Companies: 10,652     total market cap: $140.272 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Ventas
VTR
#673
Rank
$36.36 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$77.41
Share price
-0.33%
Change (1 day)
28.01%
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 2019

Ventas - 10-K annual report 2019


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-K
(Mark One)
 
 
 
 
 
☒
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 
For the fiscal year ended
December 31, 2019
 
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
 
61-1055020
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
353 N. Clark Street, Suite 3300
Chicago, Illinois
United States
(Address of Principal Executive Offices)
60654 (Zip Code)
Not Applicable
 
 
877
 483-6827
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
 
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:    
Trading symbol:
 
Class of Common Stock:
 
Name of exchange on which registered:
VTR
 
Common Stock, $0.25 par value
 
New York Stock Exchange
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 of 1934 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 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 28, 2019, based on a closing price of the common stock of $68.35 as reported on the New York Stock Exchange, was $25.1 billion. 
As of February 17, 2020, there were 372,860,471 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 19, 2020 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, 2019 and for the year ending December 31, 2020;

•
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 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 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 and Ardent 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.

Kindred, Atria Senior Living, Inc. (“Atria”), Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) and
Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) are not currently subject to the reporting requirements of the SEC. The information related to Kindred, Atria, Sunrise and Ardent 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 Kindred, Atria, Sunrise or Ardent, 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
31
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
62
Item 8.
Financial Statements and Supplementary Data
63
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
158
Item 9A.
Controls and Procedures
158
Item 9B.
Other Information
158
PART III
Item 10.
Directors, Executive Officers and Corporate Governance
158
Item 11.
Executive Compensation
158
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
158
Item 13.
Certain Relationships and Related Transactions, and Director Independence
158
Item 14.
Principal Accountant Fees and Services
159
PART IV
Item 15.
Exhibits and Financial Statement Schedules
160
Item 16.
Form 10-K Summary
168


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, 2019, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had 22 properties under development, including four properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois.

We primarily invest in seniors housing, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers.

As of December 31, 2019, we leased a total of 412 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. 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 122 properties (excluding two properties managed by Brookdale Senior Living pursuant to long-term management agreements), 11 properties and 32 properties, respectively, as of December 31, 2019.

As of December 31, 2019, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) to manage 406 seniors housing communities for us.

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 of High-Quality Assets

We believe that maintaining a balanced portfolio of high-quality assets diversified by investment type, geographic location, asset type, tenant or 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.

2019 Highlights

Investments and Dispositions

•
In June 2019, we provided new secured debt financing of $490 million to certain subsidiaries of Colony Capital, Inc. The London Inter-bank Offered Rate (“LIBOR”) based debt financing has a five-year term (inclusive of three one-year extension options). In connection with this transaction, our previous secured loan to certain subsidiaries of Colony Capital, Inc. of $282 million was paid in full.

•
In September 2019, we acquired an 87% interest in 34 Canadian seniors housing communities (including five in-process developments) valued at $1.8 billion through an equity partnership (the “LGM Acquisition”) with Le Groupe Maurice (“LGM”).  The portfolio continues to be managed by LGM.  We also have rights to fund and own all additional developments under an exclusive pipeline agreement with LGM.

•
During 2019, we also acquired four properties and one vacant land parcel for an aggregate purchase price of $237.0 million.

•
During 2019, we sold 24 properties and our leasehold interest in one vacant land parcel for aggregate consideration of $147.5 million and recognized a gain on the sales of these assets of $26.0 million.

Liquidity and Capital

•
In January 2019, we established an unsecured commercial paper program. Under the terms of the program, we may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion.

•
During 2019, we (a) repaid or redeemed $1.7 billion aggregate principal then outstanding of our senior notes with a weighted average coupon of 3.7% and maturities between 2019 and 2043; (b) repaid $100.0 million of the balance outstanding on the $300.0 million unsecured term loan that matures in 2023; and (c) repaid in full the $600.0 million unsecured term loan that was set to mature in 2024.

•
During 2019, we (a) entered into a new C$500 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025; (b) issued a total of $2.3 billion of senior notes with a fixed coupon of 3.2% and maturities between 2024 and 2049; and (c) issued C$300 million floating rate senior notes maturing in 2021.

•
During 2019, we sold an aggregate of 15.4 million shares of common stock under both a registered public offering and our “at-the-market” equity offering program for average gross proceeds of $63.45 per share.
    



2

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, 2019:
 
 
 
 
 
 
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
 
734

 
70,633

 
$18,192,047
 
63.1
%
 
$
257.6

 
$2,618,601
 
67.8
%
MOBs(3)
 
347

 
19,863,529

 
5,709,478

 
19.8

 
0.3

 
593,730

 
15.3

Research and innovation centers
 
34

 
6,300,841

 
2,409,541

 
8.4

 
0.4

 
253,488

 
6.5

IRFs and LTACs
 
37

 
3,106

 
459,535

 
1.6

 
148.0

 
160,658

 
4.1

Health systems
 
12

 
2,064

 
1,517,814

 
5.3

 
735.4

 
117,496

 
3.0

SNFs
 
16

 
1,732

 
201,700

 
0.7

 
116.5

 
23,845

 
0.6

Development properties and other
 
18

 
 
 
326,985

 
1.1

 
 
 
 
 
 
Total real estate investments, at cost
 
1,198

 
 
 
$
28,817,100

 
100.0
%
 
 
 


 


Income from loans and investments
 
 
 
 
 
 
 
 
 
 
 
89,201

 
2.3

Interest and other income
 
 

 
 

 
 
 


 
 

 
10,984

 
0.3

Revenues related to assets classified as held for sale
 
15

 
 
 
 
 
 
 
 
 
4,747

 
0.1

Total revenues
 
 

 
 

 


 


 
 

 
$
3,872,750

 
100.0
%

(1) 
As of December 31, 2019, we also owned five 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 85 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 skilled nursing facilities (“SNFs”) are generally measured by licensed bed count.
(3) 
As of December 31, 2019, we leased 63 of our consolidated MOBs pursuant to triple-net leases, Lillibridge or PMBRES managed 273 of our consolidated MOBs and 11 of our consolidated MOBs were managed by six unaffiliated managers. Through Lillibridge, we also provided management and leasing services for 74 MOBs owned by third parties as of December 31, 2019.

Seniors Housing and Healthcare Properties

As of December 31, 2019, we owned a total of 1,201 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
710

 
38

 
5

 
753

MOBs
313

 
35

 
1

 
349

Research and innovation centers
22

 
12

 
—

 
34

IRFs and LTACs

36

 
1

 
—

 
37

Health systems
12

 
—

 
—

 
12

SNFs
16

 
—

 
—

 
16

Total
1,109

 
86

 
6

 
1,201

    
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

3

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, 2019, we owned or managed for third parties approximately 21 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 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 16 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.


4

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, 2019.

Loans and Investments

As of December 31, 2019, we had $1.0 billion 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, 2019, we had 22 properties under development pursuant to these agreements, including four 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 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, 2019 (excluding properties classified as held for sale and properties owned by investments in unconsolidated entities as of December 31, 2019):
 
Number of
Properties Leased
or Managed
 
Percent of Total Real Estate Investments (1)
 
Percent of Total Revenues
 
Percent of NOI
Senior living operations
401

 
43.4
%
 
55.8
%
 
31.1
%
Brookdale Senior Living (2)
121

 
7.7

 
4.7

 
8.7

Ardent
11

 
4.7

 
3.1

 
5.8

Kindred
32

 
1.0

 
3.3

 
6.3


(1)
Based on gross book value.
(2)
Excludes two properties managed by Brookdale Senior Living pursuant to long-term management agreements 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

5

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, 2019. If Brookdale Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all. 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, 2019, we leased 121 consolidated properties (excluding two properties managed by Brookdale Senior Living pursuant to long-term management agreements 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, 2019, the aggregate 2020 contractual cash rent due to us from Brookdale Senior Living, including a reduction for an annual rent credit equal to $7.0 million, was approximately $182.8 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 $184.1 million.

Ardent Lease

As of December 31, 2019, we leased 10 properties (excluding one MOB leased to Ardent under a separate lease) 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 (“CPI”) 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, 2019, the aggregate 2020 contractual cash rent due to us from Ardent was approximately $120.9 million, and the current aggregate contractual base rent (computed in accordance with GAAP) due to us from Ardent was also approximately $120.9 million.

Our 9.8% ownership interest in Ardent entitles us to customary 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, 2019, 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, 2019, the aggregate 2020 contractual cash rent due to us from Kindred was approximately $127.4 million, and the current aggregate contractual base rent (computed in accordance with GAAP) due to us from Kindred was approximately $129.4 million. 

6

Senior Living Operations

As of December 31, 2019, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 260 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 have initial terms expiring between 2024 and 2027, and our management agreements with Sunrise have terms expiring between 2030 and 2038. In some cases, our management agreements include renewal provisions.

Because Atria and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. 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, to provide accurate property-level financials results 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 or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or equity ownership or any adverse developments in their businesses or financial condition could have a Material Adverse Effect on us. See “Risk Factors—Risks Arising from Our Business—The properties managed by Atria and Sunrise account for a significant portion of our revenues and operating income; adverse developments in Atria’s and Sunrise’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 and Sunrise in whole or with respect to specific properties under certain circumstances, and we may be unable to replace Atria or Sunrise 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 interest in Atria entitles us to customary rights and protections, as well as the right to appoint two of six members on the Atria Board of Directors.
    
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.


7

Employees

As of December 31, 2019, we had 516 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. 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.

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 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.


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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.

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

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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.


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Medicare’s fraud, waste, and abuse initiatives continue to be refined and refocused. Moratoria on new home health providers obtaining Medicare provider status and higher fees for labs show that the federal government will take actions to contain the number of providers that can bill Medicare in areas where wasteful billing is believed to exist. 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.

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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 continued litigation regarding Texas v Azar may result in some or all of the ACA being invalidated. Such a determination could leave uninsured the roughly twenty million people currently covered by health insurance exchange qualified plans or by Medicaid expansion.

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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 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.

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In 2019, federal regulators took a number of steps that could impact the operation of SNFs. For example, the federal government now publicly posts a large number of SNFs that are suspected of providing substandard care. A regulation proposed at the end of 2019, if finalized as proposed, would curb state provider taxes and fees that leverage the federal Medicaid match to deliver greater net funding to institutional provider such as SNFs. Moves to further regulate SNFs in 2020 are possible.

For the year ended December 31, 2019, approximately 7.3% of our total revenues and 13.3% 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.

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

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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 2019 and do not expect that we will be required to make any such material capital expenditures during 2020.    

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:

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Risks arising from our business;

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Risks arising from our capital structure; and

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Risks arising from our status as a REIT.

Risks Arising from Our Business

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

As of December 31, 2019, Atria and Sunrise, collectively, managed 260 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 and Sunrise’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 and Sunrise 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 and Sunrise’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 or Sunrise to enhance its pay and benefits package to compete effectively for such personnel, but it may not be able to offset these added

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costs by increasing the rates charged to residents. Any increase in labor costs and other property operating expenses, any failure by Atria or Sunrise to attract and retain qualified personnel, or significant changes in Atria’s or Sunrise’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 and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. However, any adverse developments in Atria’s and Sunrise’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 or Sunrise 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.

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.


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

We are parties to long-term management agreements pursuant to which Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 260 of our consolidated seniors housing communities as of December 31, 2019. 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 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 and Sunrise 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 Atria 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, 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 and Sunrise. 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 or Sunrise 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 or Sunrise as the manager of our seniors 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.

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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.

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.


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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.

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.


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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.

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

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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.

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.

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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 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

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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 and Kindred. 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.

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 by litigation that may invalidate some or all of the ACA, or waiver programs that reduce the number of people with Medicaid coverage in a given state. 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.

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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 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.

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, 2019, we owned 35 MOBs, 12 research and innovation centers, 38 seniors housing communities and one IRF through consolidated joint ventures, and we had 25% ownership interests in five 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 Eclipse Senior Living and a 9.8% interest in Ardent as of December 31, 2019. 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.


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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 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

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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 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.

The decision of the United Kingdom to exit the European Union could adversely affect our business, financial condition and results of operations.

In 2019, we derived 1.3% of our NOI from the United Kingdom. The decision made in the British referendum of June 23, 2016 to leave the European Union, commonly referred to as “Brexit,” has led to volatility in the financial markets of the United Kingdom (the “U.K.”), and more broadly across Europe and may also lead to weakening in consumer, corporate and financial confidence in such markets. The U.K. government initiated the official EU withdrawal process on March 29, 2017, and the exit from the EU was expected to occur by the end of March 2019. However, the withdrawal was extended several times due to deadlock in negotiations. On January 29, 2020, the U.K. Parliament approved a withdrawal agreement submitted on January 22, 2020, and the U.K. officially withdrew from the EU on January 31, 2020. There is a transition period through December 2020, with an option to extend an additional one to two years, to allow for businesses and individuals to adjust to its

25

changes, during which all EU regulations will continue to apply to the U.K. Trade negotiations are expected to begin in early March 2020, but the nature of the economic relationship between the EU and U.K. remains uncertain, and there is no guarantee that both parties will be able to reach an agreement before the transition period expires. This Brexit decision has created political and economic uncertainty, particularly in the U.K. and the EU, and this uncertainty may last for years. Our business could be affected during this period of uncertainty, and perhaps longer, by the impact of the U.K. referendum. In addition, our business could be negatively affected by new trade agreements between the U.K. and other countries, including the U.S., and by the possible imposition of trade or other regulatory barriers in the U.K. These possible negative impacts, and others resulting from the U.K.’s withdrawal from the EU, could adversely affect our and our tenants’ businesses, financial conditions and results of operations.

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 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

26

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, 2019, approximately 34.8% of our total NOI was derived from properties located in California (13.8%), New York (6.4%), Texas (5.9%), Illinois (4.6%) and Pennsylvania (4.1%). 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.

Risks Arising from Our Capital Structure

We may become more leveraged.

As of December 31, 2019, we had approximately $12.2 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:

•
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;

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


27

•
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. While there is no consensus on what rate or rates may become accepted alternatives to LIBOR, the Alternative Reference Rates Committee, a steering committee comprised of U.S. financial market participants, selected the Secured Overnight Finance Rate (“SOFR”) as an alternative to LIBOR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market, and the Federal Reserve Bank of New York started to publish the SOFR in May 2018. At this time, it is impossible to predict whether the SOFR or another reference rate will become an accepted alternative to LIBOR. The discontinuation, reform or replacement of LIBOR or any other benchmark rates may have an unpredictable impact on contractual mechanics in the credit markets or cause disruption to the broader financial markets, and could have an adverse effect on LIBOR-based interest rates on our current or future debt obligations.

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

28

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:

•
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;

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

•
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.

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.


29

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.

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.


30

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.

ITEM 1B.    Unresolved Staff Comments

None.


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ITEM 2.    Properties

Seniors Housing and Healthcare Properties

As of December 31, 2019, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had 22 properties under development, including four 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, 2019, we had $2.0 billion aggregate principal amount of mortgage loan indebtedness outstanding, secured by 84 of our properties. Excluding those portions attributed to our joint venture partners, our share of mortgage loan indebtedness outstanding was $1.8 billion.

The following table provides additional information regarding the geographic diversification of our portfolio of properties as of December 31, 2019 (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
5

 
324

 
—

 
—

 
4

 
469

 
—

 
—

 
—

 
—

 
—

 
—

Arizona
27

 
2,316

 
—

 
—

 
15

 
962

 
—

 
—

 
1

 
60

 
—

 
—

Arkansas
4

 
302

 
—

 
—

 
1

 
5

 
—

 
—

 
—

 
—

 
—

 
—

California
81

 
9,048

 
—

 
—

 
29

 
2,371

 
—

 
—

 
6

 
503

 
—

 
—

Colorado
15

 
1,257

 
1

 
82

 
13

 
896

 
—

 
—

 
1

 
68

 
—

 
—

Connecticut
13

 
1,587

 
—

 
—

 
—

 
—

 
2

 
1,033

 
—

 
—

 
—

 
—

District of Columbia
—

 
—

 
—

 
—

 
2

 
102

 
—

 
—

 
—

 
—

 
—

 
—

Florida
44

 
4,181

 
—

 
—

 
11

 
223

 
1

 
252

 
6

 
508

 
—

 
—

Georgia
18

 
1,635

 
—

 
—

 
14

 
1,201

 
—

 
—

 
—

 
—

 
—

 
—

Idaho
1

 
70

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Illinois
25

 
2,955

 
1

 
82

 
36

 
1,447

 
1

 
129

 
4

 
430

 
—

 
—

Indiana
5

 
402

 
—

 
—

 
23

 
1,602

 
—

 
—

 
1

 
59

 
—

 
—

Kansas
8

 
515

 
—

 
—

 
1

 
33

 
—

 
—

 
—

 
—

 
—

 
—

Kentucky
9

 
805

 
—

 
—

 
4

 
173

 
—

 
—

 
1

 
384

 
—

 
—

Louisiana
1

 
58

 
—

 
—

 
5

 
362

 
—

 
—

 
—

 
—

 
—

 
—

Maine
6

 
452

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Maryland
5

 
352

 
—

 
—

 
2

 
83

 
5

 
467

 
—

 
—

 
—

 
—

Massachusetts
15

 
1,789

 
—

 
—

 
—

 
—

 
1

 
78

 
—

 
—

 
—

 
—

Michigan
21

 
1,345

 
—

 
—

 
13

 
589

 
—

 
—

 
—

 
—

 
—

 
—

Minnesota
14

 
856

 
—

 
—

 
4

 
241

 
—

 
—

 
—

 
—

 
—

 
—

Mississippi
—

 
—

 
—

 
—

 
1

 
51

 
—

 
—

 
—

 
—

 
—

 
—

Missouri
2

 
154

 
—

 
—

 
21

 
1,167

 
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

 
451

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
123

 
4

 
544

New York
40

 
4,639

 
—

 
—

 
4

 
244

 
—

 
—

 
—

 
—

 
—

 
—

North Carolina
22

 
1,314

 
—

 
—

 
17

 
831

 
8

 
1,538

 
1

 
124

 
—

 
—

North Dakota
2

 
115

 
—

 
—

 
1

 
114

 
—

 
—

 
—

 
—

 
—

 
—

Ohio
19

 
1,194

 
—

 
—

 
28

 
1,225

 
—

 
—

 
1

 
50

 
—

 
—

Oklahoma
7

 
439

 
—

 
—

 
1

 
80

 
—

 
—

 
—

 
—

 
4

 
954

Oregon
29

 
2,583

 
—

 
—

 
1

 
105

 
—

 
—

 
—

 
—

 
—

 
—

Pennsylvania
30

 
2,201

 
4

 
620

 
9

 
713

 
5

 
953

 
1

 
52

 
—

 
—

Rhode Island
4

 
399

 
—

 
—

 
—

 
—

 
3

 
580

 
—

 
—

 
—

 
—

South Carolina
6

 
433

 
—

 
—

 
20

 
1,092

 
—

 
—

 
—

 
—

 
—

 
—

South Dakota
4

 
182

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Tennessee
18

 
1,400

 
—

 
—

 
7

 
278

 
—

 
—

 
1

 
49

 
—

 
—

Texas
45

 
3,578

 
—

 
—

 
16

 
837

 
—

 
—

 
9

 
584

 
1

 
445

Utah
3

 
321

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Virginia
8

 
655

 
—

 
—

 
5

 
231

 
3

 
453

 
—

 
—

 
—

 
—

Washington
23

 
2,230

 
5

 
469

 
10

 
579

 
—

 
—

 
—

 
—

 
—

 
—

West Virginia
2

 
124

 
4

 
326

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Wisconsin
45

 
2,218

 
—

 
—

 
21

 
1,105

 
—

 
—

 
—

 
—

 
—

 
—

Wyoming
2

 
169

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total U.S.
652

 
56,992

 
16

 
1,732

 
347

 
19,864

 
34

 
6,301

 
37

 
3,106


9


1,943

Canada
70

 
12,865

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

United Kingdom
12

 
776

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3

 
121

Total
734

 
70,633

 
16

 
1,732

 
347

 
19,864

 
34

 
6,301

 
37

 
3,106


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 17, 2020, we had 372.9 million shares of our common stock outstanding held by approximately 3,926 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 2020.

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, 2019:
 
Number of Shares
Repurchased (1)
 
Average Price
Per Share
October 1 through October 31
13,085

 
$
71.14

November 1 through November 30
181

 
$
59.20

December 1 through December 31
21,091

 
$
57.08


(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, 2014 through December 31, 2019, 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, 2014 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.
 
12/31/2014
 
12/31/2015
 
12/31/2016
 
12/31/2017
 
12/31/2018
 
12/31/2019
Ventas
$100
 
$94
 
$110
 
$110
 
$114
 
$118
NYSE Composite Index
$100
 
$96
 
$108
 
$128
 
$117
 
$147
Composite REIT Index
$100
 
$102
 
$112
 
$122
 
$117
 
$150
S&P 500 Index
$100
 
$101
 
$113
 
$138
 
$132
 
$174

chart-7546c48c7887535dbdb.jpg

36

ITEM 6.    Selected Financial Data

The selected financial data has been derived from our audited Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K and previous Annual Reports on Form 10- K. 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,
 
2019
 
2018
 
2017
 
2016
 
2015
 
(Dollars in thousands, except per share data)
Operating Data
 
 
 
 
 
 
 
 
 
Rental income
$
1,609,876

 
$
1,513,807

 
$
1,593,598

 
$
1,476,176

 
$
1,346,046

Resident fees and services
2,151,533

 
2,069,477

 
1,843,232

 
1,847,306

 
1,811,255

Interest expense
451,662

 
442,497

 
448,196

 
419,740

 
367,114

Property-level operating expenses
1,808,208

 
1,689,880

 
1,483,072

 
1,434,762

 
1,383,640

General, administrative and professional fees
165,996

 
151,982

 
135,490

 
126,875

 
128,035

Income from continuing operations
439,297

 
415,991

 
1,361,222

 
652,412

 
408,119

Net income attributable to common stockholders
433,016

 
409,467

 
1,356,470

 
649,231

 
417,843

Per Share Data
 
 
 
 
 
 
 
 
 
Income from continuing operations:
 
 
 
 
 
 
 
 
 
Basic
$
1.20

 
$
1.17

 
$
3.83

 
$
1.89

 
$
1.24

Diluted
$
1.19

 
$
1.16

 
$
3.80

 
$
1.87

 
$
1.22

Net income attributable to common stockholders:
 
 
 
 
 
 
 
 
 
Basic
$
1.18

 
$
1.15

 
$
3.82

 
$
1.88

 
$
1.26

Diluted
$
1.17

 
$
1.14

 
$
3.78

 
$
1.86

 
$
1.25

Other Data
 
 
 
 
 
 
 
 
 
Net cash provided by operating activities
$
1,437,783

 
$
1,381,467

 
$
1,428,752

 
$
1,354,702

 
$
1,402,003

Net cash (used in) provided by investing activities
(1,585,299
)
 
324,496

 
(937,107
)
 
(1,214,280
)
 
(2,420,740
)
Net cash provided by (used in) financing activities
160,674

 
(1,761,937
)
 
(671,327
)
 
96,838

 
1,023,058

FFO (1)
1,436,049

 
1,308,149

 
1,512,885

 
1,440,544

 
1,365,408

Normalized FFO (1)
1,423,047

 
1,462,055

 
1,491,241

 
1,438,643

 
1,493,683

Balance Sheet Data
 
 
 
 
 
 
 
 
 
Real estate property, gross
$
28,817,100

 
$
26,476,938

 
$
26,260,553

 
$
25,380,524

 
$
23,855,137

Cash and cash equivalents
106,363

 
72,277

 
81,355

 
286,707

 
53,023

Total assets
24,692,208

 
22,584,555

 
23,954,541

 
23,166,600

 
22,261,918

Senior notes payable and other debt
12,158,773

 
10,733,699

 
11,276,062

 
11,127,326

 
11,206,996


(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

37

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 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 2019 highlights;

•
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, 2019, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office

38

buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had 22 properties under development, including four 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, 2019, we leased a total of 412 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. 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 122 properties (excluding two properties managed by Brookdale Senior Living pursuant to long-term management agreements), 11 properties and 32 properties, respectively, as of December 31, 2019

As of December 31, 2019, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) to manage 406 seniors housing communities for us.

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, 2019, our consolidated portfolio included 100% ownership interests in 1,109 properties and controlling joint venture interests in 86 properties, and we had non-controlling ownership interests in six properties through investments in unconsolidated entities. Through Lillibridge, we provided management and leasing services to third parties with respect to 74 MOBs as of December 31, 2019.

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.

2019 Highlights

For information regarding our 2019 highlights, 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.    

Accounting for Real Estate Acquisitions    

When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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.

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.

Intangibles primarily include the value of in-place leases and acquired lease contracts. 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.

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

40

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.    

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. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets.    

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 real estate 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.     

Estimates of fair value used in our evaluation of investments in real estate are based upon discounted future cash flow projections, if necessary, 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.

Revenue Recognition    

We recognize rental revenues under our leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions.
    
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

41

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

    We adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, which introduced a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification.

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

Upon adoption, we recognized both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We now also report revenues and expenses within our triple-net leased properties reportable business segment for real estate taxes and insurance that are escrowed and obligations of the tenants in accordance with their respective leases with us. This reporting had no impact on our net income. Resident leases within our senior living operations reportable business segment and office leases also contain service elements. We elected the practical expedient to account for our resident and office leases as a single lease component. Also, we now expense certain leasing costs, other than leasing commissions, as they are incurred. Prior to the adoption of ASC 842, GAAP provided for the deferral and amortization of such costs over the applicable lease term. We are continuing to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms.

As of January 1, 2019 we recognized operating lease assets of $361.7 million on our Consolidated Balance Sheets which includes the present value of minimum lease payments as well as certain existing above and/or below market lease intangible values associated with such leases. Also upon adoption, we recognized operating lease liabilities of $216.9 million on our Consolidated Balance Sheets. The present value of minimum lease payments was calculated on each lease using a discount rate that approximates our incremental borrowing rate primarily adjusted for the length of the individual lease terms. As of the January 1, 2019 adoption date, we utilized discount rates ranging from 6.15% to 7.60% for our ground leases.
    
Upon adoption, we recognized a cumulative effect adjustment to retained earnings of $0.6 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018.


42

Results of Operations

As of December 31, 2019, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, 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 net operating income (“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. 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 NOI.

43

Years Ended December 31, 2019 and 2018

The table below shows our results of operations for the years ended December 31, 2019 and 2018 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,
 
Increase (Decrease) to Net Income
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Segment NOI:
 
 
 
 
 
 
 
Triple-net leased properties
$
754,337

 
$
740,318

 
$
14,019

 
1.9
 %
Senior living operations
630,135

 
623,276

 
6,859

 
1.1

Office operations
574,157

 
538,506

 
35,651

 
6.6

All other
92,610

 
127,520

 
(34,910
)
 
(27.4
)
Total segment NOI
2,051,239

 
2,029,620

 
21,619

 
1.1

Interest and other income
10,984

 
24,892

 
(13,908
)
 
(55.9
)
Interest expense
(451,662
)
 
(442,497
)
 
(9,165
)
 
(2.1
)
Depreciation and amortization
(1,045,620
)
 
(919,639
)
 
(125,981
)
 
(13.7
)
General, administrative and professional fees
(165,996
)
 
(151,982
)
 
(14,014
)
 
(9.2
)
Loss on extinguishment of debt, net
(41,900
)
 
(58,254
)
 
16,354

 
28.1

Merger-related expenses and deal costs
(15,235
)
 
(30,547
)
 
15,312

 
50.1

Other
17,609

 
(66,768
)
 
84,377

 
nm

Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
359,419

 
384,825

 
(25,406
)
 
(6.6
)
Loss from unconsolidated entities
(2,454
)
 
(55,034
)
 
52,580

 
95.5

Gain on real estate dispositions
26,022

 
46,247

 
(20,225
)
 
(43.7
)
Income tax benefit
56,310

 
39,953

 
16,357

 
40.9

Income from continuing operations
439,297

 
415,991

 
23,306

 
5.6

Discontinued operations
—

 
(10
)
 
10

 
nm

Net income
439,297

 
415,981

 
23,316

 
5.6

Net income attributable to noncontrolling interests
6,281

 
6,514

 
233

 
3.6

Net income attributable to common stockholders
$
433,016

 
$
409,467

 
23,549

 
5.8


nm—not meaningful

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, 2019, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
780,898

 
$
737,796

 
$
43,102

 
5.8
%
Other services revenue
—

 
2,522

 
(2,522
)
 
nm

Less: Property-level operating expenses
(26,561
)
 
—

 
(26,561
)
 
nm

Segment NOI
$
754,337

 
$
740,318

 
14,019

 
1.9

nm—not meaningful

44

In our triple-net leased properties reportable business 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.

Pursuant to our adoption of ASC 842 on January 1, 2019, we now report revenues and property-level operating expenses within our triple-net leased properties reportable business segment for real estate tax and insurance expenses that are paid from escrows collected from our tenants. For further information regarding our adoption of ASC 842, 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.

Triple-net leased properties segment NOI increased in 2019 over the prior year primarily due to the second quarter 2018 non-cash expense of $21.3 million related to the Brookdale Senior Living lease extensions and net increases in rent, partially offset by fewer assets in the portfolio due to dispositions and operator transitions of seniors housing communities from triple-net leased properties to senior living operations.

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, 2019 for the trailing 12 months ended September 30, 2019 (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, 2018 for the 12 months ended September 30, 2018. The table excludes non-stabilized properties, properties owned through investments in unconsolidated entities, certain properties for which we do not receive occupancy information and properties acquired or properties that transitioned operators for which we do not have a full four quarters of occupancy results.
 
Number of Properties at December 31, 2019
 
Average Occupancy for the Trailing 12 Months Ended September 30, 2019
 
 
Number of Properties at December 31, 2018
 
Average Occupancy for the Trailing 12 Months Ended September 30, 2018
Seniors housing communities
326

 
86.0
%
 
 
361

 
85.0
%
Skilled nursing facilities (“SNFs”)
16

 
87.3

 
 
17

 
85.2

IRFs and LTACs
36

 
53.6

 
 
36

 
56.5


The following table compares results of operations for our 393 same-store triple-net leased properties. See “Non-GAAP Financial Measures—NOI” included elsewhere in this Annual Report on Form 10-K for additional disclosure regarding same-store NOI.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Triple-Net Leased Properties:
 
 
 
 
 
 
 
Rental income
$
749,561

 
$
688,914

 
$
60,647

 
8.8
%
Less: Property-level operating expenses
(25,180
)
 
—

 
(25,180
)
 
nm

Segment NOI
$
724,381

 
$
688,914

 
35,467

 
5.1


nm—not meaningful
The increase in our same-store triple-net leased properties rental income in 2019 over the prior year is attributable primarily to the second quarter 2018 non-cash expense of $21.3 million related to the Brookdale Senior Living lease extensions and net increases in rent.


45

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, 2019, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
2,151,533

 
$
2,069,477

 
$
82,056

 
4.0
 %
Less: Property-level operating expenses
(1,521,398
)
 
(1,446,201
)
 
(75,197
)
 
(5.2
)
Segment NOI
$
630,135

 
$
623,276

 
6,859

 
1.1

 
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,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Total communities
401

 
355

 
86.6
%
 
87.0
%
 
$
5,451

 
$
5,699

    
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 2019 over the prior year is attributable primarily to the acquisition of an 87% interest in 34 Canadian seniors housing communities (including five in-process developments) valued at $1.8 billion through an equity partnership (the “LGM Acquisition”) with Le Groupe Maurice (“LGM”), partially offset by decreases in occupancy and increases in property-level operating expenses.

The following table compares results of operations for our 340 same-store senior living operating communities.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Senior Living Operations:
 
 
 
 
 
 
 
Resident fees and services
$
1,990,057

 
$
1,989,104

 
$
953

 
nm

Less: Property-level operating expenses
(1,401,208
)
 
(1,376,142
)
 
(25,066
)
 
(1.8
)
Segment NOI
$
588,849

 
$
612,962

 
(24,113
)
 
(3.9
)

nm—not meaningful

 
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,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Same-store communities
340

 
340

 
86.5
%
 
87.2
%
 
$
5,787

 
$
5,733


The decrease in our same-store senior living operations segment NOI was primarily attributable to increases in property-level operating expenses and decreases in occupancy.

Effective January 1, 2020, we amended the same-store definition for our senior living operations segment in order to better align with industry practice. Going forward, among other changes, redevelopments in our senior living operations

46

segment that are considered materially disruptive will be excluded from the same-store pool until they meet the definition for subsequent inclusion. If this policy had been in place for 2019, same-store senior living operations results would have been based on same-store communities of 334 while the year-over-year change in same-store segment NOI would have remained substantially unchanged at (3.9%).

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, 2019, but excluding assets whose operations were classified as discontinued operations:
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
828,978

 
$
776,011

 
$
52,967

 
6.8
 %
Office building services revenue
7,747

 
7,592

 
155

 
2.0

Total revenues
836,725

 
783,603

 
53,122

 
6.8

Less:
 
 
 
 
 
 
 
Property-level operating expenses
(260,249
)
 
(243,679
)
 
(16,570
)
 
(6.8
)
Office building services costs
(2,319
)
 
(1,418
)
 
(901
)
 
(63.5
)
Segment NOI
$
574,157

 
$
538,506

 
35,651

 
6.6

 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Total office buildings
382

 
387

 
90.3
%
 
90.1
%
 
$
34

 
$
32

    
The increase in our office operations segment NOI in 2019 over the prior year is attributable primarily to 2019 increases in occupancy and 2018 and 2019 acquisitions and openings of new buildings, partially offset by dispositions.

The following table compares results of operations for our 353 same-store office buildings.
 
For the Years Ended
December 31,
 
Increase (Decrease) to Segment NOI
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Same-Store Segment NOI—Office Operations:
 
 
 
 
 
 
 
Rental income
$
723,229

 
$
709,714

 
$
13,515

 
1.9
 %
Less: Property-level operating expenses
(224,072
)
 
(218,272
)
 
(5,800
)
 
(2.7
)
Segment NOI
$
499,157

 
$
491,442

 
7,715

 
1.6

 
Number of
Properties at
December 31,
 
Occupancy at
December 31,
 
Annualized Average Rent Per Occupied Square Foot for the Years Ended December 31,
 
2019
 
2018
 
2019
 
2018
 
2019
 
2018
Same-store office buildings
353

 
353

 
92.1
%
 
91.9
%
 
$
33

 
$
32

    
The increase in our same-store office operations segment NOI in 2019 over the prior year is attributable primarily to increases in occupancy.



47

All Other

Information provided for all other segment NOI includes income from loans and investments and other miscellaneous income not directly attributable to any of our three reportable business segments. The $34.9 million decrease in all other segment NOI in 2019 over the prior year is primarily due to reduced income related to the $700.0 million term loan that we made to Ardent in March 2017, which was fully repaid in June 2018, partially offset by increased 2019 investment activity. 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.

Interest and other income

The $13.9 million decrease in interest and other income in 2019 over the prior year is primarily due to a $12.3 million fee received in the third quarter of 2018 related to certain 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 $9.2 million increase in total interest expense in 2019 over the prior year is primarily attributable to an increase of $17.9 million due to higher debt balances and decreased capitalized interest, partially offset by a decrease of $10.7 million due to a lower effective interest rate. Our weighted average effective interest rate was 3.8% for 2019, compared to 3.9% for 2018. Capitalized interest for 2019 and 2018 was $9.0 million and $10.9 million, respectively.

Depreciation and Amortization

Depreciation and amortization expense related to continuing operations increased during 2019 compared to 2018, primarily due to real estate impairments and asset acquisitions, net of dispositions.

Loss on Extinguishment of Debt, Net

The loss on extinguishment of debt, net in 2019 was due primarily to the redemption and repayment of $600.0 million aggregate principal amounts then outstanding of our 4.25% senior notes due 2022. The loss on extinguishment of debt, net in 2018 was due primarily to the redemption and repayment of $1.3 billion aggregate principal amounts then outstanding of our 4.00% senior notes due 2019 and our 4.75% senior notes due 2021.

Merger-Related Expenses and Deal Costs

The $15.3 million decrease in merger-related expenses and deal costs in 2019 over the prior year was due primarily to costs associated with the 2018 transition of the management of 76 private pay seniors housing communities to Eclipse Senior Living.

Other

The $84.4 million change in other for 2019 over 2018 is primarily due to 2019 property insurance recoveries related to natural disasters in addition to 2018 impairments and expenses related to natural disasters.

