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Ventas Reports 2015 Third Quarter Results

October 23, 2015 7:35 AM

CHICAGO--(BUSINESS WIRE)-- Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced that reported normalized Funds From Operations (“FFO”) for the quarter ended September 30, 2015 was $365.5 million, compared to $332.8 million for the 2014 period. Reported normalized FFO per diluted common share was $1.09 for the quarter ended September 30, 2015. Weighted average diluted shares outstanding for the third quarter of 2015 increased to 336.3 million, compared to 296.5 million in the third quarter of 2014.

These current and prior period reported results include in discontinued operations normalized FFO from the 355 properties that are now owned by Care Capital Properties, Inc. (“CCP”) (NYSE: CCP). The spin-off of CCP as an independent, publicly traded company (the “Spin-Off”) was successfully completed on August 17, 2015. Ventas’s third quarter 2015 reported results include normalized FFO from those properties for the period July 1 - August 17, 2015.

On a comparable basis (“Comparable”), adjusting all current and prior periods for the effects of the Spin-Off as if the Spin-Off were completed January 1, 2014, normalized FFO for the quarter ended September 30, 2015 totaled $330.1 million or $0.98 cents per diluted share, representing a Comparable per share growth rate of 7 percent compared to the third quarter 2014.

Strong Results and Innovative Transactions Completed

“We drove strong results, including over four percent same-store cash NOI growth, and completed our innovative and value creating spin-off of Care Capital Properties and the Ardent hospital acquisition, during the quarter,” Ventas Chairman and Chief Executive Officer Debra A. Cafaro said. “We have a terrific portfolio, enhanced growth prospects, leading operating partners and excellent liquidity. With our positive momentum, we are pleased to increase our full year 2015 guidance range for same-store cash flow growth and normalized FFO per share.”

Third Quarter Net Income and NAREIT FFO

Reported net income attributable to common stockholders for the quarter ended September 30, 2015 was $22.9 million, or $0.07 per diluted common share. Reported net income attributable to common stockholders for the quarter ended September 30, 2014 was $109.1 million, or $0.37 per diluted common share.

The decrease in third quarter 2015 reported net income per share from 2014 net income per share is principally due to the inclusion in the third quarter of 2014 of a full quarter’s results from the properties that were spun off to CCP; higher depreciation expense; and separation and transaction costs in the current period principally relating to the CCP Spin-Off and the Ardent transactions. These factors were partially offset by higher net operating income (“NOI”) due to accretive investments and improved property performance in the third quarter 2015.

Reported FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the third quarter of 2015 was $260.7 million, or $0.78 per diluted common share. Reported NAREIT FFO for the third quarter of 2014 was $304.1 million, or $1.03 per diluted common share.

Portfolio Performance

Third Quarter Developments

Balance Sheet and Liquidity

2015 Normalized FFO Per Share and Same Store Cash Flow Guidance Increased from Previously Provided Range

Ventas currently expects its 2015 reported normalized FFO per diluted share to increase to a range between $4.43 and $4.46, compared to its previously provided guidance range of $4.39 to $4.45. If achieved, this would represent 7 to 8 percent growth in normalized FFO per share over 2014 on a Comparable basis. Ventas currently expects its 2015 NAREIT reported FFO per diluted share to be between $4.03 and $4.07.

Same-store cash NOI is forecast to grow 3.5 to 4 percent in 2015, an improvement from the Company’s prior range of 2.5 to 3.5 percent, driven by enhancement of our high-quality portfolio following the CCP Spin-Off. SHOP same-store cash NOI is now forecast to grow 2 to 3 percent, while triple-net same-store NOI is estimated to grow 5.5 to 6 percent in 2015.

The Company’s current expectations do not include any material additional investments, dispositions or capital activity. A reconciliation of the Company’s guidance to the Company’s projected GAAP earnings is included in this press release.

The Company’s guidance is based on a number of other assumptions that are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

THIRD QUARTER CONFERENCE CALL

Ventas will hold a conference call to discuss this earnings release today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The dial-in number for the conference call is (800) 706-7741 (or (617) 614-3471 for international callers). The participant passcode is “Ventas.” The conference call is being webcast live by NASDAQ OMX and can be accessed at the Company’s website at www.ventasreit.com. A replay of the webcast will be available following the call online, or by calling (888) 286-8010 (or (617) 801-6888 for international callers), passcode 23997249, beginning at approximately 2:00 p.m. Eastern Time and will remain for 35 days.

Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of nearly 1,300 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, skilled nursing facilities, hospitals and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com.

