5,311

6,741

740

6,001

1965
2014
35 years
Edgewood Downs
Beaverton
OR
—

2,356

15,476

—

2,356

15,476

17,832

2,733

15,099

1978
2013
35 years
Princeton Village Assisted Living
Clackamas
OR
2,564

1,126

10,283

87

1,126

10,370

11,496

1,534

9,962

1999
2015
35 years
Bayside Terrace Assisted Living
Coos Bay
OR
—

498

2,795

519

498

3,314

3,812

499

3,313

2006
2015
35 years
Ocean Ridge Assisted Living
Coos Bay
OR
—

2,681

10,941

23

2,681

10,964

13,645

1,969

11,676

2006
2015
35 years
Avamere at Hillsboro
Hillsboro
OR
—

4,400

8,353

1,413

4,400

9,766

14,166

2,581

11,585

2000
2011
35 years
The Springs at Tanasbourne
Hillsboro
OR
32,534

4,689

55,035

—

4,689

55,035

59,724

11,924

47,800

2009
2013
35 years
The Arbor at Avamere Court
Keizer
OR
—

922

6,460

110

1,135

6,357

7,492

1,073

6,419

2012
2014
35 years
Pelican Pointe
Klamath Falls
OR
11,377

943

26,237

166

943

26,403

27,346

3,597

23,749

2011
2015
35 years
The Stafford
Lake Oswego
OR
—

1,800

16,122

649

1,806

16,765

18,571

4,111

14,460

2008
2011
35 years
The Springs at Clackamas Woods
Milwaukie
OR
14,502

1,264

22,429

3,001

1,338

25,356

26,694

4,598

22,096

1999
2012
35 years
Clackamas Woods Assisted Living
Milwaukie
OR
7,809

681

12,077

—

681

12,077

12,758

2,476

10,282

1999
2012
35 years
Pheasant Pointe Assisted Living
Molalla
OR
—

904

7,433

242

904

7,675

8,579

980

7,599

1998
2015
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Avamere at Newberg
Newberg
OR
—

1,320

4,664

641

1,342

5,283

6,625

1,550

5,075

1999
2011
35 years
Avamere Living at Berry Park
Oregon City
OR
—

1,910

4,249

2,316

1,910

6,565

8,475

1,941

6,534

1972
2011
35 years
McLoughlin Place Senior Living
Oregon City
OR
—

2,418

26,819

—

2,418

26,819

29,237

3,690

25,547

1997
2014
35 years
Avamere at Bethany
Portland
OR
—

3,150

16,740

257

3,150

16,997

20,147

4,146

16,001

2002
2011
35 years
Cedar Village Assisted Living
Salem
OR
—

868

12,652

19

868

12,671

13,539

1,571

11,968

1999
2015
35 years
Redwood Heights Assisted Living
Salem
OR
—

1,513

16,774

(175
)
1,513

16,599

18,112

2,085

16,027

1999
2015
35 years
Avamere at Sandy
Sandy
OR
—

1,000

7,309

345

1,000

7,654

8,654

2,030

6,624

1999
2011
35 years
Suzanne Elise ALF
Seaside
OR
—

1,940

4,027

393

1,945

4,415

6,360

1,318

5,042

1998
2011
35 years
Necanicum Village
Seaside
OR
—

2,212

7,311

61

2,212

7,372

9,584

1,066

8,518

2001
2015
35 years
Avamere at Sherwood
Sherwood
OR
—

1,010

7,051

340

1,010

7,391

8,401

1,965

6,436

2000
2011
35 years
Chateau Gardens
Springfield
OR
—

1,550

4,197

—

1,550

4,197

5,747

999

4,748

1991
2011
35 years
Avamere at St Helens
St. Helens
OR
—

1,410

10,496

502

1,410

10,998

12,408

2,811

9,597

2000
2011
35 years
Flagstone Senior Living
The Dalles
OR
—

1,631

17,786

—

1,631

17,786

19,417

2,442

16,975

1991
2014
35 years
Elmcroft of Allison Park
Allison Park
PA
—

1,171

5,686

284

1,171

5,970

7,141

2,026

5,115

1986
2006
35 years
Elmcroft of Chippewa
Beaver Falls
PA
—

1,394

8,586

342

1,394

8,928

10,322

3,040

7,282

1998
2006
35 years
Elmcroft of Berwick
Berwick
PA
—

111

6,741

256

111

6,997

7,108

2,389

4,719

1998
2006
35 years
Outlook Pointe at Lakemont
Bridgeville
PA
—

1,660

12,624

205

1,660

12,829

14,489

3,190

11,299

1999
2011
35 years
Elmcroft of Dillsburg
Dillsburg
PA
—

432

7,797

398

432

8,195

8,627

2,782

5,845

1998
2006
35 years
Elmcroft of Altoona
Duncansville
PA
—

331

4,729

427

331

5,156

5,487

1,713

3,774

1997
2006
35 years
Elmcroft of Lebanon
Lebanon
PA
—

240

7,336

424

249

7,751

8,000

2,623

5,377

1999
2006
35 years
Elmcroft of Lewisburg
Lewisburg
PA
—

232

5,666

312

232

5,978

6,210

2,024

4,186

1999
2006
35 years
Lehigh Commons
Macungie
PA
—

420

4,406

450

420

4,856

5,276

2,699

2,577

1997
2004
30 years
Elmcroft of Loyalsock
Montoursville
PA
—

413

3,412

400

413

3,812

4,225

1,257

2,968

1999
2006
35 years
Highgate at Paoli Pointe
Paoli
PA
—

1,151

9,079

—

1,151

9,079

10,230

4,639

5,591

1997
2004
30 years
Elmcroft of Mid Valley
Peckville
PA
—

619

11,662

186

619

11,848

12,467

1,584

10,883

1998
2014
35 years
Sanatoga Court
Pottstown
PA
—

360

3,233

—

360

3,233

3,593

1,705

1,888

1997
2004
30 years
Berkshire Commons
Reading
PA
—

470

4,301

—

470

4,301

4,771

2,266

2,505

1997
2004
30 years
Mifflin Court
Reading
PA
—

689

4,265

351

689

4,616

5,305

2,208

3,097

1997
2004
35 years
Elmcroft of Reading
Reading
PA
—

638

4,942

284

638

5,226

5,864

1,770

4,094

1998
2006
35 years
Elmcroft of Reedsville

Reedsville
PA
—

189

5,170

358

189

5,528

5,717

1,861

3,856

1998
2006
35 years
Elmcroft of Saxonburg
Saxonburg
PA
—

770

5,949

365

832

6,252

7,084

2,122

4,962

1994
2006
35 years
Elmcroft of Shippensburg
Shippensburg
PA
—

203

7,634

345

209

7,973

8,182

2,716

5,466

1999
2006
35 years
Elmcroft of State College
State College
PA
—

320

7,407

301

320

7,708

8,028

2,628

5,400

1997
2006
35 years
Outlook Pointe at York
York
PA
—

1,260

6,923

216

1,260

7,139

8,399

1,755

6,644

1999
2011
35 years
The Garden House
Anderson
SC
—

969

15,613

156

969

15,769

16,738

2,313

14,425

2000
2015
35 years
Forest Pines
Columbia
SC
—

1,058

27,471

—

1,058

27,471

28,529

4,779

23,750

1998
2013
35 years
Elmcroft of Florence SC
Florence
SC
—

108

7,620

1,012

120

8,620

8,740

2,843

5,897

1998
2006
35 years
Primrose Aberdeen
Aberdeen
SD
—

850

659

235

850

894

1,744

405

1,339

1991
2011
35 years
Primrose Place
Aberdeen
SD
—

310

3,242

53

310

3,295

3,605

806

2,799

2000
2011
35 years


152



153

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Primrose Rapid City
Rapid City
SD
—

860

8,722

88

860

8,810

9,670

2,163

7,507

1997
2011
35 years
Primrose Sioux Falls
Sioux Falls
SD
—

2,180

12,936

315

2,180

13,251

15,431

3,289

12,142

2002
2011
35 years
Ashridge Court
Bexhill-on-Sea
UK
—

2,274

4,791

(949
)
1,969

4,147

6,116

641

5,475

2010
2015
40 years
Inglewood Nursing Home
Eastbourne
UK
—

1,908

3,021

(662
)
1,652

2,615

4,267

466

3,801

2010
2015
40 years
Pentlow Nursing Home
Eastbourne
UK
—

1,964

2,462

(595
)
1,700

2,131

3,831

403

3,428

2007
2015
40 years
Outlook Pointe of Bristol
Bristol
TN
—

470

16,006

372

470

16,378

16,848

3,728

13,120

1999
2011
35 years
Elmcroft of Hamilton Place
Chattanooga
TN
—

87

4,248

391

87

4,639

4,726

1,546

3,180

1998
2006
35 years
Elmcroft of Shallowford
Chattanooga
TN
—

580

7,568

944

582

8,510

9,092

2,397

6,695

1999
2011
35 years
Elmcroft of Hendersonville
Hendersonville
TN
—

600

5,304

412

600

5,716

6,316

783

5,533

1999
2014
35 years
Regency House
Hixson
TN
—

140

6,611

—

140

6,611

6,751

1,571

5,180

2000
2011
35 years
Elmcroft of Jackson
Jackson
TN
—

768

16,840

545

768

17,385

18,153

2,325

15,828

1998
2014
35 years
Outlook Pointe at Johnson City
Johnson City
TN
—

590

10,043

465

590

10,508

11,098

2,405

8,693

1999
2011
35 years
Elmcroft of Kingsport
Kingsport
TN
—

22

7,815

438

22

8,253

8,275

2,789

5,486

2000
2006
35 years
Arbor Terrace of Knoxville
Knoxville
TN
—

590

15,862

778

590

16,640

17,230

2,461

14,769

1997
2015
35 years
Elmcroft of Halls
Knoxville
TN
—

387

4,948

329

387

5,277

5,664

714

4,950

1998
2014
35 years
Elmcroft of West Knoxville
Knoxville
TN
—

439

10,697

710

439

11,407

11,846

3,842

8,004

2000
2006
35 years
Elmcroft of Lebanon
Lebanon
TN
—

180

7,086

983

196

8,053

8,249

2,656

5,593

2000
2006
35 years
Elmcroft of Bartlett
Memphis
TN
—

570

25,552

882

570

26,434

27,004

6,166

20,838

1999
2011
35 years
Kennington Place
Memphis
TN
—

1,820

4,748

815

1,820

5,563

7,383

2,185

5,198

1989
2011
35 years
The Glenmary
Memphis
TN
—

510

5,860

2,646

510

8,506

9,016

1,889

7,127

1964
2011
35 years
Outlook Pointe at Murfreesboro
Murfreesboro
TN
—

940

8,030

107

940

8,137

9,077

1,972

7,105

1999
2011
35 years
Elmcroft of Brentwood
Nashville
TN
—

960

22,020

1,067

960

23,087

24,047

5,635

18,412

1998
2011
35 years
Elmcroft of Arlington
Arlington
TX
—

2,650

14,060

925

2,654

14,981

17,635

3,843

13,792

1998
2011
35 years
Meadowbrook ALZ
Arlington
TX
—

755

4,677

940

755

5,617

6,372

1,086

5,286

2012
2012
35 years
Elmcroft of Austin
Austin
TX
—

2,770

25,820

1,212

2,770

27,032

29,802

6,432

23,370

2000
2011
35 years
Elmcroft of Bedford
Bedford
TX
—

770

19,691

1,223

770

20,914

21,684

5,102

16,582

1999
2011
35 years
Highland Estates
Cedar Park
TX
—

1,679

28,943

—

1,679

28,943

30,622

5,048

25,574

2009
2013
35 years
Elmcroft of Rivershire
Conroe
TX
—

860

32,671

1,046

860

33,717

34,577

7,978

26,599

1997
2011
35 years
Flower Mound
Flower Mound
TX
—

900

5,512

—

900

5,512

6,412

1,335

5,077

1995
2011
35 years
Arbor House Granbury
Granbury
TX
—

390

8,186

—

390

8,186

8,576

1,597

6,979

2007
2012
35 years
Copperfield Estates
Houston
TX
—

1,216

21,135

—

1,216

21,135

22,351

3,686

18,665

2009
2013
35 years
Elmcroft of Braeswood
Houston
TX
—

3,970

15,919

1,032

3,970

16,951

20,921

4,309

16,612

1999
2011
35 years
Elmcroft of Cy-Fair
Houston
TX
—

1,580

21,801

1,027

1,593

22,815

24,408

5,409

18,999

1998
2011
35 years
Elmcroft of Irving
Irving
TX
—

1,620

18,755

(12,731
)
1,585

6,059

7,644

4,794

2,850

1999
2011
35 years
Whitley Place
Keller
TX
—

—

5,100

773

—

5,873

5,873

1,677

4,196

1998
2008
35 years
Elmcroft of Lake Jackson
Lake Jackson
TX
—

710

14,765

920

710

15,685

16,395

3,876

12,519

1998
2011
35 years
Arbor House Lewisville
Lewisville
TX
—

824

10,308

—

824

10,308

11,132

2,018

9,114

2007
2012
35 years
Polo Park Estates
Midland
TX
—

765

29,447

—

765

29,447

30,212

5,114

25,098

1996
2013
35 years


154

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Arbor Hills Memory Care Community
Plano
TX
—