Loss from Unconsolidated Entities

The $52.6 million decrease in loss from unconsolidated entities for 2019 over 2018 is primarily due to our share of improved financial results from our unconsolidated entities in 2019 and a $35.7 million impairment in 2018 relating to the carrying costs of one of our equity method investments consisting principally of SNFs.

Gain on Real Estate Dispositions

The $20.2 million decrease in gain on real estate dispositions for 2019 over 2018 is due primarily to higher disposition activity in 2018.    

48

Income Tax Benefit

The $16.4 million increase in income tax benefit related to continuing operations for 2019 over 2018 is primarily due to a $57.6 million reversal of valuation allowances recorded against the net deferred tax assets of certain of our taxable REIT subsidiaries in the second quarter of 2019, partially offset by the reversal of a valuation allowance on deferred interest carryforwards in the fourth quarter of 2018. The $23.3 million valuation allowance reversal recorded in 2018 was an adjustment to the provisional amount recorded in the prior year related to enactment of the Tax Cuts and Jobs Act of 2017 and was made based upon additional guidance issued by the Internal Revenue Service subsequent to enactment.
Years Ended December 31, 2018 and 2017

Our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 8, 2019, contains information regarding 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.

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. 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.

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-

49

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, 2019. The decrease in normalized FFO for the year ended December 31, 2019 over the prior year is due primarily to the $12.3 million fee received in the third quarter of 2018 related to certain 2018 Kindred transactions and 2018 loan repayments and fees.
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
2016
 
2015
 
(In thousands)
Net income attributable to common stockholders
$
433,016

 
$
409,467

 
$
1,356,470

 
$
649,231

 
$
417,843

Adjustments:
 
 
 
 
 
 
 
 
 
Real estate depreciation and amortization
1,039,550

 
913,537

 
881,088

 
891,985

 
887,126

Real estate depreciation related to noncontrolling interests
(9,762
)
 
(6,926
)
 
(7,565
)
 
(7,785
)
 
(7,906
)
Real estate depreciation related to unconsolidated entities
187

 
1,977

 
4,231

 
5,754

 
7,353

(Gain) loss on real estate dispositions related to unconsolidated entities
(1,263
)
 
(875
)
 
(1,057
)
 
(439
)
 
19

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

 
—

 
(3,027
)
 
—

 
176

Impairment on equity method investment
—

 
35,708

 
—

 
—

 
—

Gain on real estate dispositions related to noncontrolling interests
343

 
1,508

 
18

 
—

 
—

Gain on real estate dispositions
(26,022
)
 
(46,247
)
 
(717,273
)
 
(98,203
)
 
(18,580
)
Discontinued operations:
 
 
 
 
 
 
 
 
 
Loss (gain) on real estate dispositions
—

 
—

 
—

 
1

 
(231
)
Depreciation on real estate assets
—

 
—

 
—

 
—

 
79,608

FFO attributable to common stockholders
1,436,049

 
1,308,149

 
1,512,885

 
1,440,544

 
1,365,408

Adjustments:
 
 
 
 
 
 
 
 
 
Change in fair value of financial instruments
(78
)
 
(18
)
 
(41
)
 
62

 
460

Non-cash income tax benefit
(58,918
)
 
(18,427
)
 
(22,387
)
 
(34,227
)
 
(42,384
)
Effect of the 2017 Tax Act
—

 
(24,618
)
 
(36,539
)
 
—

 
—

Loss on extinguishment of debt, net
41,900

 
63,073

 
839

 
2,779

 
15,797

Gain on non-real estate dispositions related to unconsolidated entities
(18
)
 
(2
)
 
(39
)
 
(557
)
 
—

Merger-related expenses, deal costs and re-audit costs
18,208

 
38,145

 
14,823

 
28,290

 
152,344

Amortization of other intangibles
484

 
759

 
1,458

 
1,752

 
2,058

Other items related to unconsolidated entities
3,291

 
5,035

 
3,188

 
—

 
—

Non-cash impact of changes to equity plan
7,812

 
4,830

 
5,453

 
—

 
—

Non-cash charges related to lease terminations
—

 
21,299

 
—

 
—

 
—

Natural disaster (recoveries) expenses, net
(25,683
)
 
63,830

 
11,601

 
—

 
—

Normalized FFO attributable to common stockholders
$
1,423,047

 
$
1,462,055

 
$
1,491,241

 
$
1,438,643

 
$
1,493,683



50

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,
 
2019
 
2018
 
2017
 
(In thousands)
Net income attributable to common stockholders
$
433,016

 
$
409,467

 
$
1,356,470

Adjustments:
 
 
 
 
 
Interest
451,662

 
442,497

 
448,196

Loss on extinguishment of debt, net
41,900

 
58,254

 
754

Taxes (including amounts in general, administrative and professional fees)
(52,677
)
 
(37,230
)
 
(57,307
)
Depreciation and amortization
1,045,620

 
919,639

 
887,948

Non-cash stock-based compensation expense
33,923

 
29,963

 
26,543

Merger-related expenses, deal costs and re-audit costs
15,246

 
33,608

 
12,653

Net income attributable to noncontrolling interests, adjusted for consolidated joint venture partners’ share of EBITDA
(16,396
)
 
(10,420
)
 
(12,975
)
Loss from unconsolidated entities, adjusted for Ventas share of EBITDA from unconsolidated entities
32,462

 
86,278

 
32,219

Gain on real estate dispositions
(26,022
)
 
(46,247
)
 
(717,273
)
Unrealized foreign currency (gains) losses
(1,061
)
 
138

 
(612
)
Changes in fair value of financial instruments
(104
)
 
(54
)
 
(61
)
Gain on re-measurement of equity interest upon acquisition, net
—

 
—

 
(3,027
)
Non-cash charges related to lease terminations
—

 
21,299

 
—

Natural disaster (recoveries) expenses, net
(25,981
)
 
54,684

 
11,601

Adjusted EBITDA
$
1,931,588

 
$
1,961,876

 
$
1,985,129


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

51

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,
 
2019
 
2018
 
2017
 
(In thousands)
Net income attributable to common stockholders
$
433,016

 
$
409,467

 
$
1,356,470

Adjustments:
 
 
 
 
 
Interest and other income
(10,984
)
 
(24,892
)
 
(6,034
)
Interest
451,662

 
442,497

 
448,196

Depreciation and amortization
1,045,620

 
919,639

 
887,948

General, administrative and professional fees
165,996

 
151,982

 
135,490

Loss on extinguishment of debt, net
41,900

 
58,254

 
754

Merger-related expenses and deal costs
15,235

 
30,547

 
10,535

Discontinued operations
—

 
10

 
110

Other
(17,609
)
 
66,768

 
20,052

Net income attributable to noncontrolling interests
6,281

 
6,514

 
4,642

Loss from unconsolidated entities
2,454

 
55,034

 
561

Income tax benefit
(56,310
)
 
(39,953
)
 
(59,799
)
Gain on real estate dispositions
(26,022
)
 
(46,247
)
 
(717,273
)
NOI
$
2,051,239

 
$
2,029,620

 
$
2,081,652


See “Results of Operations” for discussions regarding both segment NOI and same-store segment NOI. We define same-store as properties owned, consolidated and operational for the full period in both comparison periods and are not otherwise excluded; provided, however, that we may include selected properties that otherwise meet the same-store criteria if they are included in substantially all of, but not a full, period for one or both of the comparison periods, and in our judgment such inclusion provides a more meaningful presentation of our portfolio performance. Same-store excludes: (i) properties sold or classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) for properties included in our office operations reportable business segment, those properties for which management has an intention to institute a redevelopment plan because the properties may require major property-level expenditures to maximize value, increase NOI, maintain a market-competitive position and/or achieve property stabilization; and (iii) for other assets, those properties (A) that have transitioned operators or business models after the start of the prior comparison period or (B) for which an operator or business model transition has been scheduled after the start of the prior comparison period.  Newly-developed properties in the office operations and triple-net leased properties reportable business segments will be included in same-store if in service for the full period in both periods presented. To eliminate the impact of exchange rate movements, all same-store NOI measures assume constant exchange rates across comparable periods, using the following methodology: the current period’s results are shown in actual reported USD, while prior comparison period’s results are adjusted and converted to USD based on the average exchange rate for the current period.

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 available for sale 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.

52

The table below sets forth certain information with respect to our debt, excluding premiums and discounts.
 
As of December 31,
 
2019
 
2018
 
2017
 
(Dollars in thousands)
Balance:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
$
8,584,056

 
$
7,945,598

 
$
8,218,369

Unsecured term loans
200,000

 
400,000

 
200,000

Secured revolving construction credit facility
160,492

 
—

 
—

Mortgage loans and other(1)
1,325,854

 
698,136

 
1,010,517

Variable rate:
 
 
 
 
 
Senior notes
231,018

 
—

 
400,000

Unsecured revolving credit facility
120,787

 
765,919

 
535,832

Unsecured term loans
385,030

 
500,000

 
700,000

Commercial paper notes
567,450

 
—

 
—

Secured revolving construction credit facility
—

 
90,488

 
2,868

Mortgage loans and other(1)
671,115

 
429,561

 
298,047

Total
$
12,245,802

 
$
10,829,702

 
$
11,365,633

Percent of total debt:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
70.1
%
 
73.4
%
 
72.3
%
Unsecured term loans
1.6

 
3.7

 
1.8

Secured revolving construction credit facility
1.3

 
—

 
—

Mortgage loans and other(1)
10.8

 
6.4

 
8.9

Variable rate:
 
 
 
 
 
Senior notes
1.9

 
—

 
3.5

Unsecured revolving credit facility
1.0

 
7.1

 
4.7

Unsecured term loans
3.1

 
4.6

 
6.2

Commercial paper notes
4.7

 
—

 
—

Secured revolving construction credit facility
—

 
0.8

 
0.0

Mortgage loans and other(1)
5.5

 
4.0

 
2.6

Total
100.0
%
 
100.0
%
 
100.0
%
Weighted average interest rate at end of period:
 
 
 
 
 
Fixed rate:
 
 
 
 
 
Senior notes
3.7
%
 
3.8
%
 
3.7
%
Unsecured term loans
2.0

 
2.8

 
2.1

Secured revolving construction credit facility
4.5

 
—

 
—

Mortgage loans and other(1)
3.7

 
4.4

 
5.2

Variable rate:
 
 
 
 
 
Senior notes
2.5

 
—

 
2.3

Unsecured revolving credit facility
2.4

 
3.2

 
2.3

Unsecured term loans
2.9

 
3.3

 
2.3

Commercial paper notes
2.0

 
—

 
—

Secured revolving construction credit facility
—

 
4.1

 
3.1

Mortgage loans and other(1)
3.4

 
3.4

 
2.9

Total
3.5

 
3.7

 
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 which was included in liabilities related to assets held for sale on our Consolidated Balance Sheet.

53

The variable rate debt in the table above reflects, in part, the effect of $147.8 million notional amount of interest rate swaps with maturities ranging from March 2022 to May 2022, in each case 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 $505.1 million and C$119.8 million notional amount of interest rate swaps with maturities ranging from August 2020 to December 2029, in each case that effectively convert variable rate debt to 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 increase in our outstanding variable rate debt at December 31, 2019 compared to December 31, 2018 is primarily attributable to the assumption of mortgage debt related to the LGM Acquisition and our November 2019 issuance of floating rate senior notes.

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, 2019, interest expense on an annualized basis would increase by approximately $19.2 million, or $0.05 per diluted common share.

As of December 31, 2019 and 2018, our joint venture partners’ aggregate share of total debt was $228.2 million and $100.9 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 $60.6 million and $40.8 million as of December 31, 2019 and 2018, 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,
 
2019
 
2018
 
(In thousands)
Gross book value
10,270,402

 
$
9,043,734

Fair value
10,784,441

 
8,926,280

Fair value reflecting change in interest rates:
 
 
 
-100 basis points
11,438,507

 
9,574,799

+100 basis points
10,196,943

 
8,568,149


The change in fair value of our fixed rate debt from December 31, 2018 to December 31, 2019 was due primarily to 2019 senior note issuances, net of repayments, and the assumption of mortgage debt related to the LGM Acquisition.

As of December 31, 2019 and 2018, the fair value of our secured and non-mortgage loans receivable, based on our estimates of currently prevailing rates for comparable loans, was $710.5 million and $479.4 million, 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, 2019 (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, 2019 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.


54

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,
 
2019
 
2018
Investment mix by asset type(1):
 
 
 
Seniors housing communities
62.2
%
 
61.6
%
MOBs
19.3

 
20.4

Research and innovation centers
8.7

 
8.1

Health systems
5.1

 
5.6

IRFs and LTACs
1.6

 
1.7

SNFs
0.7

 
0.8

Secured loans receivable and investments, net
2.4

 
1.8

Investment mix by tenant, operator and manager(1):
 
 
 
Atria
20.4
%
 
22.1
%
Sunrise
10.3

 
11.0

Brookdale Senior Living
7.7

 
8.4

Ardent
4.7

 
5.2

Kindred
1.0

 
1.1

All other
55.9

 
52.2


(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.

55

 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Operations mix by tenant and operator and business model:
 
 
 
 
 
Revenues(1):
 
 
 
 
 
Senior living operations
55.8
%
 
55.3
%
 
51.6
%
Brookdale Senior Living(2)
4.7

 
4.3

 
4.7

Ardent
3.1

 
3.1

 
3.1

Kindred
3.3

 
3.5

 
4.7

All others
33.1

 
33.8

 
35.9

Adjusted EBITDA:
 
 
 
 
 
Senior living operations
32.5
%
 
31.3
%
 
28.7
%
Brookdale Senior Living(2)
8.1

 
6.7

 
7.6

Ardent
5.4

 
5.1

 
5.1

Kindred
5.8

 
5.6

 
7.7

All others
48.2

 
51.3

 
50.9

NOI:
 
 
 
 
 
Senior living operations
31.1
%
 
30.7
%
 
28.5
%
Brookdale Senior Living(2)
8.7

 
7.6

 
8.0

Ardent
5.8

 
5.7

 
5.3

Kindred
6.3

 
6.4

 
8.1

All others
48.1

 
49.6

 
50.1

Operations mix by geographic location(3):
 
 
 
 
 
California
15.9
%
 
15.7
%
 
15.3
%
New York
8.8

 
8.4

 
8.6

Texas
6.0

 
6.2

 
5.8

Pennsylvania
4.7

 
4.6

 
4.2

Florida
4.0

 
4.4

 
4.4

All others
60.6

 
60.7

 
61.7


(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) 
Results exclude two seniors housing communities in 2019 and 2018 and one seniors housing community in 2017 included in the senior living operations reportable business segment. 2018 results include the impact of a net non-cash charge of $21.3 million related to April 2018 lease extensions.
(3) 
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 and Sunrise, and tenants in our office buildings. For the year ended December 31, 2019, 60.3% 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.


56

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 leverage, 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 and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants. 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 and Sunrise to set appropriate resident fees, to provide accurate property-level financials results 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 or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. See “Risk Factors—Risks Arising from Our Business—The properties managed by Atria and Sunrise account for a significant portion of our revenues and operating income; adverse developments in Atria’s and Sunrise’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 and Sunrise in whole or with respect to specific properties under certain circumstances, and we may be unable to replace Atria or Sunrise 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 entitles us to customary rights and minority protections, including the right to appoint two of six members to the Atria Board of Directors.    

Triple-Net Lease Performance and Expirations

Any failure, inability or unwillingness by our tenants to satisfy their obligations under our triple-net leases could have a Material Adverse Effect on us. Also, 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, 2019, 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.


57

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, 2019):
 
Number of
Properties
 
2019 Annual Rental Income
 
% of 2019 Total Triple-Net Leased Properties Segment Rental Income
 
(Dollars in thousands)
2020
1

 
$
4,425

 
0.6
%
2021
8

 
6,543

 
0.8

2022
9

 
10,777

 
1.4

2023
6

 
30,506

 
3.9

2024
29

 
16,747

 
2.1

2025
180

 
315,596

 
40.4

2026
36

 
56,515

 
7.2

2027
3

 
6,857

 
0.9

2028
66

 
114,344

 
14.6

2029
21

 
25,284

 
3.2


Liquidity and Capital Resources

During 2019, our principal sources of liquidity were cash flows from operations, proceeds from the issuance of debt and equity securities, borrowings under our commercial paper program, 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; (iv) fund acquisitions, investments and commitments and any development and redevelopment activities; (v) fund capital expenditures; and (vi) make distributions to our stockholders and unitholders, as required for us to continue to qualify as a REIT. 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 and commercial paper program. 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.

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 for further information regarding our significant financing activities.

Credit Facilities, Commercial Paper and Unsecured Term Loans

    Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility priced at LIBOR plus 0.875%, as of December 31, 2019. The unsecured revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

In January 2019, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), established an unsecured commercial paper program. Under the terms of the program, we may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1 billion. The notes are sold under customary terms in the United States commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of December 31, 2019, $567.5 million was outstanding under our commercial paper program.

As of December 31, 2019, $120.8 million was outstanding under the unsecured revolving credit facility with an additional $24.0 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured

58

revolving credit facility in order to maintain liquidity and to support our commercial paper program. Including these internal limits, we had $2.3 billion in available liquidity under the unsecured revolving credit facility as of December 31, 2019.

As of December 31, 2019, we had a $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matures in 2023.  The term loan also includes an accordion feature that effectively permits us to increase our aggregate borrowings thereunder to up to $800.0 million.        

As of December 31, 2019, we had a $400.0 million secured revolving construction credit facility with $160.5 million of borrowings outstanding. The secured revolving construction credit facility matures in 2022 and is primarily used to finance the development of research and innovation centers and other construction projects.

As of December 31, 2019, we had a C$500 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025.
 
Senior Notes

As of December 31, 2019, we had outstanding $7.5 billion aggregate principal amount of senior notes issued by Ventas Realty ($500.0 million 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$1.7 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.

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. We were in compliance with all of these covenants at December 31, 2019.

Mortgages

At December 31, 2019 and 2018, our consolidated aggregate principal amount of mortgage debt outstanding was $2.0 billion and $1.1 billion, of which our share was $1.8 billion and $1.0 billion, 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.

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.

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 2020.

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

59

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, 2019, we had 22 properties under development pursuant to these agreements, including four 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

From time to time, we may sell our common stock 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.

In June 2019, we sold 12.7 million shares of our common stock under a registered public offering for gross proceeds of $62.75 per share. We used the majority of the net proceeds to fund our LGM Acquisition. See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY” of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information regarding the LGM Acquisition.

During the year ended December 31, 2019, we sold 2.7 million shares of our common stock under our ATM program for gross proceeds of $66.75 per share. As of December 31, 2019, $822.1 million of our common stock remained available for sale under our ATM program.

For the year ended December 31, 2018, we sold no shares of our common stock under our ATM program.

60

Cash Flows

The following table sets forth our sources and uses of cash flows for the years ended December 31, 2019 and 2018:
 
For the Years Ended
December 31,
 
(Decrease) Increase
to Cash
 
2019
 
2018
 
$
 
%
 
(Dollars in thousands)
Cash, cash equivalents and restricted cash at beginning of year
$
131,464

 
$
188,253

 
$
(56,789
)
 
(30.2
)%
Net cash provided by operating activities
1,437,783

 
1,381,467

 
56,316

 
4.1

Net cash (used in) provided by investing activities
(1,585,299
)
 
324,496

 
(1,909,795
)
 
nm

Net cash provided by (used in) financing activities
160,674

 
(1,761,937
)
 
1,922,611

 
nm

Effect of foreign currency translation
1,480

 
(815
)
 
2,295

 
nm

Cash, cash equivalents and restricted cash at end of year
$
146,102

 
$
131,464

 
14,638

 
11.1

nm—not meaningful

Cash Flows from Operating Activities

Cash flows from operating activities increased $56.3 million during the year ended December 31, 2019 over the same period in 2018 due primarily to higher NOI in 2019 including the impact of property acquisitions and lease-up of new developments, partially offset by asset dispositions, and lower merger-related expenses and deal costs in 2019.

Cash Flows from Investing Activities

Cash flows from investing activities decreased $1.9 billion during 2019 over 2018 primarily due to increased acquisition and investment activity together with decreased real estate dispositions.

Cash Flows from Financing Activities

Cash flows from financing activities increased $1.9 billion during 2019 over 2018 primarily due to the 2019 issuance of common stock and increased net borrowings in 2019.

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, 2019:
 
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)
$
15,591,539

 
$
1,296,990

 
$
2,607,408

 
$
3,799,947

 
$
7,887,194

Operating obligations, including ground lease obligations
803,659

 
28,826

 
90,930

 
38,902

 
645,001

Total
$
16,395,198

 
$
1,325,816

 
$
2,698,338

 
$
3,838,849

 
$
8,532,195


(1) 
Amounts represent contractual amounts due, including interest.
(2) 
Interest on variable rate debt based on rates as of December 31, 2019.
(3) 
Includes $567.5 million of borrowings outstanding on our commercial paper program.
(4) 
Includes $120.8 million of borrowings outstanding on our unsecured revolving credit facility, $160.5 million of borrowings outstanding on our secured revolving construction credit facility, $500.0 million outstanding principal amount of our 3.25% senior notes due 2022, $231.0 million outstanding principal amount of our floating rate senior notes, Series F due 2021 and $192.5 million outstanding principal amount of our 3.30% senior notes, Series C due 2022.
(5) 
Includes $200.0 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, $211.8 million outstanding principal amount of our 2.55% senior notes, Series D due 2023, $400.0 million

61

outstanding principal amount of our 3.50% senior notes due 2024, $400.0 million outstanding principal amount of our 3.75% senior notes due 2024, $462.0 million outstanding principal amount of our 2.80% senior notes, Series E due 2024 and $192.5 million outstanding principal amount of our 4.125% senior notes, Series B due 2024.
(6) 
Includes $385.0 million of borrowings outstanding on our unsecured term loan due 2025 and $5.4 billion aggregate principal amount outstanding of our senior notes maturing between 2025 and 2049. $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, at par, 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, at par, on July 7 in each of 2023 and 2028.

As of December 31, 2019, we had $12.1 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.

62

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
64
Report of Independent Registered Public Accounting Firm
65
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting
67
Consolidated Balance Sheets as of December 31, 2019 and 2018
69
Consolidated Statements of Income for the Years Ended December 31, 2019, 2018 and 2017
70
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017
71
Consolidated Statements of Equity for the Years Ended December 31, 2019, 2018 and 2017
72
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017
72
Notes to Consolidated Financial Statements
74
Consolidated Financial Statement Schedules
 
Schedule II — Valuation and Qualifying Accounts
120
Schedule III — Real Estate and Accumulated Depreciation
121
Schedule IV — Mortgage Loans on Real Estate
157


63

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, 2019.
 
In September 2019, the Company acquired an 87% interest in 34 Canadian seniors housing communities (including five in-process developments) valued at $1.8 billion through an equity partnership with Le Groupe Maurice (“LGM”). As permitted under Securities and Exchange Commission guidelines, the Company excluded from the assessment of the effectiveness of its internal control over financial reporting as of December 31, 2019, internal control over financial reporting of the operations of these acquired assets. Total assets and total revenues related to these operations represented 0.1% and 1.7%, respectively, of the Company’s related consolidated financial statement amounts as of and for the year ended December 31, 2019.

The effectiveness of our internal control over financial reporting as of December 31, 2019 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report included herein.







64

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, 2019 and 2018, 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, 2019, 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, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2019, 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, 2019 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 21, 2020 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 2 to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Financial Accounting Standards Board’s Accounting Standards Codification (ASC) Topic 842, Leases.

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.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.


65

Evaluation of the probability of collection for substantially all triple-net rents

As discussed in Note 2 to the consolidated financial statements, the Company assesses the probability of collecting substantially all triple-net rents on an operator-by-operator basis. Whenever the results of that assessment, events, or changes in circumstances indicate that the Company will be unable to collect substantially all triple-net rents, the Company records a charge to rental income.

We identified the evaluation of the probability of collection for substantially all triple-net rents as a critical audit matter. The assessment is subjective and required complex auditor judgment to evaluate the various inputs and assumptions, including the financial strength of the tenant and any guarantors, and the expected operating performance of the leased property.

The primary procedures we performed to address this critical audit matter included the following. We tested certain internal controls over the Company’s evaluation of the relevant data inputs and assumptions in the collectibility assessment. To assess the financial strength of the tenant and any guarantors, we identified and evaluated the relevance, reliability, and sufficiency of the tenant and property financial information, tenant guarantees, the existence of outstanding accounts receivable, and the remaining term of the lease in the triple net collectibility assessment. We assessed the Company’s ability to estimate probability of collections by testing the reliability of the Company’s historical determinations.

Evaluation of the purchase price allocation related to buildings and improvements, land, and seniors housing in-place lease related intangibles

As discussed in Notes 2 and 4 to the consolidated financial statements, the Company acquired approximately $2 billion of real estate during the year ended December 31, 2019. The purchase price was allocated to the real estate assets acquired, primarily buildings and improvements, land, and seniors housing in-place lease related intangibles on a relative fair value basis.

We identified the evaluation of the purchase price allocation related to buildings and improvements, land, and seniors housing in-place lease related intangibles as a critical audit matter. The recorded value of investment in real estate, specifically buildings and improvements, land, and seniors housing in-place lease related intangibles, was sensitive to changes to the inputs and assumptions in the purchase price allocation. This resulted in a higher degree of subjectivity and required complex auditor judgment.

The primary procedures we performed to address this critical audit matter included the following. We tested certain internal controls over the Company’s purchase price allocation over buildings and improvements, land, and seniors housing in-place lease related intangibles. We evaluated the Company’s inputs and assumptions that were used to determine relative fair value by 1) identifying and considering the relevancy, reliability, and sufficiency of the sources of data used by the Company in developing the assumptions, 2) comparing to relevant industry market data, and 3) where relevant, performing a retrospective analysis of the assumptions used in prior acquisitions. We involved valuation professionals with specialized skills and knowledge who assisted in performing an assessment of the purchase price allocation to buildings and improvements, land, and seniors housing in-place lease related intangibles, including the comparison to relevant market data.

/s/ KPMG LLP


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

Chicago, Illinois
February 21, 2020



66

Report of Independent Registered Public Accounting Firm

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, 2019, 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, 2019, 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, 2019 and 2018, and 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, 2019, and related notes and financial statement schedules II, III, and IV (collectively, the consolidated financial statements), and our report dated February 21, 2020 expressed an unqualified opinion on those consolidated financial statements.

The Company acquired an interest in certain real estate assets through an equity partnership with Le Groupe Maurice during 2019, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2019, the internal control over financial reporting of the operations of the acquired assets (LGM Operations). Total assets and total revenues related to LGM Operations represented 0.1% and 1.7%, respectively, of the Company’s related consolidated financial statement amounts as of and for the year ended December 31, 2019. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of LGM Operations.

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.

67

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 21, 2020












68

VENTAS, INC.
CONSOLIDATED BALANCE SHEETS
 
As of December 31,
 
2019
 
2018
 
(In thousands, except per
share amounts)
Assets
 
 
 
Real estate investments:
 
 
 
Land and improvements
$
2,283,929

 
$
2,114,406

Buildings and improvements
24,380,440

 
22,437,243

Construction in progress
461,354

 
422,334

Acquired lease intangibles
1,306,152

 
1,502,955

Operating lease assets
385,225

 
—

 
28,817,100

 
26,476,938

Accumulated depreciation and amortization
(7,088,013
)
 
(6,383,281
)
Net real estate property
21,729,087

 
20,093,657

Secured loans receivable and investments, net
704,612

 
495,869

Investments in unconsolidated real estate entities
45,022

 
48,378

Net real estate investments
22,478,721

 
20,637,904

Cash and cash equivalents
106,363

 
72,277

Escrow deposits and restricted cash
39,739

 
59,187

Goodwill
1,051,161

 
1,050,548

Assets held for sale
91,433

 
5,454

Deferred income tax assets, net
47,495

 
—

Other assets
877,296

 
759,185

Total assets
$
24,692,208

 
$
22,584,555

Liabilities and equity
 
 
 
Liabilities:
 
 
 
Senior notes payable and other debt
$
12,158,773

 
$
10,733,699

Accrued interest
111,115

 
99,667

Operating lease liabilities
251,196

 
—

Accounts payable and other liabilities
1,145,700

 
1,086,030

Liabilities related to assets held for sale
5,463

 
205

Deferred income tax liabilities
200,831

 
205,219

Total liabilities
13,873,078

 
12,124,820

Redeemable OP unitholder and noncontrolling interests
273,678

 
188,141

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, 372,811 and 356,572 shares issued at December 31, 2019 and 2018, respectively
93,185

 
89,125

Capital in excess of par value
14,056,453

 
13,076,528

Accumulated other comprehensive loss
(34,564
)
 
(19,582
)
Retained earnings (deficit)
(3,669,050
)
 
(2,930,214
)
Treasury stock, 2 and 0 shares at December 31, 2019 and 2018, respectively
(132
)
 
—

Total Ventas stockholders’ equity
10,445,892

 
10,215,857

Noncontrolling interests
99,560

 
55,737

Total equity
10,545,452

 
10,271,594

Total liabilities and equity
$
24,692,208

 
$
22,584,555

  See accompanying notes.

69

VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands, except per share
amounts)
Revenues
 
 
 
 
 
Rental income:
 
 
 
 
 
Triple-net leased
$
780,898

 
$
737,796

 
$
840,131

Office
828,978

 
776,011

 
753,467

 
1,609,876

 
1,513,807

 
1,593,598

Resident fees and services
2,151,533

 
2,069,477

 
1,843,232

Office building and other services revenue
11,156

 
13,416

 
13,677

Income from loans and investments
89,201

 
124,218

 
117,608

Interest and other income
10,984

 
24,892

 
6,034

Total revenues
3,872,750

 
3,745,810

 
3,574,149

Expenses
 
 
 
 
 
Interest
451,662

 
442,497

 
448,196

Depreciation and amortization
1,045,620

 
919,639

 
887,948

Property-level operating expenses:
 
 
 
 
 
Senior living
1,521,398

 
1,446,201

 
1,250,065

Office
260,249

 
243,679

 
233,007

Triple-net leased
26,561

 
—

 
—

 
1,808,208

 
1,689,880

 
1,483,072

Office building services costs
2,319

 
1,418

 
3,391

General, administrative and professional fees
165,996

 
151,982

 
135,490

Loss on extinguishment of debt, net
41,900

 
58,254

 
754

Merger-related expenses and deal costs
15,235

 
30,547

 
10,535

Other
(17,609
)
 
66,768

 
20,052

Total expenses
3,513,331

 
3,360,985

 
2,989,438

Income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests
359,419

 
384,825

 
584,711

Loss from unconsolidated entities
(2,454
)
 
(55,034
)
 
(561
)
Gain on real estate dispositions
26,022

 
46,247

 
717,273

Income tax benefit
56,310

 
39,953

 
59,799

Income from continuing operations
439,297

 
415,991

 
1,361,222

Discontinued operations
—

 
(10
)
 
(110
)
Net income
439,297

 
415,981

 
1,361,112

Net income attributable to noncontrolling interests
6,281

 
6,514

 
4,642

Net income attributable to common stockholders
$
433,016

 
$
409,467

 
$
1,356,470

Earnings per common share
 
 
 
 
 
Basic:
 
 
 
 
 
Income from continuing operations
$
1.20

 
$
1.17

 
$
3.83

Net income attributable to common stockholders
1.18

 
1.15

 
3.82

Diluted:
 
 
 
 
 
Income from continuing operations
$
1.19

 
$
1.16

 
$
3.80

Net income attributable to common stockholders
1.17

 
1.14

 
3.78

  See accompanying notes.

70

VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Net income
$
439,297

 
$
415,981

 
$
1,361,112

Other comprehensive (loss) income:
 
 
 
 
 
Foreign currency translation
5,729

 
(9,436
)
 
20,612

Unrealized gain (loss) on available for sale securities
11,634

 
14,944

 
(437
)
Derivative instruments
(30,814
)
 
10,030

 
2,239

Total other comprehensive (loss) income
(13,451
)
 
15,538

 
22,414

Comprehensive income
425,846

 
431,519

 
1,383,526

Comprehensive income attributable to noncontrolling interests
7,649

—

6,514

—

4,642

Comprehensive income attributable to common stockholders
$
418,197

 
$
425,005

 
$
1,378,884

See accompanying notes.

71

VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Years Ended December 31, 2019, 2018 and 2017
 
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, 2017
$
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

Net income
—

 
—

 
—

 
433,016

 
—

 
433,016

 
6,281

 
439,297

Other comprehensive (loss) income
—

 
—

 
(14,819
)
 
—

 
—

 
(14,819
)
 
1,368

 
(13,451
)
Net change in noncontrolling interests
—

 
(12,332
)
 
—

 
—

 
—

 
(12,332
)
 
36,174

 
23,842

Dividends to common stockholders—$3.17 per share
—

 
—

 
—

 
(1,172,653
)
 
—

 
(1,172,653
)
 
—

 
(1,172,653
)
Issuance of common stock
3,829

 
938,509

 
—

 
—

 
—

 
942,338

 
—

 
942,338

Issuance of common stock for stock plans
152


64,581


—


—


6,587

 
71,320

 
—

 
71,320

Adjust redeemable OP unitholder interests to current fair value
—

 
(7,388
)
 
—

 
—

 
—

 
(7,388
)
 
—

 
(7,388
)
Redemption of OP Units
1

 
(739
)
 
—

 
—

 
—

 
(738
)
 
—

 
(738
)
Grant of restricted stock, net of forfeitures
78

 
(2,706
)
 
—

 
—

 
(6,719
)
 
(9,347
)
 
—

 
(9,347
)
Cumulative effect of change in accounting principle
—

 
—

 
(163
)
 
801

 
—

 
638

 
—

 
638

Balance at December 31, 2019
$
93,185

 
$
14,056,453

 
$
(34,564
)
 
$
(3,669,050
)
 
$
(132
)
 
$
10,445,892

 
$
99,560

 
$
10,545,452

   See accompanying notes.
VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income
$
439,297

 
$
415,981

 
$
1,361,112

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
1,045,620

 
919,639

 
887,948

Amortization of deferred revenue and lease intangibles, net
(7,967
)
 
(30,660
)
 
(20,537
)
Other non-cash amortization
22,985

 
18,886

 
16,058

Stock-based compensation
33,923

 
29,963

 
26,543

Straight-lining of rental income
(30,073
)
 
13,396

 
(23,134
)
Loss on extinguishment of debt, net
41,900

 
58,254

 
754

Gain on real estate dispositions
(26,022
)
 
(46,247
)
 
(717,273
)
Gain on real estate loan investments
—

 
(13,202
)
 
(124
)
Income tax benefit
(58,918
)
 
(43,026
)
 
(63,599
)
Loss from unconsolidated entities
2,464

 
55,034

 
3,588

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

 
—

 
(3,027
)
Distributions from unconsolidated entities
1,600

 
2,934

 
4,676

Real estate impairments related to natural disasters
—

 
52,510

 
4,616

Other
13,264

 
3,720

 
4,624

Changes in operating assets and liabilities:
 
 
 
 
 
Increase in other assets
(76,693
)
 
(23,198
)
 
(29,282
)
Increase in accrued interest
9,737

 
4,992

 
11,068

Increase (decrease) in accounts payable and other liabilities
26,666

 
(37,509
)
 
(35,259
)
Net cash provided by operating activities
1,437,783

 
1,381,467

 
1,428,752

Cash flows from investing activities:
 
 
 
 
 
Net investment in real estate property
(958,125
)
 
(265,907
)
 
(664,684
)
Investment in loans receivable
(1,258,187
)
 
(229,534
)
 
(748,119
)
Proceeds from real estate disposals
147,855

 
353,792

 
859,874

Proceeds from loans receivable
1,017,309

 
911,540

 
101,097

Development project expenditures
(403,923
)
 
(330,876
)
 
(299,085
)
Capital expenditures
(156,724
)
 
(131,858
)
 
(132,558
)
Distributions from unconsolidated entities
172

 
57,455

 
6,169

Investment in unconsolidated entities
(3,855
)
 
(47,007
)
 
(61,220
)
Insurance proceeds for property damage claims
30,179

 
6,891

 
1,419

Net cash (used in) provided by investing activities
(1,585,299
)
 
324,496

 
(937,107
)
Cash flows from financing activities:
 
 
 
 
 
Net change in borrowings under revolving credit facilities
(569,891
)
 
321,463

 
384,783

Net change in borrowings under commercial paper program
565,524

 
—

 
—

Proceeds from debt
3,013,191

 
2,549,473

 
1,111,649

Repayment of debt
(2,623,916
)
 
(3,465,579
)
 
(1,369,084
)
Purchase of noncontrolling interests
—

 
(4,724
)
 
(15,809
)
Payment of deferred financing costs
(21,403
)
 
(20,612
)
 
(27,297
)
Issuance of common stock, net
942,085

 
—

 
73,596

Cash distribution to common stockholders
(1,157,720
)
 
(1,127,143
)
 
(827,285
)
Cash distribution to redeemable OP unitholders
(9,218
)
 
(7,459
)
 
(5,677
)
Cash issued for redemption of OP Units
(2,203
)
 
(1,370
)
 
—

Contributions from noncontrolling interests
6,282

 
1,883

 
4,402

Distributions to noncontrolling interests
(9,717
)
 
(11,574
)
 
(11,187
)
Proceeds from stock option exercises
36,179

 
8,762

 
16,287

Other
(8,519
)
 
(5,057
)
 
(5,705
)
Net cash provided by (used in) financing activities
160,674

 
(1,761,937
)
 
(671,327
)
Net increase (decrease) in cash, cash equivalents and restricted cash
13,158

 
(55,974
)
 
(179,682
)
Effect of foreign currency translation
1,480

 
(815
)
 
581

Cash, cash equivalents and restricted cash at beginning of year
131,464

 
188,253

 
367,354

Cash, cash equivalents and restricted cash at end of year
$
146,102

 
$
131,464

 
$
188,253


72

VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Supplemental disclosure of cash flow information:
 
 
 
 
 
Interest paid including swap payments and receipts
$
410,584

 
$
406,907

 
$
409,890

Supplemental schedule of non-cash activities:
 
 
 
 
 
Assets acquired and liabilities assumed from acquisitions and other:
 
 
 
 
 
Real estate investments
$
1,057,138

 
$
94,280

 
$
425,906

Other assets
11,140

 
5,398

 
(3,716
)
Debt
907,746

 
30,508

 
75,231

Other liabilities
47,121

 
18,086

 
70,878

Deferred income tax liability
95

 
922

 
(14,869
)
Noncontrolling interests
113,316

 
2,591

 
4,202

Equity issued
—

 
30,487

 
—

Equity issued for redemption of OP Units
127

 
907

 
24,002

See accompanying notes.