Supplemental information regarding the Company can be found on the Company’s website under the “Investor Relations” section or at www.ventasreit.com/investor-relations/financial-information/supplemental-information. A comprehensive listing of the Company’s properties is available at www.ventasreit.com/our-portfolio/properties-by-location.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s or its 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 or acquisition 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 the Company’s expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. These factors include without limitation: (a) the ability and willingness of the Company’s tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold harmless the Company from and against various claims, litigation and liabilities; (b) the ability of the Company’s 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; (c) the Company’s success in implementing its business strategy and the Company’s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments, including investments in different asset types and outside the United States; (d) 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; (e) the nature and extent of future competition, including new construction in the markets in which the Company’s seniors housing communities and medical office buildings (“MOBs”) are located; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of the Company’s operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the Company’s properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients; (i) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company’s revenues, earnings and funding sources; (j) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (k) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (l) final determination of the Company’s taxable net income for the year ending December 31, 2015; (m) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases, the Company’s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant or manager, and obligations, including indemnification obligations, the Company may incur in connection with the replacement of an existing tenant or manager; (n) risks associated with the Company’s senior living operating portfolio, such as factors that can cause volatility in the Company’s operating income and earnings generated by those properties, including without limitation national and regional economic conditions, 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; (o) changes in exchange rates for any foreign currency in which the Company may, from time to time, conduct business; (p) year-over-year changes in the Consumer Price Index or the UK Retail Price Index and the effect of those changes on the rent escalators contained in the Company’s leases and the Company’s earnings; (q) the Company’s ability and the ability of its tenants, operators, borrowers and managers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers; (r) the impact of increased operating costs and uninsured professional liability claims on the Company’s liquidity, financial condition and results of operations or that of the Company’s tenants, operators, borrowers and managers, and the ability of the Company and the Company’s tenants, operators, borrowers and managers to accurately estimate the magnitude of those claims; (s) risks associated with the Company’s MOB portfolio and operations, including the Company’s ability to successfully design, develop and manage MOBs, to accurately estimate its costs in fixed fee-for-service projects and to retain key personnel; (t) the ability of the hospitals on or near whose campuses the Company’s MOBs are located and their affiliated health systems to remain competitive and financially viable and to attract physicians and physician groups; (u) the Company’s ability to build, maintain and expand its relationships with existing and prospective hospital and health system clients; (v) risks associated with the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (w) the impact of market or issuer events on the liquidity or value of the Company’s investments in marketable securities; (x) merger and acquisition activity in the seniors housing and healthcare industries resulting in a change of control of, or a competitor’s investment in, one or more of the Company’s tenants, operators, borrowers or managers or significant changes in the senior management of the Company’s tenants, operators, borrowers or managers; (y) the impact of litigation or any financial, accounting, legal or regulatory issues that may affect the Company or its tenants, operators, borrowers or managers; and (z) changes in accounting principles, or their application or interpretation, and the Company’s ability to make estimates and the assumptions underlying the estimates, which could have an effect on the Company’s earnings. Many of these factors are beyond the control of the Company and its management.

CONSOLIDATED BALANCE SHEETS
As of September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014
(In thousands, except per share amounts)