1,014

5,719

—

1,014

5,719

6,733

1,038

5,695

2013
2013
35 years
Arbor House of Rockwall
Rockwall
TX
—

1,537

12,883

—

1,537

12,883

14,420

2,534

11,886

2009
2012
35 years
Elmcroft of Windcrest
San Antonio
TX
—

920

13,011

952

921

13,962

14,883

3,615

11,268

1999
2011
35 years
Paradise Springs
Spring
TX
—

1,488

24,556

—

1,488

24,556

26,044

4,284

21,760

2008
2013
35 years
Arbor House of Temple
Temple
TX
—

473

6,750

—

473

6,750

7,223

1,320

5,903

2008
2012
35 years
Elmcroft of Cottonwood
Temple
TX
—

630

17,515

890

630

18,405

19,035

4,442

14,593

1997
2011
35 years
Elmcroft of Mainland
Texas City
TX
—

520

14,849

1,016

520

15,865

16,385

3,924

12,461

1996
2011
35 years
Elmcroft of Victoria
Victoria
TX
—

440

13,040

904

446

13,938

14,384

3,459

10,925

1997
2011
35 years
Arbor House of Weatherford
Weatherford
TX
—

233

3,347

—

233

3,347

3,580

655

2,925

1994
2012
35 years
Elmcroft of Wharton
Wharton
TX
—

320

13,799

978

320

14,777

15,097

3,794

11,303

1996
2011
35 years
Mountain Ridge
South Ogden
UT
—

1,243

24,659

—

1,243

24,659

25,902

3,332

22,570

2001
2014
35 years
Elmcroft of Chesterfield
Richmond
VA
—

829

6,534

450

836

6,977

7,813

2,349

5,464

1999
2006
35 years
Pheasant Ridge
Roanoke
VA
—

1,813

9,027

—

1,813

9,027

10,840

1,870

8,970

1999
2012
35 years
Cascade Valley Senior Living
Arlington
WA
—

1,413

6,294

—

1,413

6,294

7,707

857

6,850

1995
2014
35 years
The Bellingham at Orchard
Bellingham
WA
—

3,383

17,553

(10
)
3,381

17,545

20,926

2,094

18,832

1999
2015
35 years
Bay Pointe Retirement
Bremerton
WA
—

2,114

21,006

(23
)
2,114

20,983

23,097

2,451

20,646

1999
2015
35 years
Cooks Hill Manor
Centralia
WA
—

520

6,144

35

520

6,179

6,699

1,572

5,127

1993
2011
35 years
Edmonds Landing
Edmonds
WA
—

4,273

27,852

(188
)
4,273

27,664

31,937

3,167

28,770

2001
2015
35 years
The Terrace at Beverly Lake
Everett
WA
—

1,515

12,520

35

1,514

12,556

14,070

1,482

12,588

1998
2015
35 years
The Sequoia
Olympia
WA
—

1,490

13,724

108

1,490

13,832

15,322

3,352

11,970

1995
2011
35 years
Bishop Place Senior Living
Pullman
WA
—

1,780

33,608

—

1,780

33,608

35,388

4,494

30,894

1998
2014
35 years
Willow Gardens
Puyallup
WA
—

1,959

35,492

—

1,959

35,492

37,451

6,188

31,263

1996
2013
35 years
Birchview
Sedro-Woolley
WA
—

210

14,145

98

210

14,243

14,453

3,189

11,264

1996
2011
35 years
Discovery Memory care
Sequim
WA
—

320

10,544

182

320

10,726

11,046

2,503

8,543

1961
2011
35 years
The Village Retirement & Assisted Living
Tacoma
WA
—

2,200

5,938

1,788

2,200

7,726

9,926

1,833

8,093

1976
2011
35 years
Clearwater Springs
Vancouver
WA
—

1,269

9,840

(126
)
1,269

9,714

10,983

1,234

9,749

2003
2015
35 years
Matthews of Appleton I
Appleton
WI
—

130

1,834

(41
)
130

1,793

1,923

469

1,454

1996
2011
35 years
Matthews of Appleton II
Appleton
WI
—

140

2,016

301

140

2,317

2,457

567

1,890

1997
2011
35 years
Hunters Ridge
Beaver Dam
WI
—

260

2,380

—

260

2,380

2,640

594

2,046

1998
2011
35 years
Harbor House Beloit
Beloit
WI
—

150

4,356

427

191

4,742

4,933

1,059

3,874

1990
2011
35 years
Harbor House Clinton
Clinton
WI
—

290

4,390

—

290

4,390

4,680

1,018

3,662

1991
2011
35 years
Creekside
Cudahy
WI
—

760

1,693

—

760

1,693

2,453

455

1,998

2001
2011
35 years
Harbor House Eau Claire
Eau Claire
WI
—

210

6,259

—

210

6,259

6,469

1,426

5,043

1996
2011
35 years
Azura Memory Care of Eau Claire
Eau Claire
WI
—

813

3,921

—

813

3,921

4,734

—

4,734

CIP
CIP
CIP
Chapel Valley
Fitchburg
WI
—

450

2,372

—

450

2,372

2,822

600

2,222

1998
2011
35 years
Matthews of Milwaukee II
Fox Point
WI
—

1,810

943

37

1,820

970

2,790

354

2,436

1999
2011
35 years
Laurel Oaks
Glendale
WI
—

2,390

43,587

5,130

2,510

48,597

51,107

10,873

40,234

1988
2011
35 years
Layton Terrace
Greenfield
WI
—

3,490

39,201

566

3,480

39,777

43,257

9,315

33,942

1999
2011
35 years


155

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Matthews of Hartland
Hartland
WI
—

640

1,663

43

652

1,694

2,346

536

1,810

1985
2011
35 years
Matthews of Horicon
Horicon
WI
—

340

3,327

(95
)
345

3,227

3,572

910

2,662

2002
2011
35 years
Jefferson
Jefferson
WI
—

330

2,384

—

330

2,384

2,714

595

2,119

1997
2011
35 years
Harbor House Kenosha
Kenosha
WI
—

710

3,254

3,765

1,165

6,564

7,729

1,342

6,387

1996
2011
35 years
Harbor House Manitowoc
Manitowoc
WI
—

140

1,520

—

140

1,520

1,660

371

1,289

1997
2011
35 years
The Arboretum
Menomonee Falls
WI
—

5,640

49,083

2,158

5,640

51,241

56,881

12,389

44,492

1989
2011
35 years
Matthews of Milwaukee I
Milwaukee
WI
—

1,800

935

119

1,800

1,054

2,854

372

2,482

1999
2011
35 years
Hart Park Square
Milwaukee
WI
—

1,900

21,628

69

1,900

21,697

23,597

5,104

18,493

2005
2011
35 years
Harbor House Monroe
Monroe
WI
—

490

4,964

—

490

4,964

5,454

1,164

4,290

1990
2011
35 years
Matthews of Neenah I
Neenah
WI
—

710

1,157

64

713

1,218

1,931

391

1,540

2006
2011
35 years
Matthews of Neenah II
Neenah
WI
—

720

2,339

(50
)
720

2,289

3,009

664

2,345

2007
2011
35 years
Matthews of Irish Road
Neenah
WI
—

320

1,036

87

320

1,123

1,443

367

1,076

2001
2011
35 years
Matthews of Oak Creek
Oak Creek
WI
—

800

2,167

(2
)
812

2,153

2,965

586

2,379

1997
2011
35 years
Azura Memory Care of Oak Creek
Oak Creek
WI
—

733

6,248

11

733

6,259

6,992

530

6,462

2017
2017
35 years
Harbor House Oconomowoc
Oconomowoc
WI
—

400

1,596

4,674

709

5,961

6,670

836

5,834

2016
2015
35 years
Wilkinson Woods of Oconomowoc
Oconomowoc
WI
—

1,100

12,436

157

1,100

12,593

13,693

2,949

10,744

1992
2011
35 years
Harbor House Oshkosh
Oshkosh
WI
—

190

949

—

190

949

1,139

288

851

1993
2011
35 years
Matthews of Pewaukee
Pewaukee
WI
—

1,180

4,124

206

1,197

4,313

5,510

1,208

4,302

2001
2011
35 years
Harbor House Sheboygan
Sheboygan
WI
—

1,060

6,208

—

1,060

6,208

7,268

1,430

5,838

1995
2011
35 years
Matthews of St. Francis I
St. Francis
WI
—

1,370

1,428

(113
)
1,389

1,296

2,685

414

2,271

2000
2011
35 years
Matthews of St. Francis II
St. Francis
WI
—

1,370

1,666

15

1,377

1,674

3,051

491

2,560

2000
2011
35 years
Howard Village of St. Francis
St. Francis
WI
—

2,320

17,232

—

2,320

17,232

19,552

4,139

15,413

2001
2011
35 years
Harbor House Stoughton
Stoughton
WI
—

450

3,191

—

450

3,191

3,641

799

2,842

1992
2011
35 years
Oak Hill Terrace
Waukesha
WI
—

2,040

40,298

—

2,040

40,298

42,338

9,523

32,815

1985
2011
35 years
Harbor House Rib Mountain
Wausau
WI
—

350

3,413

—

350

3,413

3,763

808

2,955

1997
2011
35 years
Library Square
West Allis
WI
—

1,160

23,714

—

1,160

23,714

24,874

5,554

19,320

1996
2011
35 years
Matthews of Wrightstown
Wrightstown
WI
—

140

376

12

140

388

528

165

363

1999
2011
35 years
Madison House
Kirkland
WA
—

4,291

26,787

—

4,291

26,787

31,078

1,661

29,417

1978
2017
35 years
Delaware Plaza
Longview
WA
4,107

620

5,116

136

815

5,057

5,872

350

5,522

1972
2017
35 years
Canterbury Gardens
Longview
WA
5,548

444

13,715

147

444

13,862

14,306

810

13,496

1998
2017
35 years
Canterbury Inn
Longview
WA
14,568

1,462

34,664

837

1,462

35,501

36,963

2,066

34,897

1989
2017
35 years
Canterbury Park
Longview
WA
—

969

30,109

—

969

30,109

31,078

1,835

29,243

2000
2017
35 years
Cascade Inn
Vancouver
WA
12,378

3,201

19,024

2,028

3,201

21,052

24,253

1,225

23,028

1979
2017
35 years
The Hampton & Ashley Inn
Vancouver
WA
—

1,855

21,047

—

1,855

21,047

22,902

1,277

21,625

1992
2017
35 years
The Hampton at Salmon Creek
Vancouver
WA
11,815

1,256

21,686

—

1,256

21,686

22,942

1,135

21,807

2013
2017
35 years
Outlook Pointe at Teays Valley
Hurricane
WV
—

1,950

14,489

315

1,950

14,804

16,754

3,372

13,382

1999
2011
35 years
Elmcroft of Martinsburg
Martinsburg
WV
—

248

8,320

636

248

8,956

9,204

2,971

6,233

1999
2006
35 years
Garden Square Assisted Living of Casper
Casper
WY
—

355

3,197

—

355

3,197

3,552

721

2,831

1996
2011
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Whispering Chase
Cheyenne
WY
—

1,800

20,354

—

1,800

20,354

22,154

3,564

18,590

2008
2013
35 years
Hampton Care
Hampton
UK
—

4,119

29,021

(3,344
)
3,704

26,092

29,796

1,242

28,554

2007
2017
40 years
Parkfield House Nursing Home
Uxbridge
UK
—

1,974

1,009

(301
)
1,775

907

2,682

55

2,627

2000
2017
40 years
TOTAL FOR OTHER SENIORS HOUSING COMMUNITIES
 
 
285,427

507,536

4,784,635

107,023

500,765

4,898,429

5,399,194

976,561

4,422,633

 
 
 
TOTAL FOR SENIORS HOUSING COMMUNITIES
 
 
656,603

1,473,289

13,932,497

678,693

1,476,647

14,607,832

16,084,479

3,852,533

12,231,946

 
 
 
MEDICAL OFFICE BUILDINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
St. Vincent's Medical Center East #46
Birmingham
AL
—