73
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, 2019, we owned approximately 1,200 properties (including properties owned through investments in unconsolidated entities and properties classified as held for sale), consisting of seniors housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We had 22 properties under development, including four properties that are owned by unconsolidated real estate entities. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois.

We primarily invest in seniors housing, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers.

As of December 31, 2019, we leased a total of 412 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. 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 122 properties (excluding two properties managed by Brookdale Senior Living pursuant to long-term management agreements), 11 properties and 32 properties, respectively, as of December 31, 2019.

As of December 31, 2019, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”) to manage 406 seniors housing communities for us.

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.


74
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, 2019
 
December 31, 2018
 
 
Total Assets
 
Total Liabilities
 
Total Assets
 
Total Liabilities
 
 
(In thousands)
NHP/PMB L.P.
 
$
666,404

 
$
244,934

 
$
673,467

 
$
238,147

Other identified VIEs
 
4,075,821

 
1,459,830

 
2,076,715

 
405,350

Tax credit VIEs
 
845,229

 
333,809

 
797,077

 
297,004



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,

75
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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, 2019, third party investors owned 3.3 million Class A limited partnership units in NHP/PMB (“OP Units”), which represented 31% of the total units then outstanding, and we owned 7.3 million Class B limited partnership units in NHP/PMB, representing the remaining 69%. At any time following the first anniversary of the date of their issuance, the OP Units may be redeemed at the election of the holder for cash or, at our option, 0.9051 shares of our common stock per OP Unit, subject to further adjustment in certain circumstances. We are party by assumption to a registration rights agreement with the holders of the OP Units that requires us, subject to the terms and conditions and certain exceptions set forth therein, to file and maintain a registration statement relating to the issuance of shares of our common stock upon redemption of OP Units.

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 are classified outside of permanent equity on our Consolidated Balance Sheets. We reflect the redeemable OP Units at the greater of cost or redemption value. As of December 31, 2019 and 2018, the fair value of the redeemable OP Units was $171.2 million and $174.6 million, respectively. We recognize changes in fair value through capital in excess of par value, net of cash distributions paid and purchases by us of any OP Units. Our diluted earnings per share includes the effect of any potential shares outstanding from redemption of the OP Units.

Certain noncontrolling interests of other consolidated joint ventures were also classified as redeemable at December 31, 2019 and 2018. Accordingly, we record the carrying amount of these noncontrolling interests at the greater of their initial carrying amount (increased or decreased for the noncontrolling interests’ share of net income or loss and distributions) or the redemption value. Our joint venture partners have certain redemption rights with respect to their noncontrolling interests in these joint ventures that are outside of our control, and the redeemable noncontrolling interests are classified outside of permanent equity on our Consolidated Balance Sheets. We recognize changes in the carrying value of redeemable noncontrolling interests through capital in excess of par value.
   
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, and comprehensive income, 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. We include net income attributable to the noncontrolling interests in net income in our Consolidated Statements of Income and we include the noncontrolling interests share of comprehensive income in our Consolidated Statements of Comprehensive Income.


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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, 2019, we owned ten properties, including one property in development, that had syndicated HTCs or NMTCs, or both, to TCIs.

In general, TCIs invest cash into special purpose entities that invest in entities that own the subject property and generate the tax credits. The TCIs receive substantially all of the tax credits and hold only a nominal interest in the economic risk and benefits of the special purpose entities.

HTCs are delivered to the TCIs upon substantial completion of the project. NMTCs are allowed for up to 39% of a qualified investment and are delivered to the TCIs after the investment has been funded and spent on a qualified business. HTCs are subject to 20% recapture per year beginning one year after the completion of the historic rehabilitation of the subject property. NMTCs are subject to 100% recapture until the end of the seventh year following the qualifying investment. We have provided the TCIs with certain guarantees which protect the TCIs from losses should a tax credit recapture event occur. The contractual arrangements with the TCIs include a put/call provision whereby we may be obligated or entitled to repurchase the interest of the TCIs in the special purpose entities at the end of the tax credit recapture period. We anticipate that either the TCIs will exercise their put rights or we will exercise our call rights prior to the applicable tax credit recapture periods.

The portion of the TCI’s investment that is attributed to the put is recorded at fair value at inception in accounts payable and other liabilities on our Consolidated Balance Sheets, and is accreted to the expected put price as interest expense in our Consolidated Statements of Income over the recapture period. The remaining balance of the TCI’s investment is initially recorded in accounts payable and other liabilities on our Consolidated Balance Sheets and will be relieved upon delivery of the tax credit to the TCI, as a reduction in the carrying value of the subject property, net of allocated expenses. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as an increase in the cost basis of the subject property upon the recognition of the related tax credit as discussed above.

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

When we acquire real estate, we first make reasonable judgments about whether the transaction involves an asset or a business. Our real estate acquisitions are generally accounted for as asset acquisitions as substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. 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.

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.

Intangibles primarily include the value of in-place leases and acquired lease contracts. 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.

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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.

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. Where we are the lessee, we record the acquisition date values of leases, including any above or below market value, within operating lease assets and operating lease liabilities on our Consolidated Balance Sheets.

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 real estate 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

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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.

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.

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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 $20.2 million, $18.1 million and $18.9 million were included in interest expense for the years ended December 31, 2019, 2018 and 2017, respectively.

Available for Sale Securities

We classify available for sale securities 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 available for sale 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 consolidated and 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 any noncontrolling interests’ proportionate share of the changes in fair value of swap contracts of our consolidated joint ventures in noncontrolling interests 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 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

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indicator of fair value. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

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

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

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

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

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

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

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

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

◦
Foreign currency forward contracts - We estimate the future values of the two currency tranches using forward exchange rates that are based on traded forward points and calculate a present value of the net amount using a discount factor based on observable traded interest rates.

•
Senior notes payable and other debt - We estimate the fair value of senior notes payable and other debt using level two inputs. We discount the future cash flows using current interest rates at which we could obtain similar borrowings. For mortgage debt, we may estimate fair value using level three inputs, similar to those used in determining fair value of loans receivable (above).

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

Revenue Recognition

Triple-Net Leased Properties and Office Operations

Certain of our triple-net leases and most of our MOB and research and innovation center (collectively, “office operations”) leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectability of substantially all rents is probable. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our Consolidated Balance Sheets. At December 31, 2019 and 2018, this cumulative excess totaled $278.8 million and $250.0 million (net of allowances of $44.6 million, recorded under prior accounting guidance), respectively (excluding properties classified as held for sale).

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

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We assess the probability of collecting substantially all rents under our leases based on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property, the value of the underlying collateral, if any, expected future performance of the property and current economic conditions. If our evaluation of these factors indicates it is not probable that we will be able to collect substantially all rents, we recognize a charge to rental income. If we change our conclusions regarding the probability of collecting rent payments required by a lease, we may recognize adjustments to rental income in the period we make such change in our conclusions.

Senior Living Operations

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

Other

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

Stock-Based Compensation

We recognize share-based payments to employees and directors, including grants of stock options and restricted stock, 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 Accounting Standards Codification (“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.

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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.

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. We recognize any noncontrolling interests’ proportionate share of currency translation adjustments of our foreign consolidated joint ventures in noncontrolling interests on our Consolidated Balance Sheets.

Segment Reporting

As of December 31, 2019, 2018 and 2017, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. Under our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and research and innovation centers throughout the United States. See “NOTE 19—SEGMENT INFORMATION.”
Recently Issued or Adopted Accounting Standards

    We adopted ASC Topic 842, Leases (“ASC 842”) on January 1, 2019, which introduced a lessee model that brings most leases on the balance sheet and, among other changes, eliminates the requirement in current GAAP for an entity to use bright-line tests in determining lease classification.

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

Upon adoption, we recognized both right of use assets and lease liabilities for leases in which we lease land, real property or other equipment. We now also report revenues and expenses within our triple-net leased properties reportable business segment for real estate taxes and insurance that are escrowed and obligations of the tenants in accordance with their respective leases with us. This reporting had no impact on our net income. Resident leases within our senior living operations reportable business segment and office leases also contain service elements. We elected the practical expedient to account for our resident and office leases as a single lease component. Also, we now expense certain leasing costs, other than leasing commissions, as they are incurred. Prior to the adoption of ASC 842, GAAP provided for the deferral and amortization of such costs over the applicable lease term. We are continuing to amortize any unamortized deferred lease costs as of December 31, 2018 over their respective lease terms.

As of January 1, 2019 we recognized operating lease assets of $361.7 million on our Consolidated Balance Sheets which includes the present value of minimum lease payments as well as certain existing above and/or below market lease intangible values associated with such leases. Also upon adoption, we recognized operating lease liabilities of $216.9 million on our Consolidated Balance Sheets. The present value of minimum lease payments was calculated on each lease using a discount rate that approximates our incremental borrowing rate primarily adjusted for the length of the individual lease terms. As of the January 1, 2019 adoption date, we utilized discount rates ranging from 6.15% to 7.60% for our ground leases.
    
Upon adoption, we recognized a cumulative effect adjustment to retained earnings of $0.6 million primarily relating to certain costs associated with unexecuted leases that were deferred as of December 31, 2018.

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In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13 require an entity to evaluate a current estimate of all expected credit losses over the life of a financial instrument, which may result in earlier recognition of credit losses on loans and other financial instruments. Under existing guidance, an entity generally only considered past events and current conditions in measuring an incurred loss. ASU 2016-13 is effective for us beginning January 1, 2020 and we are still evaluating the impact of adoption. Adoption of this standard is not expected to have a significant impact on our Consolidated Financial Statements.

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, 2019, Atria, Sunrise, Brookdale Senior Living, Ardent and Kindred managed or operated approximately 20.4%, 10.3%, 7.7%, 4.7% and 1.0%, respectively, of our consolidated real estate investments based on gross book value (excluding properties classified as held for sale as of December 31, 2019). Because Atria and Sunrise manage our properties in exchange for the receipt of a management fee from us, we are not directly exposed to the credit risk of our managers in the same manner or to the same extent as our triple-net tenants.

Based on gross book value, approximately 18.8% and 43.4% of our consolidated real estate investments were seniors housing communities included in the triple-net leased properties and senior living operations reportable business segments, respectively (excluding properties classified as held for sale as of December 31, 2019). MOBs, research and innovation centers, IRFs and LTACs, health systems, skilled nursing facilities (“SNFs”) and secured loans receivable and investments collectively comprised the remaining 37.8%. Our consolidated properties were located in 45 states, the District of Columbia, seven Canadian provinces and the United Kingdom as of December 31, 2019, with properties in one state (California) accounting for more than 10% of our total continuing revenues and net operating income (“NOI,” which is defined as total revenues, excluding interest and other income, less property-level operating expenses and office building services costs) for each of the years ended December 31, 2019, 2018 and 2017.

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,
 
2019
 
2018
 
2017
Revenues(1):
 
 
 
 
 
Brookdale Senior Living(2)
4.7
%
 
4.3
%
 
4.7
%
Ardent
3.1

 
3.1

 
3.1

Kindred(3)
3.3

 
3.5

 
4.6

NOI:
 
 
 
 
 
Brookdale Senior Living(2)
8.7
%
 
7.6
%
 
8.0
%
Ardent
5.8

 
5.7

 
5.3

Kindred(3)
6.3

 
6.4

 
7.9



(1) 
Total revenues include office building and other services revenue, income from loans and investments and interest and other income.
(2) 
2018 results include the impact of a net non-cash charge of $21.3 million related to April 2018 lease extensions.
(3) 
2017 results include amounts related to 36 SNFs that were sold during 2017.
    
Each of our leases with Brookdale Senior Living, Ardent and Kindred is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures, and to comply with the terms of the mortgage financing documents, if any, affecting the properties. In addition, each of our Brookdale Senior Living, Ardent and Kindred leases has a corporate guaranty.

The properties we lease to Brookdale Senior Living, Ardent and Kindred accounted for a significant portion of our triple-net leased properties segment revenues and NOI for the years ended December 31, 2019, 2018 and 2017. If Brookdale
Senior Living, Ardent or Kindred becomes unable or unwilling to satisfy its obligations to us or to renew its leases with us upon expiration of the terms thereof, our financial condition and results of operations could decline, and our ability to service our indebtedness and to make distributions to our stockholders could be impaired. We cannot assure you that Brookdale Senior Living, Ardent and Kindred will have sufficient assets, income and access to financing to enable them to satisfy their respective obligations to us, and any failure, inability or unwillingness by Brookdale Senior Living, Ardent or Kindred to do so could have a material adverse effect on our business, financial condition, results of operations and liquidity, our ability to service our indebtedness and other obligations and our ability to make distributions to our stockholders, as required for us to continue to qualify as a REIT (a “Material Adverse Effect”). We also cannot assure you that Brookdale Senior Living, Ardent and Kindred will elect to renew their respective leases with us upon expiration of the leases or that we will be able to reposition any non-renewed properties on a timely basis or on the same or better economic terms, if at all.
    
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.

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.

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, 2019 (excluding properties classified as held for sale as of December 31, 2019):
 
Brookdale Senior Living
 
Ardent
 
Kindred
 
Other
 
Total
 
(In thousands)
2020
$
184,141

 
$
122,348

 
$
130,790

 
$
891,141

 
$
1,328,420

2021
183,774

 
122,348

 
130,786

 
829,610

 
1,266,518

2022
183,398

 
122,348

 
130,790

 
743,575

 
1,180,111

2023
183,000

 
122,348

 
110,365

 
680,422

 
1,096,135

2024
182,600

 
122,348

 
100,153

 
627,798

 
1,032,899

Thereafter
182,189

 
1,292,096

 
40,358

 
2,633,754

 
4,148,397

Total
$
1,099,102

 
$
1,903,836

 
$
643,242

 
$
6,406,300

 
$
10,052,480



Senior Living Operations

As of December 31, 2019, Atria and Sunrise, collectively, provided comprehensive property management and accounting services with respect to 260 of our 401 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 or Sunrise’s failure, inability or unwillingness to satisfy its respective obligations under those agreements, to efficiently and effectively manage our properties or to provide timely and accurate accounting information with respect thereto could have a Material Adverse Effect on us. In addition, significant changes in Atria’s or Sunrise’s senior management or

84
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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 and Ardent Information

Brookdale Senior Living is subject to the reporting requirements of the Securities and Exchange Commission (“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.

Kindred, Atria, Sunrise and Ardent are not currently subject to the reporting requirements of the SEC. The information related to Kindred, Atria, Sunrise and Ardent 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 Kindred, Atria, Sunrise or Ardent, 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 2019, 2018 and 2017. 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.

2019 Acquisitions

In September 2019, we acquired an 87% interest in 34 Canadian seniors housing communities (including five in-process developments) valued at $1.8 billion through an equity partnership (the “LGM Acquisition”) with Le Groupe Maurice (“LGM”).  The portfolio continues to be managed by LGM.  We also have rights to fund and own all additional developments under an exclusive pipeline agreement with LGM.

During the year ended December 31, 2019, we also acquired two properties reported within our office operations reportable business segment (one research and innovation center and one MOB), two seniors housing communities reported within our senior living operations reportable business segment and one vacant land parcel for an aggregate purchase price of $237.0 million.

Each of our 2019 acquisitions was accounted for as an asset acquisition.

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.


85
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 5—DISPOSITIONS
2019 Activity

During the year ended December 31, 2019, we sold ten triple-net leased properties, eight MOBs, six seniors housing assets and our leasehold interest in one vacant land parcel for aggregate consideration of $147.5 million, and we recognized a gain on the sales of these assets of $26.0 million.

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 these 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.

Assets Held for Sale

The table below summarizes our real estate assets classified as held for sale as of December 31, 2019 and 2018, including the amounts reported within other assets and accounts payable and other liabilities on our Consolidated Balance Sheets:
 
 
December 31, 2019
 
December 31, 2018
 
 
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
 
8

 
$
62,098

 
$
1,623

 
1

 
$
5,482

 
$
40

Office operations (1)
 
1

 
5,177

 
499

 
—

 
160

 
152

Senior living operations  (1)
 
6

 
24,158

 
3,341

 
—

 
(188
)
 
13

Total
 
15

 
$
91,433

 
$
5,463

 
1

 
$
5,454

 
$
205



(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 $133.6 million, $29.5 million and $32.9 million for the years ended December 31, 2019, 2018 and 2017 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 were no impairments recorded as a result of natural disasters for the year ended December 31, 2019. We believe there is insurance coverage to mitigate these events. However, there can be no assurance regarding the amount or timing of any future recoveries. Such recoveries will be recognized when collection is deemed probable.


86
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 6—LOANS RECEIVABLE AND INVESTMENTS

As of December 31, 2019 and 2018, we had $1.0 billion and $756.5 million, respectively, of net loans receivable and investments relating to seniors housing and healthcare operators or properties. The following is a summary of our loans receivable and investments, net, including amortized cost, fair value and unrealized gains or losses on available for sale investments:
 
 
Carrying Amount
 
Amortized Cost
 
Fair Value
 
Unrealized Gain
 
 
(In thousands)
As of December 31, 2019:
 
 
 
 
 
 
 
 
Secured/mortgage loans and other, net
 
$
645,546

 
$
645,546

 
$
646,925

 
$
—

Government-sponsored pooled loan investments, net(1)
 
59,066

 
52,178

 
59,066

 
6,888

Total investments reported as secured loans receivable and investments, net
 
704,612

 
697,724

 
705,991

 
6,888

Non-mortgage loans receivable, net
 
63,724

 
63,724

 
63,538

 
—

Marketable debt securities (2)
 
237,360

 
213,062

 
237,360

 
24,298

Total loans receivable and investments, net
 
$
1,005,696

 
$
974,510

 
$
1,006,889

 
$
31,186


As of December 31, 2018:
 
 
 
 
 
 
 
 
Secured/mortgage loans and other, net
 
$
439,491

 
$
439,491

 
$
425,290

 
$
—

Government-sponsored pooled loan investments, net(3)
 
56,378

 
49,601

 
56,378

 
6,777

Total investments reported as secured loans receivable and investments, net
 
495,869

 
489,092

 
481,668

 
6,777

Non-mortgage loans receivable, net
 
54,164

 
54,164

 
54,081

 
—

Marketable debt securities (4)
 
206,442

 
197,473

 
206,442

 
8,969

Total loans receivable and investments, net
 
$
756,475

 
$
740,729

 
$
742,191

 
$
15,746



(1) 
As of December 31, 2019, investments in government-sponsored pool loans have contractual maturity dates in 2021 and 2023.
(2) 
As of December 31, 2019, investments in marketable debt securities have contractual maturity dates in 2024 and 2026.
(3) 
As of December 31, 2018, investments in government-sponsored pooled loans have contractual maturity dates in 2023.
(4) 
As of December 31, 2018, investments in marketable debt securities have contractual maturity dates in 2026.

2019 Activity

In April 2019, we purchased $5.0 million and $10.5 million of senior secured notes issued by a healthcare company which mature in 2024 and 2026, respectively. The 2024 and 2026 notes were purchased at a price of 102% and 98% of par, respectively, and have an effective interest rate of 8.1% and 8.3%, respectively. These marketable debt securities are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value.

In June 2019, we provided new secured debt financing of $490 million to certain subsidiaries of Colony Capital, Inc. The London Inter-bank Offered Rate (“LIBOR”) based debt financing has a five-year term (inclusive of three one-year extension options). In connection with this transaction, our previous secured loan to certain subsidiaries of Colony Capital, Inc. of $282 million was paid in full and we recognized a gain of $0.5 million in income from loans and investments in our Consolidated Statements of Income.

In July 2019, we closed the first phase of the LGM Acquisition by funding C$947 million (US $723 million) to LGM as a bridge loan to enable LGM to buy out its former partner. The bridge loan and all outstanding interest was fully repaid in September 2019 upon the closing of the LGM Acquisition. See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY.”


87
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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. 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 marketable debt securities are classified as available for sale and are reflected on our Consolidated Balance Sheets at fair value.

There was no impact on our 9.8% equity investment in Ardent as a result of these transactions.
    
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. We account for our interests in real estate joint ventures, as well as our 34% interest in Atria, 34% interest in Eclipse Senior Living (“ESL”) and 9.8% interest in Ardent, which are included within other assets on our Consolidated Balance Sheets, under the equity method of accounting.

We provide various services to our unconsolidated real estate joint venture entities in exchange for fees and reimbursements. Total management fees earned in connection with these entities were $3.4 million, $5.8 million and $6.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, which is included in office building and other services revenue in our Consolidated Statements of Income.

In March 2018, we recognized an impairment charge of $35.7 million relating to one of our equity investments in an unconsolidated real estate joint venture consisting principally of SNFs, which is recorded in loss from unconsolidated entities in our Consolidated Statements of Income. We completed the sale of our 25% interest to our joint venture partner in July 2018 and received $57.5 million at closing.


88
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 8—INTANGIBLES

The following is a summary of our intangibles:
 
As of December 31, 2019
 
As of December 31, 2018
 
Balance
 
Remaining
Weighted Average
Amortization
Period in Years
 
Balance
 
Remaining
Weighted Average
Amortization
Period in Years
 
(Dollars in thousands)
Intangible assets:
 
 
 
 
 
 
 
Above market lease intangibles
$
145,891

 
6.9
 
$
181,393

 
6.7
In-place and other lease intangibles
1,160,261

 
10.6
 
1,321,562

 
24.7
Goodwill
1,051,161

 
N/A
 
1,050,548

 
N/A
Other intangibles
35,837

 
10.9
 
35,759

 
11.8
Accumulated amortization
(920,742
)
 
N/A
 
(921,107
)
 
N/A
Net intangible assets
$
1,472,408

 
10.2
 
$
1,668,155

 
22.9
Intangible liabilities:
 
 
 
 
 
 
 
Below market lease intangibles
$
349,357

 
14.5
 
$
356,771

 
14.4
Other lease intangibles
13,498

 
N/A
 
31,418

 
46.5
Accumulated amortization
(203,834
)
 
N/A
 
(191,909
)
 
N/A
Purchase option intangibles
3,568

 
N/A
 
3,568

 
N/A
Net intangible liabilities
$
162,589

 
14.5
 
$
199,848

 
17.2


N/A—Not Applicable 

Above market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets. The change in other lease intangible assets and liabilities is due to the presentation of ground lease intangibles within operating lease assets on our Consolidated Balance Sheets beginning January 1, 2019. See “NOTE 2—ACCOUNTING POLICIES.” For the years ended December 31, 2019, 2018 and 2017, our net amortization related to these intangibles was $59.2 million, $49.2 million and $67.2 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)
2020
$
53,988

2021
46,651

2022
39,315

2023
36,107

2024
28,622



The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2019:
 
 
Goodwill
 
 
(In thousands)
Triple-net leased properties
 
$
321,781

Senior living operations
 
259,482

Office operations
 
469,898

Total goodwill
 
$
1,051,161


    

89
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


NOTE 9—OTHER ASSETS

The following is a summary of our other assets:
 
As of December 31,
 
2019
 
2018
 
(In thousands)
Straight-line rent receivables
$
278,833

 
$
250,023

Non-mortgage loans receivable, net
63,724

 
54,164

Marketable debt securities
237,360

 
206,442

Other intangibles, net
5,149

 
5,623

Investment in unconsolidated operating entities
59,301

 
56,820

Other
232,929

 
186,113

Total other assets
$
877,296

 
$
759,185




90
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,
 
2019
 
2018
 
(In thousands)
Unsecured revolving credit facility (1)
$
120,787

 
$
765,919

Commercial paper notes
567,450

 
—

Secured revolving construction credit facility due 2022
160,492

 
90,488

3.00% Senior Notes, Series A due 2019 (2)
—

 
293,319

2.70% Senior Notes due 2020
—

 
500,000

Floating Rate Senior Notes, Series F due 2021 (2)
231,018

 
—

4.25% Senior Notes due 2022
—

 
600,000

3.25% Senior Notes due 2022
500,000

 
500,000

3.30% Senior Notes, Series C due 2022 (2)
192,515

 
183,325

Unsecured term loan due 2023
200,000

 
300,000

3.125% Senior Notes due 2023
400,000

 
400,000

3.10% Senior Notes due 2023
400,000

 
400,000

2.55% Senior Notes, Series D due 2023 (2)
211,767

 
201,657

Unsecured term loan due 2024
—

 
600,000

3.50% Senior Notes due 2024
400,000

 
—

3.75% Senior Notes due 2024
400,000

 
400,000

4.125% Senior Notes, Series B due 2024 (2)
192,515

 
183,324

2.80% Senior Notes, Series E due 2024 (2)
462,036

 
—

Unsecured term loan due 2025 (2)
385,030

 
—

3.50% Senior Notes due 2025
600,000

 
600,000

2.65% Senior Notes due 2025
450,000

 
—

4.125% Senior Notes due 2026
500,000

 
500,000

3.25% Senior Notes due 2026
450,000

 
450,000

3.85% Senior Notes due 2027
400,000

 
400,000

4.00% Senior Notes due 2028
650,000

 
650,000

4.40% Senior Notes due 2029
750,000

 
750,000

3.00% Senior Notes due 2030
650,000

 
—

6.90% Senior Notes due 2037
52,400

 
52,400

6.59% Senior Notes due 2038
22,823

 
22,823

5.45% Senior Notes due 2043
—

 
258,750

5.70% Senior Notes due 2043
300,000

 
300,000

4.375% Senior Notes due 2045
300,000

 
300,000

4.875% Senior Notes due 2049
300,000

 
—

Mortgage loans and other
1,996,969

 
1,127,697

Total
12,245,802

 
10,829,702

Deferred financing costs, net
(79,939
)
 
(69,615
)
Unamortized fair value adjustment
20,056

 
(1,163
)
Unamortized discounts
(27,146
)
 
(25,225
)
Senior notes payable and other debt
$
12,158,773

 
$
10,733,699




91
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


(1) 
As of December 31, 2019 and 2018, respectively, $26.2 million and $23.1 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $27.6 million and $27.8 million were denominated in British pounds as of December 31, 2019 and 2018, respectively.
(2) 
Canadian Dollar debt obligations shown in US Dollars.

Credit Facilities, Commercial Paper and Unsecured Term Loans

Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility priced at LIBOR plus 0.875%, as of December 31, 2019. The unsecured revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

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.

In January 2019, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), established an unsecured commercial paper program. Under the terms of the program, we may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $1.0 billion. The notes are sold under customary terms in the United States commercial paper note market and are ranked pari passu with all of Ventas Realty’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by Ventas, Inc. As of December 31, 2019, $567.5 million was outstanding under our commercial paper program.

As of December 31, 2019, $120.8 million was outstanding under the unsecured revolving credit facility with an additional $24.0 million restricted to support outstanding letters of credit. In addition, we limit our utilization of the unsecured revolving credit facility in order to maintain liquidity and to support our commercial paper program. Including these internal limits, we had $2.3 billion in available liquidity under the unsecured revolving credit facility as of December 31, 2019.

In June 2019, we repaid $100.0 million of the balance outstanding on the $300.0 million unsecured term loan that matures in 2023 and repaid in full the $600.0 million unsecured term loan that was set to mature in 2024 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $3.2 million during the second quarter of 2019. We originally entered into this $900.0 million unsecured term loan facility in June 2018, which replaced and repaid in full our previous $900.0 million unsecured term loan due 2020.

As of December 31, 2019, we had a $200.0 million unsecured term loan priced at LIBOR plus 0.90% that matures in 2023.  The term loan also includes an accordion feature that effectively permits us to increase our aggregate borrowings thereunder to up to $800.0 million.        

As of December 31, 2019, we had a $400.0 million secured revolving construction credit facility with $160.5 million of borrowings outstanding. The secured revolving construction credit facility matures in 2022 and is primarily used to finance the development of research and innovation centers and other construction projects.

In September 2019, we entered into a new C$500 million unsecured term loan facility priced at Canadian Dollar Offered Rate (“CDOR”) plus 0.90% that matures in 2025.

Senior Notes

As of December 31, 2019, we had outstanding $7.5 billion aggregate principal amount of senior notes issued by Ventas Realty ($500.0 million 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$1.7 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.


92
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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.

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.

2019 Activity

In January 2019, we redeemed $258.8 million aggregate principal amount then outstanding of our 5.45% senior notes due 2043 at a public offering price at par, plus accrued and unpaid interest to the redemption date. Notice of the redemption was given in November 2018 and, as a result, we recognized a non-cash charge to loss on extinguishment of debt of $7.1 million during the year ended December 31, 2018 and $0.4 million during the first quarter of 2019.

In February 2019, Ventas Realty issued and sold $400.0 million aggregate principal amount of 3.50% senior notes due 2024 at a public offering price equal to 99.88% of par and $300.0 million aggregate principal amount of 4.875% senior notes due 2049 at a public offering price equal to 99.77% of par.

In June 2019, Ventas Realty issued $450.0 million aggregate principal amount of 2.65% senior notes due 2025 at a public offering price equal to 99.45% of par. The notes were settled and proceeds were received in July 2019.

In July 2019, in connection with an announced cash tender offer for such notes, we tendered $397.1 million principal amount then outstanding of our 2.70% senior notes due 2020 for a tender offer consideration of 100.37% of par value, plus accrued and unpaid interest to the payment date. In August 2019, we repaid the remaining balance then outstanding of our 2.70% senior notes due 2020 of $102.9 million. As a result of the redemption and repayment, we recognized a total loss on extinguishment of debt of $2.4 million.

In August 2019, Ventas Realty issued and sold $650.0 million aggregate principal amount of 3.00% senior notes due 2030 at a public offering price equal to 99.51% of par.

In August 2019, in connection with an announced cash tender offer for such notes, we tendered $395.7 million principal amount then outstanding of our 4.25% senior notes due 2022 for a tender offer consideration of 105.46% of par value, plus accrued and unpaid interest to the payment date. In September 2019, we repaid the remaining balance then outstanding of our 4.25% senior notes due 2022 of $204.3 million. As a result of the redemption and repayment, we recognized a loss on extinguishment of debt of $35.9 million.
        
In September 2019, we repaid in full, at par, C$400.0 million principal amount then outstanding of our 3.00% senior notes, Series A due 2019 upon maturity.

93
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


In November 2019, Ventas Canada issued and sold C$600 million aggregate principal amount of 2.80% senior notes, Series E due 2024 and C$300 million aggregate principal amount of floating rate senior notes, Series F due 2021, at a public offering price equal to 99.99% and 100.00%, respectively, of par.

2018 Activity

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.

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.

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

At December 31, 2019, we had 89 mortgage loans outstanding in the aggregate principal amount of $2.0 billion and secured by 84 of our properties. Of these loans, 67 loans in the aggregate principal amount of $1.3 billion bear interest at fixed rates ranging from 2.0% to 13.0% per annum, and 22 loans in the aggregate principal amount of $671.1 million bear interest at variable rates ranging from 1.2% to 4.4% per annum as of December 31, 2019. At December 31, 2019, the weighted average annual rate on our fixed rate mortgage loans was 3.7%, and the weighted average annual rate on our variable rate mortgage loans was 3.4%. Our mortgage loans had a weighted average maturity of 4.2 years as of December 31, 2019.

During the years ended December 31, 2019 and 2018, we repaid in full mortgage loans in the aggregate principal amount of $97.7 million and $485.7 million, respectively.

In September 2019, we assumed C$1.2 billion mortgage debt (included in the $2.0 billion above), including a fair value premium of C$16.6 million, in connection with the LGM Acquisition. See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY.”
    

94
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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, 2019:
 
Principal Amount
Due at Maturity
 
Unsecured Revolving
Credit
Facility and Commercial Paper Notes (1)
 
Scheduled Periodic
Amortization
 
Total Maturities
 
(In thousands)
2020
$
276,653

 
$
567,450

 
$
40,291

 
$
884,394

2021
361,046

 
120,787

 
38,954

 
520,787

2022
1,269,661

 
—

 
33,163

 
1,302,824

2023
1,602,104

 
—

 
19,409

 
1,621,513

2024
1,571,967

 
—

 
13,058

 
1,585,025

Thereafter
6,243,430

 
—

 
87,829

 
6,331,259

Total maturities
$
11,324,861

 
$
688,237

 
$
232,704

 
$
12,245,802



(1) 
As of December 31, 2019, we had $581.9 million of borrowings outstanding under our unsecured revolving credit facility and commercial paper program, net of $106.4 million of unrestricted cash and cash equivalents.
    
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, 2019, 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 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, 2019, our variable rate debt obligations of $2.0 billion reflect, in part, the effect of $147.8 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, 2019, our fixed rate debt obligations of $10.3 billion reflect, in part, the effect of $505.1 million and C$119.8 million notional amount of interest rate swaps with maturities ranging from August 2020 to December 2029, in each case that effectively convert variable rate debt to fixed rate debt.


95


NOTE 11—FAIR VALUES OF FINANCIAL INSTRUMENTS

The carrying amounts and fair values of our financial instruments were as follows:
 
As of December 31, 2019
 
As of December 31, 2018
 
Carrying
Amount
 
Fair Value
 
Carrying
Amount
 
Fair Value
 
(In thousands)
Assets:
 
 
 
 
 
 
 
Cash and cash equivalents
$
106,363

 
$
106,363

 
$
72,277

 
$
72,277

Escrow deposits and restricted cash
39,739

 
39,739

 
59,187

 
59,187

Secured mortgage loans and other, net
645,546

 
646,925

 
439,491

 
425,290

Non-mortgage loans receivable, net
63,724

 
63,538

 
54,164

 
54,081

Marketable debt securities
237,360

 
237,360

 
206,442

 
206,442

Government-sponsored pooled loan investments, net
59,066

 
59,066

 
56,378

 
56,378

Derivative instruments
738

 
738

 
6,012

 
6,012

Liabilities:
 
 
 
 
 
 
 
Senior notes payable and other debt, gross
12,245,802

 
12,778,758

 
10,829,702

 
10,617,074

Derivative instruments
12,987

 
12,987

 
4,561

 
4,561

Redeemable OP Units
171,178

 
171,178

 
174,552

 
174,552


    
For a discussion of the assumptions considered, refer to “NOTE 2—ACCOUNTING POLICIES.” The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

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, 2019, 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, 2019 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, 2019.

•
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, 2019.

•
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

96
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


grants or issuance to employees and non-employee directors, and 3.0 million shares (plus the number of shares or options outstanding under the 2006 Plans as of December 31, 2019 that were or are subsequently forfeited or expire unexercised) were available for future issuance as of December 31, 2019.