September 30, June 30, March 31, December 31, September 30,
2015 2015 2015 2014 2014
Assets
Real estate investments:
Land and improvements $ 2,065,664 $ 2,013,478 $ 1,971,210 $ 1,708,851 $ 1,690,085
Buildings and improvements 20,203,784 19,231,061 19,032,505 17,403,552 17,182,025
Construction in progress 124,377 129,186 118,483 109,689 100,445
Acquired lease intangibles 1,344,708 1,211,917 1,194,783 952,251 952,487
23,738,533 22,585,642 22,316,981 20,174,343 19,925,042
Accumulated depreciation and amortization (3,966,947 ) (3,774,841 ) (3,564,277 ) (3,420,089 ) (3,249,081 )
Net real estate property 19,771,586 18,810,801 18,752,704 16,754,254 16,675,961
Secured loans receivable and investments, net 766,707 762,312 746,793 802,881 380,792
Investments in unconsolidated real estate entities 96,208 85,461 95,147 91,872 88,175
Net real estate investments 20,634,501 19,658,574 19,594,644 17,649,007 17,144,928
Cash and cash equivalents 65,231 60,532 120,225 55,348 64,595
Escrow deposits and restricted cash 74,491 193,960 223,772 71,771 78,746
Goodwill 1,052,321 1,058,607 947,386 363,971 358,672
Assets held for sale 168,931 2,839,453 3,030,030 2,574,174 2,581,040
Other assets 418,502 395,752 452,428 451,642 358,356
Total assets $ 22,413,977 $ 24,206,878 $ 24,368,485 $ 21,165,913 $ 20,586,337
Liabilities and equity
Liabilities:
Senior notes payable and other debt $ 11,268,560 $ 11,439,577 $ 11,532,539 $ 10,827,764 $ 10,404,208
Accrued interest 67,358 77,631 77,359 62,097 69,112
Accounts payable and other liabilities 791,430 784,465 777,517 750,622 720,601
Liabilities related to assets held for sale 65,465 241,894 239,075 254,680 244,709
Deferred income taxes 352,658 370,161 371,785 344,337 361,454
Total liabilities 12,545,471 12,913,728 12,998,275 12,239,500 11,800,084
Redeemable OP unitholder and noncontrolling interests 198,832 199,404 257,246 172,016 163,080
Commitments and contingencies
Equity:
Ventas stockholders' equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued — — — — —
Common stock, $0.25 par value; 333,027; 331,965; 330,913; 298,478 and 294,359 shares issued at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively 83,238 82,982 82,718 74,656 73,603
Capital in excess of par value 11,523,312 12,708,898 12,616,056 10,119,306 9,859,490
Accumulated other comprehensive income (592 ) 10,180 4,357 13,121 16,156
Retained earnings (deficit) (1,992,848 ) (1,772,529 ) (1,660,856 ) (1,526,388 ) (1,398,378 )
Treasury stock, 61; 28; 32; 7 and 32 shares at September 30, 2015, June 30, 2015, March 31, 2015, December 31, 2014 and September 30, 2014, respectively (3,675 ) (2,048 ) (2,385 ) (511 ) (2,075 )
Total Ventas stockholders' equity 9,609,435 11,027,483 11,039,890 8,680,184 8,548,796
Noncontrolling interest 60,239 66,263 73,074 74,213 74,377
Total equity 9,669,674 11,093,746 11,112,964 8,754,397 8,623,173
Total liabilities and equity $ 22,413,977 $ 24,206,878 $ 24,368,485 $ 21,165,913 $ 20,586,337
CONSOLIDATED STATEMENTS OF INCOME
For the three and nine months ended September 30, 2015 and 2014
(In thousands, except per share amounts)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2015 2014 2015 2014
Revenues:
Rental income:
Triple-net leased $ 201,028 $ 170,873 $ 571,591 $ 500,047
Medical office buildings 142,755 116,686 420,287 346,942
343,783 287,559 991,878 846,989
Resident fees and services 454,825 396,247 1,356,384 1,141,781
Medical office building and other services revenue 10,000 7,573 29,951 18,240
Income from loans and investments 18,924 13,186 66,192 36,902
Interest and other income 74 367 719 811
Total revenues 827,606 704,932 2,445,124 2,044,723
Expenses:
Interest 97,135 77,325 263,422 214,117
Depreciation and amortization 226,332 173,006 657,262 507,167
Property-level operating expenses:
Senior living 304,540 265,274 902,154 762,993
Medical office buildings 43,305 41,262 129,152 120,021
347,845 306,536 1,031,306 883,014
Medical office building services costs 6,416 4,568 19,098 9,565
General, administrative and professional fees 32,114 29,464 100,399 93,632
Loss on extinguishment of debt, net 15,331 2,414 14,897 5,079
Merger-related expenses and deal costs 62,145 16,188 105,023 35,944
Other 4,795 9,413 13,948 18,070
Total expenses 792,113 618,914 2,205,355 1,766,588
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest 35,493 86,018 239,769 278,135
(Loss) income from unconsolidated entities (955 ) (47 ) (1,197 ) 549
Income tax benefit (expense) 10,697 1,887 27,736 (4,820 )
Income from continuing operations 45,235 87,858 266,308 273,864
Discontinued operations (22,383 ) 18,171 13,434 79,026
Gain on real estate dispositions 265 3,625 14,420 16,514
Net income 23,117 109,654 294,162 369,404
Net income attributable to noncontrolling interest 265 522 1,047 827
Net income attributable to common stockholders $ 22,852 $ 109,132 $ 293,115 $ 368,577
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $ 0.85 $ 0.98
Discontinued operations (0.07 ) 0.06 0.04 0.27
Net income attributable to common stockholders $ 0.07 $ 0.37 $ 0.89 $ 1.25
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.31 $