—

25,298

4,105

—

29,403

29,403

10,200

19,203

2005
2010
35 years
St. Vincent's Medical Center East #48
Birmingham
AL
—

—

12,698

807

—

13,505

13,505

4,084

9,421

1989
2010
35 years
St. Vincent's Medical Center East #52
Birmingham
AL
—

—

7,608

1,586

—

9,194

9,194

3,484

5,710

1985
2010
35 years
Crestwood Medical Pavilion
Huntsville
AL
2,734

625

16,178

418

625

16,596

17,221

4,440

12,781

1994
2011
35 years
Davita Dialysis - Marked Tree
Marked Tree
AR
—

179

1,580

—

179

1,580

1,759

255

1,504

2009
2015
35 years
West Valley Medical Center
Buckeye
AZ
—

3,348

5,233

—

3,348

5,233

8,581

1,040

7,541

2011
2015
31 years
Canyon Springs Medical Plaza
Gilbert
AZ
—

—

27,497

560

—

28,057

28,057

6,792

21,265

2007
2012
35 years
Mercy Gilbert Medical Plaza
Gilbert
AZ
7,186

720

11,277

1,362

772

12,587

13,359

3,805

9,554

2007
2011
35 years
Mercy Gilbert II
Gilbert
AZ
1,937

—

5,218

—

—

5,218

5,218

—

5,218

CIP
CIP
CIP
Arrowhead Physicians Plaza
Glendale
AZ
10,398

308

19,671

—

308

19,671

19,979

109

19,870

2004
2018
35 years
Thunderbird Paseo Medical Plaza
Glendale
AZ
—

—

12,904

905

20

13,789

13,809

3,418

10,391

1997
2011
35 years
Thunderbird Paseo Medical Plaza II
Glendale
AZ
—

—

8,100

572

20

8,652

8,672

2,259

6,413

2001
2011
35 years
Desert Medical Pavilion
Mesa
AZ
—

—

32,768

629

—

33,397

33,397

5,982

27,415

2003
2013
35 years
Desert Samaritan Medical Building I
Mesa
AZ
—

—

11,923

904

4

12,823

12,827

3,059

9,768

1977
2011
35 years
Desert Samaritan Medical Building II
Mesa
AZ
—

—

7,395

614

4

8,005

8,009

2,061

5,948

1980
2011
35 years
Desert Samaritan Medical Building III
Mesa
AZ
—

—

13,665

1,509

—

15,174

15,174

3,774

11,400

1986
2011
35 years
Deer Valley Medical Office Building II
Phoenix
AZ
—

—

22,663

857

14

23,506

23,520

5,586

17,934

2002
2011
35 years
Deer Valley Medical Office Building III
Phoenix
AZ
—

—

19,521

320

12

19,829

19,841

4,934

14,907

2009
2011
35 years
Papago Medical Park
Phoenix
AZ
—

—

12,172

1,588

—

13,760

13,760

3,553

10,207

1989
2011
35 years
North Valley Orthopedic Surgery Center
Phoenix
AZ
—

2,800

10,150

—

2,800

10,150

12,950

1,512

11,438

2006
2015
35 years
Burbank Medical Plaza
Burbank
CA
—

1,241

23,322

1,443

1,268

24,738

26,006

7,040

18,966

2004
2011
35 years
Burbank Medical Plaza II
Burbank
CA
33,042

491

45,641

569

497

46,204

46,701

11,243

35,458

2008
2011
35 years
Eden Medical Plaza
Castro Valley
CA
—

258

2,455

395

328

2,780

3,108

1,333

1,775

1998
2011
25 years
Sutter Medical Center
Castro Valley
CA
—

—

25,088

1,388

—

26,476

26,476

4,569

21,907

2012
2012
35 years
United Healthcare - Cypress
Cypress
CA
—

12,883

38,309

—

12,883

38,309

51,192

7,270

43,922

1985
2015
29 years
NorthBay Corporate Headquarters
Fairfield
CA
—

—

19,187

—

—

19,187

19,187

3,674

15,513

2008
2012
35 years
Gateway Medical Plaza
Fairfield
CA
—

—

12,872

87

—

12,959

12,959

2,472

10,487

1986
2012
35 years
Solano NorthBay Health Plaza
Fairfield
CA
—

—

8,880

39

—

8,919

8,919

1,699

7,220

1990
2012
35 years
NorthBay Healthcare MOB
Fairfield
CA
—

—

8,507

2,280

—

10,787

10,787

2,611

8,176

2014
2013
35 years
UC Davis Medical
Folsom
CA
—

1,873

10,156

28

1,873

10,184

12,057

1,648

10,409

1995
2015
35 years


156



157



158



159



160



161

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Verdugo Hills Medical Bulding I
Glendale
CA
—

6,683

9,589

2,050

6,693

11,629

18,322

4,083

14,239

1972
2012
23 years
Verdugo Hills Medical Bulding II
Glendale
CA
—

4,464

3,731

2,619

4,484

6,330

10,814

2,726

8,088

1987
2012
19 years
Grossmont Medical Terrace
La Mesa
CA
—

88

14,192

303

88

14,495

14,583

1,367

13,216

2008
2016
35 years
Los Alamitos Medical & Wellness Pavilion
Los Alamitos
CA
12,080

488

31,720

—

488

31,720

32,208

175

32,033

2013
2018
35 years
St. Francis Lynwood Medical
Lynwood
CA
—

688

8,385

1,832

697

10,208

10,905

3,784

7,121

1993
2011
32 years
PMB Mission Hills
Mission Hills
CA
—

15,468

30,116

4,729

15,468

34,845

50,313

6,082

44,231

2012
2012
35 years
PDP Mission Viejo
Mission Viejo
CA
55,205

1,916

77,022

1,304

1,916

78,326

80,242

19,746

60,496

2007
2011
35 years
PDP Orange
Orange
CA
44,029

1,752

61,647

1,758

1,761

63,396

65,157

16,138

49,019

2008
2011
35 years
NHP/PMB Pasadena
Pasadena
CA
—

3,138

83,412

9,760

3,138

93,172

96,310

28,078

68,232

2009
2011
35 years
Western University of Health Sciences Medical Pavilion
Pomona
CA
—

91

31,523

—

91

31,523

31,614

7,554

24,060

2009
2011
35 years
Pomerado Outpatient Pavilion
Poway
CA
—

3,233

71,435

3,045

3,233

74,480

77,713

20,580

57,133

2007
2011
35 years
San Bernadino Medical Plaza I
San Bernadino
CA
—

789

11,133

1,152

797

12,277

13,074

10,870

2,204

1971
2011
27 years
San Bernadino Medical Plaza II
San Bernadino
CA
—

416

5,625

1,003

421

6,623

7,044

3,384

3,660

1988
2011
26 years
Sutter Van Ness
San Francisco
CA
75,471

—

127,750

—

—

127,750

127,750

—

127,750

CIP
CIP
CIP
San Gabriel Valley Medical
San Gabriel
CA
—

914

5,510

802

963

6,263

7,226

2,593

4,633

2004
2011
35 years
Santa Clarita Valley Medical
Santa Clarita
CA
21,812

9,708

20,020

1,605

9,782

21,551

31,333

5,953

25,380

2005
2011
35 years
Kenneth E Watts Medical Plaza
Torrance
CA
—

262

6,945

2,879

343

9,743

10,086

3,926

6,160

1989
2011
23 years
Vaca Valley Health Plaza
Vacaville
CA
—

—

9,634

709

—

10,343

10,343

1,847

8,496

1988
2012
35 years
Potomac Medical Plaza
Aurora
CO
—

2,401

9,118

4,066

2,800

12,785

15,585

6,119

9,466

1986
2007
35 years
Briargate Medical Campus
Colorado Springs
CO
—

1,238

12,301

517

1,269

12,787

14,056

5,064

8,992

2002
2007
35 years
Printers Park Medical Plaza
Colorado Springs
CO
—

2,641

47,507

1,921

2,641

49,428

52,069

19,408

32,661

1999
2007
35 years
Green Valley Ranch MOB
Denver
CO
5,313

—

12,139

1,019

235

12,923

13,158

2,242

10,916

2007
2012
35 years
Community Physicians Pavilion
Lafayette
CO
—

—

10,436

1,763

—

12,199

12,199

4,048

8,151

2004
2010
35 years
Exempla Good Samaritan Medical Center
Lafayette
CO
—

—

4,393

(75
)
—

4,318

4,318

627

3,691

2013
2013
35 years
Dakota Ridge
Littleton
CO
—

2,540

12,901

472

2,549

13,364

15,913

1,948

13,965

2007
2015
35 years
Avista Two Medical Plaza
Louisville
CO
—

—

17,330

1,864

—

19,194

19,194

6,790

12,404

2003
2009
35 years
The Sierra Medical Building
Parker
CO
—

1,444

14,059

3,349

1,516

17,336

18,852

7,469

11,383

2009
2009
35 years
Crown Point Healthcare Plaza
Parker
CO
—

852

5,210

137

855

5,344

6,199

1,067

5,132

2008
2013
35 years
Lutheran Medical Office Building II
Wheat Ridge
CO
—

—

2,655

1,541

—

4,196

4,196

1,592

2,604

1976
2010
35 years
Lutheran Medical Office Building IV
Wheat Ridge
CO
—

—

7,266

2,340

—

9,606

9,606

2,954

6,652

1991
2010
35 years
Lutheran Medical Office Building III
Wheat Ridge
CO
—

—

11,947

1,572

—

13,519

13,519

3,796

9,723

2004
2010
35 years
DePaul Professional Office Building
Washington
DC
—

—

6,424

2,526

—

8,950

8,950

3,798

5,152

1987
2010
35 years
Providence Medical Office Building
Washington
DC
—

—

2,473

1,141

—

3,614

3,614

1,629

1,985

1975
2010
35 years
RTS Arcadia
Arcadia
FL
—

345

2,884

—

345

2,884

3,229

889

2,340

1993
2011
30 years
NorthBay Center For Primary Care - Vacaville
Vacaville
CA
—

777

5,632

300

777

5,932

6,709

240

6,469

1998
2017
35 years
RTS Cape Coral
Cape Coral
FL
—

368

5,448

—

368

5,448

5,816

1,419

4,397

1984
2011
34 years
RTS Englewood
Englewood
FL
—

1,071

3,516

—

1,071

3,516

4,587

982

3,605

1992
2011
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
RTS Ft. Myers
Fort Myers
FL
—

1,153

4,127

—

1,153

4,127

5,280

1,288

3,992

1989
2011
31 years
RTS Key West
Key West
FL
—

486

4,380

—

486

4,380

4,866

1,015

3,851

1987
2011
35 years
JFK Medical Plaza
Lake Worth
FL
—

453

1,711

(150
)
—

2,014

2,014

860

1,154

1999
2004
35 years
East Pointe Medical Plaza
Lehigh Acres
FL
—

327

11,816

—

327

11,816

12,143

1,625

10,518

1994
2015
35 years
Palms West Building 6
Loxahatchee
FL
—

965

2,678

(811
)
—

2,832

2,832

1,194

1,638

2000
2004
35 years
Bay Medical Plaza
Lynn Haven
FL
—

4,215

15,041

(13,584
)
3,644

2,028

5,672

2,379

3,293

2003
2015
35 years
RTS Naples
Naples
FL
—

1,152

3,726

—

1,152

3,726

4,878

982

3,896

1999
2011
35 years
Bay Medical Center
Panama City
FL
—

82

17,400

(14,930
)
25

2,527

2,552

2,389

163

1987
2015
35 years
RTS Pt. Charlotte
Pt Charlotte
FL
—

966

4,581

—

966

4,581

5,547

1,266

4,281

1985
2011
34 years
RTS Sarasota
Sarasota
FL
—

1,914

3,889

—

1,914

3,889

5,803

1,133

4,670

1996
2011
35 years
Capital Regional MOB I
Tallahassee
FL
—

590

8,773

(329
)
193

8,841

9,034

1,104

7,930

1998
2015
35 years
Athens Medical Complex
Athens
GA
—

2,826

18,339

45

2,826

18,384

21,210

2,614

18,596

2011
2015
35 years
Doctors Center at St. Joseph's Hospital
Atlanta
GA
—

545

80,152

17,858

545

98,010

98,555

14,865

83,690

1978
2015
20 years
Augusta POB I
Augusta
GA
—

233

7,894

2,081

233

9,975

10,208

5,159

5,049

1978
2012
14 years
Augusta POB II
Augusta
GA
—

735

13,717

1,175

735

14,892

15,627

5,722

9,905

1987
2012
23 years
Augusta POB III
Augusta
GA
—

535

3,857

766

535

4,623

5,158

2,153

3,005

1994
2012
22 years
Augusta POB IV
Augusta
GA
—

675

2,182

2,139

691

4,305

4,996

1,892

3,104

1995
2012
23 years
Cobb Physicians Center
Austell
GA
—

1,145

16,805

1,486

1,145

18,291

19,436

5,981

13,455

1992
2011
35 years
Summit Professional Plaza I
Brunswick
GA
—

1,821

2,974

136

1,821

3,110

4,931

3,207

1,724

2004
2012
31 years
Summit Professional Plaza II
Brunswick
GA
—

981

13,818

143

981

13,961

14,942

3,884

11,058

1998
2012
35 years
Fayette MOB
Fayetteville
GA
—

895

20,669

818

895

21,487

22,382

2,962

19,420

2004
2015
35 years
Woodlawn Commons 1121/1163
Marietta
GA
—

5,495

16,028

1,877

5,551

17,849

23,400

2,552

20,848

1991
2015
35 years
PAPP Clinic
Newnan
GA
—

2,167

5,477

68

2,167

5,545

7,712

1,146

6,566

1994
2015
30 years
Parkway Physicians Center
Ringgold
GA
—

476

10,017

880

476

10,897

11,373

3,503

7,870

2004
2011
35 years
Riverdale MOB
Riverdale
GA
—

1,025

9,783

106

1,025

9,889

10,914

1,564

9,350

2005
2015
35 years
Rush Copley POB I
Aurora
IL
—

120

27,882

456

120

28,338

28,458

3,980

24,478

1996
2015
34 years
Rush Copley POB II
Aurora
IL
—

49

27,217

471

49

27,688

27,737

3,782

23,955

2009
2015
35 years
Good Shepherd Physician Office Building I
Barrington
IL
—

152

3,224

208

152

3,432

3,584

665

2,919

1979
2013
35 years
Good Shepherd Physician Office Building II
Barrington
IL
—

512

12,977

682

512

13,659

14,171

2,617

11,554

1996
2013
35 years
Trinity Hospital Physician Office Building
Chicago
IL
—

139

3,329

1,245

139

4,574

4,713

912

3,801

1971
2013
35 years
Advocate Beverly Center
Chicago
IL
—

2,227

10,140

363

2,231

10,499

12,730

2,122

10,608

1986
2015
25 years
Crystal Lakes Medical Arts
Crystal Lake
IL
—

2,490

19,504

99

2,535

19,558

22,093

2,966

19,127

2007
2015
35 years
Advocate Good Shepherd
Crystal Lake
IL
—

2,444

10,953

202

2,444

11,155

13,599

1,952

11,647

2008
2015
33 years
Physicians Plaza East
Decatur
IL
—

—

791

2,418

—

3,209

3,209

978

2,231

1976
2010
35 years
Physicians Plaza West
Decatur
IL
—

—

1,943

771

—

2,714

2,714

1,085

1,629

1987
2010
35 years
SIU Family Practice
Decatur
IL
—

—

3,900

3,778

—

7,678

7,678

2,489

5,189

1996
2010
35 years
304 W Hay Building
Decatur
IL
—

—

8,702

1,372

29

10,045

10,074

3,120

6,954

2002
2010
35 years
302 W Hay Building
Decatur
IL
—

—

3,467

858

—

4,325

4,325

1,547

2,778

1993
2010
35 years
ENTA
Decatur
IL
—

—

1,150

16

—

1,166

1,166

457

709

1996
2010
35 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
301 W Hay Building
Decatur
IL
—