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

The following is a summary of stock option activity in 2019:
 
Shares (000’s)
 
Weighted Average
Exercise Price
 
Weighted
Average
Remaining
Contractual
Life (years)
 
Intrinsic
Value
($000’s)
Outstanding as of December 31, 2018
4,783

 
$
59.20

 
 
 
 

Options granted
—

 
—

 
 
 
 

Options exercised
(700
)
 
51.68

 
 
 
 

Options forfeited
(6
)
 
60.50

 
 
 
 
Options expired
—

 
—

 
 
 
 
Outstanding as of December 31, 2019
4,077

 
60.49

 
5.7
 
$
7,379

Exercisable as of December 31, 2019
4,014

 
60.49

 
5.7
 
$
7,415



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, administrative and professional fees. Compensation costs related to stock options for the years ended December 31, 2019, 2018 and 2017 were $0.3 million, $2.6 million and $4.8 million, respectively.

Aggregate proceeds received from options exercised under the Plans for the years ended December 31, 2019, 2018 and 2017 were $36.1 million, $8.8 million and $16.3 million, respectively. The total intrinsic value at exercise of options exercised during the years ended December 31, 2019, 2018 and 2017 was $12.3 million, $3.1 million and $7.0 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, administrative and professional fees of $33.6 million, $27.3 million and $21.7 million in 2019, 2018 and 2017, 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, including performance-based awards, as of December 31, 2019, and changes during the year ended December 31, 2019 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, 2018
276

 
$
53.64

 
628

 
$
57.70

Granted
143

 
62.69

 
304

 
59.85

Vested
(149
)
 
54.20

 
(371
)
 
60.73

Forfeited
(22
)
 
57.24

 
(22
)
 
53.69

Nonvested at December 31, 2019
248

 
58.21

 
539

 
56.99


    

97
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


As of December 31, 2019, we had $15.1 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 1.66 years. The total fair value at the vesting date for restricted stock and restricted stock units that vested during the years ended December 31, 2019, 2018 and 2017 was $31.6 million, $15.5 million and $16.6 million, respectively.

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, 2019, 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 2019, we made contributions for each qualifying employee of up to 3.5% of his or her salary, subject to certain limitations. During 2019, 2018 and 2017, our aggregate contributions were approximately $1.5 million, $1.5 million and $1.4 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. Our tax treatment of distributions per common share was as follows:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Tax treatment of distributions:
 
 
 
 
 
Ordinary income
$
—

 
$
—

 
$
1.02814

Qualified ordinary income
0.12230

 
0.00375

 
0.00337

199A qualified business income
2.22898

 
2.97465

 
—

Long-term capital gain
—

 
0.05916

 
1.07836

Unrecaptured Section 1250 gain
0.03434

 
0.12244

 
0.21513

Non-dividend distribution
0.78438

 
—

 
—

Distribution reported for 1099-DIV purposes
3.17000

 
3.16000

 
2.32500

Add: Dividend declared in current year and taxable in following year
0.79250

 
0.79250

 
0.79000

Less: Dividend declared in prior year and taxable in current year
(0.79250
)
 
(0.79000
)
 
—

Distribution declared per common share outstanding
$
3.17000

 
$
3.16250

 
$
3.11500




98
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable income for 2019, 2018 and 2017. Our consolidated benefit for income taxes was as follows:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Current - Federal
$
(1,840
)
 
$
(2,953
)
 
$
(5,672
)
Current - State
2,118

 
1,332

 
1,119

Deferred - Federal
(49,532
)
 
(32,492
)
 
(54,396
)
Deferred - State
(3,353
)
 
(825
)
 
3,237

Current - Foreign
2,335

 
1,892

 
2,307

Deferred - Foreign
(6,038
)
 
(6,907
)
 
(6,394
)
Total
$
(56,310
)
 
$
(39,953
)
 
$
(59,799
)


The 2019 income tax benefit is primarily due to the $57.7 million reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities. During the second quarter of 2019, we concluded it was “more-likely than-not” that these deferred tax assets (primarily US federal NOL carryforwards which begin to expire in 2031) would be realized. This conclusion was based on recently sustained profitability and recent upward revisions to estimates of future taxable income for these TRS entities. 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 was 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 was 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 and certain other foreign entities have paid minimal cash federal, state and foreign income taxes for the year ended December 31, 2019, their income tax liabilities may increase in future years as we exhaust net operating loss (“NOL”) carryforwards and as our senior living and other operations 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, 2019, 2018 and 2017, to the income tax benefit is as follows:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes
$
77,803

 
$
80,811

 
$
204,742

State income taxes, net of federal benefit
2,341

 
(253
)
 
(1,115
)
Change in valuation allowance from ordinary operations
(47,227
)
 
(5,451
)
 
8,237

Decrease in ASC 740 income tax liability
—

 
(4,347
)
 
(4,750
)
Tax at statutory rate on earnings not subject to federal income taxes
(90,862
)
 
(89,947
)
 
(231,379
)
Foreign rate differential and foreign taxes
1,407

 
1,924

 
6,407

Change in tax status of TRS
(52
)
 
359

 
(690
)
Effect of the 2017 Tax Act
—

 
(23,160
)
 
(41,212
)
Other differences
280

 
111

 
(39
)
Income tax benefit
$
(56,310
)
 
$
(39,953
)
 
$
(59,799
)



99
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


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 are summarized as follows:
 
As of December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs
$
(257,373
)
 
$
(269,758
)
 
$
(300,395
)
Operating loss and interest deduction carryforwards
136,771

 
133,243

 
146,732

Expense accruals and other
7,380

 
11,910

 
12,890

Valuation allowance
(40,114
)
 
(80,614
)
 
(109,319
)
Net deferred tax liabilities
$
(153,336
)
 
$
(205,219
)
 
$
(250,092
)


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) in connection with the following acquisitions:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Research and innovation acquisition
$
—

 
$
—

 
$
19,262

Miscellaneous acquisitions
—

 
(922
)
 
(4,510
)
Established beginning deferred tax assets or liabilities
$
—

 
$
(922
)
 
$
14,752



Our net deferred tax liability decreased $51.9 million during 2019 primarily due to the $57.7 million reversal of valuation allowances recorded against the net deferred tax assets of certain of our TRS entities. 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 2019, 2018 and 2017 are $21.2 million, $55.1 million and $67.1 million, respectively.

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, 2019, 2018 and 2017, the REIT had NOL carryforwards of $858.6 million, $910.7 million and $973.4 million, respectively. Additionally, the REIT has $12.6 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 2020.

For the years ended December 31, 2019 and 2018, the net difference between tax bases and the reported amount of REIT assets and liabilities for federal income tax purposes was approximately $3.5 billion and $3.8 billion, respectively, less than the book bases of those assets and liabilities for financial reporting purposes.

Generally, we are subject to audit under the statute of limitations by the Internal Revenue Service (“IRS”) for the year ended December 31, 2016 and subsequent years and are subject to audit by state taxing authorities for the year ended December 31, 2015 and subsequent years. We are subject to audit generally under the statutes of limitation by the Canada

100
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Revenue Agency and provincial authorities with respect to the Canadian entities for the year ended December 31, 2015 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 2018.

The following table summarizes the activity related to our unrecognized tax benefits:
 
2019
 
2018
 
(In thousands)
Balance as of January 1
$
12,344

 
$
16,765

Additions to tax positions related to prior years
178

 
207

Subtractions to tax positions related to prior years
(395
)
 
(1,720
)
Subtractions to tax positions as a result of the lapse of the statute of limitations
—

 
(2,908
)
Balance as of December 31
$
12,127

 
$
12,344



Included in these unrecognized tax benefits of $12.1 million and $12.3 million at December 31, 2019 and 2018, respectively, were $10.7 million and $10.6 million of tax benefits at December 31, 2019 and 2018, respectively, that, if recognized, would reduce our annual effective tax rate. We accrued no interest or penalties related to the unrecognized tax benefits during 2019. We do not expect our unrecognized tax benefits to increase or decrease materially in 2020.

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.

Subsequent Event

In the first quarter of 2020, we completed an internal restructuring of certain US taxable REIT subsidiaries.  As a result, we expect to record a $152 million tax benefit from the transfer of assets subject to certain deferred tax liabilities from taxable REIT subsidiaries to the REIT in this tax-free transaction.

NOTE 14—COMMITMENTS AND CONTINGENCIES

Proceedings against Tenants, Operators and Managers

From time to time, Atria, Sunrise, Brookdale Senior Living, Ardent, Kindred and our other tenants, operators and managers are parties to certain legal actions, regulatory investigations and claims arising in the conduct of their business and operations. Even though we generally are not party to these proceedings, the unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially adversely affect such tenants’, operators’ or managers’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us.

Proceedings Indemnified and Defended by Third Parties

From time to time, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. The tenants of our triple-net leased properties and, in some cases, their affiliates are required by the terms of their leases and other agreements with us to indemnify, defend and hold us harmless against certain actions, investigations and claims arising in the course of their business and related to the operations of our triple-net leased properties. In addition, third parties from whom we acquired certain of our assets and, in some cases, their affiliates are required by the terms of the related conveyance documents to indemnify, defend and hold us harmless against certain actions, investigations and claims related to the acquired assets and arising prior to our ownership or related to excluded assets and liabilities. In some cases, a portion of the purchase price consideration is held in escrow for a specified period of time as collateral for these indemnification obligations. We are presently being defended by certain tenants and other obligated third parties in these types of matters. We cannot assure you that our tenants, their affiliates or other obligated third parties will continue to defend us in these matters, that our tenants, their affiliates or other obligated third parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us or that any purchase price consideration held in escrow will be sufficient to satisfy claims for which we are entitled to indemnification. The unfavorable resolution of any such actions, investigations or claims could, individually or in the aggregate, materially

101
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


adversely affect our tenants’ or other obligated third parties’ liquidity, financial condition or results of operations and their ability to satisfy their respective obligations to us, which, in turn, could have a Material Adverse Effect on us.

Proceedings Arising in Connection with Senior Living and Office Operations; Other Litigation

From time to time, we are party to various legal actions, regulatory investigations and claims (some of which may not be insured and some of which may allege large damage amounts) arising in connection with our senior living and office operations or otherwise in the course of our business. In limited circumstances, the manager of the applicable seniors housing community, MOB or research and innovation center may be contractually obligated to indemnify, defend and hold us harmless against such actions, investigations and claims. It is the opinion of management 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.

Operating Leases

We lease real property, primarily land and corporate office space, and equipment, primarily vehicles at our seniors housing communities. At inception, we establish an operating lease asset and operating lease liability calculated as the present value of future minimum lease payments. As our leases do not provide an implicit rate, we use a discount rate that approximates our incremental borrowing rate available at lease commencement to determine the present value. Incremental borrowing rates are adjusted for the length of the individual lease term. The weighted average discount rate and remaining lease term of our leases as of December 31, 2019 are 7.25% and 41.8 years, respectively. Operating lease assets and liabilities are not recognized for leases with an initial term of 12 months or less.

Our lease expense primarily consists of ground and corporate office leases. Ground lease expense is included in interest expense and corporate office lease expense is included in general, administrative and professional fees in the Company's Consolidated Statements of Income. For the years ended December 31, 2019 and 2018 we recognized $32.6 million and $32.3 million of expense relating to our leases. For the years ended December 31, 2019 and 2018, cash paid for leases was $25.8 million and $26.7 million, respectively as reported within operating cash outflows in our Consolidated Statements of Cash Flows.    
    
The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2019 (in thousands):
2020
$
24,395

2021(1)
56,948

2022(1)
28,023

2023
19,322

2024
18,398

Thereafter
644,996

Total undiscounted minimum lease payments
792,082

Less: imputed interest
(540,886
)
Operating lease liabilities
$
251,196


(1) 
Obligations include payment of ground rent upon substantial completion of in progress research and innovation developments.

102
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,
 
2019
 
2018
 
2017
 
(In thousands, except per share amounts)
Numerator for basic and diluted earnings per share:
 
 
 
 
 
Income from continuing operations
$
439,297

 
$
415,991

 
$
1,361,222

Discontinued operations
—

 
(10
)
 
(110
)
Net income
439,297

 
415,981

 
1,361,112

Net income attributable to noncontrolling interests
6,281

 
6,514

 
4,642

Net income attributable to common stockholders          
$
433,016

 
$
409,467

 
$
1,356,470

Denominator:
 
 
 
 
 
Denominator for basic earnings per share—weighted average shares
365,977

 
356,265

 
355,326

Effect of dilutive securities:
 
 
 
 
 
Stock options
391

 
174

 
494

Restricted stock awards
527

 
331

 
265

OP unitholder interests
2,991

 
2,531

 
2,481

Denominator for diluted earnings per share—adjusted weighted average shares
369,886

 
359,301

 
358,566

Basic earnings per share:
 
 
 
 
 
Income from continuing operations
$
1.20

 
$
1.17

 
$
3.83

Net income attributable to common stockholders          
1.18

 
1.15

 
3.82

Diluted earnings per share:
 
 
 
 
 
Income from continuing operations
$
1.19

 
$
1.16

 
$
3.80

Net income attributable to common stockholders          
1.17

 
1.14
 
3.78



There were 1.1 million, 3.5 million and 3.0 million anti-dilutive options outstanding for the years ended December 31, 2019, 2018 and 2017, respectively.

NOTE 16—PERMANENT AND TEMPORARY EQUITY

Capital Stock

From time to time, we may sell up to an aggregate of $1.0 billion of our common stock under an “at-the-market” equity offering program (“ATM program”). During the year ended December 31, 2019, we sold 2.7 million shares of our common stock under our ATM program for gross proceeds of $66.75 per share. As of December 31, 2019, $822.1 million of our common stock remained available for sale under our ATM program.

In June 2019, we sold 12.7 million shares of our common stock under a registered public offering for gross proceeds of $62.75 per share. We used the majority of the net proceeds to fund our LGM Acquisition. See “NOTE 4—ACQUISITIONS OF REAL ESTATE PROPERTY” and “NOTE 6—LOANS RECEIVABLE AND INVESTMENTS” for additional information regarding the LGM Acquisition.

During the year ended December 31, 2018, we sold no shares of common stock 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.

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

103
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, 2019, 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,
 
2019
 
2018
 
(In thousands)
Foreign currency translation
$
(51,743
)
 
$
(55,016
)
Available for sale securities
27,380

 
15,746

Derivative instruments
(10,201
)
 
19,688

Total accumulated other comprehensive loss
$
(34,564
)
 
$
(19,582
)


Redeemable OP Unitholder and Noncontrolling Interests

The following is a rollforward of our redeemable OP unitholder and noncontrolling interests for 2019:
 
 
Redeemable OP Unitholder Interests
 
Redeemable Noncontrolling Interests
 
Total Redeemable OP Unitholder and Noncontrolling Interests
 
 
(In thousands)
Balance as of December 31, 2018
 
$
174,552

 
$
13,589

 
$
188,141

New issuances (1)
 
—

 
81,181

 
81,181

Change in valuation
 
7,389

 
7,730

 
15,119

Distributions and other
 
(9,298
)
 
—

 
(9,298
)
Redemptions
 
(1,465
)
 
—

 
(1,465
)
Balance as of December 31, 2019
 
$
171,178

 
$
102,500

 
$
273,678



(1) 
Includes the redeemable portion of LGM's interest in certain seniors housing communities acquired in September 2019.

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, 2019, 2018 and 2017, we incurred fees to Atria of $62.1 million, $60.1 million and $59.7 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 customary 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, 2019, we leased 10 hospital campuses to Ardent pursuant to a single, triple-net master lease agreement. For the years ended December 31, 2019, 2018 and 2017, we recognized rental income from Ardent of $118.8 million, $114.8 million and $110.8 million, respectively, relating to the Ardent master lease.

104
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Our 9.8% ownership interest in Ardent entitles us to customary rights and minority protections, as well as the right to appoint one of 11 members on the Ardent Board of Directors.
    
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 years ended December 31, 2019 and 2018, we incurred $8.2 million and $23.6 million respectively of transaction and integration 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.

In January 2018, we acquired a 34% ownership interest in ESL which entitles us to customary rights and minority protections, as well as the right to appoint two of six members to the ESL Board of Directors. ESL management owns the 66% controlling interest.

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 years ended December 31, 2019 and 2018, we incurred fees to ESL of $14.6 million and $12.9 million, respectively, the majority of which are recorded within property-level operating expenses in our Consolidated Statements of Income.

NOTE 18—QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Summarized unaudited consolidated quarterly information is provided below:
 
For the Year Ended December 31, 2019
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
(In thousands, except per share amounts)
Revenues
$
942,874

 
$
950,717

 
$
983,155

 
$
996,004

 
 
 
 
 
 
 
 
Income from continuing operations
$
127,588

 
$
211,898

 
$
86,918

 
$
12,893

Net income
127,588

 
211,898

 
86,918

 
12,893

Net income attributable to noncontrolling interests
1,803

 
1,369

 
1,659

 
1,450

Net income attributable to common stockholders          
$
125,785

 
$
210,529

 
$
85,259

 
$
11,443

Basic earnings per share:
 

 
 

 
 

 
 

Income from continuing operations
$
0.36

 
$
0.59

 
$
0.23

 
$
0.03

Net income attributable to common stockholders
0.35

 
0.58

 
0.23

 
0.03

Diluted earnings per share:
 

 
 

 
 

 
 

Income from continuing operations
$
0.35

 
$
0.58

 
$
0.23

 
$
0.03

Net income attributable to common stockholders
0.35

 
0.58

 
0.23

 
0.03

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.7925

 
$
0.7925

 
$
0.7925

 
$
0.7925



105
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 
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

Basic earnings per share:
 
 
 
 
 
 
 
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 earnings per share:
 
 
 
 
 
 
 
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 common share
$
0.79

 
$
0.79

 
$
0.79

 
$
0.7925



NOTE 19—SEGMENT INFORMATION

As of December 31, 2019, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. In our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and research and innovation centers throughout the United States. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, loans receivable and investments, and miscellaneous accounts receivable.

Our chief operating decision makers evaluate performance of the combined properties in each reportable business segment and determine how to allocate resources to those segments, in significant part, based on segment NOI and related measures. We define segment NOI as total revenues, less interest and other income, property-level operating expenses and office building services costs. We consider segment NOI useful because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies between periods on a consistent basis. In order to facilitate a clear understanding of our historical consolidated operating results, segment NOI should be examined in conjunction with net income attributable to common stockholders as presented in our Consolidated Financial Statements and other financial data included elsewhere in this 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.

106
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


Summary information by reportable business segment is as follows:
 
For the Year Ended December 31, 2019
 
Triple-Net
Leased
Properties
 
Senior
Living
Operations
 
Office
Operations
 
All
Other
 
Total
 
(In thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Rental income
$
780,898

 
$
—

 
$
828,978

 
$
—

 
$
1,609,876

Resident fees and services
—

 
2,151,533

 
—

 
—

 
2,151,533

Office building and other services revenue
—

 
—

 
7,747

 
3,409

 
11,156

Income from loans and investments
—

 
—

 
—

 
89,201

 
89,201

Interest and other income
—

 
—

 
—

 
10,984

 
10,984

Total revenues
$
780,898

 
$
2,151,533

 
$
836,725

 
$
103,594

 
$
3,872,750

 
 
 
 
 
 
 
 
 
 
Total revenues
$
780,898

 
$
2,151,533

 
$
836,725

 
$
103,594

 
$
3,872,750

Less:
 
 
 
 
 
 
 
 
 
Interest and other income
—

 
—

 
—

 
10,984

 
10,984

Property-level operating expenses
26,561

 
1,521,398

 
260,249

 
—

 
1,808,208

Office building services costs
—

 
—

 
2,319

 
—

 
2,319

Segment NOI
$
754,337

 
$
630,135

 
$
574,157

 
$
92,610

 
2,051,239

Interest and other income
 

 
 

 
 

 
 
 
10,984

Interest expense
 

 
 

 
 

 
 

 
(451,662
)
Depreciation and amortization
 

 
 

 
 

 
 

 
(1,045,620
)
General, administrative and professional fees
 

 
 

 
 

 
 

 
(165,996
)
Loss on extinguishment of debt, net
 

 
 

 
 

 
 

 
(41,900
)
Merger-related expenses and deal costs
 

 
 

 
 

 
 

 
(15,235
)
Other
 

 
 

 
 

 
 

 
17,609

Loss from unconsolidated entities
 
 
 
 
 
 
 
 
(2,454
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
26,022

Income tax benefit
 

 
 

 
 

 
 

 
56,310

Income from continuing operations
 

 
 

 
 

 
 

 
439,297

Discontinued operations
 
 
 
 
 
 
 
 
—

Net income
 
 
 
 
 
 
 
 
439,297

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
6,281

Net income attributable to common stockholders
 
 
 
 
 
 
 
 
$
433,016


107
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


 
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

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
)
Loss from unconsolidated entities
 
 
 
 
 
 
 
 
(55,034
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
46,247

Income tax benefit
 

 
 

 
 

 
 

 
39,953

Income from continuing operations
 

 
 

 
 

 
 

 
415,991

Discontinued operations
 
 
 
 
 
 
 
 
(10
)
Net income
 
 
 
 
 
 
 
 
415,981

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
6,514

Net income attributable to common stockholders
 
 
 
 
 
 
 
 
$
409,467


108
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

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
)
Loss from unconsolidated entities
 
 
 
 
 
 
 
 
(561
)
Gain on real estate dispositions
 
 
 
 
 
 
 
 
717,273

Income tax benefit
 

 
 

 
 

 
 

 
59,799

Income from continuing operations
 

 
 

 
 

 
 

 
1,361,222

Discontinued operations
 
 
 
 
 
 
 
 
(110
)
Net income
 
 
 
 
 
 
 
 
1,361,112

Net income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
4,642

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


    
Assets by reportable business segment are as follows:
 
As of December 31,
 
2019
 
2018
 
(Dollars in thousands)
Assets:
 
 
 
 
 
 
 
Triple-net leased properties
$
6,381,657

 
25.8
%
 
$
6,795,142

 
30.1
%
Senior living operations
10,142,023

 
41.1

 
8,156,187

 
36.1

Office operations
7,173,401

 
29.1

 
6,772,957

 
30.0

All other assets
995,127

 
4.0

 
860,269

 
3.8

Total assets
$
24,692,208

 
100.0
%
 
$
22,584,555

 
100.0
%


109
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,
 
2019
 
2018
 
2017
 
(In thousands)
Capital expenditures:
 
 
 
 
 
Triple-net leased properties
$
55,429

 
$
58,744

 
$
254,542

Senior living operations
944,214

 
337,750

 
261,900

Office operations
519,129

 
332,147

 
579,885

Total capital expenditures
$
1,518,772

 
$
728,641

 
$
1,096,327



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,
 
2019
 
2018
 
2017
 
(In thousands)
Revenues:
 
 
 
 
 
United States
$
3,578,341

 
$
3,524,875

 
$
3,361,682

Canada
266,946

 
192,350

 
186,049

United Kingdom
27,463

 
28,585

 
26,418

Total revenues
$
3,872,750

 
$
3,745,810

 
$
3,574,149

 
As of December 31,
 
2019
 
2018
 
(In thousands)
Net real estate property:
 
 
 
United States
$
18,631,352

 
$
18,861,163

Canada
2,830,850

 
963,588

United Kingdom
266,885

 
268,906

Total net real estate property
$
21,729,087

 
$
20,093,657



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.

110
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


The following summarizes our condensed consolidating information as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018, and 2017:

CONDENSED CONSOLIDATING BALANCE SHEET
 
As of December 31, 2019
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
Net real estate investments
$
14,714

 
$
108,533

 
$
22,355,474

 
$
—

 
$
22,478,721

Cash and cash equivalents
1,904

 
—

 
104,459

 
—

 
106,363

Escrow deposits and restricted cash
1,205

 
128

 
38,406

 
—

 
39,739

Investment in and advances to affiliates
15,774,897

 
2,728,110

 
—

 
(18,503,007
)
 
—

Goodwill
—

 
—

 
1,051,161

 
—

 
1,051,161

Assets held for sale
—

 
—

 
91,433

 
—

 
91,433

Deferred income tax assets, net
—

 
—

 
47,495

 
—

 
47,495

Other assets
83,190

 
1,499

 
792,607

 
—

 
877,296

Total assets
$
15,875,910

 
$
2,838,270

 
$
24,481,035

 
$
(18,503,007
)
 
$
24,692,208

Liabilities and equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
$
—

 
$
8,352,384

 
$
3,806,389

 
$
—

 
$
12,158,773

Intercompany loans
8,789,600

 
(5,105,070
)
 
(3,684,530
)
 
—

 
—

Accrued interest
(14,522
)
 
94,874

 
30,763

 
—

 
111,115

Operating lease liabilities
14,498

 
519

 
236,179

 
—

 
251,196

Accounts payable and other liabilities
342,828

 
20,360

 
782,512

 
—

 
1,145,700

Liabilities related to assets held for sale
—

 
—

 
5,463

 
—

 
5,463

Deferred income tax liabilities
1,329

 
—

 
199,502

 
—

 
200,831

Total liabilities
9,133,733

 
3,363,067

 
1,376,278

 
—

 
13,873,078

Redeemable OP unitholder and noncontrolling interests
102,657

 
—

 
171,021

 
—

 
273,678

Total equity
6,639,520

 
(524,797
)
 
22,933,736

 
(18,503,007
)
 
10,545,452

Total liabilities and equity
$
15,875,910

 
$
2,838,270

 
$
24,481,035

 
$
(18,503,007
)
 
$
24,692,208





111
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING BALANCE SHEET
 
As of December 31, 2018
 
Ventas, Inc.
 
Ventas
Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Assets
 
 
 
 
 
 
 
 
 
Net real estate investments
$
3,598

 
$
112,691

 
$
20,521,615

 
$
—

 
$
20,637,904

Cash and cash equivalents
6,470

 
—

 
65,807

 
—

 
72,277

Escrow deposits and restricted cash
4,211

 
128

 
54,848

 
—

 
59,187

Investment in and advances to affiliates
15,656,592

 
2,726,198

 
—

 
(18,382,790
)
 
—

Goodwill
—

 
—

 
1,050,548

 
—

 
1,050,548

Assets held for sale
—

 
—

 
5,454

 
—

 
5,454

Other assets
45,989

 
4,443

 
708,753

 
—

 
759,185

Total assets
$
15,716,860

 
$
2,843,460

 
$
22,407,025

 
$
(18,382,790
)
 
$
22,584,555

Liabilities and equity
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
Senior notes payable and other debt
$
—

 
$
8,620,867

 
$
2,112,832

 
$
—

 
$
10,733,699

Intercompany loans
8,580,896

 
(5,629,764
)
 
(2,951,132
)
 
—

 
—

Accrued interest
(9,953
)
 
85,717

 
23,903

 
—

 
99,667

Accounts payable and other liabilities
319,753

 
19,178

 
747,099

 
—

 
1,086,030

Liabilities related to assets held for sale
—

 
—

 
205

 
—

 
205

Deferred income taxes
608

 
—

 
204,611

 
—

 
205,219

Total liabilities
8,891,304

 
3,095,998

 
137,518

 
—

 
12,124,820

Redeemable OP unitholder and noncontrolling interests
13,746

 
—

 
174,395

 
—

 
188,141

Total equity
6,811,810

 
(252,538
)
 
22,095,112

 
(18,382,790
)
 
10,271,594

Total liabilities and equity
$
15,716,860

 
$
2,843,460

 
$
22,407,025

 
$
(18,382,790
)
 
$
22,584,555














112
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF INCOME
 
For the Year Ended December 31, 2019
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Revenues
 
 
 
 
 
 
 
 
 
Rental income
$
1,074

 
$
142,562

 
$
1,466,240

 
$
—

 
$
1,609,876

Resident fees and services
—

 
—

 
2,151,533

 
—

 
2,151,533

Office building and other services revenues
—

 
—

 
11,156

 
—

 
11,156

Income from loans and investments
2,812

 
—

 
86,389

 
—

 
89,201

Equity earnings in affiliates
362,143

 
—

 
(2,469
)
 
(359,674
)
 
—

Interest and other income
214

 
192

 
10,578

 
—

 
10,984

Total revenues
366,243

 
142,754

 
3,723,427

 
(359,674
)
 
3,872,750

Expenses
 
 
 
 
 
 
 
 
 
Interest
(87,222
)
 
323,860

 
215,024

 
—

 
451,662

Depreciation and amortization
5,686

 
5,410

 
1,034,524

 
—

 
1,045,620

Property-level operating expenses
—

 
578

 
1,807,630

 
—

 
1,808,208

Office building services costs
—

 
—

 
2,319

 
—

 
2,319

General, administrative and professional fees
6,512

 
17,958

 
141,526

 
—

 
165,996

Loss on extinguishment of debt, net
—

 
41,875

 
25

 
—

 
41,900

Merger-related expenses and deal costs
7,170

 
—

 
8,065

 
—

 
15,235

Other
2,077

 
2

 
(19,688
)
 
—

 
(17,609
)
Total expenses
(65,777
)
 
389,683

 
3,189,425

 
—

 
3,513,331

Income (loss) before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests
432,020

 
(246,929
)
 
534,002

 
(359,674
)
 
359,419

Loss from unconsolidated entities
—

 
—

 
(2,454
)
 
—

 
(2,454
)
Gain on real estate dispositions
930

 
88

 
25,004

 
—

 
26,022

Income tax benefit
66

 
—

 
56,244

 
—

 
56,310

Income (loss) from continuing operations
433,016

 
(246,841
)
 
612,796

 
(359,674
)
 
439,297

Net income (loss)
433,016

 
(246,841
)
 
612,796

 
(359,674
)
 
439,297

Net income attributable to noncontrolling interests
—

 
—

 
6,281

 
—

 
6,281

Net income (loss) attributable to common stockholders
$
433,016

 
$
(246,841
)
 
$
606,515

 
$
(359,674
)
 
$
433,016




113
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




114
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





115
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
 
For the Year Ended December 31, 2019
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net income (loss)
$
433,016

 
$
(246,841
)
 
$
612,796

 
$
(359,674
)
 
$
439,297

Other comprehensive loss:
 
 
 
 
 
 
 
 
 
Foreign currency translation
—

 
—

 
5,729

 
—

 
5,729

Unrealized gain on available for sale securities
—

 
—

 
11,634

 
—

 
11,634

Derivative instruments
—

 
—

 
(30,814
)
 
—

 
(30,814
)
Total other comprehensive loss
—

 
—

 
(13,451
)
 
—

 
(13,451
)
Comprehensive income (loss)
433,016

 
(246,841
)
 
599,345

 
(359,674
)
 
425,846

Comprehensive income attributable to noncontrolling interests
—

 
—

 
7,649

 
—

 
7,649

Comprehensive income (loss) attributable to common stockholders
$
433,016

 
$
(246,841
)
 
$
591,696

 
$
(359,674
)
 
$
418,197

 
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 available for sale securities
—

 
—

 
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 available for sale securities
—

 
—

 
(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





116
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)


CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
 
For the Year Ended December 31, 2019
 
Ventas, Inc.
 
Ventas Realty
 
Ventas Subsidiaries
 
Consolidated
Elimination
 
Consolidated
 
(In thousands)
Net cash provided by (used in) operating activities
$
59,433

 
$
(179,258
)
 
$
1,557,608

 
$
—

 
$
1,437,783

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Net investment in real estate property
(235,807
)
 
—

 
(722,318
)
 
—

 
(958,125
)
Investment in loans receivable
(21,799
)
 
—

 
(1,236,388
)
 
—

 
(1,258,187
)
Proceeds from real estate disposals
147,546

 
—

 
309

 
—

 
147,855

Proceeds from loans receivable
60

 
—

 
1,017,249

 
—

 
1,017,309

Development project expenditures
(7,240
)
 
(790
)
 
(395,893
)
 
—

 
(403,923
)
Capital expenditures
—

 
—

 
(156,724
)
 
—

 
(156,724
)
Distributions from unconsolidated entities
—

 
—

 
172

 
—

 
172

Investment in unconsolidated entities
—

 
—

 
(3,855
)
 
—

 
(3,855
)
   Insurance proceeds for property damage claims
—

 
—

 
30,179

 
—

 
30,179

Net cash used in investing activities
(117,240
)
 
(790
)
 
(1,467,269
)
 
—

 
(1,585,299
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Net change in borrowings under revolving credit facilities
—

 
(577,996
)
 
8,105

 
—

 
(569,891
)
Net change in borrowings under commercial paper program
—

 
565,524

 
—

 
—

 
565,524

Proceeds from debt
—

 
1,793,154

 
1,220,037

 
—

 
3,013,191

Repayment of debt
—

 
(2,109,894
)
 
(514,022
)
 
—

 
(2,623,916
)
Net change in intercompany debt
225,407

 
525,608

 
(751,015
)
 
—

 
—

Payment of deferred financing costs
—

 
(16,348
)
 
(5,055
)
 
—

 
(21,403
)
Issuance of common stock, net
942,085

 
—

 
—

 
—

 
942,085

Cash distribution to common stockholders
(1,157,720
)
 
—

 
—

 
—

 
(1,157,720
)
Cash distribution to redeemable OP unitholders
—

 
—

 
(9,218
)
 
—

 
(9,218
)
Purchases of redeemable OP Units
—

 
—

 
(2,203
)
 
—

 
(2,203
)
Contributions from noncontrolling interests
—

 
—

 
6,282

 
—

 
6,282

Distributions to noncontrolling interests
—

 
—

 
(9,717
)
 
—

 
(9,717
)
Proceeds from stock option exercises
36,179

 
—

 
—

 
—

 
36,179

Other
(8,502
)
 
—

 
(17
)
 
—

 
(8,519
)
Net cash provided by (used in) financing activities
37,449

 
180,048

 
(56,823
)
 
—

 
160,674

Net (decrease) increase in cash, cash equivalents and restricted cash
(20,358
)
 
—

 
33,516

 
—

 
13,158

Effect of foreign currency translation
12,786

 
—

 
(11,306
)
 
—

 
1,480

Cash, cash equivalents and restricted cash at beginning of period
10,681

 
128

 
120,655

 
—

 
131,464

Cash, cash equivalents and restricted cash at end of period
$
3,109

 
$
128

 
$
142,865

 
$
—

 
$
146,102










117
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 unsecured revolving credit facility
—

 
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
)
Net change in intercompany debt
1,468,811

 
530,236

 
(1,999,047
)
 
—

 
—

Purchase of noncontrolling interests
(8,271
)
 
—

 
3,547

 
—

 
(4,724
)
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
)
Cash issued for redemption of OP Units
—

 
—

 
(1,370
)
 
—

 
(1,370
)
Contributions from noncontrolling interests
—

 
—

 
1,883

 
—

 
1,883

Distributions to noncontrolling interests
—

 
—

 
(11,574
)
 
—

 
(11,574
)
Proceeds from stock option exercises
8,762

 
—

 
—

 
—

 
8,762

Other
(5,057
)
 
—

 
—

 
—

 
(5,057
)
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


118
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
)
Proceeds from stock option exercises
16,287

 
—

 
—

 
—

 
16,287

Other
(5,705
)
 
—

 
—

 
—

 
(5,705
)
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




119


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


(1) 
Amounts charged to earnings primarily relate to termination of lease arrangements with Elmcroft in January 2018.


120


VENTAS, INC.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION

 
For the Years Ended December 31,
 
2019
 
2018
 
2017
 
(In thousands)
Reconciliation of real estate:
 
 
 
 
 
Carrying cost:
 
 
 
 
 
Balance at beginning of period
$
24,973,983

 
$
24,712,478

 
$
23,859,816

Additions during period:
 
 
 
 
 
Acquisitions
1,941,016

 
318,895

 
702,501

Capital expenditures
563,706

 
446,490

 
453,829

Deductions during period:
 
 
 
 
 
Foreign currency translation
107,508

 
(105,192
)
 
93,490

Other(1)
(460,490
)
 
(398,688
)
 
(397,158
)
Balance at end of period
$
27,125,723

 
$
24,973,983

 
$
24,712,478

 
 
 
 
 
 
Accumulated depreciation:
 
 
 
 
 
Balance at beginning of period
$
5,492,310

 
$
4,802,917

 
$
4,208,010

Additions during period:
 
 
 
 
 
Depreciation expense
828,954

 
791,882

 
760,314

Dispositions:
 
 
 
 
 
Sales and/or transfers to assets held for sale
(136,093
)
 
(84,819
)
 
(176,918
)
Foreign currency translation
12,755

 
(17,670
)
 
11,511

Balance at end of period
$
6,197,926

 
$
5,492,310

 
$
4,802,917


(1) 
Other may include sales, transfers to assets held for sale and impairments.