0.85

$ 0.97
Discontinued operations (0.07 ) 0.06 0.03 0.27
Net income attributable to common stockholders $ 0.07 $ 0.37 $

0.88

$ 1.24
Weighted average shares used in computing earnings per common share:
Basic 332,491 294,030 329,440 293,965
Diluted 336,338 296,495 333,210 296,411
Dividends declared per common share $ 0.73 $ 0.725 $ 2.31 $ 2.175
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
2015 Quarters 2014 Quarters
Third Second First Fourth Third
Revenues:
Rental income:
Triple-net leased $ 201,028 $ 182,006 $ 188,557 $ 174,500 $ 170,873
Medical office buildings 142,755 140,472 137,060 116,968 116,686
343,783 322,478 325,617 291,468 287,559
Resident fees and services 454,825 454,645 446,914 411,170 396,247
Medical office building and other services revenue 10,000 9,408 10,543 11,124 7,573
Income from loans and investments 18,924 25,215 22,053 14,876 13,186
Interest and other income 74 174 471 3,452 367
Total revenues 827,606 811,920 805,598 732,090 704,932
Expenses:
Interest 97,135 83,959 82,328 77,948 77,325
Depreciation and amortization 226,332 214,711 216,219 218,049 173,006
Property-level operating expenses:
Senior living 304,540 299,252 298,362 273,563 265,274
Medical office buildings 43,305 43,410 42,437 38,811 41,262
347,845 342,662 340,799 312,374 306,536
Medical office building services costs 6,416 5,764 6,918 7,527 4,568
General, administrative and professional fees 32,114 33,959 34,326 28,106 29,464
Loss (gain) on extinguishment of debt, net 15,331 (455 ) 21 485 2,414
Merger-related expenses and deal costs 62,145 12,265 30,613 7,360 16,188
Other 4,795 4,279 4,874 7,673 9,413
Total expenses 792,113 697,144 716,098 659,522 618,914
Income before (loss) income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest 35,493 114,776 89,500 72,568 86,018
(Loss) income from unconsolidated entities (955 ) 9 (251 ) (688 ) (47 )
Income tax benefit 10,697 9,789 7,250 13,552 1,887
Income from continuing operations 45,235 124,574 96,499 85,432 87,858
Discontinued operations (22,383 ) 18,243 17,574 20,709 18,171
Gain on real estate dispositions 265 7,469 6,686 1,456 3,625
Net income 23,117 150,286 120,759 107,597 109,654
Net income attributable to noncontrolling interest 265 465 317 407 522
Net income attributable to common stockholders $ 22,852 $ 149,821 $ 120,442 $ 107,190 $ 109,132
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.39 $ 0.32 $ 0.29 $ 0.31
Discontinued operations (0.07 ) 0.06 0.05 0.07 0.06
Net income attributable to common stockholders $ 0.07 $ 0.45 $ 0.37 $ 0.36 $ 0.37
Diluted:
Income from continuing operations attributable to common stockholders, including real estate dispositions $ 0.14 $ 0.40 $ 0.32 $ 0.29 $ 0.31
Discontinued operations (0.07 ) 0.05 0.05 0.07 0.06
Net income attributable to common stockholders $ 0.07 $ 0.45 $ 0.37 $ 0.36 $ 0.37
Weighted average shares used in computing earnings per common share:
Basic 332,491 330,715 325,454 294,810 294,030
Diluted 336,338 334,026 329,203 297,480 296,495
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2015 and 2014
(In thousands)
2015 2014
Cash flows from operating activities:
Net income $ 294,162 $ 369,404
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations) 736,870 587,176
Amortization of deferred revenue and lease intangibles, net (19,312 ) (14,775 )
Other non-cash amortization 3,051 (616 )
Stock-based compensation 16,061 16,792
Straight-lining of rental income, net (25,118 ) (29,644 )
Loss on extinguishment of debt, net 14,897 5,079
Gain on real estate dispositions (including amounts in discontinued operations) (14,649 ) (17,726 )
Gain on real estate loan investments — (249 )
Gain on sale of marketable securities (5,800 ) —
Income tax (benefit) expense (30,717 ) 4,420
Loss (income) from unconsolidated entities 1,197 (549 )
Other 23,826 13,736
Changes in operating assets and liabilities:
Decrease (increase) in other assets 11,164 (3,306 )
Increase in accrued interest 6,338 14,835
Increase (decrease) in accounts payable and other liabilities 10,075 (24,605 )
Net cash provided by operating activities 1,022,045 919,972
Cash flows from investing activities:
Net investment in real estate property (2,556,988 ) (1,184,036 )
Investment in loans receivable and other (74,386 ) (66,436 )
Proceeds from real estate disposals 409,633 112,746
Proceeds from loans receivable 106,909 55,573
Purchase of marketable securities — (46,689 )
Proceeds from sale or maturity of marketable securities 76,800 21,689
Funds held in escrow for future development expenditures 4,003 2,602
Development project expenditures (90,458 ) (71,375 )
Capital expenditures (75,812 ) (56,235 )
Investment in unconsolidated operating entity (26,282 ) —
Other (27,984 ) (4,009 )
Net cash used in investing activities (2,254,565 ) (1,236,170 )
Cash flows from financing activities:
Net change in borrowings under credit facility (790,406 ) (153,684 )
Net cash impact of CCP Spin-off (128,749 ) —
Proceeds from debt 2,511,061 2,007,707
Proceeds from debt related to CCP Spin-off 1,400,000 —
Repayment of debt (1,329,070 ) (905,117 )
Purchase of noncontrolling interest (3,819 ) —
Payment of deferred financing costs (23,893 ) (14,946 )
Issuance of common stock, net 417,818 —
Cash distribution to common stockholders (759,575 ) (640,414 )
Cash distribution to redeemable OP unitholders (12,776 ) (4,214 )
Purchases of redeemable OP units (33,188 ) —
Distributions to noncontrolling interest (11,250 ) (6,760 )
Other 6,489 (551 )