—

640

—

—

640

640

346

294

1980
2010
35 years
South Shore Medical Building
Decatur
IL
—

902

129

56

958

129

1,087

215

872

1991
2010
35 years
Kenwood Medical Center
Decatur
IL
—

—

1,689

1,517

—

3,206

3,206

898

2,308

1997
2010
35 years
Corporate Health Services
Decatur
IL
—

934

1,386

125

934

1,511

2,445

671

1,774

1996
2010
35 years
Rock Springs Medical
Decatur
IL
—

399

495

—

399

495

894

255

639

1990
2010
35 years
575 W Hay Building
Decatur
IL
—

111

739

24

111

763

874

322

552

1984
2010
35 years
Good Samaritan Physician Office Building I
Downers Grove
IL
—

407

10,337

1,169

407

11,506

11,913

2,120

9,793

1976
2013
35 years
Good Samaritan Physician Office Building II
Downers Grove
IL
—

1,013

25,370

862

1,013

26,232

27,245

4,856

22,389

1995
2013
35 years
Eberle Medical Office Building ("Eberle MOB")
Elk Grove Village
IL
—

—

16,315

689

—

17,004

17,004

6,889

10,115

2005
2009
35 years
1425 Hunt Club Road MOB
Gurnee
IL
—

249

1,452

819

282

2,238

2,520

743

1,777

2005
2011
34 years
1445 Hunt Club Drive
Gurnee
IL
—

216

1,405

364

216

1,769

1,985

876

1,109

2002
2011
31 years
Gurnee Imaging Center
Gurnee
IL
—

82

2,731

—

82

2,731

2,813

756

2,057

2002
2011
35 years
Gurnee Center Club
Gurnee
IL
—

627

17,851

—

627

17,851

18,478

5,144

13,334

2001
2011
35 years
South Suburban Hospital Physician Office Building
Hazel Crest
IL
—

191

4,370

740

191

5,110

5,301

977

4,324

1989
2013
35 years
755 Milwaukee MOB
Libertyville
IL
—

421

3,716

1,685

630

5,192

5,822

3,067

2,755

1990
2011
18 years
890 Professional MOB
Libertyville
IL
—

214

2,630

376

214

3,006

3,220

1,176

2,044

1980
2011
26 years
Libertyville Center Club
Libertyville
IL
—

1,020

17,176

—

1,020

17,176

18,196

5,129

13,067

1988
2011
35 years
Christ Medical Center Physician Office Building
Oak Lawn
IL
—

658

16,421

1,744

658

18,165

18,823

3,097

15,726

1986
2013
35 years
Methodist North MOB
Peoria
IL
—

1,025

29,493

1

1,025

29,494

30,519

4,125

26,394

2010
2015
35 years
Davita Dialysis - Rockford
Rockford
IL
—

256

2,543

—

256

2,543

2,799

419

2,380

2009
2015
35 years
Round Lake ACC
Round Lake
IL
—

758

370

383

799

712

1,511

604

907

1984
2011
13 years
Vernon Hills Acute Care Center
Vernon Hills
IL
—

3,376

694

290

3,413

947

4,360

749

3,611

1986
2011
15 years
Wilbur S. Roby Building
Anderson
IN
—

—

2,653

1,050

—

3,703

3,703

1,596

2,107

1992
2010
35 years
Ambulatory Services Building
Anderson
IN
—

—

4,266

1,855

—

6,121

6,121

2,603

3,518

1995
2010
35 years
St. John's Medical Arts Building
Anderson
IN
—

—

2,281

2,009

—

4,290

4,290

1,438

2,852

1973
2010
35 years
Carmel I
Carmel
IN
—

466

5,954

703

466

6,657

7,123

2,143

4,980

1985
2012
30 years
Carmel II
Carmel
IN
—

455

5,976

816

455

6,792

7,247

1,990

5,257

1989
2012
33 years
Carmel III
Carmel
IN
—

422

6,194

845

422

7,039

7,461

1,872

5,589

2001
2012
35 years
Elkhart
Elkhart
IN
—

1,256

1,973

—

1,256

1,973

3,229

1,282

1,947

1994
2011
32 years
Lutheran Medical Arts
Fort Wayne
IN
—

702

13,576

47

702

13,623

14,325

1,960

12,365

2000
2015
35 years
Dupont Road MOB
Fort Wayne
IN
—

633

13,479

266

672

13,706

14,378

2,127

12,251

2001
2015
35 years
Harcourt Professional Office Building
Indianapolis
IN
—

519

28,951

2,590

519

31,541

32,060

9,481

22,579

1973
2012
28 years
Cardiac Professional Office Building
Indianapolis
IN
—

498

27,430

1,271

498

28,701

29,199

6,963

22,236

1995
2012
35 years
Oncology Medical Office Building
Indianapolis
IN
—

470

5,703

430

470

6,133

6,603

1,857

4,746

2003
2012
35 years
CorVasc Medical Office Building
Indianapolis
IN
—

514

9,617

460

867

9,724

10,591

922

9,669

2004
2016
36 years
St. Francis South Medical Office Building
Indianapolis
IN
—

—

20,649

1,291

7

21,933

21,940

4,370

17,570

1995
2013
35 years
Methodist Professional Center I
Indianapolis
IN
—

61

37,411

6,160

61

43,571

43,632

12,567

31,065

1985
2012
25 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Indiana Orthopedic Center of Excellence
Indianapolis
IN
—

967

83,746

3,106

967

86,852

87,819

9,387

78,432

1997
2015
35 years
United Healthcare - Indy
Indianapolis
IN
—

5,737

32,116

—

5,737

32,116

37,853

4,833

33,020

1988
2015
35 years
LaPorte
La Porte
IN
—

553

1,309

—

553

1,309

1,862

552

1,310

1997
2011
34 years
Mishawaka
Mishawaka
IN
—

3,787

5,543

—

3,787

5,543

9,330

3,741

5,589

1993
2011
35 years
Cancer Care Partners
Mishawaka
IN
—

3,162

28,633

—

3,162

28,633

31,795

3,906

27,889

2010
2015
35 years
Michiana Oncology
Mishawaka
IN
—

4,577

20,939

15

4,581

20,950

25,531

2,993

22,538

2010
2015
35 years
DaVita Dialysis - Paoli
Paoli
IN
—

396

2,056

—

396

2,056

2,452

347

2,105

2011
2015
35 years
South Bend
South Bend
IN
—

792

2,530

—

792

2,530

3,322

884

2,438

1996
2011
34 years
Via Christi Clinic
Wichita
KS
—

1,883

7,428

—

1,883

7,428

9,311

1,233

8,078

2006
2015
35 years
OLBH Same Day Surgery Center MOB
Ashland
KY
—

101

19,066

764

101

19,830

19,931

5,642

14,289

1997
2012
26 years
St. Elizabeth Covington
Covington
KY
—

345

12,790

33

345

12,823

13,168

3,401

9,767

2009
2012
35 years
St. Elizabeth Florence MOB
Florence
KY
—

402

8,279

1,440

402

9,719

10,121

3,124

6,997

2005
2012
35 years
Jefferson Clinic
Louisville
KY
—

—

673

2,018

—

2,691

2,691

340

2,351

2013
2013
35 years
Medical Arts Courtyard
Lafayette
LA
—

388

1,893

1,303

112

3,472

3,584

1,854

1,730

1984
2011
18 years
East Jefferson Medical Plaza
Metairie
LA
—

168

17,264

2,829

168

20,093

20,261

6,789

13,472

1996
2012
32 years
East Jefferson MOB
Metairie
LA
—

107

15,137

2,458

107

17,595

17,702

5,594

12,108

1985
2012
28 years
Lakeside POB I
Metairie
LA
—

3,334

4,974

331

342

8,297

8,639

3,952

4,687

1986
2011
22 years
Lakeside POB II
Metairie
LA
—

1,046

802

(402
)
53

1,393

1,446

1,059

387

1980
2011
7 years
Fresenius Medical
Metairie
LA
—

1,195

3,797

35

1,195

3,832

5,027

573

4,454

2012
2015
35 years
RTS Berlin
Berlin
MD
—

—

2,216

—

—

2,216

2,216

631

1,585

1994
2011
29 years
Charles O. Fisher Medical Building
Westminster
MD
10,704

—

13,795

1,844

—

15,639

15,639

7,042

8,597

2009
2009
35 years
Medical Specialties Building
Kalamazoo
MI
—

—

19,242

1,523

—

20,765

20,765

6,320

14,445

1989
2010
35 years
North Professional Building
Kalamazoo
MI
—

—

7,228

1,652

—

8,880

8,880

3,441

5,439

1983
2010
35 years
Borgess Navigation Center
Kalamazoo
MI
—

—

2,391

—

—

2,391

2,391

755

1,636

1976
2010
35 years
Borgess Health & Fitness Center
Kalamazoo
MI
—

—

11,959

603

—

12,562

12,562

3,953

8,609

1984
2010
35 years
Heart Center Building
Kalamazoo
MI
—

—

8,420

466

10

8,876

8,886

3,128

5,758

1980
2010
35 years
Medical Commons Building
Kalamazoo Township
MI
—

—

661

651

—

1,312

1,312

571

741

1979
2010
35 years
RTS Madison Heights
Madison Heights
MI
—

401

2,946

—

401

2,946

3,347

805

2,542

2002
2011
35 years
RTS Monroe
Monroe
MI
—

281

3,450

—

281

3,450

3,731

1,058

2,673

1997
2011
31 years
Bronson Lakeview OPC
Paw Paw
MI
—

3,835

31,564

—

3,835

31,564

35,399

4,873

30,526

2006
2015
35 years
Pro Med Center Plainwell
Plainwell
MI
—

—

697

7

—

704

704

243

461

1991
2010
35 years
Pro Med Center Richland
Richland
MI
—

233

2,267

77

233

2,344

2,577

729

1,848

1996
2010
35 years
Henry Ford Dialysis Center
Southfield
MI
—

589

3,350

—

589

3,350

3,939

512

3,427

2002
2015
35 years
Metro Health
Wyoming
MI
—

1,325

5,479

—

1,325

5,479

6,804

885

5,919

2008
2015
35 years
Spectrum Health
Wyoming
MI
—

2,463

14,353

—

2,463

14,353

16,816

2,320

14,496

2006
2015
35 years
Cogdell Duluth MOB
Duluth
MN
—

—

33,406

(19
)
—

33,387

33,387

6,116

27,271

2012
2012
35 years
Allina Health
Elk River
MN
—

1,442

7,742

107

1,455

7,836

9,291

1,488

7,803

2002
2015
35 years
Unitron Hearing
Plymouth
MN
—

2,646

8,962

5

2,646

8,967

11,613

2,029

9,584

2011
2015
29 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
HealthPartners Medical & Dental Clinics
Sartell
MN
—

2,492

15,694

50

2,503

15,733

18,236

4,433

13,803

2010
2012
35 years
Arnold Urgent Care
Arnold
MO
—

1,058

556

155

1,097

672

1,769

543

1,226

1999
2011
35 years
DePaul Health Center North
Bridgeton
MO
—

996

10,045

2,520

996

12,565

13,561

5,341

8,220

1976
2012
21 years
DePaul Health Center South
Bridgeton
MO
—

910

12,169

1,734

910

13,903

14,813

4,512

10,301

1992
2012
30 years
St. Mary's Health Center MOB D
Clayton
MO
—

103

2,780

1,271

106

4,048

4,154

1,664

2,490

1984
2012
22 years
Fenton Urgent Care Center
Fenton
MO
—

183

2,714

364

189

3,072

3,261

1,215

2,046

2003
2011
35 years
Broadway Medical Office Building
Kansas City
MO
—

1,300

12,602

8,651

1,336

21,217

22,553

7,704

14,849

1976
2007
35 years
St. Joseph Medical Building
Kansas City
MO
—

305

7,445

2,296

305

9,741

10,046

2,395

7,651

1988
2012
32 years
St. Joseph Medical Mall
Kansas City
MO
—

530

9,115

613

530

9,728

10,258

2,747

7,511

1995
2012
33 years
Carondelet Medical Building
Kansas City
MO
—

745

12,437

2,576

745

15,013

15,758

4,556

11,202

1979
2012
29 years
St. Joseph Hospital West Medical Office Building II
Lake Saint Louis
MO
—