121

VENTAS, INC.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2019
(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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
SPECIALTY HOSPITALS
 
 
 
 
 
 
 
 
 
 
 

 
 
 
Rehabilitation Hospital of Southern Arizona
Tucson
AZ
$
—

$
770

$
25,589

$
—

$
770

$
25,589

$
26,359

$
6,388

$
19,971

1992
2011
35 years
Kindred Hospital - Brea
Brea
CA
—

3,144

2,611

—

3,144

2,611

5,755

1,605

4,150

1990
1995
40 years
Kindred Hospital - Ontario
Ontario
CA
—

523

2,988

—

523

2,988

3,511

3,228

283

1950
1994
25 years
Kindred Hospital - San Diego
San Diego
CA
—

670

11,764

—

670

11,764

12,434

11,942

492

1965
1994
25 years
Kindred Hospital - San Francisco Bay Area
San Leandro
CA
—

2,735

5,870

—

2,735

5,870

8,605

6,187

2,418

1962
1993
25 years
Tustin Rehabilitation Hospital
Tustin
CA
—

2,810

25,248

—

2,810

25,248

28,058

6,424

21,634

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

5,196

223

1956
1992
30 years
Kindred Hospital - South Florida Ft. Lauderdale
Fort Lauderdale
FL
—

1,758

14,080

—

1,758

14,080

15,838

14,154

1,684

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

15,050

3,057

1968
1997
40 years
Kindred Hospital - Central Tampa
Tampa
FL
—

2,732

7,676

—

2,732

7,676

10,408

5,647

4,761

1970
1993
40 years
Kindred Hospital - Chicago (North Campus)
Chicago
IL
—

1,583

19,980

—

1,583

19,980

21,563

20,004

1,559

1949
1995
25 years
Kindred - Chicago - Lakeshore
Chicago
IL
—

1,513

9,525

—

1,513

9,525

11,038

9,480

1,558

1995
1976
20 years
Kindred Hospital - Chicago (Northlake Campus)
Northlake
IL
—

850

6,498

—

850

6,498

7,348

6,552

796

1960
1991
30 years
Kindred Hospital - Sycamore
Sycamore
IL
—

77

8,549

—

77

8,549

8,626

8,403

223

1949
1993
20 years
Kindred Hospital - Indianapolis
Indianapolis
IN
—

985

3,801

—

985

3,801

4,786

3,775

1,011

1955
1993
30 years
Kindred Hospital - Louisville
Louisville
KY
—

3,041

12,279

—

3,041

12,279

15,320

12,580

2,740

1964
1995
20 years
Kindred Hospital - St. Louis
St. Louis
MO
—

1,126

2,087

—

1,126

2,087

3,213

2,020

1,193

1984
1991
40 years
Kindred Hospital - Las Vegas (Sahara)
Las Vegas
NV
—

1,110

2,177

—

1,110

2,177

3,287

1,543

1,744

1980
1994
40 years
Lovelace Rehabilitation Hospital
Albuquerque
NM
—

401

17,796

1,068

401

18,864

19,265

2,646

16,619

1989
2015
36 years
Kindred Hospital - Albuquerque
Albuquerque
NM
—

11

4,253

—

11

4,253

4,264

3,125

1,139

1985
1993
40 years
Kindred Hospital - Greensboro
Greensboro
NC
—

1,010

7,586

—

1,010

7,586

8,596

7,758

838

1964
1994
20 years
University Hospitals Rehabilitation Hospital
Beachwood
OH
—

1,800

16,444

—

1,800

16,444

18,244

3,176

15,068

2013
2013
35 years


122

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Kindred Hospital - Philadelphia
Philadelphia
PA
—

135

5,223

—

135

5,223

5,358

3,807

1,551

1960
1995
35 years
Kindred Hospital - Chattanooga
Chattanooga
TN
—

756

4,415

—

756

4,415

5,171

4,288

883

1975
1993
22 years
Ardent Harrington Cancer Center
Amarillo
TX
—

974

7,752

—

974

7,752

8,726

—

8,726

CIP
CIP
CIP
Rehabilitation Hospital of Dallas
Dallas
TX
—

2,318

38,702

—

2,318

38,702

41,020

6,054

34,966

2009
2015
35 years
Baylor Institute for Rehabilitation - Ft. Worth TX
Fort Worth
TX
—

2,071

16,018

—

2,071

16,018

18,089

2,719

15,370

2008
2015
35 years
Kindred Hospital - Tarrant County (Fort Worth Southwest)
Fort Worth
TX
—

2,342

7,458

—

2,342

7,458

9,800

7,507

2,293

1987
1986
20 years
Rehabilitation Hospital The Vintage
Houston
TX
—

1,838

34,832

—

1,838

34,832

36,670

5,714

30,956

2012
2015
35 years
Kindred Hospital (Houston Northwest)
Houston
TX
—

1,699

6,788

—

1,699

6,788

8,487

6,080

2,407

1986
1985
40 years
Kindred Hospital - Houston
Houston
TX
—

33

7,062

—

33

7,062

7,095

6,726

369

1972
1994
20 years
Kindred Hospital - Mansfield
Mansfield
TX
—

267

2,462

—

267

2,462

2,729

2,127

602

1983
1990
40 years
Select Rehabilitation - San Antonio TX
San Antonio
TX
—

1,859

18,301

—

1,859

18,301

20,160

3,046

17,114

2010
2015
35 years
Kindred Hospital - San Antonio
San Antonio
TX
—

249

11,413

—

249

11,413

11,662

10,236

1,426

1981
1993
30 years
TOTAL FOR SPECIALTY HOSPITALS
 
 
—

48,035

412,874

68

47,035

413,942

460,977

239,378

221,599

 
 
 
SKILLED NURSING FACILITIES
 
 


  

  

  

  

  

 
  

 
 
 
 
Englewood Post Acute and Rehabilitation
Englewood
CO
—

241

2,180

194

241

2,374

2,615

2,161

454

1960
1995
30 years
Brookdale Lisle SNF
Lisle
IL
—

730

9,270

711

910

9,801

10,711

3,363

7,348

1990
2009
35 years
Lopatcong Center
Phillipsburg
NJ
—

1,490

12,336

—

1,490

12,336

13,826

6,815

7,011

1982
2004
30 years
The Belvedere
Chester
PA
—

822

7,203

—

822

7,203

8,025

3,970

4,055

1899
2004
30 years
Pennsburg Manor
Pennsburg
PA
—

1,091

7,871

—

1,091

7,871

8,962

4,384

4,578

1982
2004
30 years
Chapel Manor
Philadelphia
PA
—

1,595

13,982

1,358

1,595

15,340

16,935

9,036

7,899

1948
2004
30 years
Wayne Center
Strafford
PA
—

662

6,872

850

662

7,722

8,384

4,616

3,768

1897
2004
30 years
Everett Rehabilitation & Care
Everett
WA
—

2,750

27,337

—

2,750

27,337

30,087

7,058

23,029

1995
2011
35 years
Beacon Hill Rehabilitation
Longview
WA
—

145

2,563

171

145

2,734

2,879

2,589

290

1955
1992
29 years
Columbia Crest Care & Rehabilitation Center
Moses Lake
WA
—

660

17,439

—

660

17,439

18,099

4,575

13,524

1972
2011
35 years
Lake Ridge Solana Alzheimer's Care Center
Moses Lake
WA
—

660

8,866

—

660

8,866

9,526

2,408

7,118

1988
2011
35 years
Rainier Rehabilitation
Puyallup
WA
—

520

4,780

305

520

5,085

5,605

3,676

1,929

1986
1991
40 years
Logan Center
Logan
WV
—

300

12,959

—

300

12,959

13,259

3,344

9,915

1987
2011
35 years
Ravenswood Healthcare Center
Ravenswood
WV
—

320

12,710

—

320

12,710

13,030

3,293

9,737

1987
2011
35 years
Valley Center
South Charleston
WV
—

750

24,115

—

750

24,115

24,865

6,302

18,563

1987
2011
35 years
White Sulphur
White Sulphur Springs
WV
—

250

13,055

—

250

13,055

13,305

3,401

9,904

1987
2011
35 years
TOTAL FOR SKILLED NURSING FACILITIES
 
 
—

12,986

183,538

3,589

13,166

186,947

200,113

70,991

129,122

 
 
 
 
 
 
 
  
  
  
  
 
 
  
 
 
 
 
GENERAL ACUTE CARE
 
 

 
 
 
 
 
 
 
 
 
 

Lovelace Medical Center Downtown
Albuquerque
NM
—

9,840

154,017

9,763

9,928

163,692

173,620

24,502

149,118

1968
2015
33.5 years
Lovelace Westside Hospital
Albuquerque
NM
—

10,107

13,576

2,133

10,107

15,709

25,816

5,451

20,365

1984
2015
20 years


123

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Lovelace Women's Hospital
Albuquerque
NM
—

7,236

175,142

20,075

7,236

195,217

202,453

19,417

183,036

1983
2015
47 years
Roswell Regional Hospital
Roswell
NM
—

2,560

41,125

2,186

2,560

43,311

45,871

4,662

41,209

2007
2015
47 years
Hillcrest Hospital Claremore
Claremore
OK
—

3,623

23,864

638

3,623

24,502

28,125

3,296

24,829

1955
2015
40 years
Bailey Medical Center
Owasso
OK
—

4,964

7,059

155

4,964

7,214

12,178

1,484

10,694

2006
2015
32.5 years
Hillcrest Medical Center
Tulsa
OK
—

28,319

215,959

12,718

28,319

228,677

256,996

32,698

224,298

1928
2015
34 years
Hillcrest Hospital South
Tulsa
OK
—

17,026

112,231

1,016

17,026

113,247

130,273

13,703

116,570

1999
2015
40 years
SouthCreek Medical Plaza
Tulsa
OK
—

2,943

17,860

599

2,943

18,459

21,402

819

20,583

2003
2018
35 years
Baptist St. Anthony's Hospital
Amarillo
TX
—

13,779

357,733

26,812

13,015

385,309

398,324

39,473

358,851

1967
2015
44.5 years
Spire Hull and East Riding Hospital
Anlaby
HUL
—

3,194

81,613

(12,561
)
2,721

69,525

72,246

8,167

64,079

2010
2014
50 years
Spire Fylde Coast Hospital
Blackpool
LAN
—

2,446

28,896

(4,642
)
2,084

24,616

26,700

2,934

23,766

1980
2014
50 years
Spire Clare Park Hospital
Farnham
SUR
—

6,263

26,119

(4,797
)
5,335

22,250

27,585

2,757

24,828

2009
2014
50 years
TOTAL FOR GENERAL ACUTE CARE
 
 
—

112,300

1,255,194

54,095

109,861

1,311,728

1,421,589

159,363

1,262,226

 
 
 
BROOKDALE SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Brookdale Chandler Ray Road
Chandler
AZ
—

2,000

6,538

178

2,000

6,716

8,716

1,836

6,880

1998
2011
35 years
Brookdale Springs Mesa
Mesa
AZ
—

2,747

24,918

1,401

2,751

26,315

29,066

12,087

16,979

1986
2005
35 years
Brookdale East Arbor
Mesa
AZ
—

655

6,998

196

711

7,138

7,849

3,377

4,472

1998
2005
35 years
Brookdale Oro Valley
Oro Valley
AZ
—

666

6,169

—

666

6,169

6,835

2,966

3,869

1998
2005
35 years
Brookdale Peoria
Peoria
AZ
—

598

4,872

670

650

5,490

6,140

2,346

3,794

1998
2005
35 years
Brookdale Tempe
Tempe
AZ
—

611

4,066

150

611

4,216

4,827

1,960

2,867

1997
2005
35 years
Brookdale East Tucson
Tucson
AZ
—

506

4,745

50

556

4,745

5,301

2,282

3,019

1998
2005
35 years
Brookdale Anaheim
Anaheim
CA
—

2,464

7,908

95

2,464

8,003

10,467

3,598

6,869

1977
2005
35 years
Brookdale Redwood City
Redwood City
CA
—

7,669

66,691

422

7,719

67,063

74,782

32,460

42,322

1988
2005
35 years
Brookdale San Jose
San Jose
CA
—

6,240

66,329

14,386

6,250

80,705

86,955

34,064

52,891

1987
2005
35 years
Brookdale San Marcos
San Marcos
CA
—

4,288

36,204

235

4,314

36,413

40,727

17,723

23,004

1987
2005
35 years
Brookdale Tracy
Tracy
CA
—

1,110

13,296

521

1,110

13,817

14,927

5,758

9,169

1986
2005
35 years
Brookdale Boulder Creek
Boulder
CO
—

1,290

20,683

402

1,414

20,961

22,375

5,489

16,886

1985
2011
35 years
Brookdale Vista Grande
Colorado Springs
CO
—

715

9,279

—

715

9,279

9,994

4,462

5,532

1997
2005
35 years
Brookdale El Camino
Pueblo
CO
—

840

9,403

76

874

9,445

10,319

4,523

5,796

1997
2005
35 years
Brookdale Farmington
Farmington
CT
—

3,995

36,310

492

4,016

36,781

40,797

17,572

23,225

1984
2005
35 years
Brookdale South Windsor
South Windsor
CT
—

2,187

12,682

88

2,198

12,759

14,957

5,726

9,231

1999
2004
35 years
Brookdale Chatfield
West Hartford
CT
—

2,493

22,833

23,667

2,493

46,500

48,993

13,584

35,409

1989
2005
35 years
Brookdale Bonita Springs
Bonita Springs
FL
—

1,540

10,783

726

1,594

11,455

13,049

5,185

7,864

1989
2005
35 years
Brookdale West Boynton Beach
Boynton Beach
FL
—

2,317

16,218

903

2,347

17,091

19,438

7,572

11,866

1999
2005
35 years
Brookdale Deer Creek AL/MC
Deerfield Beach
FL
—

1,399

9,791

18

1,399

9,809

11,208

4,850

6,358

1999
2005
35 years
Brookdale Fort Myers The Colony
Fort Myers
FL
—

1,510

7,862

390

1,510

8,252

9,762

2,059

7,703

1996
2011
35 years
Brookdale Avondale
Jacksonville
FL
—

860

16,745

140

860

16,885

17,745

4,256

13,489

1997
2011
35 years


124

 
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 Acquisition1
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 Crown Point
Jacksonville
FL
—

1,300

9,659

567

1,300

10,226

11,526

2,493

9,033

1997
2011
35 years
Brookdale Jensen Beach
Jensen Beach
FL
—

1,831

12,820

639

1,831

13,459

15,290

6,113

9,177

1999
2005
35 years
Brookdale Ormond Beach West
Ormond Beach
FL
—

1,660

9,738

27

1,660

9,765

11,425

2,530

8,895

1997
2011
35 years
Brookdale Palm Coast
Palm Coast
FL
—

470

9,187

—

470

9,187

9,657

2,399

7,258

1997
2011
35 years
Brookdale Pensacola
Pensacola
FL
—

633

6,087

11

633

6,098

6,731

2,929

3,802

1998
2005
35 years
Brookdale Rotonda
Rotonda West
FL
—

1,740

4,331

170

1,740

4,501

6,241

1,348

4,893

1997
2011
35 years
Brookdale Centre Pointe Boulevard
Tallahassee
FL
—

667

6,168

—

667

6,168

6,835

2,966

3,869

1998
2005
35 years
Brookdale Tavares
Tavares
FL
—

280

15,980

—

280

15,980

16,260

4,058

12,202

1997
2011
35 years
Brookdale West Melbourne MC
West Melbourne
FL
—

586

5,481

—

586

5,481

6,067

2,635

3,432

2000
2005
35 years
Brookdale West Palm Beach
West Palm Beach
FL
—

3,758

33,072

1,277

3,935

34,172

38,107

16,151

21,956

1990
2005
35 years
Brookdale Winter Haven MC
Winter Haven
FL
—

232

3,006

—

232

3,006

3,238

1,445

1,793

1997
2005
35 years
Brookdale Winter Haven AL
Winter Haven
FL
—

438

5,549

133

438

5,682

6,120

2,668

3,452

1997
2005
35 years
Brookdale Twin Falls
Twin Falls
ID
—

703

6,153

1,065

718

7,203

7,921

2,961

4,960

1997
2005
35 years
Brookdale Lake Shore Drive
Chicago
IL
—

11,057

107,517

6,336

11,089

113,821

124,910

53,755

71,155

1990
2005
35 years
Brookdale Lake View
Chicago
IL
—

3,072

26,668

—

3,072

26,668

29,740

12,980

16,760

1950
2005
35 years
Brookdale Des Plaines
Des Plaines
IL
—

6,871

60,165

(41
)
6,805

60,190

66,995

29,257

37,738

1993
2005
35 years
Brookdale Hoffman Estates
Hoffman Estates
IL
—

3,886

44,130

3,848

4,273

47,591

51,864

20,890

30,974

1987
2005
35 years
Brookdale Lisle IL/AL
Lisle
IL
33,000

7,953

70,400

—

7,953

70,400

78,353

34,170

44,183

1990
2005
35 years
Brookdale Northbrook
Northbrook
IL
—

1,988

39,762

652

2,076

40,326

42,402

18,346

24,056

1999
2004
35 years
Brookdale Hawthorn Lakes IL/AL
Vernon Hills
IL
—

4,439

35,044

624

4,480

35,627

40,107

17,362

22,745

1987
2005
35 years
Brookdale Hawthorn Lakes AL
Vernon Hills
IL
—

1,147

10,041

401

1,175

10,414

11,589

4,885

6,704

1999
2005
35 years
Brookdale Richmond
Richmond
IN
—

495

4,124

342

555

4,406

4,961

1,992

2,969

1998
2005
35 years
Brookdale Derby
Derby
KS
—

440

4,422

—

440

4,422

4,862

1,169

3,693

1994
2011
35 years
Brookdale Leawood State Line
Leawood
KS
—

117

5,127

224

117

5,351

5,468

2,472

2,996

2000
2005
35 years
Brookdale Salina Fairdale
Salina
KS
—

300

5,657

150

353

5,754

6,107

1,496

4,611

1996
2011
35 years
Brookdale Topeka
Topeka
KS
—

370

6,825

—

370

6,825

7,195

3,282

3,913

2000
2005
35 years
Brookdale Cushing Park
Framingham
MA
—

5,819

33,361

2,907

5,872

36,215

42,087

15,942

26,145

1999
2004
35 years
Brookdale Cape Cod
Hyannis
MA
—

1,277

9,063

237

1,277

9,300

10,577

3,889

6,688

1999
2005
35 years
Brookdale Quincy Bay
Quincy
MA
—

6,101

57,862

3,566

6,216

61,313

67,529

27,935

39,594

1986
2005
35 years
Brookdale Delta MC
Delta Township
MI
—

730

11,471

119

730

11,590

12,320

2,956

9,364

1998
2011
35 years
Brookdale Delta AL
Delta Township
MI
—

820

3,313

30

820

3,343

4,163

1,191

2,972

1998
2011
35 years
Brookdale Farmington Hills North
Farmington Hills
MI
—

580

10,497

91

580

10,588

11,168

3,014

8,154

1994
2011
35 years
Brookdale Farmington Hills North II
Farmington Hills
MI
—

700

10,246

—

700

10,246

10,946

3,052

7,894

1994
2011
35 years
Brookdale Meridian AL
Haslett
MI
—

1,340

6,134

288

1,367

6,395

7,762

1,715

6,047

1998
2011
35 years
Brookdale Grand Blanc MC
Holly
MI
—

450

12,373

105

450

12,478

12,928

3,191

9,737

1998
2011
35 years


125

 
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 Acquisition1
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 Grand Blanc AL
Holly
MI
—

620

14,627

—

620

14,627

15,247

3,789

11,458

1998
2011
35 years


126

 
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 Acquisition1
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 Northville
Northville
MI
—

407

6,068

149

407

6,217

6,624

2,920

3,704

1996
2005
35 years
Brookdale Troy MC
Troy
MI
—

630

17,178

—

630

17,178

17,808

4,398

13,410

1998
2011
35 years
Brookdale Troy AL
Troy
MI
—

950

12,503

270

950

12,773

13,723

3,391

10,332

1998
2011
35 years
Brookdale Utica AL
Utica
MI
—

1,142

11,808

624

1,142

12,432

13,574

5,689

7,885

1996
2005
35 years
Brookdale Utica MC
Utica
MI
—

700

8,657

334

700

8,991

9,691

2,375

7,316

1995
2011
35 years
Brookdale Eden Prairie
Eden Prairie
MN
—

301

6,228

763

332

6,960

7,292

2,997

4,295

1998
2005
35 years
Brookdale Faribault
Faribault
MN
—

530

1,085

—

530

1,085

1,615

344

1,271

1997
2011
35 years
Brookdale Inver Grove Heights
Inver Grove Heights
MN
—

253

2,655

—

253

2,655

2,908

1,277

1,631

1997
2005
35 years
Brookdale Mankato
Mankato
MN
—

490

410

—

490

410

900

239

661

1996
2011
35 years
Brookdale Edina
Minneapolis
MN
15,040

3,621

33,141

22,975

3,621

56,116

59,737

19,375

40,362

1998
2005
35 years
Brookdale North Oaks
North Oaks
MN
—

1,057

8,296

979

1,122

9,210

10,332

3,992

6,340

1998
2005
35 years
Brookdale Plymouth
Plymouth
MN
—

679

8,675

583

679

9,258

9,937

4,172

5,765

1998
2005
35 years
Brookdale Willmar
Wilmar
MN
—

470

4,833

—

470

4,833

5,303

1,254

4,049

1997
2011
35 years
Brookdale Winona
Winona
MN
—

800

1,390

—

800

1,390

2,190

724

1,466

1997
2011
35 years
Brookdale West County
Ballwin
MO
—

3,100

35,074

177

3,113

35,238

38,351

6,142

32,209

2012
2014
35 years
Brookdale Evesham
Voorhees Township
NJ
—

3,158

29,909

125

3,158

30,034

33,192

14,389

18,803

1987
2005
35 years
Brookdale Westampton
Westampton
NJ
—

881

4,741

829

881

5,570

6,451

2,302

4,149

1997
2005
35 years
Brookdale Santa Fe
Santa Fe
NM
—

—

28,178

—

—

28,178

28,178

13,333

14,845

1986
2005
35 years
Brookdale Kenmore
Buffalo
NY
—

1,487

15,170

752

1,487

15,922

17,409

7,294

10,115

1995
2005
35 years
Brookdale Clinton IL
Clinton
NY
—

947

7,528

604

961

8,118

9,079

3,637

5,442

1991
2005
35 years
Brookdale Manlius
Manlius
NY
—

890

28,237

303

190

29,240

29,430

7,183

22,247

1994
2011
35 years
Brookdale Pittsford
Pittsford
NY
—

611

4,066

16

611

4,082

4,693

1,958

2,735

1997
2005
35 years
Brookdale East Niskayuna
Schenectady
NY
—

1,021

8,333

715

1,021

9,048

10,069

4,019

6,050

1997
2005
35 years
Brookdale Niskayuna
Schenectady
NY
—

1,884

16,103

30

1,884

16,133

18,017

7,744

10,273

1996
2005
35 years
Brookdale Summerfield
Syracuse
NY
—

1,132

11,434

278

1,246

11,598

12,844

5,499

7,345

1991
2005
35 years
Brookdale Williamsville
Williamsville
NY
—

839

3,841

60

839

3,901

4,740

1,854

2,886

1997
2005
35 years
Brookdale Cary
Cary
NC
—

724

6,466

—

724

6,466

7,190

3,109

4,081

1997
2005
35 years
Brookdale Falling Creek
Hickory
NC
—

330

10,981

—

330

10,981

11,311

2,827

8,484

1997
2011
35 years
Brookdale Winston-Salem
Winston-Salem
NC
—

368

3,497

249

368

3,746

4,114

1,682

2,432

1997
2005
35 years
Brookdale Alliance
Alliance
OH
—

392

6,283

49

435

6,289

6,724

3,022

3,702

1998
2005
35 years
Brookdale Austintown
Austintown
OH
—

151

3,087

672

181

3,729

3,910

1,485

2,425

1999
2005
35 years
Brookdale Barberton
Barberton
OH
—

440

10,884

—

440

10,884

11,324

2,803

8,521

1997
2011
35 years
Brookdale Beavercreek
Beavercreek
OH
—

587

5,381

—

587

5,381

5,968

2,588

3,380

1998
2005
35 years
Brookdale Centennial Park
Clayton
OH
—

630

6,477

—

630

6,477

7,107

1,733

5,374

1997
2011
35 years
Brookdale Westerville
Columbus
OH
—

267

3,600

—

267

3,600

3,867

1,731

2,136

1999
2005
35 years
Brookdale Greenville AL/MC
Greenville
OH
—

490

4,144

55

545

4,144

4,689

1,246

3,443

1997
2011
35 years
Brookdale Salem AL (OH)
Salem
OH
—

634

4,659

—

634

4,659

5,293

2,240

3,053

1998
2005
35 years
Brookdale Springdale
Springdale
OH
—

1,140

9,134

144

1,228

9,190

10,418

2,382

8,036

1997
2011
35 years


127

 
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 Acquisition1
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 Bartlesville South
Bartlesville
OK
—

250

10,529

35

285

10,529

10,814

2,686

8,128

1997
2011
35 years
Brookdale Broken Arrow
Broken Arrow
OK
—

940

6,312

6,435

1,898

11,789

13,687

3,378

10,309

1996
2011
35 years
Brookdale Forest Grove
Forest Grove
OR
—

2,320

9,633

—

2,320

9,633

11,953

2,701

9,252

1994
2011
35 years
Brookdale Mt. Hood
Gresham
OR
—

2,410

9,093

(1,986
)
319

9,198

9,517

2,556

6,961

1988
2011
35 years
Brookdale McMinnville Town Center
McMinnville
OR
457

1,230

7,561

—

1,230

7,561

8,791

2,334

6,457

1989
2011
35 years
Brookdale Denton North
Denton
TX
—

1,750

6,712

43

1,750

6,755

8,505

1,768

6,737

1996
2011
35 years
Brookdale Ennis
Ennis
TX
—

460

3,284

—

460

3,284

3,744

926

2,818

1996
2011
35 years
Brookdale Kerrville
Kerrville
TX
—

460

8,548

120

460

8,668

9,128

2,205

6,923

1997
2011
35 years
Brookdale Medical Center Whitby
San Antonio
TX
—

1,400

10,051

—

1,400

10,051

11,451

2,616

8,835

1997
2011
35 years
Brookdale Western Hills
Temple
TX
—

330

5,081

177

330

5,258

5,588

1,377

4,211

1997
2011
35 years
Brookdale Salem AL (VA)
Salem
VA
—

1,900

16,219

—

1,900

16,219

18,119

7,630

10,489

1998
2011
35 years
Brookdale Alderwood
Lynnwood
WA
—

1,219

9,573

58

1,239

9,611

10,850

4,607

6,243

1999
2005
35 years
Brookdale Puyallup South
Puyallup
WA
—

1,055

8,298

—

1,055

8,298

9,353

3,990

5,363

1998
2005
35 years
Brookdale Richland
Richland
WA
—

960

23,270

365

960

23,635

24,595

6,129

18,466

1990
2011
35 years
Brookdale Park Place
Spokane
WA
—

1,622

12,895

345

1,622

13,240

14,862

6,362

8,500

1915
2005
35 years
Brookdale Allenmore AL
Tacoma
WA
—

620

16,186

947

671

17,082

17,753

4,224

13,529

1997
2011
35 years
Brookdale Allenmore - IL
Tacoma
WA
—

1,710

3,326

(622
)
307

4,107

4,414

1,330

3,084

1988
2011
35 years
Brookdale Yakima
Yakima
WA
—

860

15,276

119

891

15,364

16,255

4,028

12,227

1998
2011
35 years
Brookdale Kenosha
Kenosha
WI
—

551

5,431

3,297

608

8,671

9,279

3,530

5,749

2000
2005
35 years
Brookdale LaCrosse MC
La Crosse
WI
—

621

4,056

1,126

621

5,182

5,803

2,317

3,486

2004
2005
35 years
Brookdale LaCrosse AL
La Crosse
WI
—

644

5,831

2,637

644

8,468

9,112

3,662

5,450

1998
2005
35 years
Brookdale Middleton Century Ave
Middleton
WI
—

360

5,041

—

360

5,041

5,401

1,313

4,088

1997
2011
35 years
Brookdale Onalaska
Onalaska
WI
—

250

4,949

—

250

4,949

5,199

1,282

3,917

1995
2011
35 years
Brookdale Sun Prairie
Sun Prairie
WI
—

350

1,131

—

350

1,131

1,481

355

1,126

1994
2011
35 years
TOTAL FOR BROOKDALE SENIORS HOUSING COMMUNITIES
 
 
48,497

181,975

1,735,803

113,805

180,918

1,850,665

2,031,583

743,816

1,287,767

 
 
 
SUNRISE SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 

Sunrise of Chandler
Chandler
AZ
—

4,344

14,455

1,293

4,459

15,633

20,092

4,200

15,892

2007
2012
35 years
Sunrise of Scottsdale
Scottsdale
AZ
—

2,229

27,575

1,046

2,255

28,595

30,850

10,733

20,117

2007
2007
35 years
Sunrise at River Road
Tucson
AZ
—

2,971

12,399

806

3,000

13,176

16,176

3,327

12,849

2008
2012
35 years
Sunrise at La Costa
Carlsbad
CA
—

4,890

20,590

1,970

5,030

22,420

27,450

8,896

18,554

1999
2007
35 years
Sunrise of Carmichael
Carmichael
CA
—

1,269

14,598

1,065

1,291

15,641

16,932

3,971

12,961

2009
2012
35 years
Sunrise of Fair Oaks
Fair Oaks
CA
—

1,456

23,679

2,730

2,515

25,350

27,865

9,708

18,157

2001
2007
35 years
Sunrise of Mission Viejo
Mission Viejo
CA
—

3,802

24,560

2,158

3,889

26,631

30,520

10,243

20,277

1998
2007
35 years
Sunrise at Canyon Crest
Riverside
CA
—

5,486

19,658

2,479

5,745

21,878

27,623

8,608

19,015

2006
2007
35 years
Sunrise of Rocklin
Rocklin
CA
—

1,378

23,565

1,817

1,525

25,235

26,760

9,543

17,217

2007
2007
35 years
Sunrise of San Mateo
San Mateo
CA
—

2,682

35,335

3,325

2,742

38,600

41,342

14,225

27,117

1999
2007
35 years
Sunrise of Sunnyvale
Sunnyvale
CA
—

2,933

34,361

2,224

2,969

36,549

39,518

13,567

25,951

2000
2007
35 years


128

 
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 Acquisition1
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 at Sterling Canyon
Valencia
CA
—

3,868

29,293

5,046

4,084

34,123

38,207

14,006

24,201

1998
2007
35 years
Sunrise of Westlake Village
Westlake Village
CA
—

4,935

30,722

2,142

5,031

32,768

37,799

12,266

25,533

2004
2007
35 years
Sunrise at Yorba Linda
Yorba Linda
CA
—

1,689

25,240

2,591

1,780

27,740

29,520

10,522

18,998

2002
2007
35 years
Sunrise at Cherry Creek
Denver
CO
—

1,621

28,370

3,585

1,721

31,855

33,576

11,626

21,950

2000
2007
35 years
Sunrise at Pinehurst
Denver
CO
—

1,417

30,885

2,123

1,653

32,772

34,425

12,833

21,592

1998
2007
35 years
Sunrise at Orchard
Littleton
CO
—

1,813

22,183

3,296

1,853

25,439

27,292

9,441

17,851

1997
2007
35 years
Sunrise of Westminster
Westminster
CO
—

2,649

16,243

2,280

2,847

18,325

21,172

7,266

13,906

2000
2007
35 years
Sunrise of Stamford
Stamford
CT
—

4,612

28,533

3,330

5,029

31,446

36,475

12,098

24,377

1999
2007
35 years
Sunrise of Jacksonville
Jacksonville
FL
—

2,390

17,671

1,306

2,420

18,947

21,367

4,630

16,737

2009
2012
35 years
Sunrise at Ivey Ridge
Alpharetta
GA
—

1,507

18,516

1,498

1,517

20,004

21,521

7,873

13,648

1998
2007
35 years
Sunrise of Huntcliff Summit I
Atlanta
GA
—

4,232

66,161

19,554

4,201

85,746

89,947

36,411

53,536

1987
2007
35 years
Sunrise at Huntcliff Summit II
Atlanta
GA
—

2,154

17,137

3,279

2,160

20,410

22,570

7,772

14,798

1998
2007
35 years
Sunrise at East Cobb
Marietta
GA
—

1,797

23,420

1,441

1,806

24,852

26,658

9,729

16,929

1997
2007
35 years
Sunrise of Barrington
Barrington
IL
—

859

15,085

846

892

15,898

16,790

4,117

12,673

2007
2012
35 years
Sunrise of Bloomingdale
Bloomingdale
IL
—

1,287

38,625

2,261

1,382

40,791

42,173

15,561

26,612

2000
2007
35 years
Sunrise of Buffalo Grove
Buffalo Grove
IL
—

2,154

28,021

1,760

2,339

29,596

31,935

11,418

20,517

1999
2007
35 years
Sunrise of Lincoln Park
Chicago
IL
—

3,485

26,687

4,312

3,504

30,980

34,484

10,887

23,597

2003
2007
35 years
Sunrise of Naperville
Naperville
IL
—

1,946

28,538

2,605

2,624

30,465

33,089

12,100

20,989

1999
2007
35 years
Sunrise of Palos Park
Palos Park
IL
—

2,363

42,205

1,357

2,416

43,509

45,925

16,551

29,374

2001
2007
35 years
Sunrise of Park Ridge
Park Ridge
IL
—

5,533

39,557

3,176

5,707

42,559

48,266

16,285

31,981

1998
2007
35 years
Sunrise of Willowbrook
Willowbrook
IL
—

1,454

60,738

3,781

2,080

63,893

65,973

22,545

43,428

2000
2007
35 years
Sunrise on Old Meridian
Carmel
IN
—

8,550

31,746

1,391

8,581

33,106

41,687

8,389

33,298

2009
2012
35 years
Sunrise of Leawood
Leawood
KS
—

651

16,401

1,340

878

17,514

18,392

4,365

14,027

2006
2012
35 years
Sunrise of Overland Park
Overland Park
KS
—

650

11,015

848

807

11,706

12,513

3,187

9,326

2007
2012
35 years
Sunrise of Baton Rouge
Baton Rouge
LA
—

1,212

23,547

2,045

1,382

25,422

26,804

9,698

17,106

2000
2007
35 years
Sunrise of Columbia
Columbia
MD
—

1,780

23,083

3,863

1,918

26,808

28,726

10,393

18,333

1996
2007
35 years
Sunrise of Rockville
Rockville
MD
—

1,039

39,216

2,917

1,075

42,097

43,172

15,758

27,414

1997
2007
35 years
Sunrise of Arlington
Arlington
MA
—

86

34,393

1,553

107

35,925

36,032

13,668

22,364

2001
2007
35 years
Sunrise of Norwood
Norwood
MA
—

2,230

30,968

2,326

2,356

33,168

35,524

12,608

22,916

1997
2007
35 years
Sunrise of Bloomfield
Bloomfield Hills
MI
—

3,736

27,657

2,370

3,929

29,834

33,763

11,247

22,516

2006
2007
35 years
Sunrise of Cascade
Grand Rapids
MI
—

1,273

21,782

873

1,370

22,558

23,928

5,657

18,271

2007
2012
35 years
Sunrise of Northville
Plymouth
MI
—

1,445

26,090

1,903

1,525

27,913

29,438

10,680

18,758

1999
2007
35 years
Sunrise of Rochester
Rochester
MI
—

2,774

38,666

1,898

2,854

40,484

43,338

15,372

27,966

1998
2007
35 years
Sunrise of Troy
Troy
MI
—

1,758

23,727

2,325

1,860

25,950

27,810

9,504

18,306

2001
2007
35 years
Sunrise of Edina
Edina
MN
—

3,181

24,224

3,752

3,305

27,852

31,157

10,600

20,557

1999
2007
35 years
Sunrise of East Brunswick
East Brunswick
NJ
—

2,784

26,173

2,513

3,030

28,440

31,470

11,253

20,217

1999
2007
35 years
Sunrise of Jackson
Jackson
NJ
—

4,009

15,029

965

4,013

15,990

20,003

4,242

15,761

2008
2012
35 years


129

 
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 Acquisition1
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 Morris Plains
Morris Plains
NJ
—