Net cash provided by financing activities

1,242,642 282,021
Net increase (decrease) in cash and cash equivalents 10,122 (34,177 )
Effect of foreign currency translation on cash and cash equivalents (239 ) 3,956
Cash and cash equivalents at beginning of period 55,348 94,816
Cash and cash equivalents at end of period $ 65,231 $ 64,595
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments $ 2,558,239 $ 353,995
Other assets acquired 20,221 3,683
Debt assumed 177,857 228,150
Other liabilities 57,937 19,441
Deferred income tax liability 50,836 110,087
Noncontrolling interests 87,245 —
Equity issued 2,204,585 —
QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
2015 Quarters 2014 Quarters
Third Second First Fourth Third
Cash flows from operating activities:
Net income $ 23,117 $ 150,286 $ 120,759 $ 107,597 $ 109,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations) 240,210 249,207 247,453 241,291 201,236
Amortization of deferred revenue and lease intangibles, net (5,682 ) (7,027 ) (6,603 ) (4,096 ) (4,896 )
Other non-cash amortization 2,142 1,428 (519 ) 304 2,312
Stock-based compensation 4,869 4,885 6,307 4,202 5,381
Straight-lining of rental income, net (8,357 ) (8,082 ) (8,679 ) (9,043 ) (12,413 )
(Gain) loss on extinguishment of debt, net 15,331 (455 ) 21 485 2,414
Gain on real estate dispositions (including amounts in discontinued operations) (217 ) (7,746 ) (6,686 ) (1,457 ) (3,584 )
Gain on real estate loan investments — — — (1,206 ) (249 )
Gain on sale of marketable securities — (5,800 ) — — —
Income tax (benefit) expense (12,477 ) (10,390 ) (7,850 ) (13,851 ) (1,987 )
(Income) loss from unconsolidated entities 955 (9 ) 251 688 47
Other 5,747 15,171 2,908 2,188 7,152
Changes in operating assets and liabilities:
(Increase) decrease in other assets 20,875 (14,326 ) 4,615 8,623 (14,514 )
Increase (decrease) in accrued interest (9,770 ) 316 15,792 (6,877 ) 12,461
Increase (decrease) in accounts payable and other liabilities 27,578 6,097 (23,600 ) 6,025 21,256
Net cash provided by operating activities 304,321 373,555 344,169 334,873 324,270
Cash flows from investing activities:
Net investment in real estate property (1,303,078 ) (181,371 ) (1,072,539 ) (284,250 ) (912,510 )
Investment in loans receivable and other (18,727 ) (16,086 ) (39,573 ) (432,556 ) (21,948 )
Proceeds from real estate disposals 136,442 106,850 166,341 5,500 60,396
Proceeds from loans receivable 13,634 1,219 92,056 17,984 49,593
Purchase of marketable securities — — — (50,000 ) —
Proceeds from sale or maturity of marketable securities 19,575 57,225 — — 21,689
Funds held in escrow for future development expenditures — — 4,003 1,988 —
Development project expenditures (27,828 ) (29,163 ) (33,467 ) (35,613 ) (26,952 )
Capital expenditures (32,383 ) (22,258 ) (21,171 ) (31,219 ) (20,709 )
Investment in unconsolidated operating entity (26,282 ) — — — —
Other (19,171 ) (4,633 ) (4,180 ) (10,704 ) (296 )
Net cash used in investing activities (1,257,818 ) (88,217 ) (908,530 ) (818,870 ) (850,737 )
Cash flows from financing activities:
Net change in borrowings under credit facility (469,072 ) 131,563 (452,897 ) 693,887 46,267
Net cash impact of CCP Spin-off (128,749 ) — — — —
Proceeds from debt 1,403,090 15,138 1,092,833 — 1,311,046
Proceeds from debt related to CCP Spin-off 1,400,000 — — —
Repayment of debt (1,050,628 ) (253,795 ) (24,647 ) (246,278 ) (632,391 )
Purchase of noncontrolling interest (3 ) (1,156 ) (2,660 ) — —
Payment of deferred financing costs (9,285 ) (173 ) (14,435 ) 726 (8,100 )
Issuance of common stock, net 65,651 66,840 285,327 242,107 —
Cash distribution to common stockholders (243,171 ) (261,494 ) (254,910 ) (235,200 ) (213,462 )
Cash distribution to redeemable OP unitholders (8,079 ) (2,332 ) (2,365 ) (1,548 ) (1,452 )
Purchases of redeemable OP units — (32,619 ) (569 ) (503 ) —
Contributions from noncontrolling interest — — — 491 —
Distributions to noncontrolling interest (1,783 ) (7,645 ) (1,822 ) (2,799 ) (1,852 )
Other 561 238 5,690 25,153 23
Net cash (used in) provided by financing activities 958,532 (345,435 ) 629,545 476,036 500,079
Net (decrease) increase in cash and cash equivalents 5,035 (60,097 ) 65,184 (7,961 ) (26,388 )
Effect of foreign currency translation on cash and cash equivalents (336 ) 404 (307 ) (1,286 ) 4,348
Cash and cash equivalents at beginning of period 60,532 120,225 55,348 64,595 86,635
Cash and cash equivalents at end of period $ 65,231 $ 60,532 $ 120,225 $ 55,348 $ 64,595
QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(In thousands)
2015 Quarters 2014 Quarters
Third Second First Fourth Third
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments $ 3,649 $ 11,761 $ 2,542,829 $ 16,746 $ 299,713
Investment in unconsolidated operating entity — — — — —
Other assets acquired 3,716 (206 ) 16,711 11,597 2,049
Debt assumed — — 177,857 12,926 177,035
Other liabilities 8,149 4,052 45,736 4,598 15,766
Deferred income tax liability (784 ) 7,503 44,117 641 108,961
Noncontrolling interests — — 87,245 — —
Equity issued — — 2,204,585 10,178 —
NON-GAAP FINANCIAL MEASURES RECONCILIATION

Funds From Operations (FFO) and Funds Available for Distribution (FAD)1

(Dollars in thousands, except per share amounts)
Tentative Estimates
Preliminary and Midpoint
YOY Subject to Change YOY
2014 2015 Growth FY2015 - Guidance Growth
Q3 Q4 FY Q1 Q2 Q3 YTD '14-'15 Low High '14-'15E
Net income attributable to common stockholders 2 $ 109,132 $ 107,190 $ 475,767 $ 120,442 $ 149,821 $ 22,852 $ 293,115 $ 413,165 $ 417,186
Net income attributable to common stockholders per share 2 $ 0.37 $ 0.36 $ 1.60 $ 0.37 $ 0.45 $ 0.07 $ 0.88 $ 1.24 $ 1.25
Adjustments:
Depreciation and amortization on real estate assets 171,399 216,239 718,649 214,429 212,908 224,688 652,025 878,000 888,000
Depreciation on real estate assets related to noncontrolling interest (2,503 ) (2,506 ) (10,314 ) (2,052 ) (1,964 ) (1,964 ) (5,980 ) (7,900 ) (8,000 )
Depreciation on real estate assets related to unconsolidated entities 1,471 1,332 5,792 1,462 1,464 1,445 4,371 5,775 5,875
Gain on real estate dispositions (3,625 ) (1,456 ) (17,970 ) (6,686 ) (7,469 ) (265 ) (14,420 ) (22,000 ) (22,500 )
Discontinued operations:
Loss (gain) on real estate dispositions 41 (52 ) (1,494 ) — (277 ) 48 (229 ) (229 ) (229 )
Depreciation and amortization on real estate assets 28,230 23,241 103,250 31,234 34,496 13,878 79,608 79,608 79,608
Subtotal: FFO add-backs 195,013 236,798 797,913 238,387 239,158 237,830 715,375 933,254 942,754
Subtotal: FFO add-backs per share $ 0.66 $ 0.80 $ 2.69 $ 0.72 $ 0.72 $ 0.71 $ 2.15 $ 2.79 $ 2.82
FFO (NAREIT) attributable to common stockholders $ 304,145 $ 343,988 $ 1,273,680 $ 358,829 $ 388,979 $ 260,682 $ 1,008,490

(14

%) $ 1,346,419 $ 1,359,940 6 %
FFO (NAREIT) attributable to common stockholders per share $ 1.03 $ 1.16 $ 4.29 $ 1.09 $ 1.16 $ 0.78 $ 3.03