524

3,229

791

524

4,020

4,544

1,254

3,290

2005
2012
35 years
St. Joseph O'Fallon Medical Office Building
O'Fallon
MO
—

940

5,556

119

960

5,655

6,615

1,593

5,022

1992
2012
35 years
Sisters of Mercy Building
Springfield
MO
—

3,427

8,697

—

3,427

8,697

12,124

1,495

10,629

2008
2015
35 years
St. Joseph Health Center Medical Building 1
St. Charles
MO
—

503

4,336

1,205

503

5,541

6,044

2,456

3,588

1987
2012
20 years
St. Joseph Health Center Medical Building 2
St. Charles
MO
—

369

2,963

1,374

369

4,337

4,706

1,435

3,271

1999
2012
32 years
Physicians Office Center
St. Louis
MO
—

1,445

13,825

869

1,445

14,694

16,139

5,820

10,319

2003
2011
35 years
12700 Southford Road Medical Plaza
St. Louis
MO
—

595

12,584

2,769

595

15,353

15,948

5,367

10,581

1993
2011
32 years
St Anthony's MOB A
St. Louis
MO
—

409

4,687

1,433

409

6,120

6,529

2,876

3,653

1975
2011
20 years
St Anthony's MOB B
St. Louis
MO
—

350

3,942

1,010

350

4,952

5,302

2,476

2,826

1980
2011
21 years
Lemay Urgent Care Center
St. Louis
MO
—

2,317

3,120

681

2,351

3,767

6,118

2,035

4,083

1983
2011
22 years
St. Mary's Health Center MOB B
St. Louis
MO
—

119

4,161

12,540

119

16,701

16,820

2,445

14,375

1979
2012
23 years
St. Mary's Health Center MOB C
St. Louis
MO
—

136

6,018

1,662

136

7,680

7,816

2,610

5,206

1969
2012
20 years
University Physicians - Grants Ferry
Flowood
MS
8,529

2,796

12,125

(12
)
2,796

12,113

14,909

3,460

11,449

2010
2012
35 years
Randolph
Charlotte
NC
—

6,370

2,929

2,243

6,418

5,124

11,542

3,884

7,658

1973
2012
4 years
Mallard Crossing I
Charlotte
NC
—

3,229

2,072

681

3,269

2,713

5,982

1,947

4,035

1997
2012
25 years
Medical Arts Building
Concord
NC
—

701

11,734

1,116

701

12,850

13,551

4,529

9,022

1997
2012
31 years
Gateway Medical Office Building
Concord
NC
—

1,100

9,904

682

1,100

10,586

11,686

3,683

8,003

2005
2012
35 years
Copperfield Medical Mall
Concord
NC
—

1,980

2,846

531

2,139

3,218

5,357

1,648

3,709

1989
2012
25 years
Weddington Internal & Pediatric Medicine
Concord
NC
—

574

688

37

574

725

1,299

345

954

2000
2012
27 years
Rex Wellness Center
Garner
NC
—

1,348

5,330

40

1,354

5,364

6,718

1,077

5,641

2003
2015
34 years
Gaston Professional Center
Gastonia
NC
—

833

24,885

2,970

863

27,825

28,688

6,998

21,690

1997
2012
35 years
Harrisburg Family Physicians
Harrisburg
NC
—

679

1,646

48

679

1,694

2,373

535

1,838

1996
2012
35 years
Harrisburg Medical Mall
Harrisburg
NC
—

1,339

2,292

250

1,339

2,542

3,881

1,149

2,732

1997
2012
27 years
Northcross
Huntersville
NC
—

623

278

106

623

384

1,007

257

750

1993
2012
22 years
REX Knightdale MOB & Wellness Center
Knightdale
NC
—

—

22,823

780

—

23,603

23,603

4,469

19,134

2009
2012
35 years
Midland Medical Park
Midland
NC
—

1,221

847

120

1,221

967

2,188

571

1,617

1998
2012
25 years
East Rocky Mount Kidney Center
Rocky Mount
NC
—

803

998

1

803

999

1,802

418

1,384

2000
2012
33 years
Rocky Mount Kidney Center
Rocky Mount
NC
—

479

1,297

51

479

1,348

1,827

576

1,251

1990
2012
25 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Rocky Mount Medical Park
Rocky Mount
NC
—

2,552

7,779

2,183

2,652

9,862

12,514

3,401

9,113

1991
2012
30 years
Rowan Outpatient Surgery Center
Salisbury
NC
—

1,039

5,184

(5
)
1,039

5,179

6,218

1,554

4,664

2003
2012
35 years
Trinity Health Medical Arts Clinic
Minot
ND
—

935

15,482

49

951

15,515

16,466

3,088

13,378

1995
2015
26 years
Cooper Health MOB I
Willingboro
NJ
—

1,389

2,742

(1
)
1,398

2,732

4,130

556

3,574

2010
2015
35 years
Cooper Health MOB II
Willingboro
NJ
—

594

5,638

15

594

5,653

6,247

813

5,434

2012
2015
35 years
Salem Medical
Woodstown
NJ
—

275

4,132

3

275

4,135

4,410

591

3,819

2010
2015
35 years
Carson Tahoe Specialty Medical Center
Carson City
NV
—

688

11,346

19,637

2,898

28,773

31,671

4,960

26,711

1981
2015
35 years
Carson Tahoe MOB West
Carson City
NV
—

2,862

27,519

(18,090
)
703

11,588

12,291

1,806

10,485

2007
2015
29 years
Del E Webb Medical Plaza
Henderson
NV
—

1,028

16,993

1,839

1,028

18,832

19,860

6,006

13,854

1999
2011
35 years
Durango Medical Plaza
Las Vegas
NV
—

3,787

27,738

(2,994
)
3,683

24,848

28,531

3,806

24,725

2008
2015
35 years
The Terrace at South Meadows
Reno
NV
6,561

504

9,966

632

504

10,598

11,102

3,617

7,485

2004
2011
35 years
Albany Medical Center MOB
Albany
NY
—

321

18,389

—

321

18,389

18,710

2,262

16,448

2010
2015
35 years
St. Peter's Recovery Center
Guilderland
NY
—

1,059

9,156

—

1,059

9,156

10,215

1,514

8,701

1990
2015
35 years
Central NY Medical Center
Syracuse
NY
—

1,786

26,101

3,120

1,792

29,215

31,007

8,205

22,802

1997
2012
33 years
Northcountry MOB
Watertown
NY
—

1,320

10,799

13

1,320

10,812

12,132

1,793

10,339

2001
2015
35 years
Anderson Medical Arts Building I
Cincinnati
OH
—

—

9,632

2,071

20

11,683

11,703

5,033

6,670

1984
2007
35 years
Anderson Medical Arts Building II
Cincinnati
OH
—

—

15,123

2,389

—

17,512

17,512

7,532

9,980

2007
2007
35 years
Riverside North Medical Office Building
Columbus
OH
—

785

8,519

1,673

785

10,192

10,977

4,111

6,866

1962
2012
25 years
Riverside South Medical Office Building
Columbus
OH
—

586

7,298

866

610

8,140

8,750

3,049

5,701

1985
2012
27 years
340 East Town Medical Office Building
Columbus
OH
—

10

9,443

1,220

10

10,663

10,673

3,177

7,496

1984
2012
29 years
393 East Town Medical Office Building
Columbus
OH
—

61

4,760

381

61

5,141

5,202

1,907

3,295

1970
2012
20 years
141 South Sixth Medical Office Building
Columbus
OH
—

80

1,113

2,922

80

4,035

4,115

723

3,392

1971
2012
14 years
Doctors West Medical Office Building
Columbus
OH
—

414

5,362

835

414

6,197

6,611

1,965

4,646

1998
2012
35 years
Eastside Health Center
Columbus
OH
—

956

3,472

(2
)
956

3,470

4,426

1,936

2,490

1977
2012
15 years
East Main Medical Office Building
Columbus
OH
—

440

4,771

58

440

4,829

5,269

1,484

3,785

2006
2012
35 years
Heart Center Medical Office Building
Columbus
OH
—

1,063

12,140

441

1,063

12,581

13,644

3,920

9,724

2004
2012
35 years
Wilkins Medical Office Building
Columbus
OH
—

123

18,062

363

123

18,425

18,548

4,522

14,026

2002
2012
35 years
Grady Medical Office Building
Delaware
OH
—

239

2,263

450

239

2,713

2,952

1,092

1,860

1991
2012
25 years
Dublin Northwest Medical Office Building
Dublin
OH
—

342

3,278

253

342

3,531

3,873

1,282

2,591

2001
2012
34 years
Preserve III Medical Office Building
Dublin
OH
—

2,449

7,025

1,211

2,449

8,236

10,685

2,206

8,479

2006
2012
35 years
Zanesville Surgery Center
Zanesville
OH
—

172

9,403

—

172

9,403

9,575

2,441

7,134

2000
2011
35 years
Dialysis Center
Zanesville
OH
—

534

855

85

534

940

1,474

606

868

1960
2011
21 years
Genesis Children's Center
Zanesville
OH
—

538

3,781

—

538

3,781

4,319

1,355

2,964

2006
2011
30 years
Medical Arts Building I
Zanesville
OH
—

429

2,405

556

436

2,954

3,390

1,408

1,982

1970
2011
20 years
Medical Arts Building II
Zanesville
OH
—

485

6,013

1,248

532

7,214

7,746

3,153

4,593

1995
2011
25 years
Medical Arts Building III
Zanesville
OH
—

94

1,248

—

94

1,248

1,342

566

776

1970
2011
25 years
Primecare Building
Zanesville
OH
—

130

1,344

648

130

1,992

2,122

922

1,200

1978
2011
20 years
Outpatient Rehabilitation Building
Zanesville
OH
—

82

1,541

—

82

1,541

1,623

595

1,028

1985
2011
28 years
Radiation Oncology Building
Zanesville
OH
—

105

1,201

—

105

1,201

1,306

551

755

1988
2011
25 years


162



163

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Healthplex
Zanesville
OH
—

2,488

15,849

1,193

2,649

16,881

19,530

6,055

13,475

1990
2011
32 years
Physicians Pavilion
Zanesville
OH
—

422

6,297

1,524

422

7,821

8,243

3,206

5,037

1990
2011
25 years
Zanesville Northside Pharmacy
Zanesville
OH
—

42

635

—

42

635

677

254

423

1985
2011
28 years
Bethesda Campus MOB III
Zanesville
OH
—

188

1,137

156

199

1,282

1,481

561

920

1978
2011
25 years
Tuality 7th Avenue Medical Plaza
Hillsboro
OR
17,900

1,516

24,638

1,546

1,533

26,167

27,700

7,747

19,953

2003
2011
35 years
Professional Office Building I
Chester
PA
—

—

6,283

2,638

—

8,921

8,921

4,610

4,311

1978
2004
30 years
DCMH Medical Office Building
Drexel Hill
PA
—

—

10,424

1,833

—

12,257

12,257

6,654

5,603

1984
2004
30 years
Pinnacle Health
Harrisburg
PA
—

2,574

16,767

698

2,674

17,365

20,039

2,776

17,263

2002
2015
35 years
Lancaster Rehabilitation Hospital
Lancaster
PA
—

959

16,610

(16
)
959

16,594

17,553

4,478

13,075

2007
2012
35 years
Lancaster ASC MOB
Lancaster
PA
—

593

17,117

429

593

17,546

18,139

5,242

12,897

2007
2012
35 years
St. Joseph Medical Office Building
Reading
PA
—

—

10,823

811

—

11,634

11,634

4,012

7,622

2006
2010
35 years
Crozer - Keystone MOB I
Springfield
PA
—

9,130

47,078

—

9,130

47,078

56,208

8,405

47,803

1996
2015
35 years
Crozer-Keystone MOB II
Springfield
PA
—

5,178

6,523

—

5,178

6,523

11,701

1,239

10,462

1998
2015
25 years
Doylestown Health & Wellness Center
Warrington
PA
—

4,452

17,383

1,101

4,497

18,439

22,936

5,532

17,404

2001
2012
34 years
Roper Medical Office Building
Charleston
SC
7,629

127

14,737

3,842

127

18,579

18,706

5,978

12,728

1990
2012
28 years
St. Francis Medical Plaza (Charleston)
Charleston
SC
—

447

3,946

634

447

4,580

5,027

1,617

3,410

2003
2012
35 years
Providence MOB I
Columbia
SC
—

225

4,274

884

225

5,158

5,383

2,480

2,903

1979
2012
18 years
Providence MOB II
Columbia
SC
—

122

1,834

256

150

2,062

2,212

972

1,240

1985
2012
18 years
Providence MOB III
Columbia
SC
—

766

4,406

848

766

5,254

6,020

1,896

4,124

1990
2012
23 years
One Medical Park
Columbia
SC
—

210

7,939

1,852

214

9,787

10,001

3,949

6,052

1984
2012
19 years
Three Medical Park
Columbia
SC
—

40

10,650

1,688

40

12,338

12,378

4,508

7,870

1988
2012
25 years
St. Francis Millennium Medical Office Building
Greenville
SC
14,442

—

13,062

10,692

30

23,724

23,754

11,046

12,708

2009
2009
35 years
200 Andrews
Greenville
SC
—

789

2,014

1,436

810

3,429

4,239

1,430

2,809

1994
2012
29 years
St. Francis CMOB
Greenville
SC
—

501

7,661

1,001

501

8,662

9,163

2,449

6,714

2001
2012
35 years
St. Francis Outpatient Surgery Center
Greenville
SC
—

1,007

16,538

913

1,007

17,451

18,458

5,333

13,125

2001
2012
35 years
St. Francis Professional Medical Center
Greenville
SC
—

342

6,337

1,376

371

7,684

8,055

2,758

5,297

1984
2012
24 years
St. Francis Women's
Greenville
SC
—

322

4,877

708

322

5,585

5,907

2,543

3,364

1991
2012
24 years
St. Francis Medical Plaza (Greenville)
Greenville
SC
—

88

5,876

1,086

98

6,952

7,050

2,402

4,648

1998
2012
24 years
Irmo Professional MOB
Irmo
SC
—

1,726

5,414

292

1,726

5,706

7,432

2,246

5,186

2004
2011
35 years
River Hills Medical Plaza
Little River
SC
—

1,406

1,813

195

1,406

2,008

3,414

877

2,537

1999
2012
27 years
Mount Pleasant Medical Office Longpoint
Mount Pleasant
SC
—

670

4,455

881

632

5,374

6,006

2,160

3,846

2001
2012
34 years
Medical Arts Center of Orangeburg
Orangeburg
SC
—

823

3,299

370

823

3,669

4,492

1,319

3,173

1984
2012
28 years
Mary Black Westside Medical Office Bldg
Spartanburg
SC
—

291

5,057

594

300

5,642

5,942

1,885

4,057

1991
2012
31 years
Spartanburg ASC
Spartanburg
SC
—

1,333

15,756

—

1,333

15,756

17,089

2,042

15,047

2002
2015
35 years
Spartanburg Regional MOB
Spartanburg
SC
—

207

17,963

727

286

18,611

18,897

2,666

16,231

1986
2015
35 years
Wellmont Blue Ridge MOB
Bristol
TN
—

999

5,027

110

1,032

5,104

6,136

845

5,291

2001
2015
35 years


164

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Health Park Medical Office Building
Chattanooga
TN
5,774