1,492

32,052

2,852

1,601

34,795

36,396

13,226

23,170

1997
2007
35 years
Sunrise of Old Tappan
Old Tappan
NJ
—

2,985

36,795

3,284

3,177

39,887

43,064

14,833

28,231

1997
2007
35 years
Sunrise of Wall
Wall Township
NJ
—

1,053

19,101

2,232

1,088

21,298

22,386

8,195

14,191

1999
2007
35 years
Sunrise of Wayne
Wayne
NJ
—

1,288

24,990

3,399

1,373

28,304

29,677

10,783

18,894

1996
2007
35 years
Sunrise of Westfield
Westfield
NJ
—

5,057

23,803

3,108

5,185

26,783

31,968

10,205

21,763

1996
2007
35 years
Sunrise of Woodcliff Lake
Woodcliff Lake
NJ
—

3,493

30,801

2,738

3,692

33,340

37,032

12,633

24,399

2000
2007
35 years
Sunrise of North Lynbrook
Lynbrook
NY
—

4,622

38,087

2,945

4,700

40,954

45,654

15,709

29,945

1999
2007
35 years
Sunrise at Fleetwood
Mount Vernon
NY
—

4,381

28,434

2,802

4,646

30,971

35,617

12,297

23,320

1999
2007
35 years
Sunrise of New City
New City
NY
—

1,906

27,323

2,623

1,995

29,857

31,852

11,316

20,536

1999
2007
35 years
Sunrise of Smithtown
Smithtown
NY
—

2,853

25,621

3,346

3,040

28,780

31,820

11,551

20,269

1999
2007
35 years
Sunrise of Staten Island
Staten Island
NY
—

7,237

23,910

1,628

7,292

25,483

32,775

12,542

20,233

2006
2007
35 years
Sunrise on Providence
Charlotte
NC
—

1,976

19,472

2,856

1,988

22,316

24,304

8,726

15,578

1999
2007
35 years
Sunrise at North Hills
Raleigh
NC
—

749

37,091

5,448

849

42,439

43,288

16,851

26,437

2000
2007
35 years
Sunrise at Parma
Cleveland
OH
—

695

16,641

1,426

908

17,854

18,762

7,064

11,698

2000
2007
35 years
Sunrise of Cuyahoga Falls
Cuyahoga Falls
OH
—

626

10,239

2,061

862

12,064

12,926

4,852

8,074

2000
2007
35 years
Sunrise of Abington
Abington
PA
—

1,838

53,660

6,417

2,070

59,845

61,915

22,689

39,226

1997
2007
35 years
Sunrise of Blue Bell
Blue Bell
PA
—

1,765

23,920

3,658

1,928

27,415

29,343

10,759

18,584

2006
2007
35 years
Sunrise of Exton
Exton
PA
—

1,123

17,765

2,304

1,209

19,983

21,192

7,821

13,371

2000
2007
35 years
Sunrise of Haverford
Haverford
PA
—

941

25,872

2,510

990

28,333

29,323

11,004

18,319

1997
2007
35 years
Sunrise of Granite Run
Media
PA
—

1,272

31,781

2,576

1,428

34,201

35,629

13,112

22,517

1997
2007
35 years
Sunrise of Lower Makefield
Morrisville
PA
—

3,165

21,337

890

3,174

22,218

25,392

5,775

19,617

2008
2012
35 years
Sunrise of Westtown
West Chester
PA
—

1,547

22,996

2,041

1,576

25,008

26,584

10,038

16,546

1999
2007
35 years
Sunrise of Hillcrest
Dallas
TX
—

2,616

27,680

1,373

2,626

29,043

31,669

11,003

20,666

2006
2007
35 years
Sunrise of Fort Worth
Fort Worth
TX
—

2,024

18,587

1,067

2,178

19,500

21,678

5,146

16,532

2007
2012
35 years
Sunrise of Frisco
Frisco
TX
—

2,523

14,547

783

2,561

15,292

17,853

3,703

14,150

2009
2012
35 years
Sunrise of Cinco Ranch
Katy
TX
—

2,512

21,600

1,478

2,580

23,010

25,590

5,929

19,661

2007
2012
35 years
Sunrise at Holladay
Holladay
UT
—

2,542

44,771

1,265

2,581

45,997

48,578

11,480

37,098

2008
2012
35 years
Sunrise of Sandy
Sandy
UT
—

2,576

22,987

400

2,646

23,317

25,963

8,931

17,032

2007
2007
35 years
Sunrise of Alexandria
Alexandria
VA
—

88

14,811

3,356

244

18,011

18,255

7,025

11,230

1998
2007
35 years
Sunrise of Richmond
Richmond
VA
—

1,120

17,446

1,304

1,224

18,646

19,870

7,519

12,351

1999
2007
35 years
Sunrise at Bon Air
Richmond
VA
—

2,047

22,079

1,134

2,032

23,228

25,260

6,009

19,251

2008
2012
35 years
Sunrise of Springfield
Springfield
VA
—

4,440

18,834

2,758

4,545

21,487

26,032

8,588

17,444

1997
2007
35 years
Sunrise of Lynn Valley
Vancouver
BC
—

11,759

37,424

(8,961
)
9,181

31,041

40,222

11,752

28,470

2002
2007
35 years
Sunrise of Vancouver
Vancouver
BC
—

6,649

31,937

1,826

6,662

33,750

40,412

12,785

27,627

2005
2007
35 years
Sunrise of Victoria
Victoria
BC
—

8,332

29,970

(6,020
)
6,592

25,690

32,282

9,827

22,455

2001
2007
35 years
Sunrise of Aurora
Aurora
ON
—

1,570

36,113

(7,197
)
1,320

29,166

30,486

10,996

19,490

2002
2007
35 years
Sunrise of Burlington
Burlington
ON
—

1,173

24,448

1,497

1,378

25,740

27,118

9,914

17,204

2001
2007
35 years
Sunrise of Unionville
Markham
ON
—

2,322

41,140

(8,004
)
1,964

33,494

35,458

12,836

22,622

2000
2007
35 years


130

 
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 Acquisition1
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 Mississauga
Mississauga
ON
—

3,554

33,631

(6,617
)
2,918

27,650

30,568

10,765

19,803

2000
2007
35 years
Sunrise of Erin Mills
Mississauga
ON
—

1,957

27,020

(5,211
)
1,542

22,224

23,766

8,487

15,279

2007
2007
35 years
Sunrise of Oakville
Oakville
ON
—

2,753

37,489

2,135

2,925

39,452

42,377

14,965

27,412

2002
2007
35 years
Sunrise of Richmond Hill
Richmond Hill
ON
—

2,155

41,254

(8,249
)
1,834

33,326

35,160

12,766

22,394

2002
2007
35 years
Sunrise of Thornhill
Vaughan
ON
—

2,563

57,513

(9,944
)
1,473

48,659

50,132

17,150

32,982

2003
2007
35 years
Sunrise of Windsor
Windsor
ON
—

1,813

20,882

1,962

1,996

22,661

24,657

8,642

16,015

2001
2007
35 years
TOTAL FOR SUNRISE SENIORS HOUSING COMMUNITIES
 
 
—

245,515

2,532,176

150,643

249,229

2,679,105

2,928,334

987,778

1,940,556

 
 
 
ATRIA SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Atria Regency
Mobile
AL
—

950

11,897

1,741

981

13,607

14,588

4,804

9,784

1996
2011
35 years
Atria Chandler Villas
Chandler
AZ
—

3,650

8,450

2,564

3,769

10,895

14,664

4,554

10,110

1988
2011
35 years
Atria Park of Sierra Pointe
Scottsdale
AZ
—

10,930

65,372

5,722

11,021

71,003

82,024

13,658

68,366

2000
2014
35 years
Atria Campana del Rio
Tucson
AZ
—

5,861

37,284

3,355

5,992

40,508

46,500

13,191

33,309

1964
2011
35 years
Atria Valley Manor
Tucson
AZ
—

1,709

60

1,024

1,768

1,025

2,793

650

2,143

1963
2011
35 years
Atria Bell Court Gardens
Tucson
AZ
—

3,010

30,969

2,535

3,060

33,454

36,514

10,012

26,502

1964
2011
35 years
Atria Burlingame
Burlingame
CA
—

2,494

12,373

1,874

2,579

14,162

16,741

4,790

11,951

1977
2011
35 years
Atria Las Posas
Camarillo
CA
—

4,500

28,436

1,450

4,539

29,847

34,386

8,861

25,525

1997
2011
35 years
Atria Carmichael Oaks
Carmichael
CA
17,263

2,118

49,694

3,337

2,300

52,849

55,149

12,869

42,280

1992
2013
35 years
Atria El Camino Gardens
Carmichael
CA
—

6,930

32,318

15,725

7,215

47,758

54,973

16,341

38,632

1984
2011
35 years
Villa Bonita
Chula Vista
CA
—

2,700

7,994

1,006

1,610

10,090

11,700

2,512

9,188

1989
2011
35 years
Atria Covina
Covina
CA
—

170

4,131

955

262

4,994

5,256

1,968

3,288

1977
2011
35 years
Atria Daly City
Daly City
CA
—

3,090

13,448

1,326

3,102

14,762

17,864

4,786

13,078

1975
2011
35 years
Atria Covell Gardens
Davis
CA
—

2,163

39,657

12,793

2,388

52,225

54,613

18,123

36,490

1987
2011
35 years
Atria Encinitas
Encinitas
CA
—

5,880

9,212

3,219

5,952

12,359

18,311

3,985

14,326

1984
2011
35 years
Atria North Escondido
Escondido
CA
—

1,196

7,155

734

1,215

7,870

9,085

1,939

7,146

2002
2014
35 years
Atria Grass Valley
Grass Valley
CA
10,741

1,965

28,414

1,651

2,020

30,010

32,030

7,346

24,684

2000
2013
35 years
Atria Golden Creek
Irvine
CA
—

6,900

23,544

3,122

6,930

26,636

33,566

8,267

25,299

1985
2011
35 years
Atria Park of Lafayette
Lafayette
CA
18,127

5,679

56,922

2,213

6,416

58,398

64,814

13,477

51,337

2007
2013
35 years
Atria Del Sol
Mission Viejo
CA
—

3,500

12,458

8,751

3,785

20,924

24,709

8,582

16,127

1985
2011
35 years
Atria Newport Plaza
Newport Beach
CA
—

4,534

32,912

1,282

4,569

34,159

38,728

2,339

36,389

1989
2017
35 years
Atria Tamalpais Creek
Novato
CA
—

5,812

24,703

1,236

5,838

25,913

31,751

7,797

23,954

1978
2011
35 years
Atria Park of Pacific Palisades
Pacific Palisades
CA
—

4,458

17,064

1,536

4,489

18,569

23,058

7,552

15,506

2001
2007
35 years
Atria Palm Desert
Palm Desert
CA
—

2,887

9,843

1,563

3,127

11,166

14,293

5,822

8,471

1988
2011
35 years
Atria Hacienda
Palm Desert
CA
—

6,680

85,900

3,914

6,876

89,618

96,494

25,338

71,156

1989
2011
35 years
Atria Paradise
Paradise
CA
—

2,265

28,262

(22,641
)
1,995

5,891

7,886

6,203

1,683

1999
2013
35 years
Atria Del Rey
Rancho Cucamonga
CA
—

3,290

17,427

5,938

3,477

23,178

26,655

9,450

17,205

1987
2011
35 years
Mission Hills
Rancho Mirage
CA
—

1,610

9,169

452

6,800

4,431

11,231

1,373

9,858

1996
2014
35 years


131

 
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 Acquisition1
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 Rocklin
Rocklin
CA
18,336

4,427

52,064

1,595

4,473

53,613

58,086

9,383

48,703

2001
2015
35 years
Atria La Jolla
San Diego
CA
—

8,210

46,315

(1,197
)
8,216

45,112

53,328

3,142

50,186

1984
2017
35 years
Atria Penasquitos
San Diego
CA
—

2,649

24,067

2,254

2,711

26,259

28,970

1,781

27,189

1991
2017
35 years
Atria Collwood
San Diego
CA
—

290

10,650

1,469

347

12,062

12,409

4,175

8,234

1976
2011
35 years
Atria Rancho Park
San Dimas
CA
—

4,066

14,306

2,248

4,625

15,995

20,620

5,898

14,722

1975
2011
35 years
Regency of Evergreen Valley
San Jose
CA
—

6,800

3,637

1,119

2,700

8,856

11,556

2,719

8,837

1998
2011
35 years
Atria Willow Glen
San Jose
CA
—

8,521

43,168

3,745

8,627

46,807

55,434

12,675

42,759

1976
2011
35 years
Atria San Juan
San Juan Capistrano
CA
—

5,110

29,436

9,015

5,353

38,208

43,561

15,626

27,935

1985
2011
35 years
Atria Hillsdale
San Mateo
CA
—

5,240

15,956

25,600

5,253

41,543

46,796

5,245

41,551

1986
2011
35 years
Atria Santa Clarita
Santa Clarita
CA
—

3,880

38,366

1,738

3,890

40,094

43,984

7,148

36,836

2001
2015
35 years
Atria Sunnyvale
Sunnyvale
CA
—

6,120

30,068

5,355

6,240

35,303

41,543

11,502

30,041

1977
2011
35 years
Atria Park of Tarzana
Tarzana
CA
—

960

47,547

6,461

5,861

49,107

54,968

11,112

43,856

2008
2013
35 years
Atria Park of Vintage Hills
Temecula
CA
—

4,674

44,341

3,105

4,892

47,228

52,120

11,793

40,327

2000
2013
35 years
Atria Park of Grand Oaks
Thousand Oaks
CA
—

5,994

50,309

1,375

6,055

51,623

57,678

12,479

45,199

2002
2013
35 years
Atria Hillcrest
Thousand Oaks
CA
—

6,020

25,635

10,529

6,624

35,560

42,184

14,863

27,321

1987
2011
35 years
Atria Walnut Creek
Walnut Creek
CA
—

6,910

15,797

17,518

7,642

32,583

40,225

15,417

24,808

1978
2011
35 years
Atria Valley View
Walnut Creek
CA
—

7,139

53,914

3,184

7,193

57,044

64,237

24,189

40,048

1977
2011
35 years
Atria Longmont
Longmont
CO
—

2,807

24,877

1,425

2,874

26,235

29,109

6,941

22,168

2009
2012
35 years
Atria Darien
Darien
CT
—

653

37,587

12,187

1,202

49,225

50,427

16,000

34,427

1997
2011
35 years
Atria Larson Place
Hamden
CT
—

1,850

16,098

2,463

1,885

18,526

20,411

6,089

14,322

1999
2011
35 years
Atria Greenridge Place
Rocky Hill
CT
—

2,170

32,553

2,714

2,392

35,045

37,437

10,170

27,267

1998
2011
35 years
Atria Stamford
Stamford
CT
—

1,200

62,432

20,025

1,487

82,170

83,657

22,565

61,092

1975
2011
35 years
Atria Crossroads Place
Waterford
CT
—

2,401

36,495

7,988

2,577

44,307

46,884

15,132

31,752

2000
2011
35 years
Atria Hamilton Heights
West Hartford
CT
—

3,120

14,674

3,933

3,163

18,564

21,727

7,215

14,512

1904
2011
35 years
Atria Windsor Woods
Hudson
FL
—

1,610

32,432

3,595

1,744

35,893

37,637

11,173

26,464

1988
2011
35 years
Atria Park of Baypoint Village
Hudson
FL
—

2,083

28,841

9,966

2,369

38,521

40,890

13,623

27,267

1986
2011
35 years
Atria Park of San Pablo
Jacksonville
FL
—

1,620

14,920

1,310

1,660

16,190

17,850

4,918

12,932

1999
2011
35 years
Atria Park of St. Joseph's
Jupiter
FL
—

5,520

30,720

2,129

5,575

32,794

38,369

8,105

30,264

2007
2013
35 years
Atria Lady Lake
Lady Lake
FL
—

3,752

26,265

1,519

3,769

27,767

31,536

4,811

26,725

2010
2015
35 years
Atria Park of Lake Forest
Sanford
FL
—

3,589

32,586

5,340

4,104

37,411

41,515

11,140

30,375

2002
2011
35 years
Atria Evergreen Woods
Spring Hill
FL
—

2,370

28,371

6,077

2,568

34,250

36,818

11,532

25,286

1981
2011
35 years
Atria North Point
Alpharetta
GA
38,576

4,830

78,318

3,260

4,868

81,540

86,408

16,947

69,461

2007
2014
35 years
Atria Buckhead
Atlanta
GA
—

3,660

5,274

1,449

3,688

6,695

10,383

2,713

7,670

1996
2011
35 years
Atria Park of Tucker
Tucker
GA
—

1,103

20,679

790

1,120

21,452

22,572

5,292

17,280

2000
2013
35 years
Atria Park of Glen Ellyn
Glen Ellyn
IL
—

2,455

34,064

3,293

2,748

37,064

39,812

14,328

25,484

2000
2007
35 years
Atria Newburgh
Newburgh
IN
—

1,150

22,880

1,612

1,155

24,487

25,642

6,899

18,743

1998
2011
35 years
Atria Hearthstone East
Topeka
KS
—

1,150

20,544

1,625

1,241

22,078

23,319

6,825

16,494

1998
2011
35 years
Atria Hearthstone West
Topeka
KS
—

1,230

28,379

2,552

1,267

30,894

32,161

10,075

22,086

1987
2011
35 years


132

 
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 Acquisition1
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 Highland Crossing
Covington
KY
—

1,677

14,393

1,773

1,693

16,150

17,843

5,713

12,130

1988
2011
35 years
Atria Summit Hills
Crestview Hills
KY
—

1,780

15,769

1,270

1,812

17,007

18,819

5,437

13,382

1998
2011
35 years
Atria Elizabethtown
Elizabethtown
KY
—

850

12,510

937

884

13,413

14,297

4,111

10,186

1996
2011
35 years
Atria St. Matthews
Louisville
KY
—

939

9,274

1,391

968

10,636

11,604

4,228

7,376

1998
2011
35 years
Atria Stony Brook
Louisville
KY
—

1,860

17,561

1,333

1,953

18,801

20,754

5,959

14,795

1999
2011
35 years
Atria Springdale
Louisville
KY
—

1,410

16,702

1,604

1,451

18,265

19,716

5,737

13,979

1999
2011
35 years
Atria Kennebunk
Kennebunk
ME
—

1,090

23,496

1,701

1,159

25,128

26,287

7,591

18,696

1998
2011
35 years
Atria Manresa
Annapolis
MD
—

4,193

19,000

2,311

4,465

21,039

25,504

6,579

18,925

1920
2011
35 years
Atria Salisbury
Salisbury
MD
—

1,940

24,500

1,391

1,979

25,852

27,831

7,188

20,643

1995
2011
35 years
Atria Marland Place
Andover
MA
—

1,831

34,592

19,600

1,996

54,027

56,023

21,944

34,079

1996
2011
35 years
Atria Longmeadow Place
Burlington
MA
—

5,310

58,021

2,123

5,387

60,067

65,454

16,527

48,927

1998
2011
35 years
Atria Fairhaven
Fairhaven
MA
—

1,100

16,093

1,104

1,157

17,140

18,297

5,013

13,284

1999
2011
35 years
Atria Woodbriar Place
Falmouth
MA
—

4,630

27,314

5,817

6,433

31,328

37,761

8,712

29,049

2013
2013
35 years
Atria Woodbriar Park
Falmouth
MA
—

1,970

43,693

21,519

2,709

64,473

67,182

20,248

46,934

1975
2011
35 years
Atria Draper Place
Hopedale
MA
—

1,140

17,794

1,872

1,234

19,572

20,806

6,014

14,792

1998
2011
35 years
Atria Merrimack Place
Newburyport
MA
—

2,774

40,645

21,593

4,319

60,693

65,012

11,669

53,343

2000
2011
35 years
Atria Marina Place
Quincy
MA
—

2,590

33,899

2,109

2,780

35,818

38,598

10,474

28,124

1999
2011
35 years
Atria Park of Ann Arbor
Ann Arbor
MI
—

1,703

15,857

1,998

1,837

17,721

19,558

7,516

12,042

2001
2007
35 years
Atria Kinghaven
Riverview
MI
—

1,440

26,260

3,507

1,598

29,609

31,207

9,031

22,176

1987
2011
35 years
Atria Seville
Las Vegas
NV
—

—

796

1,852

14

2,634

2,648

1,888

760

1999
2011
35 years
Atria Summit Ridge
Reno
NV
—

4

407

776

20

1,167

1,187

875

312

1997
2011
35 years
Atria Cranford
Cranford
NJ
—

8,260

61,411

5,689

8,406

66,954

75,360

20,313

55,047

1993
2011
35 years
Atria Tinton Falls
Tinton Falls
NJ
—

6,580

13,258

1,835

6,762

14,911

21,673

5,540

16,133

1999
2011
35 years
Atria Shaker
Albany
NY
—

1,520

29,667

5,279

1,626

34,840

36,466

9,030

27,436

1997
2011
35 years
Atria Crossgate
Albany
NY
—

1,080

20,599

1,247

1,100

21,826

22,926

6,779

16,147

1980
2011
35 years
Atria Woodlands
Ardsley
NY
44,386

7,660

65,581

3,248

7,718

68,771

76,489

20,019

56,470

2005
2011
35 years
Atria Bay Shore
Bay Shore
NY
15,275

4,440

31,983

2,874

4,453

34,844

39,297

10,458

28,839

1900
2011
35 years
Atria Briarcliff Manor
Briarcliff Manor
NY
—

6,560

33,885

3,315

6,725

37,035

43,760

11,188

32,572

1997
2011
35 years
Atria Riverdale
Bronx
NY
—

1,020

24,149

16,568

1,084

40,653

41,737

15,812

25,925

1999
2011
35 years
Atria Delmar Place
Delmar
NY
—

1,201

24,850

1,183

1,223

26,011

27,234

5,565

21,669

2004
2013
35 years
Atria East Northport
East Northport
NY
—

9,960

34,467

19,987

10,250

54,164

64,414

16,866

47,548

1996
2011
35 years
Atria Glen Cove
Glen Cove
NY
—

2,035

25,190

1,400

2,063

26,562

28,625

14,362

14,263

1997
2011
35 years
Atria Great Neck
Great Neck
NY
—

3,390

54,051

28,002

3,482

81,961

85,443

20,008

65,435

1998
2011
35 years
Atria Cutter Mill
Great Neck
NY
—

2,750

47,919

3,412

2,761

51,320

54,081

14,422

39,659

1999
2011
35 years
Atria Huntington
Huntington Station
NY
—

8,190

1,169

2,791

8,232

3,918

12,150

2,849

9,301

1987
2011
35 years
Atria Hertlin Place
Lake Ronkonkoma
NY
—

7,886

16,391

2,489

7,889

18,877

26,766

5,333

21,433

2002
2012
35 years
Atria Lynbrook
Lynbrook
NY
—

3,145

5,489

11,416

3,176

16,874

20,050

2,899

17,151

1996
2011
35 years
Atria Tanglewood
Lynbrook
NY
23,160

4,120

37,348

1,404

4,145

38,727

42,872

10,867

32,005

2005
2011
35 years


133

 
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 Acquisition1
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 West 86
New York
NY
—

80

73,685

7,374

167

80,972

81,139

24,453

56,686

1998
2011
35 years
Atria on the Hudson
Ossining
NY
—

8,123

63,089

5,143

8,212

68,143

76,355

21,242

55,113

1972
2011
35 years
Atria Plainview
Plainview
NY
—

2,480

16,060

2,209

2,630

18,119

20,749

5,802

14,947

2000
2011
35 years
Atria Rye Brook
Port Chester
NY
—

9,660

74,936

2,691

9,751

77,536

87,287

21,846

65,441

2004
2011
35 years
Atria Kew Gardens
Queens
NY
—

3,051

66,013

9,082

3,079

75,067

78,146

22,113

56,033

1999
2011
35 years
Atria Forest Hills
Queens
NY
—

2,050

16,680

2,099

2,074

18,755

20,829

5,754

15,075

2001
2011
35 years
Atria on Roslyn Harbor
Roslyn
NY
65,000

12,909

72,720

2,969

12,974

75,624

88,598

21,290

67,308

2006
2011
35 years
Atria Guilderland
Slingerlands
NY
—

1,170

22,414

919

1,171

23,332

24,503

6,760

17,743

1950
2011
35 years
Atria South Setauket
South Setauket
NY
—

8,450

14,534

2,146

8,842

16,288

25,130

6,816

18,314

1967
2011
35 years
Atria Southpoint Walk
Durham
NC
—

2,130

25,920

1,544

2,135

27,459

29,594

6,864

22,730

2009
2013
35 years
Atria Oakridge
Raleigh
NC
—

1,482

28,838

1,657

1,519

30,458

31,977

7,684

24,293

2009
2013
35 years
Atria Bethlehem
Bethlehem
PA
—

2,479

22,870

1,141

2,500

23,990

26,490

7,544

18,946

1998
2011
35 years
Atria Center City
Philadelphia
PA
—

3,460

18,291

18,257

3,535

36,473

40,008

10,722

29,286

1964
2011
35 years
Atria South Hills
Pittsburgh
PA
—

880

10,884

1,000

913

11,851

12,764

4,088

8,676

1998
2011
35 years
Atria Bay Spring Village
Barrington
RI
—

2,000

33,400

3,134

2,080

36,454

38,534

11,772

26,762

2000
2011
35 years
Atria Harborhill
East Greenwich
RI
—

2,089

21,702

1,911

2,183

23,519

25,702

7,306

18,396

1835
2011
35 years
Atria Lincoln Place
Lincoln
RI
—

1,440

12,686

1,527

1,475

14,178

15,653

4,894

10,759

2000
2011
35 years
Atria Aquidneck Place
Portsmouth
RI
—

2,810

31,623

1,212

2,814

32,831

35,645

9,159

26,486

1999
2011
35 years
Atria Forest Lake
Columbia
SC
—

670

13,946

1,117

691

15,042

15,733

4,471

11,262

1999
2011
35 years
Atria Weston Place
Knoxville
TN
—

793

7,961

1,629

969

9,414

10,383

3,179

7,204

1993
2011
35 years
Atria at the Arboretum
Austin
TX
—

8,280

61,764

3,477

8,377

65,144

73,521

15,854

57,667

2009
2012
35 years
Atria Carrollton
Carrollton
TX
5,519

360

20,465

1,823

370

22,278

22,648

6,829

15,819

1998
2011
35 years
Atria Grapevine
Grapevine
TX
—

2,070

23,104

2,039

2,092

25,121

27,213

7,161

20,052

1999
2011
35 years
Atria Westchase
Houston
TX
—

2,318

22,278

1,546

2,347

23,795

26,142

7,239

18,903

1999
2011
35 years
Atria Cinco Ranch
Katy
TX
—

3,171

73,287

2,081

3,201

75,338

78,539

12,222

66,317

2010
2015
35 years
Atria Kingwood
Kingwood
TX
—

1,170

4,518

1,064

1,192

5,560

6,752

2,133

4,619

1998
2011
35 years
Atria at Hometown
North Richland Hills
TX
—

1,932

30,382

2,738

1,963

33,089

35,052

8,400

26,652

2007
2013
35 years
Atria Canyon Creek
Plano
TX
—

3,110

45,999

3,756

3,148

49,717

52,865

12,573

40,292

2009
2013
35 years
Atria Cypresswood
Spring
TX
—

880

9,192

648

984

9,736

10,720

3,282

7,438

1996
2011
35 years
Atria Sugar Land
Sugar Land
TX
—

970

17,542

1,059

980

18,591

19,571

5,602

13,969

1999
2011
35 years
Atria Copeland
Tyler
TX
—

1,879

17,901

2,178

1,913

20,045

21,958

5,975

15,983

1997
2011
35 years
Atria Willow Park
Tyler
TX
—

920

31,271

1,862

982

33,071

34,053

9,988

24,065

1985
2011
35 years
Atria Virginia Beach
Virginia Beach
VA
—

1,749

33,004

1,041

1,815

33,979

35,794

10,062

25,732

1998
2011
35 years
Arbour Lake
Calgary
AB
—

2,512

39,188

(3,182
)
2,259

36,259

38,518

6,991

31,527

2003
2014
35 years
Canyon Meadows
Calgary
AB
—

1,617

30,803

(2,148
)
1,453

28,819

30,272

5,786

24,486

1995
2014
35 years
Churchill Manor
Edmonton
AB
—

2,865

30,482

(2,556
)
2,575

28,216

30,791

5,660

25,131

1999
2014
35 years
The View at Lethbridge
Lethbridge
AB
—

2,503

24,770

(2,185
)
2,261

22,827

25,088

4,933

20,155

2007
2014
35 years
Victoria Park
Red Deer
AB
—

1,188

22,554

(808
)
1,066

21,868

22,934

4,671

18,263

1999
2014
35 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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Ironwood Estates
St. Albert
AB
—

3,639

22,519

(1,093
)
3,294

21,771

25,065

4,692

20,373

1998
2014
35 years
Longlake Chateau
Nanaimo
BC
—

1,874

22,910

(1,333
)
1,683

21,768

23,451

4,777

18,674

1990
2014
35 years
Prince George Chateau
Prince George
BC
—

2,066

22,761

(1,309
)
1,853

21,665

23,518

4,592

18,926

2005
2014
35 years
The Victorian
Victoria
BC
—

3,419

16,351

(610
)
3,083

16,077

19,160

3,697

15,463

1988
2014
35 years
The Victorian at McKenzie
Victoria
BC
—

4,801

25,712

(1,349
)
4,307

24,857

29,164

5,219

23,945

2003
2014
35 years
Riverheights Terrace
Brandon
MB
—

799

27,708

(1,386
)
716

26,405

27,121

5,457

21,664

2001
2014
35 years
Amber Meadow
Winnipeg
MB
—

3,047

17,821

(512
)
2,728

17,628

20,356

4,332

16,024

2000
2014
35 years
The Westhaven
Winnipeg
MB
—

871

23,162

(842
)
813

22,378

23,191

4,665

18,526

1988
2014
35 years
Ste. Anne's Court
Fredericton
NB
—

1,221

29,626

(1,895
)
1,107

27,845

28,952

5,713

23,239

2002
2014
35 years
Chateau de Champlain
St. John
NB
—

796

24,577

(932
)
732

23,709

24,441

5,124

19,317

2002
2014
35 years
The Court at Brooklin
Brooklin
ON
—

2,515

35,602

(2,128
)
2,279

33,710

35,989

6,613

29,376

2004
2014
35 years
Burlington Gardens
Burlington
ON
—

7,560

50,744

(4,488
)
6,788

47,028

53,816

8,789

45,027

2008
2014
35 years
The Court at Rushdale
Hamilton
ON
—

1,799

34,633

(2,280
)
1,610

32,542

34,152

6,482

27,670

2004
2014
35 years
Kingsdale Chateau
Kingston
ON
—

2,221

36,272

(2,300
)
2,055

34,138

36,193

6,759

29,434

2000
2014
35 years
The Court at Barrhaven
Nepean
ON
—

1,778

33,922

(2,049
)
1,652

31,999

33,651

6,564

27,087

2004
2014
35 years
Crystal View Lodge
Nepean
ON
—

1,587

37,243

(1,721
)
1,636

35,473

37,109

6,892

30,217

2000
2014
35 years
Stamford Estates
Niagara Falls
ON
—

1,414

29,439

(2,079
)
1,266

27,508

28,774

5,504

23,270

2005
2014
35 years
Sherbrooke Heights
Peterborough
ON
—

2,485

33,747

(2,073
)
2,232

31,927

34,159

6,515

27,644

2001
2014
35 years
Anchor Pointe
St. Catharines
ON
—

8,214

24,056

(1,676
)
7,354

23,240

30,594

5,166

25,428

2000
2014
35 years
The Court at Pringle Creek
Whitby
ON
—

2,965

39,206

(3,211
)
2,726

36,234

38,960

7,161

31,799

2002
2014
35 years
La Residence Steger
Saint-Laurent
QC
—

1,995

10,926

1,128

1,845

12,204

14,049

3,244

10,805

1999
2014
35 years
Mulberry Estates
Moose Jaw
SK
—

2,173

31,791

(2,115
)
2,053

29,796

31,849

6,067

25,782

2003
2014
35 years
Queen Victoria Estates
Regina
SK
—

3,018

34,109

(2,387
)
2,716

32,024

34,740

6,399

28,341

2000
2014
35 years
Primrose Chateau
Saskatoon
SK
—

2,611

32,729

(1,873
)
2,405

31,062

33,467

6,218

27,249

1996
2014
35 years
Amberwood
Port Richey
Florida
—

1,320

—

—

1,320

—

1,320

—

1,320

N/A
2011
N/A
Atria Development & Construction Fees
 
 
—

—

233

—

—

233

233

—

233

CIP
CIP
CIP
TOTAL FOR ATRIA SENIORS HOUSING COMMUNITIES
 
 
256,383

538,180

4,760,171

511,143

554,121

5,255,373

5,809,494

1,458,754

4,350,740

 
 
 
OTHER SENIORS HOUSING COMMUNITIES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elmcroft of Grayson Valley
Birmingham
AL
—

1,040

19,145

982

1,046

20,121

21,167

5,494

15,673

2000
2011
35 years
Elmcroft of Byrd Springs
Hunstville
AL
—

1,720

11,270

1,279

1,723

12,546

14,269

3,716

10,553

1999
2011
35 years
Elmcroft of Heritage Woods
Mobile
AL
—

1,020

10,241

999

1,025

11,235

12,260

3,360

8,900

2000
2011
35 years
Rosewood Manor
Scottsboro
AL
—

680

4,038

—

680

4,038

4,718

1,084

3,634

1998
2011
35 years
Chandler Memory Care Community
Chandler
AZ
—

2,910

8,882

184

3,094

8,882

11,976

2,418

9,558

2012
2012
35 years
Silver Creek Inn Memory Care Community
Gilbert
AZ
—

890

5,918

—

890

5,918

6,808

1,493

5,315

2012
2012
35 years


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 Acquisition1
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 Green Valley
Green Valley
AZ
—