(24

%) $ 4.03 $ 4.07 (6 %)
Adjustments:
Change in fair value of financial instruments 4,595 485 5,121 (46 ) 70 (18 ) 6 50 (50 )
Non-cash income tax (benefit) expense (1,987 ) (13,851 ) (9,431 ) (7,850 ) (10,389 ) (12,477 ) (30,716 ) (40,000 ) (42,000 )
Loss (gain) on extinguishment of debt, net 2,414 485 5,013 21 (39 ) 16,301 16,283 16,283 16,783
Merger-related expenses, deal costs and re-audit costs 23,401 10,625 54,389 36,002 15,135 100,548 151,685 155,000 153,000
Amortization of other intangibles 255 480 1,246 591 591 438 1,620 2,000 2,100
Subtotal: normalized FFO add-backs 28,678 (1,776 ) 56,338 28,718 5,368 104,792 138,878 133,333 129,833
Subtotal: normalized FFO add-backs per share $ 0.10 $ (0.01 ) $ 0.19 $ 0.09 $ 0.02 $ 0.31 $ 0.42 $ 0.40 $ 0.39
Normalized FFO attributable to common stockholders $ 332,823 $ 342,212 $ 1,330,018 $ 387,547 $ 394,347 $ 365,474 $ 1,147,368

10

% $ 1,479,752 $ 1,489,773 12 %
Normalized FFO attributable to common stockholders per share $ 1.12 $ 1.15 $ 4.48 $ 1.18 $ 1.18 $ 1.09 $ 3.44

(3

%) $ 4.43 $ 4.46 (1%)
Less: Normalized FFO from CCP spin-off (59,398 ) (57,051 ) (250,100 ) (68,701 ) (69,306 ) (35,393 ) (173,400 ) (173,400 ) (173,400 )
Less: Normalized FFO from CCP spin-off per share $ (0.20 ) $ (0.19 ) $ (0.84 ) $ (0.21 ) $ (0.21 ) $ (0.11 ) $ (0.52 ) $ (0.52 ) $ (0.52 )
Comparable Normalized FFO attributable to common stockholders $ 273,425 $ 285,161 $ 1,079,918 $ 318,846 $ 325,041 $ 330,081 $ 973,968

21

% $ 1,306,352 $ 1,316,373 21 %
Comparable Normalized FFO attributable to common stockholders per share $ 0.92 $ 0.96 $ 3.64 $ 0.97 $ 0.97 $ 0.98 $ 2.92

7

% $ 3.91 $ 3.94 8 %
Non-cash items included in normalized FFO:
Amortization of deferred revenue and lease intangibles, net (4,896 ) (4,096 ) (18,871 ) (6,603 ) (7,027 ) (5,682 ) (19,312 ) (23,750 ) (24,250 )
Other non-cash amortization, including fair market value of debt 2,312 304 (312 ) (519 ) 1,428 2,142 3,051 5,150 5,650
Stock-based compensation 5,381 4,202 20,994 6,307 4,885 4,869 16,061 19,600 21,300
Straight-lining of rental income, net (12,413 ) (9,043 ) (38,687 ) (8,679 ) (8,082 ) (8,357 ) (25,118 ) (31,750 ) (32,250 )
Subtotal: non-cash items included in normalized FFO (9,616 ) (8,633 ) (36,876 ) (9,494 ) (8,796 ) (7,028 ) (25,318 ) (30,750 ) (29,550 )
Capital expenditures (21,822 ) (32,527 ) (92,928 ) (22,148 ) (23,520 ) (33,536 ) (79,204 ) (114,000 ) (112,000 )
Normalized FAD attributable to common stockholders $ 301,385 $ 301,052 $ 1,200,214 $ 355,905 $ 362,031 $ 324,910 $ 1,042,846

8

% $ 1,335,002 $ 1,348,223 12 %
Normalized FAD attributable to common stockholders per share $ 1.02 $ 1.01 $ 4.05 $ 1.08 $ 1.08 $ 0.97 $ 3.13

(5

%) $ 4.00 $ 4.04 (1 %)
Less: Normalized FAD from CCP spin-off (55,015 ) (51,535 ) (230,477 ) (61,014 ) (64,080 ) (29,987 ) (155,081 ) (155,081 ) (155,081 )
Less: Normalized FAD from CCP spin-off per share $ (0.19 ) $ (0.17 ) $ (0.78 ) $ (0.19 ) $ (0.19 ) $ (0.09 ) $ (0.47 ) $ (0.46 ) $ (0.46 )
Comparable Normalized FAD attributable to common stockholders $ 246,370 $ 249,517 $ 969,737 $ 294,891 $ 297,951 $ 294,923 $ 887,765

20

% $ 1,179,921 $ 1,193,142 22 %
Comparable Normalized FAD attributable to common stockholders per share $ 0.83 $ 0.84 $ 3.27 $ 0.90 $ 0.89 $ 0.88 $ 2.66

6

% $ 3.53 $ 3.57 9 %
Merger-related expenses, deal costs and re-audit costs (23,401 ) (10,625 ) (54,389 ) (36,002 ) (15,135 ) (100,548 ) (151,685 ) (155,000 ) (153,000 )
FAD attributable to common stockholders $ 277,984 $ 290,427 $ 1,145,825 $ 319,903 $ 346,896 $ 224,362 $ 891,161

(19

%) $ 1,180,002 $ 1,195,223 4 %
FAD attributable to common stockholders per share $ 0.94 $ 0.98 $ 3.86 $ 0.97 $ 1.04 $ 0.67 $ 2.67