2,305

8,949

199

2,305

9,148

11,453

2,711

8,742

2004
2012
35 years
Peerless Crossing Medical Center
Cleveland
TN
—

1,217

6,464

8

1,217

6,472

7,689

1,853

5,836

2006
2012
35 years
St. Mary's Clinton Professional Office Building
Clinton
TN
—

298

618

56

298

674

972

208

764

1988
2015
39 years
St. Mary's Farragut MOB
Farragut
TN
—

221

2,719

156

221

2,875

3,096

523

2,573

1997
2015
39 years
Medical Center Physicians Tower
Jackson
TN
13,025

549

27,074

67

598

27,092

27,690

7,922

19,768

2010
2012
35 years
St. Mary's Physician Professional Office Building
Knoxville
TN
—

138

3,144

139

138

3,283

3,421

774

2,647

1981
2015
39 years
St. Mary's Magdalene Clarke Tower
Knoxville
TN
—

69

4,153

11

69

4,164

4,233

830

3,403

1972
2015
39 years
St. Mary's Medical Office Building
Knoxville
TN
—

136

359

31

136

390

526

188

338

1976
2015
39 years
St. Mary's Ambulatory Surgery Center
Knoxville
TN
—

129

1,012

—

129

1,012

1,141

323

818

1999
2015
24 years
Texas Clinic at Arlington
Arlington
TX
—

2,781

24,515

295

2,806

24,785

27,591

3,500

24,091

2010
2015
35 years
Seton Medical Park Tower
Austin
TX
—

805

41,527

3,432

1,329

44,435

45,764

10,506

35,258

1968
2012
35 years
Seton Northwest Health Plaza
Austin
TX
—

444

22,632

3,091

444

25,723

26,167

6,178

19,989

1988
2012
35 years
Seton Southwest Health Plaza
Austin
TX
—

294

5,311

341

294

5,652

5,946

1,341

4,605

2004
2012
35 years
Seton Southwest Health Plaza II
Austin
TX
—

447

10,154

71

447

10,225

10,672

2,521

8,151

2009
2012
35 years
BioLife Sciences Building
Denton
TX
—

1,036

6,576

—

1,036

6,576

7,612

1,097

6,515

2010
2015
35 years
East Houston MOB, LLC
Houston
TX
—

356

2,877

891

328

3,796

4,124

2,446

1,678

1982
2011
15 years
East Houston Medical Plaza
Houston
TX
—

671

426

10

237

870

1,107

922

185

1982
2011
11 years
Memorial Hermann
Houston
TX
—

822

14,307

—

822

14,307

15,129

1,948

13,181

2012
2015
35 years
Scott & White Healthcare
Kingsland
TX
—

534

5,104

—

534

5,104

5,638

796

4,842

2012
2015
35 years
Lakeway Medical Plaza
Lakeway
TX
9,362

270

20,169

—

270

20,169

20,439

109

20,330

2011
2018
35 years
Odessa Regional MOB
Odessa
TX
—

121

8,935

—

121

8,935

9,056

1,265

7,791

2008
2015
35 years
Legacy Heart Center
Plano
TX
—

3,081

8,890

33

3,081

8,923

12,004

1,547

10,457

2005
2015
35 years
Seton Williamson Medical Plaza
Round Rock
TX
—

—

15,074

672

—

15,746

15,746

5,357

10,389

2008
2010
35 years
Sunnyvale Medical Plaza
Sunnyvale
TX
—

1,186

15,397

423

1,240

15,766

17,006

2,471

14,535

2009
2015
35 years
Texarkana ASC
Texarkana
TX
—

814

5,903

98

814

6,001

6,815

1,066

5,749

1994
2015
30 years
Spring Creek Medical Plaza
Tomball
TX
—

2,165

8,212

69

2,165

8,281

10,446

1,183

9,263

2006
2015
35 years
MRMC MOB I
Mechanicsville
VA
—

1,669

7,024

603

1,669

7,627

9,296

3,084

6,212

1993
2012
31 years
Henrico MOB
Richmond
VA
—

968

6,189

811

359

7,609

7,968

3,120

4,848

1976
2011
25 years
St. Mary's MOB North (Floors 6 & 7)
Richmond
VA
—

227

2,961

643

227

3,604

3,831

1,487

2,344

1968
2012
22 years
Virginia Urology Center
Richmond
VA
—

3,822

16,127

15

3,822

16,142

19,964

2,504

17,460

2004
2015
35 years
St. Francis Cancer Center
Richmond
VA
—

654

18,331

518

657

18,846

19,503

2,587

16,916

2006
2015
35 years
Bonney Lake Medical Office Building
Bonney Lake
WA
10,474

5,176

14,375

172

5,176

14,547

19,723

4,474

15,249

2011
2012
35 years
Good Samaritan Medical Office Building
Puyallup
WA
12,775

781

30,368

692

801

31,040

31,841

7,905

23,936

2011
2012
35 years
Holy Family Hospital Central MOB
Spokane
WA
—

—

19,085

331

—

19,416

19,416

3,787

15,629

2007
2012
35 years
Physician's Pavilion
Vancouver
WA
—

1,411

32,939

1,019

1,450

33,919

35,369

9,827

25,542

2001
2011
35 years
Administration Building
Vancouver
WA
—

296

7,856

30

317

7,865

8,182

2,259

5,923

1972
2011
35 years
Medical Center Physician's Building
Vancouver
WA
—

1,225

31,246

3,168

1,404

34,235

35,639

9,628

26,011

1980
2011
35 years


165

 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Memorial MOB
Vancouver
WA
—

663

12,626

759

690

13,358

14,048

3,856

10,192

1999
2011
35 years
Salmon Creek MOB
Vancouver
WA
—

1,325

9,238

87

1,325

9,325

10,650

2,627

8,023

1994
2011
35 years
Fisher's Landing MOB
Vancouver
WA
—

1,590

5,420

59

1,613

5,456

7,069

1,850

5,219

1995
2011
34 years
Columbia Medical Plaza Vancouver
Vancouver
WA
—

281

5,266

352

331

5,568

5,899

1,706

4,193

1991
2011
35 years
Appleton Heart Institute
Appleton
WI
—

—

7,775

41

—

7,816

7,816

2,332

5,484

2003
2010
39 years
Appleton Medical Offices West
Appleton
WI
—

—

5,756

384

—

6,140

6,140

1,762

4,378

1989
2010
39 years
Appleton Medical Offices South
Appleton
WI
—

—

9,058

194

—

9,252

9,252

2,948

6,304

1983
2010
39 years
Brookfield Clinic
Brookfield
WI
—

2,638

4,093

(2,198
)
440

4,093

4,533

1,494

3,039

1999
2011
35 years
Lakeshore Medical Clinic - Franklin
Franklin
WI
—

1,973

7,579

148

2,029

7,671

9,700

1,264

8,436

2008
2015
34 years
Lakeshore Medical Clinic - Greenfield
Greenfield
WI
—

1,223

13,387

36

1,223

13,423

14,646

1,844

12,802

2010
2015
35 years
Aurora Health Care - Hartford
Hartford
WI
—

3,706

22,019

—

3,706

22,019

25,725

3,419

22,306

2006
2015
35 years
Hartland Clinic
Hartland
WI
—

321

5,050

—

321

5,050

5,371

1,570

3,801

1994
2011
35 years
Aurora Healthcare - Kenosha
Kenosha
WI
—

7,546

19,155

—

7,546

19,155

26,701

3,039

23,662

2014
2015
35 years
Univ of Wisconsin Health
Monona
WI
—

678

8,017

—

678

8,017

8,695

1,357

7,338

2011
2015
35 years
Theda Clark Medical Center Office Pavilion
Neenah
WI
—

—

7,080

1,027

—

8,107

8,107

2,289

5,818

1993
2010
39 years
Aylward Medical Building Condo Floors 3 & 4
Neenah
WI
—

—

4,462

98

—

4,560

4,560

1,463

3,097

2006
2010
39 years
Aurora Health Care - Neenah
Neenah
WI
—

2,033

9,072

—

2,033

9,072

11,105

1,512

9,593

2006
2015
35 years
New Berlin Clinic
New Berlin
WI
—

678

7,121

—

678

7,121

7,799

2,380

5,419

1999
2011
35 years
United Healthcare - Onalaska
Onalaska
WI
—

4,623

5,527

—

4,623

5,527

10,150

1,196

8,954

1995
2015
35 years
WestWood Health & Fitness
Pewaukee
WI
—

823

11,649

—

823

11,649

12,472

3,927

8,545

1997
2011
35 years
Aurora Health Care - Two Rivers
Two Rivers
WI
—

5,638

25,308

—

5,638

25,308

30,946

3,961

26,985

2006
2015
35 years
Watertown Clinic
Watertown
WI
—

166

3,234

—

166

3,234

3,400

970

2,430

2003
2011
35 years
Southside Clinic
Waukesha
WI
—

218

5,273

—

218

5,273

5,491

1,603

3,888

1997
2011
35 years
Rehabilitation Hospital
Waukesha
WI
—

372

15,636

—

372

15,636

16,008

4,163

11,845

2008
2011
35 years
United Healthcare - Wauwatosa
Wawatosa
WI
—

8,012

15,992

—

8,012

15,992

24,004

3,067

20,937

1995
2015
35 years
TOTAL FOR MEDICAL OFFICE BUILDINGS
 
 
386,382

385,196

4,171,824

286,940

379,635

4,464,325

4,843,960

1,123,736

3,720,224

 
 
 
RESEARCH AND INNOVATION CENTERS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phoenix Biomedical Campus Phase I
Phoenix
AZ
—

—

4,139

—

—

4,139

4,139

—

4,139

CIP
CIP
CIP
100 College Street
New Haven
CT
—

2,706

186,570

5,985

2,706

192,555

195,261

9,295

185,966

2013
2016
59 years
300 George Street
New Haven
CT
—

2,262

122,144

4,286

2,262

126,430

128,692

6,650

122,042

2014
2016
50 years
Univ. of Miami Life Science and Technology Park
Miami
FL
—

2,249

87,019

5,186

2,253

92,201

94,454

5,875

88,579

2014
2016
53 years
IIT
Chicago
IL
—

30

55,620

279

30

55,899

55,929

3,115

52,814

2006
2016
46 years
University of Maryland BioPark I Unit 1
Baltimore
MD
—

113

25,199

789

113

25,988

26,101

1,416

24,685

2005
2016
50 years
University of Maryland BioPark II
Baltimore
MD
—

61

91,764

3,278

61

95,042

95,103

5,779

89,324

2007
2016
50 years
University of Maryland BioPark Garage
Baltimore
MD
—

77

4,677

344

77

5,021

5,098

465

4,633

2007
2016
29 years
 
Location
 
Initial Cost to Company
 
Gross Amount Carried at Close of Period
 
 
 
 
 
 
Property Name
City
State /
Province
Encumbrances
Land and
Improvements
Buildings and
Improvements
Costs
Capitalized
Subsequent
to Acquisition
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Tributary Street
Baltimore
MD
—