1,227

13,977

—

1,227

13,977

15,204

2,373

12,831

1998
2014
35 years
Prestige Assisted Living at Lake Havasu City
Lake Havasu
AZ
—

594

14,792

—

594

14,792

15,386

2,496

12,890

1999
2014
35 years
Lakeview Terrace
Lake Havasu City
AZ
—

706

7,810

109

706

7,919

8,625

1,451

7,174

2009
2015
35 years
Arbor Rose
Mesa
AZ
—

1,100

11,880

2,434

1,100

14,314

15,414

5,488

9,926

1999
2011
35 years
The Stratford
Phoenix
AZ
—

1,931

33,576

1,207

1,931

34,783

36,714

5,706

31,008

2001
2014
35 years
Amber Creek Inn Memory Care
Scottsdale
AZ
—

2,310

6,322

677

2,185

7,124

9,309

1,004

8,305

1986
2011
35 years
Prestige Assisted Living at Sierra Vista
Sierra Vista
AZ
—

295

13,224

—

295

13,224

13,519

2,226

11,293

1999
2014
35 years
Rock Creek Memory Care Community
Surprise
AZ
9,876

826

16,353

3

826

16,356

17,182

1,126

16,056

2017
2017
35 years
Elmcroft of Tempe
Tempe
AZ
—

1,090

12,942

1,408

1,098

14,342

15,440

4,257

11,183

1999
2011
35 years
Elmcroft of River Centre
Tucson
AZ
—

1,940

5,195

1,179

1,940

6,374

8,314

2,179

6,135

1999
2011
35 years
West Shores
Hot Springs
AR
—

1,326

10,904

1,825

1,326

12,729

14,055

4,958

9,097

1988
2005
35 years
Elmcroft of Maumelle
Maumelle
AR
—

1,252

7,601

481

1,258

8,076

9,334

3,004

6,330

1997
2006
35 years
Elmcroft of Mountain Home
Mountain Home
AR
—

204

8,971

451

204

9,422

9,626

3,523

6,103

1997
2006
35 years
Elmcroft of Sherwood
Sherwood
AR
—

1,320

5,693

513

1,320

6,206

7,526

2,314

5,212

1997
2006
35 years
Sierra Ridge Memory Care
Auburn
CA
—

681

6,071

—

681

6,071

6,752

1,034

5,718

2011
2014
35 years
Careage Banning
Banning
CA
—

2,970

16,037

—

2,970

16,037

19,007

4,548

14,459

2004
2011
35 years
Las Villas Del Carlsbad
Carlsbad
CA
—

1,760

30,469

4,661

1,760

35,130

36,890

11,866

25,024

1987
2006
35 years
Prestige Assisted Living at Chico
Chico
CA
—

1,069

14,929

—

1,069

14,929

15,998

2,529

13,469

1998
2014
35 years
The Meadows Senior Living
Elk Grove
CA
—

1,308

19,667

—

1,308

19,667

20,975

3,293

17,682

2003
2014
35 years
Alder Bay Assisted Living
Eureka
CA
—

1,170

5,228

(70
)
1,170

5,158

6,328

1,558

4,770

1997
2011
35 years
Cedarbrook
Fresno
CA
—

1,652

12,613

—

1,652

12,613

14,265

1,201

13,064

2014
2017
35 years
Elmcroft of La Mesa
La Mesa
CA
—

2,431

6,101

204

2,431

6,305

8,736

2,343

6,393

1997
2006
35 years
Grossmont Gardens
La Mesa
CA
—

9,104

59,349

3,198

9,115

62,536

71,651

23,150

48,501

1964
2006
35 years
Palms, The
La Mirada
CA
—

2,700

43,919

—

2,700

43,919

46,619

8,939

37,680

1990
2013
35 years
Prestige Assisted Living at Lancaster
Lancaster
CA
—

718

10,459

—

718

10,459

11,177

1,771

9,406

1999
2014
35 years
Prestige Assisted Living at Marysville
Marysville
CA
—

741

7,467

—

741

7,467

8,208

1,270

6,938

1999
2014
35 years
Mountview Retirement Residence
Montrose
CA
—

1,089

15,449

2,232

1,089

17,681

18,770

5,991

12,779

1974
2006
35 years
Redwood Retirement
Napa
CA
—

2,798

12,639

—

2,798

12,639

15,437

2,620

12,817

1986
2013
35 years
Prestige Assisted Living at Oroville
Oroville
CA
—

638

8,079

—

638

8,079

8,717

1,370

7,347

1999
2014
35 years
Valencia Commons
Rancho Cucamonga
CA
—

1,439

36,363

—

1,439

36,363

37,802

7,382

30,420

2002
2013
35 years
Shasta Estates
Redding
CA
—

1,180

23,463

—

1,180

23,463

24,643

4,769

19,874

2009
2013
35 years
The Vistas
Redding
CA
—

1,290

22,033

—

1,290

22,033

23,323

5,892

17,431

2007
2011
35 years
Elmcroft of Point Loma
San Diego
CA
—

2,117

6,865

(1,770
)
6

7,206

7,212

2,659

4,553

1999
2006
35 years
Villa Santa Barbara
Santa Barbara
CA
—

1,219

12,426

5,325

1,219

17,751

18,970

5,791

13,179

1977
2005
35 years
Oak Terrace Memory Care
Soulsbyville
CA
—

1,146

5,275

—

1,146

5,275

6,421

913

5,508

1999
2014
35 years
Skyline Place Senior Living
Sonora
CA
—

1,815

28,472

—

1,815

28,472

30,287

4,788

25,499

1996
2014
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Eagle Lake Village
Susanville
CA
—

1,165

6,719

—

1,165

6,719

7,884

1,585

6,299

2006
2012
35 years
Bonaventure, The
Ventura
CA
—

5,294

32,747

—

5,294

32,747

38,041

6,742

31,299

2005
2013
35 years
Sterling Inn
Victorville
CA
12,558

733

18,564

6,673

733

25,237

25,970

1,712

24,258

1992
2017
35 years
Sterling Commons
Victorville
CA
5,850

768

13,124

—

768

13,124

13,892

1,206

12,686

1994
2017
35 years
Prestige Assisted Living at Visalia
Visalia
CA
—

1,300

8,378

—

1,300

8,378

9,678

1,436

8,242

1998
2014
35 years
Highland Trail
Broomfield
CO
—

2,511

26,431

—

2,511

26,431

28,942

5,400

23,542

2009
2013
35 years
Caley Ridge
Englewood
CO
—

1,157

13,133

—

1,157

13,133

14,290

3,099

11,191

1999
2012
35 years
Garden Square at Westlake
Greeley
CO
—

630

8,211

—

630

8,211

8,841

2,278

6,563

1998
2011
35 years
Garden Square of Greeley
Greeley
CO
—

330

2,735

—

330

2,735

3,065

767

2,298

1995
2011
35 years
Lakewood Estates
Lakewood
CO
—

1,306

21,137

—

1,306

21,137

22,443

4,302

18,141

1988
2013
35 years
Sugar Valley Estates
Loveland
CO
—

1,255

21,837

—

1,255

21,837

23,092

4,442

18,650

2009
2013
35 years
Devonshire Acres
Sterling
CO
—

950

10,092

555

965

10,632

11,597

3,097

8,500

1979
2011
35 years
The Hearth at Gardenside
Branford
CT
—

7,000

31,518

—

7,000

31,518

38,518

8,424

30,094

1999
2011
35 years
The Hearth at Tuxis Pond
Madison
CT
—

1,610

44,322

—

1,610

44,322

45,932

11,386

34,546

2002
2011
35 years
White Oaks
Manchester
CT
—

2,584

34,507

—

2,584

34,507

37,091

7,034

30,057

2007
2013
35 years
Hampton Manor Belleview
Belleview
FL
—

390

8,337

100

390

8,437

8,827

2,274

6,553

1988
2011
35 years
Sabal House
Cantonment
FL
—

430

5,902

—

430

5,902

6,332

1,585

4,747

1999
2011
35 years
Bristol Park of Coral Springs
Coral Springs
FL
—

3,280

11,877

2,331

3,280

14,208

17,488

3,527

13,961

1999
2011
35 years
Stanley House
Defuniak Springs
FL
—

410

5,659

—

410

5,659

6,069

1,518

4,551

1999
2011
35 years
Barrington Terrace of Ft. Myers
Fort Myers
FL
—

2,105

18,190

1,523

2,110

19,708

21,818

3,909

17,909

2001
2015
35 years
The Peninsula
Hollywood
FL
—

3,660

9,122

1,416

3,660

10,538

14,198

3,089

11,109

1972
2011
35 years
Elmcroft of Timberlin Parc
Jacksonville
FL
—

455

5,905

547

455

6,452

6,907

2,410

4,497

1998
2006
35 years
Forsyth House
Milton
FL
—

610

6,503

—

610

6,503

7,113

1,731

5,382

1999
2011
35 years
Barrington Terrace of Naples
Naples
FL
—

2,596

18,716

1,670

2,610

20,372

22,982

3,702

19,280

2004
2015
35 years
The Carlisle Naples
Naples
FL
—

8,406

78,091

—

8,406

78,091

86,497

20,212

66,285

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

121

690

8,888

9,578

2,332

7,246

1996
2011
35 years
Hampton Manor at Deerwood
Ocala
FL
—

790

5,605

3,818

983

9,230

10,213

2,179

8,034

2005
2011
35 years
Las Palmas
Palm Coast
FL
—

984

30,009

—

984

30,009

30,993

6,087

24,906

2009
2013
35 years
Elmcroft of Pensacola
Pensacola
FL
—

2,230

2,362

405

2,230

2,767

4,997

872

4,125

1999
2011
35 years
Magnolia House
Quincy
FL
—

400

5,190

—

400

5,190

5,590

1,413

4,177

1999
2011
35 years
Elmcroft of Tallahassee
Tallahassee
FL
—

2,430

17,745

329

2,430

18,074

20,504

4,779

15,725

1999
2011
35 years
Tallahassee Memory Care
Tallahassee
FL
—

640

8,013

71

641

8,083

8,724

1,979

6,745

1999
2011
35 years
Bristol Park of Tamarac
Tamarac
FL
—

3,920

14,130

2,142

3,920

16,272

20,192

4,070

16,122

2000
2011
35 years
Elmcroft of Carrolwood
Tampa
FL
—

5,410

20,944

1,761

5,415

22,700

28,115

6,303

21,812

2001
2011
35 years
Arbor Terrace of Athens
Athens
GA
—

1,767

16,442

632

1,777

17,064

18,841

3,092

15,749

1998
2015
35 years
Arbor Terrace at Cascade
Atlanta
GA
—

3,052

9,040

979

3,057

10,014

13,071

2,589

10,482

1999
2015
35 years
Augusta Gardens
Augusta
GA
—

530

10,262

308

543

10,557

11,100

2,937

8,163

1997
2011
35 years
Benton House of Covington
Covington
GA
—

1,297

11,397

396

1,298

11,792

13,090

2,238

10,852

2009
2015
35 years


137

 
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 Acquisition1
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 Terrace of Decatur
Decatur
GA
—

3,102

19,599

(668
)
1,298

20,735

22,033

3,681

18,352

1990
2015
35 years
Benton House of Douglasville
Douglasville
GA
—

1,697

15,542

175

1,697

15,717

17,414

2,856

14,558

2010
2015
35 years
Elmcroft of Martinez
Martinez
GA
—

408

6,764

825

408

7,589

7,997

2,556

5,441

1997
2007
35 years
Benton House of Newnan
Newnan
GA
—

1,474

17,487

299

1,487

17,773

19,260

3,164

16,096

2010
2015
35 years
Elmcroft of Roswell
Roswell
GA
—

1,867

15,835

385

1,867

16,220

18,087

2,789

15,298

1997
2014
35 years
Benton Village of Stockbridge
Stockbridge
GA
—

2,221

21,989

780

2,232

22,758

24,990

4,224

20,766

2008
2015
35 years
Benton House of Sugar Hill
Sugar Hill
GA
—

2,173

14,937

189

2,181

15,118

17,299

2,899

14,400

2010
2015
35 years
Villas of St. James - Breese, IL
Breese
IL
—

671

6,849

—

671

6,849

7,520

1,437

6,083

2009
2015
35 years
Villas of Holly Brook - Chatham, IL
Chatham
IL
—

1,185

8,910

—

1,185

8,910

10,095

1,922

8,173

2012
2015
35 years
Villas of Holly Brook - Effingham, IL
Effingham
IL
—

508

6,624

—

508

6,624

7,132

1,350

5,782

2011
2015
35 years
Villas of Holly Brook - Herrin, IL
Herrin
IL
—

2,175

9,605

—

2,175

9,605

11,780

2,387

9,393

2012
2015
35 years
Villas of Holly Brook - Marshall, IL
Marshall
IL
—

1,461

4,881

—

1,461

4,881

6,342

1,411

4,931

2012
2015
35 years
Villas of Holly Brook - Newton, IL
Newton
IL
—

458

4,590

—

458

4,590

5,048

1,039

4,009

2011
2015
35 years
Rochester Senior Living at Wyndcrest
Rochester
IL
—

570

6,536

194

570

6,730

7,300

1,375

5,925

2005
2015
35 years
Villas of Holly Brook, Shelbyville, IL
Shelbyville
IL
—

2,292

3,351

—

2,292

3,351

5,643

1,552

4,091

2011
2015
35 years
Elmcroft of Muncie
Muncie
IN
—

244

11,218

593

277

11,778

12,055

4,204

7,851

1998
2007
35 years
Wood Ridge
South Bend
IN
—

590

4,850

(35
)
590

4,815

5,405

1,332

4,073

1990
2011
35 years
Elmcroft of Florence (KY)
Florence
KY
—

1,535

21,826

677

1,544

22,494

24,038

3,845

20,193

2010
2014
35 years
Hartland Hills
Lexington
KY
—

1,468

23,929

—

1,468

23,929

25,397

4,870

20,527

2001
2013
35 years
Elmcroft of Mount Washington
Mount Washington
KY
—

758

12,048

764

758

12,812

13,570

2,214

11,356

2005
2014
35 years
Clover Healthcare
Auburn
ME
—

1,400

26,895

876

1,400

27,771

29,171

7,825

21,346

1982
2011
35 years
Gorham House
Gorham
ME
—

1,360

33,147

1,472

1,527

34,452

35,979

8,857

27,122

1990
2011
35 years
Kittery Estates
Kittery
ME
—

1,531

30,811

—

1,531

30,811

32,342

6,262

26,080

2009
2013
35 years
Woods at Canco
Portland
ME
—

1,441

45,578

—

1,441

45,578

47,019

9,244

37,775

2000
2013
35 years
Sentry Inn at York Harbor
York Harbor
ME
—

3,490

19,869

—

3,490

19,869

23,359

5,224

18,135

2000
2011
35 years
Elmcroft of Hagerstown
Hagerstown
MD
—

2,010

1,293

229

1,951

1,581

3,532

562

2,970

1999
2011
35 years
Heritage Woods
Agawam
MA
—

1,249

4,625

—

1,249

4,625

5,874

2,680

3,194

1997
2004
30 years
Devonshire Estates
Lenox
MA
—

1,832

31,124

—

1,832

31,124

32,956

6,333

26,623

1998
2013
35 years
Elmcroft of Downriver
Brownstown Charter Township
MI
—

320

32,652

1,249

371

33,850

34,221

8,860

25,361

2000
2011
35 years
Independence Village of East Lansing
East Lansing
MI
—

1,956

18,122

398

1,956

18,520

20,476

4,295

16,181

1989
2012
35 years
Primrose Austin
Austin
MN
—

2,540

11,707

443

2,540

12,150

14,690

3,150

11,540

2002
2011
35 years
Primrose Duluth
Duluth
MN
—

6,190

8,296

257

6,245

8,498

14,743

2,483

12,260

2003
2011
35 years
Primrose Mankato
Mankato
MN
—

1,860

8,920

352

1,860

9,272

11,132

2,649

8,483

1999
2011
35 years
Lodge at White Bear
White Bear Lake
MN
—

732

24,999

—

732

24,999

25,731

5,069

20,662

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

2,967

13,517

1999
2015
35 years
Canyon Creek Inn Memory Care
Billings
MT
—

420

11,217

7

420

11,224

11,644

2,866

8,778

2011
2011
35 years
Spring Creek Inn Alzheimer's Community
Bozeman
MT
—

1,345

16,877

—

1,345

16,877

18,222

1,598

16,624

2010
2017
35 years
The Springs at Missoula
Missoula
MT
15,922

1,975

34,390

2,076

1,975

36,466

38,441

8,444

29,997

2004
2012
35 years


138

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Crown Pointe
Omaha
NE
—

1,316

11,950

2,418

1,316

14,368

15,684

5,397

10,287

1985
2005
35 years
Prestige Assisted Living at Mira Loma
Henderson
NV
—

1,279

12,558

—

1,279

12,558

13,837

1,584

12,253

1998
2016
35 years
Birch Heights
Derry
NH
—

1,413

30,267

—

1,413

30,267

31,680

6,150

25,530

2009
2013
35 years
Bear Canyon Estates
Albuquerque
NM
—

1,879

36,223

—

1,879

36,223

38,102

7,364

30,738

1997
2013
35 years
The Woodmark at Uptown
Albuquerque
NM
—

2,439

33,276

1,473

2,471

34,717

37,188

6,055

31,133

2000
2015
35 years
Elmcroft of Quintessence
Albuquerque
NM
—

1,150

26,527

1,103

1,165

27,615

28,780

7,317

21,463

1998
2011
35 years
The Amberleigh
Buffalo
NY
—

3,498

19,097

6,790

3,498

25,887

29,385

8,822

20,563

1988
2005
35 years
Brookdale Battery Park City
New York
NY
116,100

2,903

186,978

1,100

2,903

188,078

190,981

7,421

183,560

2000
2018
35 years
The Hearth at Castle Gardens
Vestal
NY
—

1,830

20,312

2,230

1,885

22,487

24,372

7,396

16,976

1994
2011
35 years
Elmcroft of Asheboro
Asheboro
NC
—

680

15,370

183

680

15,553

16,233

3,758

12,475

1998
2011
35 years
Arbor Terrace of Asheville
Asheville
NC
—

1,365

15,679

831

1,365

16,510

17,875

3,121

14,754

1998
2015
35 years
Elmcroft of Little Avenue
Charlotte
NC
—

250

5,077

441

250

5,518

5,768

2,053

3,715

1997
2006
35 years
Elmcroft of Cramer Mountain
Cramerton
NC
—

530

18,225

(67
)
530

18,158

18,688

4,438

14,250

1999
2011
35 years
Elmcroft of Harrisburg
Harrisburg
NC
—

1,660

15,130

299

1,660

15,429

17,089

3,710

13,379

1997
2011
35 years
Elmcroft of Hendersonville (NC)
Hendersonville
NC
—

2,210

7,372

55

2,210

7,427

9,637

1,873

7,764

2005
2011
35 years
Elmcroft of Hillsborough
Hillsborough
NC
—

1,450

19,754

(56
)
1,450

19,698

21,148

4,870

16,278

2005
2011
35 years
Willow Grove
Matthews
NC
—

763

27,544

—

763

27,544

28,307

5,584

22,723

2009
2013
35 years
Elmcroft of Newton
Newton
NC
—

540

14,935

133

540

15,068

15,608

3,643

11,965

2000
2011
35 years
Independence Village of Olde Raleigh
Raleigh
NC
—

1,989

18,648

—

1,989

18,648

20,637

4,296

16,341

1991
2012
35 years
Elmcroft of Northridge
Raleigh
NC
—

184

3,592

2,029

207

5,598

5,805

1,666

4,139

1984
2006
35 years
Elmcroft of Salisbury
Salisbury
NC
—

1,580

25,026

114

1,580

25,140

26,720

6,092

20,628

1999
2011
35 years
Elmcroft of Shelby
Shelby
NC
—

660

15,471

11

660

15,482

16,142

3,797

12,345

2000
2011
35 years
Elmcroft of Southern Pines
Southern Pines
NC
—

1,196

10,766

725

1,196

11,491

12,687

3,208

9,479

1998
2010
35 years
Elmcroft of Southport
Southport
NC
—

1,330

10,356

(17
)
1,330

10,339

11,669

2,597

9,072

2005
2011
35 years
Primrose Bismarck
Bismarck
ND
—

1,210

9,768

255

1,210

10,023

11,233

2,709

8,524

1994
2011
35 years
Wellington ALF - Minot ND
Minot
ND
—

3,241

9,509

—

3,241

9,509

12,750

2,465

10,285

2005
2015
35 years
Elmcroft of Lima
Lima
OH
—

490

3,368

471

490

3,839

4,329

1,420

2,909

1998
2006
35 years
Elmcroft of Ontario
Mansfield
OH
—

523

7,968

426

523

8,394

8,917

3,146

5,771

1998
2006
35 years
Elmcroft of Medina
Medina
OH
—

661

9,788

626

661

10,414

11,075

3,904

7,171

1999
2006
35 years
Elmcroft of Washington Township
Miamisburg
OH
—

1,235

12,611

656

1,235

13,267

14,502

4,972

9,530

1998
2006
35 years
Elmcroft of Sagamore Hills
Sagamore Hills
OH
—

980

12,604

825

980

13,429

14,409

5,023

9,386

2000
2006
35 years
Elmcroft of Lorain
Vermilion
OH
—

500

15,461

1,116

557

16,520

17,077

4,786

12,291

2000
2011
35 years
Gardens at Westlake Senior Living
Westlake
OH
—

2,401

20,640

623

2,415

21,249

23,664

4,067

19,597

1987
2015
35 years
Elmcroft of Xenia
Xenia
OH
—

653

2,801

712

653

3,513

4,166

1,299

2,867

1999
2006
35 years
Arbor House of Mustang
Mustang
OK
—

372

3,587

—

372

3,587

3,959

808

3,151

1999
2012
35 years
Arbor House of Norman
Norman
OK
—

444

7,525

—

444

7,525

7,969

1,688

6,281

2000
2012
35 years
Arbor House Reminisce Center
Norman
OK
—

438

3,028

—

438

3,028

3,466

685

2,781

2004
2012
35 years
Arbor House of Midwest City
Oklahoma City
OK
—

544

9,133

—

544

9,133

9,677

2,049

7,628

2004
2012
35 years
Mansion at Waterford
Oklahoma City
OK
—

2,077

14,184

—

2,077

14,184

16,261

3,347

12,914

1999
2012
35 years


139

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Meadowbrook Place
Baker City
OR
—

1,430

5,311

—

1,430

5,311

6,741

910

5,831

1965
2014
35 years
Edgewood Downs
Beaverton
OR
—

2,356

15,476

—

2,356

15,476

17,832

3,183

14,649

1978
2013
35 years
Princeton Village Assisted Living
Clackamas
OR
2,427

1,126

10,283

92

1,126

10,375

11,501

1,935

9,566

1999
2015
35 years
Bayside Terrace Assisted Living
Coos Bay
OR
—

498

2,795

519

498

3,314

3,812

699

3,113

2006
2015
35 years
Ocean Ridge Assisted Living
Coos Bay
OR
—

2,681

10,941

23

2,681

10,964

13,645

2,548

11,097

2006
2015
35 years
Avamere at Hillsboro
Hillsboro
OR
—

4,400

8,353

1,413

4,400

9,766

14,166

2,939

11,227

2000
2011
35 years
The Springs at Tanasbourne
Hillsboro
OR
31,754

4,689

55,035

—

4,689

55,035

59,724

13,789

45,935

2009
2013
35 years
The Arbor at Avamere Court
Keizer
OR
—

922

6,460

110

1,135

6,357

7,492

1,326

6,166

2012
2014
35 years
Pelican Pointe
Klamath Falls
OR
11,128

943

26,237

166

943

26,403

27,346

4,556

22,790

2011
2015
35 years
The Stafford
Lake Oswego
OR
—

1,800

16,122

802

1,806

16,918

18,724

4,680

14,044

2008
2011
35 years
The Springs at Clackamas Woods
Milwaukie
OR
14,238

1,264

22,429

3,194

1,381

25,506

26,887

5,574

21,313

1999
2012
35 years
Clackamas Woods Assisted Living
Milwaukie
OR
7,666

681

12,077

—

681

12,077

12,758

2,829

9,929

1999
2012
35 years
Pheasant Pointe Assisted Living
Molalla
OR
—

904

7,433

242

904

7,675

8,579

1,324

7,255

1998
2015
35 years
Avamere at Newberg
Newberg
OR
—

1,320

4,664

641

1,342

5,283

6,625

1,779

4,846

1999
2011
35 years
Avamere Living at Berry Park
Oregon City
OR
—

1,910

4,249

2,316

1,910

6,565

8,475

2,217

6,258

1972
2011
35 years
McLoughlin Place Senior Living
Oregon City
OR
—

2,418

26,819

—

2,418

26,819

29,237

4,537

24,700

1997
2014
35 years
Avamere at Bethany
Portland
OR
—

3,150

16,740

257

3,150

16,997

20,147

4,691

15,456

2002
2011
35 years
Cedar Village Assisted Living
Salem
OR
—

868

12,652

19

868

12,671

13,539

2,030

11,509

1999
2015
35 years
Redwood Heights Assisted Living
Salem
OR
—

1,513

16,774

(175
)
1,513

16,599

18,112

2,657

15,455

1999
2015
35 years
Avamere at Sandy
Sandy
OR
—

1,000

7,309

345

1,000

7,654

8,654

2,305

6,349

1999
2011
35 years
Suzanne Elise ALF
Seaside
OR
—

1,940

4,027

627

1,945

4,649

6,594

1,490

5,104

1998
2011
35 years
Necanicum Village
Seaside
OR
—

2,212

7,311

270

2,212

7,581

9,793

1,367

8,426

2001
2015
35 years
Avamere at Sherwood
Sherwood
OR
—

1,010

7,051

638

1,010

7,689

8,699

2,228

6,471

2000
2011
35 years
Chateau Gardens
Springfield
OR
—

1,550

4,197

—

1,550

4,197

5,747

1,123

4,624

1991
2011
35 years
Avamere at St Helens
St. Helens
OR
—

1,410

10,496

502

1,410

10,998

12,408

3,195

9,213

2000
2011
35 years
Flagstone Senior Living
The Dalles
OR
—

1,631

17,786

—

1,631

17,786

19,417

3,003

16,414

1991
2014
35 years
Elmcroft of Allison Park
Allison Park
PA
—

1,171

5,686

391

1,171

6,077

7,248

2,255

4,993

1986
2006
35 years
Elmcroft of Chippewa
Beaver Falls
PA
—

1,394

8,586

519

1,394

9,105

10,499

3,365

7,134

1998
2006
35 years
Elmcroft of Berwick
Berwick
PA
—

111

6,741

396

111

7,137

7,248

2,642

4,606

1998
2006
35 years
Elmcroft of Bridgeville
Bridgeville
PA
—

1,660

12,624

585

1,660

13,209

14,869

3,294

11,575

1999
2011
35 years
Elmcroft of Dillsburg
Dillsburg
PA
—

432

7,797

543

432

8,340

8,772

3,091

5,681

1998
2006
35 years
Elmcroft of Altoona
Duncansville
PA
—

331

4,729

540

331

5,269

5,600

1,931

3,669

1997
2006
35 years
Elmcroft of Lebanon
Lebanon
PA
—

240

7,336

481

249

7,808

8,057

2,926

5,131

1999
2006
35 years
Elmcroft of Lewisburg
Lewisburg
PA
—

232

5,666

512

232

6,178

6,410

2,264

4,146

1999
2006
35 years
Lehigh Commons
Macungie
PA
—

420

4,406

450

420

4,856

5,276

2,895

2,381

1997
2004
30 years
Elmcroft of Loyalsock
Montoursville
PA
—

413

3,412

443

413

3,855

4,268

1,439

2,829

1999
2006
35 years
Highgate at Paoli Pointe
Paoli
PA
—

1,151

9,079

—

1,151

9,079

10,230

4,933

5,297

1997
2004
30 years
Elmcroft of Mid Valley
Peckville
PA
—

619

11,662

285

619

11,947

12,566

2,013

10,553

1998
2014
35 years
Sanatoga Court
Pottstown
PA
—

360

3,233

—

360

3,233

3,593

1,807

1,786

1997
2004
30 years


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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Berkshire Commons
Reading
PA
—

470

4,301

—

470

4,301

4,771

2,401

2,370

1997
2004
30 years
Mifflin Court
Reading
PA
—

689

4,265

351

689

4,616

5,305

2,368

2,937

1997
2004
35 years
Elmcroft of Reading
Reading
PA
—

638

4,942

422

638

5,364

6,002

1,977

4,025

1998
2006
35 years
Elmcroft of Reedsville
Reedsville
PA
—

189

5,170

437

189

5,607

5,796

2,083

3,713

1998
2006
35 years
Elmcroft of Shippensburg
Shippensburg
PA
—

203

7,634

514

209

8,142

8,351

3,014

5,337

1999
2006
35 years
Elmcroft of State College
State College
PA
—

320

7,407

389

320

7,796

8,116

2,912

5,204

1997
2006
35 years
Elmcroft of York
York
PA
—

1,260

6,923

232

1,260

7,155

8,415

1,810

6,605

1999
2011
35 years
The Garden House
Anderson
SC
—

969

15,613

236

974

15,844

16,818

2,933

13,885

2000
2015
35 years
Forest Pines
Columbia
SC
—

1,058

27,471

—

1,058

27,471

28,529

5,576

22,953

1998
2013
35 years
Elmcroft of Florence SC
Florence
SC
—

108

7,620

1,095

122

8,701

8,823

3,283

5,540

1998
2006
35 years
Carolina Gardens at Garden City
Murrells Inlet
SC
—

1,095

8,618

—

1,095

8,618

9,713

27

9,686

1999
2019
35 years
Carolina Gardens at Rock Hill
Rock Hill
SC
—

790

9,568

—

790

9,568

10,358

30

10,328

2008
2019
35 years
Primrose Aberdeen
Aberdeen
SD
—

850

659

235

850

894

1,744

472

1,272

1991
2011
35 years
Primrose Place
Aberdeen
SD
—

310

3,242

53

310

3,295

3,605

912

2,693

2000
2011
35 years
Primrose Rapid City
Rapid City
SD
—

860

8,722

88

860

8,810

9,670

2,446

7,224

1997
2011
35 years
Primrose Sioux Falls
Sioux Falls
SD
—

2,180

12,936

315

2,180

13,251

15,431

3,731

11,700

2002
2011
35 years
Elmcroft of Bristol
Bristol
TN
—

470

16,006

411

470

16,417

16,887

4,014

12,873

1999
2011
35 years
Elmcroft of Hamilton Place
Chattanooga
TN
—

87

4,248

494

87

4,742

4,829

1,763

3,066

1998
2006
35 years
Elmcroft of Shallowford
Chattanooga
TN
—

580

7,568

1,070

585

8,633

9,218

2,781

6,437

1999
2011
35 years
Elmcroft of Hendersonville
Hendersonville
TN
—

600

5,304

836

600

6,140

6,740

1,054

5,686

1999
2014
35 years
Regency House
Hixson
TN
—

140

6,611

—

140

6,611

6,751

1,764

4,987

2000
2011
35 years
Elmcroft of Jackson
Jackson
TN
—

768

16,840

885

786

17,707

18,493

3,027

15,466

1998
2014
35 years
Elmcroft of Johnson City
Johnson City
TN
—

590

10,043

372

601

10,404

11,005

2,552

8,453

1999
2011
35 years
Elmcroft of Kingsport
Kingsport
TN
—

22

7,815

571

22

8,386

8,408

3,117

5,291

2000
2006
35 years
Arbor Terrace of Knoxville
Knoxville
TN
—

590

15,862

1,009

590

16,871

17,461

3,176

14,285

1997
2015
35 years
Elmcroft of West Knoxville
Knoxville
TN
—

439

10,697

862

456

11,542

11,998

4,321

7,677

2000
2006
35 years
Elmcroft of Halls
Knoxville
TN
—

387

4,948

506

387

5,454

5,841

958

4,883

1998
2014
35 years
Elmcroft of Lebanon
Lebanon
TN
—

180

7,086

1,098

200

8,164

8,364

3,077

5,287

2000
2006
35 years
Elmcroft of Bartlett
Memphis
TN
—

570

25,552

1,073

570

26,625

27,195

7,054

20,141

1999
2011
35 years
Kennington Place
Memphis
TN
—

1,820

4,748

815

1,820

5,563

7,383

2,467

4,916

1989
2011
35 years
The Glenmary
Memphis
TN
—

510

5,860

3,124

510

8,984

9,494

2,624

6,870

1964
2011
35 years
Elmcroft of Murfreesboro
Murfreesboro
TN
—

940

8,030

228

940

8,258

9,198

2,044

7,154

1999
2011
35 years
Elmcroft of Brentwood
Nashville
TN
—

960

22,020

1,807

973

23,814

24,787

6,449

18,338

1998
2011
35 years
Elmcroft of Arlington
Arlington
TX
—

2,650

14,060

1,038

2,654

15,094

17,748

4,406

13,342

1998
2011
35 years
Meadowbrook ALZ
Arlington
TX
—

755

4,677

940

755

5,617

6,372

1,250

5,122

2012
2012
35 years
Elmcroft of Austin
Austin
TX
—

2,770

25,820

1,274

2,770

27,094

29,864

7,345

22,519

2000
2011
35 years
Elmcroft of Bedford
Bedford
TX
—

770

19,691

1,554

770

21,245

22,015

5,885

16,130

1999
2011
35 years
Highland Estates
Cedar Park
TX
—

1,679

28,943

—

1,679

28,943

30,622

5,888

24,734

2009
2013
35 years
Elmcroft of Rivershire
Conroe
TX
—

860

32,671

1,163

860

33,834

34,694

9,074

25,620

1997
2011
35 years


141

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Flower Mound
Flower Mound
TX
—

900

5,512

—

900

5,512

6,412

1,499

4,913

1995
2011
35 years
Bridgewater Memory Care
Granbury
TX
—

390

8,186

—

390

8,186

8,576

1,834

6,742

2007
2012
35 years
Copperfield Estates
Houston
TX
—

1,216

21,135

—

1,216

21,135

22,351

4,299

18,052

2009
2013
35 years
Elmcroft of Braeswood
Houston
TX
—

3,970

15,919

1,417

3,970

17,336

21,306

4,942

16,364

1999
2011
35 years
Elmcroft of Cy-Fair
Houston
TX
—

1,580

21,801

1,358

1,593

23,146

24,739

6,213

18,526

1998
2011
35 years
Whitley Place
Keller
TX
—

—

5,100

773

—

5,873

5,873

1,902

3,971

1998
2008
35 years
Elmcroft of Lake Jackson
Lake Jackson
TX
—

710

14,765

1,209

710

15,974

16,684

4,462

12,222

1998
2011
35 years
Polo Park Estates
Midland
TX
—

765

29,447

—

765

29,447

30,212

5,969

24,243

1996
2013
35 years
Arbor Hills Memory Care Community
Plano
TX
—

1,014

5,719

—

1,014

5,719

6,733

1,206

5,527

2013
2013
35 years
Lakeshore Assisted Living and Memory Care
Rockwall
TX
—

1,537

12,883

—

1,537

12,883

14,420

2,908

11,512

2009
2012
35 years
Elmcroft of Windcrest
San Antonio
TX
—

920

13,011

1,058

925

14,064

14,989

4,144

10,845

1999
2011
35 years
Paradise Springs
Spring
TX
—

1,488

24,556

—

1,488

24,556

26,044

4,997

21,047

2008
2013
35 years
Canyon Creek Memory Care
Temple
TX
—

473

6,750

—

473

6,750

7,223

1,516

5,707

2008
2012
35 years
Elmcroft of Cottonwood
Temple
TX
—

630

17,515

1,005

630

18,520

19,150

5,101

14,049

1997
2011
35 years
Elmcroft of Mainland
Texas City
TX
—

520

14,849

1,273

523

16,119

16,642

4,533

12,109

1996
2011
35 years
Elmcroft of Victoria
Victoria
TX
—

440

13,040

1,182

446

14,216

14,662

3,996

10,666

1997
2011
35 years
Windsor Court Senior Living
Weatherford
TX
—

233

3,347

—

233

3,347

3,580

752

2,828

1994
2012
35 years
Elmcroft of Wharton
Wharton
TX
—

320

13,799

1,011

320

14,810

15,130

4,340

10,790

1996
2011
35 years
Mountain Ridge
South Ogden
UT
—

1,243

24,659

99

1,243

24,758

26,001

4,140

21,861

2001
2014
35 years
Elmcroft of Chesterfield
Richmond
VA
—

829

6,534

556

836

7,083

7,919

2,639

5,280

1999
2006
35 years
Pheasant Ridge
Roanoke
VA
—

1,813

9,027

—

1,813

9,027

10,840

2,130

8,710

1999
2012
35 years
Cascade Valley Senior Living
Arlington
WA
—

1,413

6,294

—

1,413

6,294

7,707

1,059

6,648

1995
2014
35 years
The Bellingham at Orchard
Bellingham
WA
—

3,383

17,553

(10
)
3,381

17,545

20,926

2,684

18,242

1999
2015
35 years
Bay Pointe Retirement
Bremerton
WA
—

2,114

21,006

(23
)
2,114

20,983

23,097

3,160

19,937

1999
2015
35 years
Edmonds Landing
Edmonds
WA
—

4,273

27,852

(188
)
4,273

27,664

31,937

4,029

27,908

2001
2015
35 years
The Terrace at Beverly Lake
Everett
WA
—

1,515

12,520

35

1,514

12,556

14,070

1,902

12,168

1998
2015
35 years
Madison House
Kirkland
WA
—

4,291

26,787

782

4,351

27,509

31,860

2,596

29,264

1978
2017
35 years
Delaware Plaza
Longview
WA
4,021

620

5,116

136

815

5,057

5,872

582

5,290

1972
2017
35 years
Canterbury Gardens
Longview
WA
5,451

444

13,715

157

444

13,872

14,316

1,300

13,016

1998
2017
35 years
Canterbury Inn
Longview
WA
14,568

1,462

34,664

837

1,462

35,501

36,963

3,317

33,646

1989
2017
35 years
Canterbury Park
Longview
WA
—

969

30,109

—

969

30,109

31,078

2,836

28,242

2000
2017
35 years
Bishop Place Senior Living
Pullman
WA
—

1,780

33,608

—

1,780

33,608

35,388

5,556

29,832

1998
2014
35 years
Willow Gardens
Puyallup
WA
—

1,959

35,492

—

1,959

35,492

37,451

7,218

30,233

1996
2013
35 years
Clearwater Springs
Vancouver
WA
—

1,269

9,840

(126
)
1,269

9,714

10,983

1,599

9,384

2003
2015
35 years
Cascade Inn
Vancouver
WA
12,378

3,201

19,024

2,321

3,527

21,019

24,546

2,263

22,283

1979
2017
35 years
The Hampton & Ashley Inn
Vancouver
WA
—

1,855

21,047

—

1,855

21,047

22,902

1,974

20,928

1992
2017
35 years
The Hampton at Salmon Creek
Vancouver
WA
11,636

1,256

21,686

—

1,256

21,686

22,942

1,852

21,090

2013
2017
35 years
Elmcroft of Teays Valley
Hurricane
WV
—

1,950

14,489

365

1,955

14,849

16,804

3,657

13,147

1999
2011
35 years


142

 
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 Acquisition1
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 Martinsburg
Martinsburg
WV
—