(29

%) $ 3.53 $ 3.58 (8 %)
Less: FAD from CCP spin-off (54,454 ) (50,952 ) (228,730 ) (56,454 ) (61,760 ) 7,204 (111,010 ) (111,010 ) (111,010 )
Less: FAD from CCP spin-off per share $ (0.18 ) $ (0.17 ) $ (0.77 ) $ (0.17 ) $ (0.18 ) $ 0.02 $ (0.33 ) $ (0.33 ) $ (0.33 )
Comparable FAD attributable to common stockholders $ 223,530 $ 239,475 $ 917,095 $ 263,449 $ 285,136 $ 231,566 $ 780,151

(4

%) $ 1,068,992 $ 1,084,213 17 %
Comparable FAD attributable to common stockholders per share $ 0.75 $ 0.81 $ 3.09 $ 0.80 $ 0.85 $ 0.69 $ 2.34

(8

%) $ 3.20 $ 3.25 4 %
Weighted average diluted shares 296,495 297,480 296,677 329,203 334,026 336,338 333,210 334,030 334,030
1 Totals and per share amounts may not add due to rounding. Per share quarterly amounts may not add to annual per share amounts due to material changes in the Company’s weighted average diluted share count, if any.

2 CCP impacts calculated based on net income related to discontinued operations, less the de minimis share of discontinued operations net income not related to CCP assets, assuming (1) G&A of $2.5 million in both Q3’14 and Q4’14 ($0.01 per share per quarter), $10.0 million for the full-year of 2014 ($0.03 per share), $2.5 million in Q1’15 and Q2’15 ($0.01 per share per quarter), and $1.3 million in Q3’15 ($0.00 per share) and (2) interest expense of $6.5 million in Q3’14 and Q4’14 ($0.02 per share per quarter), $26.1 million for the full-year 2014 ($0.09 per share), $6.9 million in Q1’15 and Q2’15 ($0.02 per share per quarter), and $4.3 million in Q3’15 ($0.01 per share); these adjustments differ from the respective amounts found in discontinued 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 have historically 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, the Company considers FFO, normalized FFO, FAD and normalized FAD to be appropriate measures of operating performance of an equity REIT. In particular, the Company believes that normalized FFO is useful because it allows investors, analysts and Company management to compare the Company’s 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 unanticipated items and other events such as transactions and litigation. In some cases, the Company provides information about identified non-cash components of FFO and normalized FFO because it allows investors, analysts and Company management to assess the impact of those items on the Company’s financial results.

The Company uses the 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 gain 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. The Company defines 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 the Company’s debt; (c) the non-cash effect of income tax benefits or expenses and derivative transactions that have non-cash mark-to-market impacts on the Company’s income statement; (d) except as specifically stated in the case of guidance, the impact of future acquisitions or divestitures (including pursuant to tenant options to purchase) and capital transactions; (e) the financial impact of contingent consideration, charitable donations made to the Ventas Charitable Foundation, gains and losses for non-operational foreign currency hedge agreements and changes in the fair value of financial instruments; and (f) expenses related to the re-audit and re-review in 2014 of the Company’s historical financial statements and related matters. Normalized FAD represents normalized FFO excluding non-cash components, straight-line rental adjustments and deducting capital expenditures, including tenant allowances and leasing commissions. FAD represents normalized FAD after subtracting merger-related expenses, deal costs and re-audit costs.

FFO, normalized FFO, FAD and normalized FAD presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definitions. FFO, normalized FFO, FAD and normalized FAD should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company’s financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO, normalized FFO, FAD and normalized FAD should be examined in conjunction with net income as presented elsewhere herein.

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Net Debt to Adjusted Pro Forma EBITDA