4,015

15,905

597

4,015

16,502

20,517

1,347

19,170

1998
2016
45 years
Beckley Street
Baltimore
MD
—

2,813

13,481

558

2,813

14,039

16,852

1,181

15,671

1999
2016
45 years
University of Maryland BioPark III
Baltimore
MD
—

980

—

—

980

—

980

—

980

CIP
CIP
CIP
Heritage at 4240
Saint Louis
MO
—

403

47,125

158

452

47,234

47,686

3,511

44,175

2013
2016
45 years
Cortex 1
Saint Louis
MO
—

631

26,543

1,111

631

27,654

28,285

2,425

25,860

2005
2016
50 years
BRDG Park
Saint Louis
MO
—

606

37,083

2,112

606

39,195

39,801

2,206

37,595

2009
2016
52 years
4220 Duncan Avenue
St Louis
MO
—

1,871

35,044

—

1,871

35,044

36,915

859

36,056

2018
2018
35 years
311 South Sarah Street
St. Louis
MO
—

5,148

—

—

5,148

—

5,148

88

5,060

CIP
CIP
CIP
4300 Duncan
St. Louis
MO
—

2,818

46,749

18

2,818

46,767

49,585

1,697

47,888

2008
2017
35 years
Weston Parkway
Cary
NC
—

1,372

6,535

1,710

1,372

8,245

9,617

678

8,939

1990
2016
50 years
Patriot Drive
Durham
NC
—

1,960

10,749

372

1,960

11,121

13,081

769

12,312

2010
2016
50 years
Chesterfield
Durham
NC
2,215

3,594

57,781

4,094

3,594

61,875

65,469

5,517

59,952

2017
2017
60 years
Paramount Parkway
Morrisville
NC
—

1,016

19,794

617

1,016

20,411

21,427

1,521

19,906

1999
2016
45 years
Wake 90
Winston-Salem
NC
—

2,752

79,949

266

2,752

80,215

82,967

5,603

77,364

2013
2016
40 years
Wake 91
Winston-Salem
NC
—

1,729

73,690

19

1,729

73,709

75,438

4,191

71,247

2011
2016
50 years
Wake 60
Winston-Salem
NC
(76,614
)
1,243

83,414

1,370

1,243

84,784

86,027

6,250

79,777

2016
2016
35 years
Bailey Power Plant
Winston-Salem
NC
—

1,930

34,122

967

1,096

35,923

37,019

1,600

35,419

2017
2017
35 years
Hershey Center Unit 1
Hummelstown
PA
—

813

23,699

851

813

24,550

25,363

1,557

23,806

2007
2016
50 years
3737 Market Street
Philadelphia
PA
69,713

40

141,981

6,093

40

148,074

148,114

6,939

141,175

2014
2016
54 years
3711 Market Street
Philadelphia
PA
—

12,320

69,278

3,655

12,320

72,933

85,253

4,138

81,115

2008
2016
48 years
3750 Lancaster Avenue
Philadelphia
PA
—

—

583

—

—

583

583

—

583

CIP
CIP
CIP
3675 Market Street
Philadelphia
PA
—

11,370

109,846

—

11,370

109,846

121,216

501

120,715

2018
2018
35 years
3701 Filbert Street
Philadelphia
PA
—

—

1,477

—

—

1,477

1,477

—

1,477

CIP
CIP
CIP
115 North 38th Street
Philadelphia
PA
—

—

839

—

—

839

839

—

839

CIP
CIP
CIP
225 North 38th Street
Philadelphia
PA
—

—

3,621

—

—

3,621

3,621

—

3,621

CIP
CIP
CIP
3401 Market Street
Philadelphia
PA
—

4,500

22,157

—

4,500

22,157

26,657

62

26,595

1923
2018
35 years
South Street Landing
Providence
RI
89,399

6,358

112,784

(835
)
6,358

111,949

118,307

2,728

115,579

2017
2017
45 years
2/3 Davol Square
Providence
RI
—

4,537

6,886

387

4,537

7,273

11,810

1,306

10,504

2005
2017
15 years
One Ship Street
Providence
RI
—

1,943

1,734

(29
)
1,943

1,705

3,648

128

3,520

1980
2017
25 years
Brown Academic/R&D Building
Providence
RI
—

—

52,867

—

—

52,867

52,867

—

52,867

CIP
CIP
CIP
Providence Phase 2
Providence
RI
—

2,251

—

—

2,251

—

2,251

—

2,251

CIP
CIP
CIP
IRP I
Norfolk
VA
—

60

20,084

769

60

20,853

20,913

1,253

19,660

2007
2016
55 years
IRP II
Norfolk
VA
—

69

21,255

802

69

22,057

22,126

1,250

20,876

2007
2016
55 years
Wexford Biotech 8
Richmond
VA
—

2,615

85,514

684

2,615

86,198

88,813

3,323

85,490

2012
2017
35 years
TOTAL RESEARCH AND INNOVATION CENTERS
 
 
84,713

89,255

1,839,701

46,493

88,474

1,886,975

1,975,449

95,223

1,880,226

 
 
 
TOTAL OFFICE BUILDINGS
 
 
471,095

474,451

6,011,525

333,433

468,109

6,351,300

6,819,409

1,218,959

5,600,450

 
 
 
TOTAL FOR ALL PROPERTIES
 
 
$
1,127,698

$
2,121,219

$
21,808,315

$
1,044,449

$
2,114,406

$
22,859,577

$
24,973,983

$
5,492,310

$
19,481,673

 
 
 


166

VENTAS, INC.
SCHEDULE IV
MORTGAGE LOANS ON REAL ESTATE
December 31, 2018

 
Location
Number of RE Assets
Interest Rate
Fixed / Variable
Maturity Date
Monthly Debt Service
Face Value
Net Book Value
Prior Liens
 
 
 
 
 
 
(In thousands)
First Mortgages
 
 
 
 
 
 
 
 
Multiple
3
9.97%
V
6/30/2019
$
140

$
5,850

$
5,850

$
—

 
Ohio
5
8.62%
V
10/1/2021
551

78,448

78,448

—

 
Texas
1

7.88%
V
1/31/2029
—

1,900

1,900

—

 
 
 
 
 
 
 
 
 
 
Mezzanine Loans
 
 
 
 
 
 
 
 
Multiple
179
8.25%
F
12/9/2019
1,967

282,173

282,173

1,467,827

 
 
 
 
 
 
 
 
 
 
Construction Loans
 
 
 
 
 
 
 
 
Colorado
1
8.75%
V
2/6/2021
437

59,043

58,746

—

Total
 
 
 
 
$
3,095

$
427,414

$
427,117

$
1,467,827

 
 
 
 
 
 
 
 
 
 
 
Mortgage Loan Reconciliation
 
 
 
 
2018
 
2017
 
2016
 
 
 
(In thousands)
 
Beginning Balance
 
$
565,875

 
$
634,201

 
$
780,509

 
Additions:
 
 
 
 
 
 
 
New Loans
 
9,900

 
—

 
140,000

 
Construction Draws
 
—

 
—

 
13,402

 
Total additions
 
9,900

 
—

 
153,402

 
Deductions:
 
 
 
 
 
 
 
Principal Repayments
 
(148,658
)
 
(68,326
)
 
(299,710
)
 
Total deductions
 
(148,658
)
 
(68,326
)
 
(299,710
)
 
Ending Balance
 
$
427,117

 
$
565,875

 
$
634,201



167

ITEM 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
ITEM 9A.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2018. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective as of December 31, 2018, at the reasonable assurance level.
Internal Control over Financial Reporting
The information set forth under “Management Report on Internal Control over Financial Reporting” and “Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting” included in Part II, Item 8 of this Annual Report on Form 10-K is incorporated by reference into this Item 9A.
Internal Control Changes
During the fourth quarter of 2018, there were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B.    Other Information

Not applicable.

PART III

ITEM 10.    Directors, Executive Officers and Corporate Governance

The information required by this Item 10 is incorporated by reference to the material under the headings “Proposals Requiring Your Vote—Proposal 1: Election of Directors,” “Our Executive Officers,” “Securities Ownership—Section 16(a) Beneficial Ownership Reporting Compliance,” “Corporate Governance—Governance Policies” and “Audit and Compliance Committee” in our definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2019.

ITEM 11.    Executive Compensation

The information required by this Item 11 is incorporated by reference to the material under the headings “Executive Compensation,” “Non-Employee Director Compensation” and “Executive Compensation Committee” in our definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2019.

ITEM 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information required by this Item 12 is incorporated by reference to the material under the headings “Equity Compensation Plan Information” and “Securities Ownership” in our definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2019.

ITEM 13.    Certain Relationships and Related Transactions, and Director Independence
    
The information required by this Item 13 is incorporated by reference to the material under the headings “Corporate Governance—Transactions with Related Persons,” “Our Board of Directors—Director Independence,” “Audit and Compliance Committee,” “Executive Compensation Committee” and “Nominating and Corporate Governance Committee” in our definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2019.


168

ITEM 14.    Principal Accountant Fees and Services

The information required by this Item 14 is incorporated by reference to the material under the heading “Proposals Requiring Your Vote—Proposal 2: Ratification of the Selection of KPMG LLP as Our Independent Registered Public Accounting Firm for Fiscal Year 2019” in our definitive Proxy Statement for the 2019 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2019.


169

PART IV
ITEM 15.    Exhibits and Financial Statement Schedules

Financial Statements and Financial Statement Schedules

The following documents have been included in Part II, Item 8 of this Annual Report on Form 10-K:
 
Page
Reports of Independent Registered Public Accounting Firm
74
Consolidated Balance Sheets as of December 31, 2018 and 2017
77
Consolidated Statements of Income for the Years Ended December 31, 2018, 2017 and 2016
78
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017 and 2016
79
Consolidated Statements of Equity for the Years Ended December 31, 2018, 2017 and 2016
80
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017 and 2016
81
Notes to Consolidated Financial Statements
83
Consolidated Financial Statement Schedules
 
Schedule II — Valuation and Qualifying Accounts
132
Schedule III — Real Estate and Accumulated Depreciation
133
Schedule IV — Mortgage Loans on Real Estate
167

All other schedules have been omitted because they are inapplicable, not required or the information is included elsewhere in the Consolidated Financial Statements or notes thereto.

EXHIBITS
Exhibit
Number
 
Description of Document
 
Location of Document
2.1
 
Separation and Distribution Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
 
Incorporated by reference herein. Previously filed as Exhibit 2.1 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
 
 
 
 
 
3.1
 
Amended and Restated Certificate of Incorporation, as amended, of Ventas, Inc.
 
Incorporated by reference herein. Previously filed as Exhibit 3.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, filed on August 5, 2011, File No. 001-10989.
 
 
 
 
 
3.2
 
Fifth Amended and Restated Bylaws, as amended, of Ventas, Inc.
 
Incorporated by reference herein. Previously filed as Exhibit 3.2 to our Current Report on Form 8-K, filed on January 11, 2017, File No. 001-10989.
 
 
 
 
 
4.1
 
Specimen common stock certificate.
 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed on February 12, 2016, File No. 001-10989.
 
 
 
 
 
4.2
 
Indenture dated as of September 19, 2006 by and among Ventas, Inc., Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuer(s), the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
 
Incorporated by reference herein. Previously filed as Exhibit 4.9 to our Registration Statement on Form S-3, filed on April 7, 2006, File No. 333-133115.
 
 
 
 
 
4.3
 
Fifth Supplemental Indenture dated as of February 10, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.250% Senior Notes due 2022.

 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on February 14, 2012, File No. 001-10989.
 
 
 
 
 

170

Exhibit
Number
 
Description of Document
 
Location of Document
4.4
 
Seventh Supplemental Indenture dated as of August 3, 2012 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2022.
 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed on October 26, 2012, File No. 001-10989.
 
 
 
 
 
4.5
 
Tenth Supplemental Indenture dated as of March 19, 2013 by and among Ventas Realty, Limited Partnership and Ventas Capital Corporation, as Issuers, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 2.700% Senior Notes due 2020.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on March 19, 2013, File No. 001-10989.
 
 
 
 
 
4.6
 
Indenture dated as of September 26, 2013 by and among Ventas, Inc., Ventas Realty, Limited Partnership, as Issuer, the Guarantors named therein, as Guarantors, and U.S. Bank National Association, as Trustee.
 
Incorporated by reference herein. Previously filed as Exhibit 4.10 to our Annual Report on Form 10-K for the year ended December 31, 2016, filed on February 14, 2017, File No. 001-10989.
 
 
 
 
 
4.7
 
Second Supplemental Indenture dated as of September 26, 2013 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 5.700% Senior Notes due 2043.
 
Incorporated by reference herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on September 26, 2013, File No. 001-10989.
 
 
 
 
 
4.8
 
Fourth Supplemental Indenture dated as of April 17, 2014 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.750% Senior Notes due 2024.
 
Incorporated by reference herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on April 17, 2014, File No. 001-10989.
 
 
 
 
 
4.9
 
Fifth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.500% Senior Notes due 2025.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
 
 
 
 
 
4.10
 
Sixth Supplemental Indenture dated as of January 14, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.375% Senior Notes due 2045.
 
Incorporated by reference herein. Previously filed as Exhibit 4.3 to our Current Report on Form 8-K, filed on January 14, 2015, File No. 001-10989.
 
 
 
 
 
4.11
 
Indenture dated as of August 19, 1997 by and between Nationwide Health Properties, Inc. and The Bank of New York, as Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
 
Incorporated by reference herein. Previously filed as Exhibit 1.2 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on August 19, 1997, File No. 001-09028 (see Exhibit 1.2 of complete submission text file).
 
 
 
 
 
4.12
 
Supplemental Indenture dated July 1, 2011 among Nationwide Health Properties, Inc., Needles Acquisition LLC, and The Bank of New York Mellon Trust Company, N.A., as successor Trustee, relating to the 6.90% Series C Medium-Term Notes due 2037 and the 6.59% Series C Medium-Term Notes due 2038.
 
Incorporated by reference herein. Previously filed as Exhibit 4.17 to our Annual Report on Form 10-K for the year ended December 31, 2016, filed on February 14, 2017, File No. 001-10989.
 
 
 
 
 
4.13
 
Indenture dated as September 24, 2014 by and among Ventas, Inc., Ventas Canadian Finance Limited, the Guarantors parties thereto from time to time and Computershare Trust Company of Canada, as Trustee.
 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
 
 
 
 
 

171

Exhibit
Number
 
Description of Document
 
Location of Document
4.14
 
First Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.00% Senior Notes, Series A due 2019.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
 
 
 
 
 
4.15
 
Second Supplemental Indenture dated as of September 24, 2014 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 4.125% Senior Notes, Series B due 2024.
 
Incorporated by reference herein. Previously filed as Exhibit 4.3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, filed on October 24, 2014, File No. 001-10989.
 
 
 
 
 
4.16
 
Third Supplemental Indenture dated as of January 13, 2015 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 3.30% Senior Notes, Series C due 2022.
 
Incorporated by reference herein. Previously filed as Exhibit 4.24 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
 
 
 
 
 
4.17
 
Fourth Supplemental Indenture dated as of June 1, 2017 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 2.55% Senior Notes, Series D due 2023.
 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed on July 28, 2017, File No. 001-10989.
 
 
 
 
 
4.18
 
Indenture dated as of July 16, 2015 by and among Ventas, Inc., Ventas Realty, Limited Partnership, as Issuer, the Guarantors named therein as Guarantors, and U.S. Bank National Association, as Trustee.
 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
 
 
 
 
 
4.19
 
First Supplemental Indenture dated as of July 16, 2015 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 4.125% Senior Notes due 2026.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on July 16, 2015, File No. 001-10989.
 
 
 
 
 
4.20
 
Second Supplemental Indenture dated as of June 2, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.125% Senior Notes due 2023.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on June 2, 2016, File No. 001-10989.
 
 
 
 
 
4.21
 
Third Supplemental Indenture dated as of September 21, 2016 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.250% Senior Notes due 2026.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on September 21, 2016, File No. 001-10989.
 