The following information considers the pro forma effect on net income of the Company’s investments and other capital transactions that were completed during the three months ended September 30, 2015, as if the transactions had been consummated as of the beginning of the period. The following table illustrates net debt to pro forma earnings before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense), excluding gains or losses on extinguishment of debt, income or loss from noncontrolling interest and unconsolidated entities (excluding cash distributions), merger-related expenses and deal costs, expenses related to the re-audit and re-review in 2014 of the Company’s historical financial statements, net gains on real estate activity and changes in the fair value of financial instruments (including amounts in discontinued operations) (“Adjusted Pro Forma EBITDA”) (dollars in thousands):
Net income attributable to common stockholders $ 22,852
Pro forma adjustments for current period investments, capital transactions and dispositions 5,217
Pro forma net income for the three months ended September 30, 2015 28,069
Add back:
Pro forma interest 92,887
Pro forma depreciation and amortization 229,383
Stock-based compensation 4,869
Gain on real estate dispositions (217 )
Loss on extinguishment of debt, net 15,331
Pro forma income from unconsolidated entities (2,143 )
Pro forma noncontrolling interest 265
Income tax benefit (10,697 )
Change in fair value of financial instruments (18 )
Other taxes 644
Merger-related expenses, deal costs and re-audit costs 99,802
Adjusted Pro Forma EBITDA 458,175
Adjusted Pro Forma EBITDA annualized $ 1,832,700
As of September 30, 2015:
Debt $ 11,268,560
Cash, adjusted for cash escrows pertaining to debt (84,835 )
Net debt $ 11,183,725
Net debt to Adjusted Pro Forma EBITDA 6.1 x
NON-GAAP FINANCIAL MEASURES RECONCILIATION 1, 2
NOI by Segment
(In thousands)
2015 Quarters 2014 Quarters
Third Second First Fourth Third
Revenues
Triple-Net
Triple-Net Rental Income $ 201,028 $ 182,006 $ 188,557 $ 174,500 $ 170,873
Medical Office Buildings
Medical Office - Stabilized 130,573 129,145 123,210 104,170 103,780
Medical Office - Lease up 8,611 8,129 8,429 6,675 6,767
Medical Office - Other 3,571 3,198 5,421 6,123 6,139
Total Medical Office Buildings - Rental Income 142,755 140,472 137,060 116,968 116,686
Total Rental Income 343,783 322,478 325,617 291,468 287,559
Medical Office Building Services Revenue 8,459 7,749 8,858 9,218 5,937
Total Medical Office Buildings - Revenue 151,214 148,221 145,918 126,186 122,623
Triple-Net Services Revenue 1,011 1,139 1,136 1,136 1,136
Non-Segment Services Revenue 530 520 549 770 500
Total Medical Office Building and Other Services Revenue 10,000 9,408 10,543 11,124 7,573
Seniors Housing Operating
Seniors Housing - Stabilized 437,816 438,110 431,890 398,855 385,511
Seniors Housing - Lease up 17,009 16,535 15,024 12,083 10,109
Seniors Housing - Other — — — 232 627
Total Resident Fees and Services 454,825 454,645 446,914 411,170 396,247
Non-Segment Income from Loans and Investments 18,924 25,215 22,053 14,876 13,186
Total Revenues, excluding Interest and Other Income 827,532 811,746 805,127 728,638 704,565
Property-Level Operating Expenses
Medical Office Buildings
Medical Office - Stabilized 38,593 38,490 36,808 33,332 34,807
Medical Office - Lease up 3,013 3,087 3,242 2,509 2,738
Medical Office - Other 1,699 1,833 2,387 2,970 3,717
Total Medical Office Buildings 43,305 43,410 42,437 38,811 41,262
Seniors Housing Operating
Seniors Housing - Stabilized 290,619 286,321 286,277 262,915 256,702
Seniors Housing - Lease up 13,921 12,931 12,085 10,421 7,972
Seniors Housing - Other — — — 227 600
Total Seniors Housing 304,540 299,252 298,362 273,563 265,274
Total Property-Level Operating Expenses 347,845 342,662 340,799 312,374 306,536
Medical Office Building Services Costs 6,416 5,764 6,918 7,527 4,568
Net Operating Income
Triple-Net
Triple-Net Properties 201,028 182,006 188,557 174,500 170,873
Triple-Net Services Revenue 1,011 1,139 1,136 1,136 1,136
Total Triple-Net 202,039 183,145 189,693 175,636 172,009
Medical Office Buildings
Medical Office - Stabilized 91,980 90,655 86,402 70,838 68,973
Medical Office - Lease up 5,598 5,042 5,187 4,166 4,029
Medical Office - Other 1,872 1,365 3,034 3,153 2,422
Medical Office Building Services 2,043 1,985 1,940 1,691 1,369
Total Medical Office Buildings 101,493 99,047 96,563 79,848 76,793
Seniors Housing Operating
Seniors Housing - Stabilized 147,197 151,789 145,613 135,940 128,809
Seniors Housing - Lease up 3,088 3,604 2,939 1,662 2,137
Seniors Housing - Other — — — 5 27
Total Seniors Housing 150,285 155,393 148,552 137,607 130,973
Non-Segment 19,454 25,735 22,602 15,646 13,686
Net Operating Income $ 473,271 $ 463,320 $ 457,410 $ 408,737 $ 393,461
1 Amounts above are adjusted to exclude discontinued operations for all periods presented.
2 Amounts above are not restated for changes between categories from quarter to quarter.
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(Dollars in thousands)
Total Portfolio Same-Store Constant Currency Cash NOI
For the Three Months Ended
September 30,
2015 2014
Net Operating Income $ 473,271 $ 393,461
Adjustments:
NOI Not Included in Same-Store (85,282 ) (22,699 )
Straight-Lining of Rental Income (8,342 ) (12,376 )
Non-Cash Rental Income (3,879 ) (1,776 )
Non-Segment NOI (19,453 ) (13,686 )
Constant Currency Adjustment — (1,296 )
(116,956 ) (51,833 )
Constant Currency NOI as Reported $ 356,315 $ 341,628
Percentage Increase 4.3 %
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(Dollars in thousands)
Total Portfolio Same-Store Constant Currency Cash NOI
For the Nine Months Ended
September 30,
2015 2014
Net Operating Income $ 1,394,001 $ 1,151,333
Adjustments:
Lease Modification Fee 5,200 —
NOI Not Included in Same-Store (239,385 ) (66,491 )
Straight-Lining of Rental Income (25,047 ) (29,545 )
Non-Cash Rental Income (11,292 ) (3,727 )
Non-Segment NOI (67,791 ) (38,402 )
Constant Currency Adjustment — (2,316 )
(338,315 ) (140,481 )
Constant Currency NOI as Reported $ 1,055,686 $ 1,010,852
Percentage Increase 4.4 %
NON-GAAP FINANCIAL MEASURES RECONCILIATION
(Dollars in thousands)
Senior Housing Operating Portfolio Same-Store Constant Currency NOI
For the Three Months Ended
September 30,
2015 2014
Net Operating Income $ 150,285 $ 130,973
Less:
NOI Not Included in Same-Store (24,571 ) (8,122 )
Constant Currency Adjustment — (1,076 )
(24,571 ) (9,198 )
Constant Currency NOI as Reported $ 125,714 $ 121,775
Percentage Increase 3.2 %

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Ventas, Inc.

Ryan K. Shannon

(877) 4-VENTAS

Source: Ventas, Inc.

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