 
 
 
 
4.22
 
Fourth Supplemental Indenture dated as of March 29, 2017 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor, and U.S. Bank National Association, as Trustee, relating to the 3.100% Senior Notes due 2023 and the 3.850% Senior Notes due 2027.
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on March 29, 2017, File No. 001-10989.
 
 
 
 
 
4.23
 
Indenture dated February 23, 2018 among Ventas, Inc., Ventas Realty, Limited Partnership, the Guarantors named therein, and U.S. Bank National Association, as Trustee

 
Incorporated by reference herein. Previously filed as Exhibit 4.1 to our Current Report on Form 8-K, filed on February 23, 2018, File No. 001-10989.

 
 
 
 
 
4.24
 
First Supplemental Indenture dated as of February 23, 2018 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor and U.S. Bank National Association, as Trustee relating to the 4.000% Senior Notes due 2028

 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on February 23, 2018, File No. 001-10989.

 
 
 
 
 

172

Exhibit
Number
 
Description of Document
 
Location of Document
4.25
 
Second Supplemental Indenture dated as of August 15, 2018 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor and U.S. Bank National Association, as Trustee relating to the 4.400% Senior Notes due 2029

 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on August 15, 2018, File No. 001-10989.

 
 
 
 
 
4.26
 
Credit and Guaranty Agreement dated July 26, 2018 among Ventas Realty, Limited Partnership, as Borrower, Ventas, Inc., as Guarantor, The Lenders party thereto from time to time, and Bank of America, N.A., as Administrative Agent

 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed on October 26, 2018, File No. 001.10989.

 
 
 
 
 
10.1
 
First Amended and Restated Agreement of Limited Partnership of Ventas Realty, Limited Partnership.
 
Incorporated by reference herein. Previously filed as Exhibit 3.5 to our Registration Statement on Form S-4, as amended, filed on May 29, 2002, File No. 333-89312.
 
 
 
 
 
10.2
 
Second Amended and Restated Credit and Guaranty Agreement, dated as of April 25, 2017, among Ventas Realty, Limited Partnership, Ventas SSL Ontario II, Inc., Ventas SSL Ontario III, Inc., Ventas Canada Finance Limited, Ventas UK Finance, Inc., and Ventas Euro Finance, LLC, as Borrowers, Ventas, Inc., as Guarantor, the Lenders identified therein, and Bank of America, N.A., as Administrative Agent, and Alternative Currency Fronting Lender, Bank of America, N.A. and JP Morgan Chase Bank, N.A., as Swing Line Lenders and L/C Issuers.
 
Incorporated by reference herein. Previously filed as Exhibit 10.3.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.3
 
Tax Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
 
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
 
 
 
 
 
10.4
 
Employee Matters Agreement dated as of August 17, 2015 by and between Ventas, Inc. and Care Capital Properties, Inc.
 
Incorporated by reference herein. Previously filed as Exhibit 10.3 to our Current Report on Form 8-K, filed on August 21, 2015, File No. 001-10989.
 
 
 
 
 
10.5*
 
Ventas, Inc. 2004 Stock Plan for Directors, as amended.
 
Incorporated by reference herein. Previously filed as Exhibit 10.16.1 to our Annual Report on Form 10-K for the year ended December 31, 2004, filed on March 1, 2005, File No. 33-107942.
 
 
 
 
 
10.6.1*
 
Ventas, Inc. 2006 Incentive Plan, as amended.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
10.6.2*
 
Form of Stock Option Agreement—2006 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
 
 
 
 
 
10.6.3*
 
Form of Restricted Stock Agreement—2006 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.15.3 to our Annual Report on Form 10-K for the year ended December 31, 2006, filed on February 22, 2007, File No. 001-10989.
 
 
 
 
 
10.7.1*
 
Ventas, Inc. 2006 Stock Plan for Directors, as amended.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
 
 
 
 
 
10.7.2*
 
Form of Stock Option Agreement—2006 Stock Plan for Directors.
 
Incorporated by reference herein. Previously filed as Exhibit 10.11.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 

173

Exhibit
Number
 
Description of Document
 
Location of Document
10.7.3*
 
Form of Amendment to Stock Option Agreement—2006 Stock Plan for Directors.
 
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, filed on April 27, 2012, File No. 001-10989.
 
 
 
 
 
10.7.4*
 
Form of Restricted Stock Unit Agreement—2006 Stock Plan for Directors.
 
Incorporated by reference herein. Previously filed as Exhibit 10.11.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
10.8.1*
 
Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on May 23, 2012, File No. 001-10989.
 
 
 
 
 
10.8.2*
 
First Amendment to the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.7 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.8.3*
 
Form of Stock Option Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.6.2 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed February 13, 2015, File No. 001-10989.
 
 
 
 
 
10.8.4*
 
Form of Restricted Stock Agreement (Employees) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.6.3 to our Annual Report on Form 10-K for the year ended December 31, 2014, filed on February 13, 2015, File No. 001-10989.
 
 
 
 
 
10.8.5*
 
Form of Stock Option Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.4 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
 
 
 
 
 
10.8.6*
 
Form of Restricted Stock Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.5 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
 
 
 
 
 
10.8.7*
 
Form of Restricted Stock Unit Agreement (Directors) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.6 to our Registration Form on S-8, filed on August 7, 2012, File No. 333-183121.
 
 
 
 
 
10.8.8*
 
Form of Performance-Based Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.8 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.8.9*
 
Form of Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.9 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.8.10*
 
Form of Transition Restricted Stock Unit Agreement (CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.10 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.8.11*
 
Form of Performance-Based Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.11 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.8.12*
 
Form of Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.12 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 

174

Exhibit
Number
 
Description of Document
 
Location of Document
10.8.13*
 
Form of Transition Restricted Stock Unit Agreement (Non-CEO) under the Ventas, Inc. 2012 Incentive Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.10.13 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, filed on April 28, 2017, File No. 001-10989.
 
 
 
 
 
10.9.1*
 
Ventas Executive Deferred Stock Compensation Plan, as amended and restated on December 7, 2017.
 
Incorporated by reference herein. Previously filed as Exhibit 10.9.1 to our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 9, 2018, File No. 001-10989.
 
 
 
 
 
10.9.2*
 
Deferral Election Form under the Ventas Executive Deferred Stock Compensation Plan, as amended and restated on December 7, 2017.
 
Incorporated by reference herein. Previously filed as Exhibit 10.9.2 to our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 9, 2018, File No. 001-10989.
.


 
 
 
 
 
10.10.1*
 
Ventas Nonemployee Directors’ Deferred Stock Compensation Plan, as amended.
 
Incorporated by reference herein. Previously filed as Exhibit 10.13.1 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
10.10.2*
 
Deferral Election Form under the Ventas Nonemployee Directors’ Deferred Stock Compensation Plan.
 
Incorporated by reference herein. Previously filed as Exhibit 10.13.2 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
10.11.1*
 
Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to the Nationwide Health Properties, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2006, filed on May 4, 2006, File No. 001-09028.
 
 
 
 
 
10.11.2*
 
Amendment dated October 28, 2008 to the Nationwide Health Properties, Inc. Retirement Plan for Directors, as amended and restated on April 20, 2006.
 
Incorporated by reference herein. Previously filed as Exhibit 10.9 to the Nationwide Health Properties, Inc. Current Report on Form 8-K, filed on November 3, 2008, File No. 001-09028.
 
 
 
 
 
10.12*
 
Second Amended and Restated Employment Agreement dated as of March 22, 2011 between Ventas, Inc. and Debra A. Cafaro.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
 
 
 
 
 
10.13.1*
 
Employment Agreement dated as of July 31, 1998 between Ventas, Inc. and T. Richard Riney.
 
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.1 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
 
 
 
 
 
10.13.2*
 
Amendment dated as of September 30, 1999 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
 
Incorporated by reference herein. Previously filed as Exhibit 10.15.2.2 to our Annual Report on Form 10-K for the year ended December 31, 2002, filed on February 26, 2003, File No. 001-10989.
 
 
 
 
 
10.13.3*
 
Amendment dated as of March 19, 2007 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on March 23, 2007, File No. 001-10989.
 
 
 
 
 
10.13.4*
 
Amendment dated as of December 31, 2008 to Employment Agreement between Ventas, Inc. and T. Richard Riney.
 
Incorporated by reference herein. Previously filed as Exhibit 10.15.4 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
10.13.5*
 
Amended and Restated Change-in-Control Severance Agreement dated as of March 22, 2011 between Ventas, Inc. and T. Richard Riney.
 
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on March 24, 2011, File No. 001-10989.
 
 
 
 
 
10.14.1*
 
Employee Protection and Noncompetition Agreement dated June 17, 2015 between Ventas, Inc. and Todd W. Lillibridge.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on June 23, 2015, File No., 001-10989.
 
 
 
 
 

175

Exhibit
Number
 
Description of Document
 
Location of Document
10.14.2*
 
Employment Transition Agreement dated as of July 25, 2017 between Ventas, Inc. and Todd W. Lillibridge.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed on October 27, 2017, File No. 001-10989.
 
 
 
 
 
10.15.1*
 
Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
 
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2013, filed on February 18, 2014, File No. 001-10989.
 
 
 
 
 
10.15.2*
 
Amendment dated December 8, 2017 to Employee Protection and Noncompetition Agreement dated as of October 21, 2013 between Ventas, Inc. and John D. Cobb.
 
Incorporated by reference herein. Previously filed as Exhibit 10.16.2 to our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 9, 2018, File No. 001-10989.
 
 
 
 
 
10.16.1*
 
Offer Letter dated September 16, 2014 from Ventas, Inc. to Robert F. Probst.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
 
 
 
 
 
10.16.2*
 
Employee Protection and Noncompetition Agreement dated September 16, 2014 between Ventas, Inc. and Robert F. Probst.
 
Incorporated by reference herein. Previously filed as Exhibit 10.2 to our Current Report on Form 8-K, filed on September 29, 2014, File No. 001-10989.
 
 
 
 
 
10.16.3*
 
Amendment dated December 8, 2017 to Employee Protection and Noncompetition Agreement dated as of September 16, 2014 between Ventas, Inc. and Robert F. Probst.
 
Incorporated by reference herein. Previously filed as Exhibit 10.17.3 to our Annual Report on Form 10-K for the year ended December 31, 2017, filed on February 9, 2018, File No. 001-10989.

 
 
 
 
 
10.17.1*
 
Offer of Employment Term Sheet dated March 20, 2018 from Ventas, Inc. to Peter J. Bulgarelli.
 
Incorporated by reference herein. Previously filed as Exhibit 10.1.1 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed on April 27, 2018, File No. 001-10989.

 
 
 
 
 
10.17.2*
 
Employee Protection and Noncompetition Agreement dated March 20, 2018 between Ventas, Inc. and Peter J. Bulgarelli..

 
Incorporated by reference herein. Previously filed as Exhibit 10.1.2 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed on April 27, 2018, File No. 001-10989.

10.18*
 
Ventas Employee and Director Stock Purchase Plan, as amended.
 
Incorporated by reference herein. Previously filed as Exhibit 10.18 to our Annual Report on Form 10-K for the year ended December 31, 2008, filed on February 27, 2009, File No. 001-10989.
 
 
 
 
 
21
 
Subsidiaries of Ventas, Inc.
 
Filed herewith.
 
 
 
 
 
23
 
Consent of KPMG LLP.
 
Filed herewith.
 
 
 
 
 
31.1
 
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
 
Filed herewith.
 
 
 
 
 
31.2
 
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(a) under the Exchange Act.
 
Filed herewith.
 
 
 
 
 
32.1
 
Certification of Debra A. Cafaro, Chairman and Chief Executive Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
 
Filed herewith.
 
 
 
 
 
32.2
 
Certification of Robert F. Probst, Executive Vice President and Chief Financial Officer, pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. 1350.
 
Filed herewith.
 
 
 
 
 
101
 
Interactive Data File.
 
Filed herewith.
* Management contract or compensatory plan or arrangement required to be filed as an exhibit pursuant to Item 15(b) of Form 10-K.


176

ITEM 16.    Form 10-K Summary
None.

177

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 8, 2019
 
 
VENTAS, INC.
 
 
 
 
 
 
By:
/s/ DEBRA A. CAFARO
 
 
 
Debra A. Cafaro
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


178

Signature
Title
Date
 
 
 
/s/ DEBRA A. CAFARO
Chairman and Chief Executive Officer (Principal Executive Officer)
February 8, 2019
Debra A. Cafaro
 
 
 
 
 
/s/ ROBERT F. PROBST
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
February 8, 2019
Robert F. Probst
 
 
 
 
 
/s/ GREGORY R. LIEBBE
Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)
February 8, 2019
Gregory R. Liebbe
 
 
 
 
 
/s/ MELODY C. BARNES
Director
February 8, 2019
Melody C. Barnes
 
 
 
 
 
/s/ JAY M. GELLERT
Director
February 8, 2019
Jay M. Gellert
 
 
 
 
 
/s/ RICHARD I. GILCHRIST
Director
February 8, 2019
Richard I. Gilchrist
 
 
 
 
 
/s/ MATTHEW J. LUSTIG
Director
February 8, 2019
Matthew J. Lustig
 
 
 
 
 
/s/ ROXANNE M. MARTINO
Director
February 8, 2019
Roxanne M. Martino
 
 
 
 
 
/s/WALTER C. RAKOWICH
Director
February 8, 2019
Walter C. Rakowich
 
 
 
 
 
/s/ ROBERT D. REED
Director
February 8, 2019
Robert D. Reed
 
 
 
 
 
/s/ JAMES D. SHELTON
Director
February 8, 2019
James D. Shelton
 
 
 
 
 



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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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