248

8,320

699

248

9,019

9,267

3,315

5,952

1999
2006
35 years
Matthews of Appleton I
Appleton
WI
—

130

1,834

(41
)
130

1,793

1,923

527

1,396

1996
2011
35 years
Matthews of Appleton II
Appleton
WI
—

140

2,016

301

140

2,317

2,457

651

1,806

1997
2011
35 years
Hunters Ridge
Beaver Dam
WI
—

260

2,380

—

260

2,380

2,640

667

1,973

1998
2011
35 years
Azura Memory Care of Beloit
Beloit
WI
—

150

4,356

427

191

4,742

4,933

1,202

3,731

1990
2011
35 years
Azura Memory Care of Clinton
Clinton
WI
—

290

4,390

—

290

4,390

4,680

1,147

3,533

1991
2011
35 years
Creekside
Cudahy
WI
—

760

1,693

—

760

1,693

2,453

509

1,944

2001
2011
35 years
Azura Memory Care of Eau Claire
Eau Claire
WI
—

210

6,259

—

210

6,259

6,469

1,609

4,860

1996
2011
35 years
Azura Memory Care of Eau Claire II
Eau Claire
WI
—

1,188

6,654

—

1,188

6,654

7,842

201

7,641

2019
2019
35 years
Chapel Valley
Fitchburg
WI
—

450

2,372

—

450

2,372

2,822

673

2,149

1998
2011
35 years
Matthews of Milwaukee II
Fox Point
WI
—

1,810

943

37

1,820

970

2,790

397

2,393

1999
2011
35 years
Laurel Oaks
Glendale
WI
—

2,390

43,587

5,130

2,510

48,597

51,107

12,828

38,279

1988
2011
35 years
Layton Terrace
Greenfield
WI
—

3,490

39,201

566

3,480

39,777

43,257

10,562

32,695

1999
2011
35 years
Matthews of Hartland
Hartland
WI
—

640

1,663

43

652

1,694

2,346

601

1,745

1985
2011
35 years
Matthews of Horicon
Horicon
WI
—

340

3,327

(95
)
345

3,227

3,572

1,018

2,554

2002
2011
35 years
Jefferson
Jefferson
WI
—

330

2,384

—

330

2,384

2,714

668

2,046

1997
2011
35 years
Azura Memory Care of Kenosha
Kenosha
WI
—

710

3,254

3,765

1,165

6,564

7,729

1,656

6,073

1996
2011
35 years
Azura Memory Care of Manitowoc
Manitowoc
WI
—

140

1,520

—

140

1,520

1,660

418

1,242

1997
2011
35 years
The Arboretum
Menomonee Falls
WI
—

5,640

49,083

2,158

5,640

51,241

56,881

14,173

42,708

1989
2011
35 years
Matthews of Milwaukee I
Milwaukee
WI
—

1,800

935

119

1,800

1,054

2,854

416

2,438

1999
2011
35 years
Hart Park Square
Milwaukee
WI
—

1,900

21,628

69

1,900

21,697

23,597

5,749

17,848

2005
2011
35 years
Azura Memory Care of Monroe
Monroe
WI
—

490

4,964

—

490

4,964

5,454

1,309

4,145

1990
2011
35 years
Matthews of Neenah I
Neenah
WI
—

710

1,157

64

713

1,218

1,931

439

1,492

2006
2011
35 years
Matthews of Neenah II
Neenah
WI
—

720

2,339

(50
)
720

2,289

3,009

743

2,266

2007
2011
35 years
Matthews of Irish Road
Neenah
WI
—

320

1,036

87

320

1,123

1,443

412

1,031

2001
2011
35 years
Matthews of Oak Creek
Oak Creek
WI
—

800

2,167

(2
)
812

2,153

2,965

655

2,310

1997
2011
35 years
Azura Memory Care of Oak Creek
Oak Creek
WI
—

733

6,248

11

733

6,259

6,992

940

6,052

2017
2017
35 years
Azura Memory Care of Oconomowoc
Oconomowoc
WI
—

400

1,596

4,674

709

5,961

6,670

1,176

5,494

2016
2015
35 years
Wilkinson Woods of Oconomowoc
Oconomowoc
WI
—

1,100

12,436

157

1,100

12,593

13,693

3,342

10,351

1992
2011
35 years
Azura Memory Care of Oshkosh
Oshkosh
WI
—

190

949

—

190

949

1,139

319

820

1993
2011
35 years
Matthews of Pewaukee
Pewaukee
WI
—

1,180

4,124

206

1,197

4,313

5,510

1,354

4,156

2001
2011
35 years
Azura Memory Care of Sheboygan
Sheboygan
WI
—

1,060

6,208

1,400

1,060

7,608

8,668

1,648

7,020

1995
2011
35 years
Matthews of St. Francis I
St. Francis
WI
—

1,370

1,428

(113
)
1,389

1,296

2,685

457

2,228

2000
2011
35 years
Matthews of St. Francis II
St. Francis
WI
—

1,370

1,666

15

1,377

1,674

3,051

550

2,501

2000
2011
35 years
Howard Village of St. Francis
St. Francis
WI
—

2,320

17,232

—

2,320

17,232

19,552

4,649

14,903

2001
2011
35 years
Azura Memory Care of Stoughton
Stoughton
WI
—

450

3,191

—

450

3,191

3,641

896

2,745

1992
2011
35 years
Oak Hill Terrace
Waukesha
WI
—

2,040

40,298

—

2,040

40,298

42,338

10,726

31,612

1985
2011
35 years
Azura Memory Care of Wausau
Wausau
WI
—

350

3,413

—

350

3,413

3,763

909

2,854

1997
2011
35 years


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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Library Square
West Allis
WI
—

1,160

23,714

—

1,160

23,714

24,874

6,240

18,634

1996
2011
35 years
Matthews of Wrightstown
Wrightstown
WI
—

140

376

12

140

388

528

182

346

1999
2011
35 years
Garden Square Assisted Living of Casper
Casper
WY
—

355

3,197

—

355

3,197

3,552

814

2,738

1996
2011
35 years
Whispering Chase
Cheyenne
WY
—

1,800

20,354

—

1,800

20,354

22,154

4,156

17,998

2008
2013
35 years
Ashridge Court
Bexhill-on-Sea
SXE
—

2,274

4,791

(705
)
2,047

4,313

6,360

837

5,523

2010
2015
40 years
Inglewood Nursing Home
Eastbourne
SXE
—

1,908

3,021

(491
)
1,718

2,720

4,438

608

3,830

2010
2015
40 years
Pentlow Nursing Home
Eastbourne
SXE
—

1,964

2,462

(441
)
1,768

2,217

3,985

526

3,459

2007
2015
40 years
Willows Care Home
Romford
ESX
—

4,695

6,983

(1,164
)
4,227

6,287

10,514

1,119

9,395

1986
2015
40 years
Cedars Care Home
Southend-on-Sea
ESX
—

2,649

4,925

(755
)
2,385

4,434

6,819

813

6,006

2014
2015
40 years
Mayflower Care Home
Northfleet
GSD
—

4,330

7,519

(1,180
)
3,899

6,770

10,669

1,228

9,441

2012
2015
40 years
Maples Care Home
Bexleyheath
KNT
—

5,042

7,525

(1,252
)
4,540

6,775

11,315

1,217

10,098

2007
2015
40 years
Barty House Nursing Home
Maidstone
KNT
—

3,769

3,089

(683
)
3,393

2,782

6,175

674

5,501

2013
2015
40 years
Tunbridge Wells Care Centre
Tunbridge Wells
KNT
—

4,323

5,869

(1,016
)
3,892

5,284

9,176

982

8,194

2010
2015
40 years
Heathlands Care Home
Chingford
LON
—

5,398

7,967

(1,332
)
4,860

7,173

12,033

1,315

10,718

1980
2015
40 years
Hampton Care
Hampton
MDX
—

4,119

29,021

(2,154
)
3,852

27,134

30,986

2,107

28,879

2007
2017
40 years
Parkfield House Nursing Home
Uxbridge
MDX
—

1,974

1,009

(194
)
1,846

943

2,789

93

2,696

2000
2017
40 years
Boréa
Blainville
QC
36,125

2,678

56,643

—

2,678

56,643

59,321

448

58,873

2016
2019
57 years
Caléo
Boucherville
QC
38,090

6,009

71,056

—

6,009

71,056

77,065

527

76,538

2018
2019
59 years
L'Avantage
Brossard
QC
20,606

8,771

44,920

—

8,771

44,920

53,691

394

53,297

2011
2019
52 years
Sevä
Candiac
QC
47,744

4,030

64,251

—

4,030

64,251

68,281

475

67,806

2018
2019
59 years
L'Initial
Gatineau
QC
36,953

6,720

62,928

—

6,720

62,928

69,648

478

69,170

2019
2019
60 years
La Croisée de l'Est
Granby
QC
15,856

1,136

40,998

—

1,136

40,998

42,134

374

41,760

2009
2019
50 years
Ambiance
Ile-des-Soeurs, Verdun
QC
21,657

5,007

51,624

—

5,007

51,624

56,631

470

56,161

2005
2019
46 years
Le Savignon
Lachine
QC
26,429

5,271

46,919

—

5,271

46,919

52,190

390

51,800

2013
2019
54 years
Le Cavalier
Lasalle
QC
15,744

5,892

38,926

—

5,892

38,926

44,818

393

44,425

2004
2019
45 years
Quartier Sud
Lévis
QC
30,213

1,933

47,731

—

1,933

47,731

49,664

374

49,290

2015
2019
56 years
Margo
Lévis
QC
36,653

2,034

63,523

—

2,034

63,523

65,557

472

65,085

2017
2019
60 years
Les Promenades du Parc
Longueuil
QC
22,562

5,832

47,101

—

5,832

47,101

52,933

461

52,472

2006
2019
47 years
Elogia
Montréal
QC
27,124

2,808

55,175

—

2,808

55,175

57,983

456

57,527

2007
2019
48 years
Les Jardins Millen
Montréal
QC
28,728

4,325

82,121

—

4,325

82,121

86,446

634

85,812

2012
2019
53 years
Le 22
Montréal
QC
39,428

6,728

70,601

—

6,728

70,601

77,329

540

76,789

2016
2019
57 years
Station Est
Montréal
QC
44,471

4,660

59,110

—

4,660

59,110

63,770

469

63,301

2017
2019
58 years
Ora
Montréal
QC
50,995

10,282

82,095

—

10,282

82,095

92,377

575

91,802

2019
2019
60 years
Elogia II
Montréal
QC
13,279

2,519

25,244

—

2,519

25,244

27,763

—

27,763

CIP
CIP
CIP
Le Quartier Mont-St-Hilaire
Mont-Saint-Hilaire
QC
14,649

1,020

32,554

—

1,020

32,554

33,574

311

33,263

2008
2019
49 years
L'Image d'Outremont
Outremont
QC
16,424

4,565

32,030

—

4,565

32,030

36,595

280

36,315

2008
2019
49 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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Le Gibraltar
Québec
QC
21,145

1,191

42,766

—

1,191

42,766

43,957

350

43,607

2013
2019
54 years
Ékla
Québec
QC
53,306

2,256

87,772

—

2,256

87,772

90,028

653

89,375

2017
2019
57 years
Le Notre-Dame
Repentigny
QC
14,512

3,290

41,474

—

3,290

41,474

44,764

435

44,329

2002
2019
43 years
Vent de l'Ouest
Sainte-Geneviève
QC
13,023

4,713

32,526

—

4,713

32,526

37,239

334

36,905

2007
2019
48 years
Les Verrières du Golf
Saint-Laurent
QC
11,556

5,183

44,363

—

5,183

44,363

49,546

429

49,117

2003
2019
44 years
Les Jardins du Campanile
Shawinigan
QC
12,196

578

16,580

—

578

16,580

17,158

202

16,956

2007
2019
48 years
VÜ
Sherbrooke
QC
35,893

706

58,073

—

706

58,073

58,779

450

58,329

2015
2019
56 years
La Cité des Tours
St-Jean-sur-Richelieu
QC
22,328

1,744

44,357

—

1,744

44,357

46,101

395

45,706

2012
2019
53 years
IVVI
St-Laurent
QC
20,904

4,730

41,459

—

4,730

41,459

46,189

—

46,189

CIP
CIP
CIP
VAST
St-Laurent
QC
12,121

3,847

30,401

—

3,847

30,401

34,248

—

34,248

CIP
CIP
CIP
Cornelius
St-Laurent
QC
—

7,480

13,066

—

7,480

13,066

20,546

—

20,546

CIP
CIP
CIP
Liz
St-Laurent
QC
10,665

11,534

17,335

—

11,534

17,335

28,869

—

28,869

CIP
CIP
CIP
Floréa
Terrebonne
QC
42,207

3,275

63,246

—

3,275

63,246

66,521

503

66,018

2016
2019
57 years
Le Félix Vaudreuil-Dorion
Vaudreuil-Dorion
QC
16,201

7,531

34,624

—

7,531

34,624

42,155

332

41,823

2010
2019
51 years
TOTAL FOR OTHER SENIORS HOUSING COMMUNITIES
 
 
1,145,360

628,999

6,210,124

156,472

624,012

6,371,583

6,995,595

1,090,105

5,905,490

 
 
 
TOTAL FOR SENIORS HOUSING COMMUNITIES
 
 
1,450,240

1,594,669

15,238,274

932,063

1,608,280

16,156,726

17,765,006

4,280,453

13,484,553

 
 
 
MEDICAL OFFICE BUILDINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
St. Vincent's Medical Center East #46
Birmingham
AL
—

—

25,298

4,899

—

30,197

30,197

11,335

18,862

2005
2010
35 years
St. Vincent's Medical Center East #48
Birmingham
AL
—

—

12,698

914

—

13,612

13,612

4,546

9,066

1989
2010
35 years
St. Vincent's Medical Center East #52
Birmingham
AL
—

—

7,608

1,732

—

9,340

9,340

3,867

5,473

1985
2010
35 years
Crestwood Medical Pavilion
Huntsville
AL
2,215

625

16,178

472

625

16,650

17,275

4,914

12,361

1994
2011
35 years
West Valley Medical Center
Buckeye1
AZ
—

3,348

5,233

—

3,348

5,233

8,581

1,306

7,275

2011
2015
31 years
Canyon Springs Medical Plaza
Gilbert
AZ
—

—

27,497

601

—

28,098

28,098

7,640

20,458

2007
2012
35 years
Mercy Gilbert Medical Plaza 1
Gilbert
AZ
—

720

11,277

1,460

772

12,685

13,457

4,401

9,056

2007
2011
35 years
Mercy Gilbert Medical Plaza II
Gilbert
AZ
15,033

—

18,610

—

—

18,610

18,610

281

18,329

2019
2019
35 years
Thunderbird Paseo Medical Plaza
Glendale
AZ
—

—

12,904

1,305

20

14,189

14,209

3,915

10,294

1997
2011
35 years
Thunderbird Paseo Medical Plaza II
Glendale
AZ
—

—

8,100

839

20

8,919

8,939

2,544

6,395

2001
2011
35 years
Arrowhead Physicians Plaza
Glendale
AZ
10,186

308

19,671

65

308

19,736

20,044

762

19,282

2004
2018
35 years
1432 S Dobson
Mesa
AZ
—

—

32,768

1,015

—

33,783

33,783

7,109

26,674

2003
2013
35 years
1450 S Dobson
Mesa
AZ
—

—

11,923

1,271

4

13,190

13,194

3,501

9,693

1977
2011
35 years
1500 S Dobson
Mesa
AZ
—

—

7,395

2,150

4

9,541

9,545

2,434

7,111

1980
2011
35 years
1520 S Dobson
Mesa
AZ
—

—

13,665

1,991

—

15,656

15,656

4,406

11,250

1986
2011
35 years
Deer Valley Medical Office Building II
Phoenix
AZ
—

—

22,663

1,524

14

24,173

24,187

6,345

17,842

2002
2011
35 years
Deer Valley Medical Office Building III
Phoenix
AZ
—

—

19,521

492

12

20,001

20,013

5,597

14,416

2009
2011
35 years
Papago Medical Park
Phoenix
AZ
—

—

12,172

2,202

—

14,374

14,374

4,148

10,226

1989
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
North Valley Orthopedic Surgery Center
Phoenix
AZ
—

2,800

10,150

—

2,800

10,150

12,950

1,898

11,052

2006
2015
35 years
Davita Dialysis - Marked Tree
Marked Tree
AR
—

179

1,580

—

179

1,580

1,759

320

1,439

2009
2015
35 years
Burbank Medical Plaza I
Burbank
CA
—

1,241

23,322

2,094

1,268

25,389

26,657

8,022

18,635

2004
2011
35 years
Burbank Medical Plaza II
Burbank
CA
32,328

491

45,641

586

497

46,221

46,718

12,661

34,057

2008
2011
35 years
Eden Medical Plaza
Castro Valley
CA
—

258

2,455

416

328

2,801

3,129

1,513

1,616

1998
2011
25 years
Sutter Medical Center
Castro Valley
CA
—

—

25,088

1,415

—

26,503

26,503

5,328

21,175

2012
2012
35 years
United Healthcare - Cypress
Cypress
CA
—

12,883

38,309

7

12,883

38,316

51,199

9,126

42,073

1985
2015
29 years
NorthBay Corporate Headquarters
Fairfield
CA
—

—

19,187

—

—

19,187

19,187

4,286

14,901

2008
2012
35 years
Gateway Medical Plaza
Fairfield
CA
—

—

12,872

328

—

13,200

13,200

2,893

10,307

1986
2012
35 years
Solano NorthBay Health Plaza
Fairfield
CA
—

—

8,880

39

—

8,919

8,919

1,988

6,931

1990
2012
35 years
NorthBay Healthcare MOB
Fairfield
CA
—

—

8,507

2,280

—

10,787

10,787

3,149

7,638

2014
2013
35 years
UC Davis Medical Group
Folsom
CA
—

1,873

10,156

224

1,873

10,380

12,253

2,076

10,177

1995
2015
35 years
Verdugo Hills Medical Bulding I
Glendale
CA
—

6,683

9,589

2,298

6,726

11,844

18,570

4,890

13,680

1972
2012
23 years
Verdugo Hills Medical Bulding II
Glendale
CA
—

4,464

3,731

2,809

4,514

6,490

11,004

3,408

7,596

1987
2012
19 years
Grossmont Medical Terrace
La Mesa
CA
—

88

14,192

322

88

14,514

14,602

1,872

12,730

2008
2016
35 years
Los Alamitos Medical & Wellness Pavilion
Los Alamitos
CA
11,838

488

31,720

22

488

31,742

32,230

1,226

31,004

2013
2018
35 years
St. Francis Lynwood Medical
Lynwood
CA
—

688

8,385

1,857

697

10,233

10,930

4,396

6,534

1993
2011
32 years
Facey Mission Hills
Mission Hills
CA
—

15,468

30,116

4,729

15,468

34,845

50,313

7,077

43,236

2012
2012
35 years
Mission Medical Plaza
Mission Viejo
CA
54,019

1,916

77,022

1,838

1,916

78,860

80,776

22,403

58,373

2007
2011
35 years
St Joseph Medical Tower
Orange
CA
43,121

1,752

61,647

2,745

1,761

64,383

66,144

18,307

47,837

2008
2011
35 years
Huntington Pavilion
Pasadena
CA
—

3,138

83,412

10,142

3,138

93,554

96,692

32,070

64,622

2009
2011
35 years
Western University of Health Sciences Medical Pavilion
Pomona
CA
—

91

31,523

—

91

31,523

31,614

8,496

23,118

2009
2011
35 years
Pomerado Outpatient Pavilion
Poway
CA
—

3,233

71,435

3,108

3,233

74,543

77,776

23,174

54,602

2007
2011
35 years
San Bernardino Medical Plaza I
San Bernadino
CA
—

789

11,133

1,511

797

12,636

13,433

11,424

2,009

1971
2011
27 years
San Bernardino Medical Plaza II
San Bernadino
CA
—

416

5,625

1,165

421

6,785

7,206

3,712

3,494

1988
2011
26 years
Sutter Van Ness
San Francisco
CA
102,249

—

157,404

—

—

157,404

157,404

3,517

153,887

CIP
CIP
CIP
San Gabriel Valley Medical Plaza
San Gabriel
CA
—

914

5,510

948

963

6,409

7,372

2,969

4,403

2004
2011
35 years
Santa Clarita Valley Medical Plaza
Santa Clarita
CA
21,370

9,708

20,020

1,951

9,782

21,897

31,679

6,802

24,877

2005
2011
35 years
Kenneth E Watts Medical Plaza
Torrance
CA
—

262

6,945

3,435

343

10,299

10,642

4,679

5,963

1989
2011
23 years
Vaca Valley Health Plaza
Vacaville
CA
—

—

9,634

716

—

10,350

10,350

2,184

8,166

1988
2012
35 years
NorthBay Center For Primary Care - Vacaville
Vacaville
CA
—

777

5,632

300

777

5,932

6,709

468

6,241

1998
2017
35 years
Potomac Medical Plaza
Aurora
CO
—

2,401

9,118

4,190

2,800

12,909

15,709

6,594

9,115

1986
2007
35 years
Briargate Medical Campus
Colorado Springs
CO
—

1,238

12,301

1,134

1,269

13,404

14,673

5,443

9,230

2002
2007
35 years
Printers Park Medical Plaza
Colorado Springs
CO
—

2,641

47,507

3,367

2,652

50,863

53,515

20,884

32,631

1999
2007
35 years
Green Valley Ranch MOB
Denver
CO
5,130

—

12,139

1,177

235

13,081

13,316

2,703

10,613

2007
2012
35 years
Community Physicians Pavilion
Lafayette
CO
—

—

10,436

1,801

—

12,237

12,237

4,529

7,708

2004
2010
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Exempla Good Samaritan Medical Center
Lafayette
CO
—

—

4,393

(75
)
—

4,318

4,318

751

3,567

2013
2013
35 years
Dakota Ridge
Littleton
CO
—

2,540

12,901

2,027

2,549

14,919

17,468

2,487

14,981

2007
2015
35 years
Avista Two Medical Plaza
Louisville
CO
—

—

17,330

1,882

—

19,212

19,212

7,333

11,879

2003
2009
35 years
The Sierra Medical Building
Parker
CO
—

1,444

14,059

3,366

1,516

17,353

18,869

8,074

10,795

2009
2009
35 years
Crown Point Healthcare Plaza
Parker
CO
—

852

5,210

167

855

5,374

6,229

1,256

4,973

2008
2013
35 years
Lutheran Medical Office Building II
Wheat Ridge
CO
—

—

2,655

1,324

—

3,979

3,979

1,834

2,145

1976
2010
35 years
Lutheran Medical Office Building IV
Wheat Ridge
CO
—

—

7,266

2,431

—

9,697

9,697

3,417

6,280

1991
2010
35 years
Lutheran Medical Office Building III
Wheat Ridge
CO
—

—

11,947

1,673

—

13,620

13,620

4,327

9,293

2004
2010
35 years
DePaul Professional Office Building
Washington
DC
—

—

6,424

2,724

—

9,148

9,148

4,256

4,892

1987
2010
35 years
Providence Medical Office Building
Washington
DC
—

—

2,473

1,214

—

3,687

3,687

1,838

1,849

1975
2010
35 years
RTS Cape Coral
Cape Coral
FL
—

368

5,448

—

368

5,448

5,816

1,596

4,220

1984
2011
34 years
RTS Ft. Myers
Fort Myers
FL
—

1,153

4,127

—

1,153

4,127

5,280

1,451

3,829

1989
2011
31 years
RTS Key West
Key West
FL
—

486

4,380

—

486

4,380

4,866

1,146

3,720

1987
2011
35 years
JFK Medical Plaza
Lake Worth
FL
—

453

1,711

(147
)
—

2,017

2,017

921

1,096

1999
2004
35 years
East Pointe Medical Plaza
Lehigh Acres
FL
—

327

11,816

—

327

11,816

12,143

2,039

10,104

1994
2015
35 years
Palms West Building 6
Loxahatchee
FL
—

965

2,678

(811
)
—

2,832

2,832

1,286

1,546

2000
2004
35 years
Bay Medical Plaza
Lynn Haven
FL
—

4,215

15,041

(13,601
)
3,644

2,011

5,655

2,376

3,279

2003
2015
35 years
RTS Naples
Naples
FL
—

1,152

3,726

—

1,152

3,726

4,878

1,105

3,773

1999
2011
35 years
Bay Medical Center
Panama City
FL
—

82

17,400

(10,999
)
25

6,458

6,483

2,389

4,094

1987
2015
35 years
RTS Pt. Charlotte
Pt Charlotte
FL
—

966

4,581

—

966

4,581

5,547

1,423

4,124

1985
2011
34 years
RTS Sarasota
Sarasota
FL
—

1,914

3,889

—

1,914

3,889

5,803

1,274

4,529

1996
2011
35 years
Capital Regional MOB I
Tallahassee
FL
—

590

8,773

(324
)
193

8,846

9,039

1,386

7,653

1998
2015
35 years
Athens Medical Complex
Athens
GA
—

2,826

18,339

45

2,826

18,384

21,210

3,274

17,936

2011
2015
35 years
Doctors Center at St. Joseph's Hospital
Atlanta
GA
—

545

80,152

23,318

545

103,470

104,015

20,024

83,991

1978
2015
20 years
Augusta POB I
Augusta
GA
—

233

7,894

2,364

233

10,258

10,491

6,069

4,422

1978
2012
14 years
Augusta POB II
Augusta
GA
—

735

13,717

4,211

735

17,928

18,663

6,530

12,133

1987
2012
23 years
Augusta POB III
Augusta
GA
—

535

3,857

828

535

4,685

5,220

2,404

2,816

1994
2012
22 years
Augusta POB IV
Augusta
GA
—

675

2,182

2,190

691

4,356

5,047

2,301

2,746

1995
2012
23 years
Cobb Physicians Center
Austell
GA
—

1,145

16,805

1,664

1,145

18,469

19,614

6,715

12,899

1992
2011
35 years
Summit Professional Plaza I
Brunswick
GA
—

1,821

2,974

286

1,821

3,260

5,081

3,395

1,686

2004
2012
31 years
Summit Professional Plaza II
Brunswick
GA
—

981

13,818

252

981

14,070

15,051

4,413

10,638

1998
2012
35 years
Fayette MOB
Fayetteville
GA
—

895

20,669

829

895

21,498

22,393

3,842

18,551

2004
2015
35 years
Woodlawn Commons 1121/1163
Marietta
GA
—

5,495

16,028

1,930

5,586

17,867

23,453

3,269

20,184

1991
2015
35 years
PAPP Clinic
Newnan
GA
—

2,167

5,477

68

2,167

5,545

7,712

1,441

6,271

1994
2015
30 years
Parkway Physicians Center
Ringgold
GA
—

476

10,017

1,327

476

11,344

11,820

3,959

7,861

2004
2011
35 years
Riverdale MOB
Riverdale
GA
—

1,025

9,783

259

1,025

10,042

11,067

1,980

9,087

2005
2015
35 years
Rush Copley POB I
Aurora
IL
—

120

27,882

505

120

28,387

28,507

5,035

23,472

1996
2015
34 years
Rush Copley POB II
Aurora
IL
—

49

27,217

471

49

27,688

27,737

4,683

23,054

2009
2015
35 years
Good Shepherd Physician Office Building I
Barrington
IL
—

152

3,224

785

152

4,009

4,161

807

3,354

1979
2013
35 years


147

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Good Shepherd Physician Office Building II
Barrington
IL
—

512

12,977

1,160

512

14,137

14,649

3,155

11,494

1996
2013
35 years
Trinity Hospital Physician Office Building
Chicago
IL
—

139

3,329

1,521

139

4,850

4,989

1,272

3,717

1971
2013
35 years
Advocate Beverly Center
Chicago
IL
—

2,227

10,140

355

2,231

10,491

12,722

2,675

10,047

1986
2015
25 years
Crystal Lakes Medical Arts
Crystal Lake
IL
—

2,490

19,504

389

2,535

19,848

22,383

3,687

18,696

2007
2015
35 years
Advocate Good Shepherd
Crystal Lake
IL
—

2,444

10,953

926

2,444

11,879

14,323

2,455

11,868

2008
2015
33 years
Physicians Plaza East
Decatur
IL
—

—

791

2,522

—

3,313

3,313

1,210

2,103

1976
2010
35 years
Physicians Plaza West
Decatur
IL
—

—

1,943

1,204

—

3,147

3,147

1,252

1,895

1987
2010
35 years
SIU Family Practice
Decatur
IL
—

—

3,900

3,778

—

7,678

7,678

3,028

4,650

1996
2010
35 years
304 W Hay Building
Decatur
IL
—

—

8,702

2,080

29

10,753

10,782

3,630

7,152

2002
2010
35 years
302 W Hay Building
Decatur
IL
—

—

3,467

858

—

4,325

4,325

1,773

2,552

1993
2010
35 years
ENTA
Decatur
IL
—

—

1,150

16

—

1,166

1,166

484

682

1996
2010
35 years
301 W Hay Building
Decatur
IL
—

—

640

—

—

640

640

357

283

1980
2010
35 years
South Shore Medical Building
Decatur
IL
—

902

129

56

958

129

1,087

219

868

1991
2010
35 years
Kenwood Medical Center
Decatur
IL
—

—

1,689

1,520

—

3,209

3,209

1,137

2,072

1997
2010
35 years
DMH OCC Health & Wellness Partners
Decatur
IL
—

934

1,386

168

943

1,545

2,488

707

1,781

1996
2010
35 years
Rock Springs Medical
Decatur
IL
—

399

495

109

399

604

1,003

273

730

1990
2010
35 years
575 W Hay Building
Decatur
IL
—

111

739

24

111

763

874

340

534

1984
2010
35 years
Good Samaritan Physician Office Building I
Downers Grove
IL
—

407

10,337

1,270

407

11,607

12,014

2,657

9,357

1976
2013
35 years
Good Samaritan Physician Office Building II
Downers Grove
IL
—

1,013

25,370

862

1,013

26,232

27,245

5,814

21,431

1995
2013
35 years
Eberle Medical Office Building ("Eberle MOB")
Elk Grove Village
IL
—

—

16,315

883

—

17,198

17,198

7,371

9,827

2005
2009
35 years
1425 Hunt Club Road MOB
Gurnee
IL
—

249

1,452

889

352

2,238

2,590

921

1,669

2005
2011
34 years
1445 Hunt Club Drive
Gurnee
IL
—

216

1,405

370

216

1,775

1,991

957

1,034

2002
2011
31 years
Gurnee Imaging Center
Gurnee
IL
—

82

2,731

—

82

2,731

2,813

848

1,965

2002
2011
35 years
Gurnee Center Club
Gurnee
IL
—

627

17,851

—

627

17,851

18,478

5,687

12,791

2001
2011
35 years
South Suburban Hospital Physician Office Building
Hazel Crest
IL
—

191

4,370

850

191

5,220

5,411

1,281

4,130

1989
2013
35 years
755 Milwaukee MOB
Libertyville
IL
—

421

3,716

3,292

630

6,799

7,429

3,497

3,932

1990
2011
18 years
890 Professional MOB
Libertyville
IL
—

214

2,630

568

214

3,198

3,412

1,334

2,078

1980
2011
26 years
Libertyville Center Club
Libertyville
IL
—

1,020

17,176

—

1,020

17,176

18,196

5,748

12,448

1988
2011
35 years
Christ Medical Center Physician Office Building
Oak Lawn
IL
—

658

16,421

2,843

658

19,264

19,922

3,767

16,155

1986
2013
35 years
Methodist North MOB
Peoria
IL
—

1,025

29,493

15

1,025

29,508

30,533

5,180

25,353

2010
2015
35 years
Davita Dialysis - Rockford
Rockford
IL
—

256

2,543

—

256

2,543

2,799

526

2,273

2009
2015
35 years
Round Lake ACC
Round Lake
IL
—

758

370

402

799

731

1,530

650

880

1984
2011
13 years
Vernon Hills Acute Care Center
Vernon Hills
IL
—

3,376

694

416

3,413

1,073

4,486

852

3,634

1986
2011
15 years
Wilbur S. Roby Building
Anderson
IN
—

—

2,653

1,159

—

3,812

3,812

1,822

1,990

1992
2010
35 years
Ambulatory Services Building
Anderson
IN
—

—

4,266

1,926

—

6,192

6,192

2,952

3,240

1995
2010
35 years
St. John's Medical Arts Building
Anderson
IN
—

—

2,281

2,050

—

4,331

4,331

1,779

2,552

1973
2010
35 years


148

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Carmel I
Carmel
IN
—

466

5,954

708

466

6,662

7,128

2,470

4,658

1985
2012
30 years
Carmel II
Carmel
IN
—

455

5,976

1,046

455

7,022

7,477

2,327

5,150

1989
2012
33 years
Carmel III
Carmel
IN
—

422

6,194

857

422

7,051

7,473

2,225

5,248

2001
2012
35 years
Elkhart
Elkhart
IN
—

1,256

1,973

—

1,256

1,973

3,229

1,443

1,786

1994
2011
32 years
Lutheran Medical Arts
Fort Wayne
IN
—

702

13,576

148

702

13,724

14,426

2,413

12,013

2000
2015
35 years
Dupont Road MOB
Fort Wayne
IN
—

633

13,479

313

672

13,753

14,425

2,645

11,780

2001
2015
35 years
Harcourt Professional Office Building
Indianapolis
IN
—

519

28,951

4,610

519

33,561

34,080

10,892

23,188

1973
2012
28 years
Cardiac Professional Office Building
Indianapolis
IN
—

498

27,430

2,092

498

29,522

30,020

7,988

22,032

1995
2012
35 years
Oncology Medical Office Building
Indianapolis
IN
—

470

5,703

432

470

6,135

6,605

2,085

4,520

2003
2012
35 years
CorVasc Medical Office Building
Indianapolis
IN
—

514

9,617

533

871

9,793

10,664

1,315

9,349

2004
2016
36 years
St. Francis South Medical Office Building
Indianapolis
IN
—

—

20,649

1,586

7

22,228

22,235

5,153

17,082

1995
2013
35 years
Methodist Professional Center I
Indianapolis
IN
—

61

37,411

7,000

61

44,411

44,472

14,748

29,724

1985
2012
25 years
Indiana Orthopedic Center of Excellence
Indianapolis
IN
—

967

83,746

3,106

967

86,852

87,819

12,320

75,499

1997
2015
35 years
United Healthcare - Indy
Indianapolis
IN
—

5,737

32,116

—

5,737

32,116

37,853

6,066

31,787

1988
2015
35 years
LaPorte
La Porte
IN
—

553

1,309

—

553

1,309

1,862

620

1,242

1997
2011
34 years
Mishawaka
Mishawaka
IN
—

3,787

5,543

—

3,787

5,543

9,330

4,212

5,118

1993
2011
35 years
Cancer Care Partners
Mishawaka
IN
—

3,162

28,633

—

3,162

28,633

31,795

4,903

26,892

2010
2015
35 years
Michiana Oncology
Mishawaka
IN
—

4,577

20,939

15

4,581

20,950

25,531

3,760

21,771

2010
2015
35 years
DaVita Dialysis - Paoli
Paoli
IN
—

396

2,056

—

396

2,056

2,452

435

2,017

2011
2015
35 years
South Bend
South Bend
IN
—

792

2,530

—

792

2,530

3,322

990

2,332

1996
2011
34 years
Eberly Farm Professional Building
Wichita
KS
—

1,883

7,428

(4,324
)
1,883

3,104

4,987

1,485

3,502

2006
2015
35 years
OLBH Same Day Surgery Center MOB
Ashland
KY
—

101

19,066

1,433

101

20,499

20,600

6,467

14,133

1997
2012
26 years
St. Elizabeth Covington
Covington
KY
—

345

12,790

166

345

12,956

13,301

3,927

9,374

2009
2012
35 years
St. Elizabeth Florence MOB
Florence
KY
—

402

8,279

1,644

402

9,923

10,325

3,623

6,702

2005
2012
35 years
Jefferson Clinic
Louisville
KY
—

—

673

2,018

—

2,691

2,691

416

2,275

2013
2013
35 years
East Jefferson Medical Plaza
Metairie
LA
—

168

17,264

2,930

168

20,194

20,362

7,634

12,728

1996
2012
32 years
East Jefferson MOB
Metairie
LA
—

107

15,137

2,671

107

17,808

17,915

6,459

11,456

1985
2012
28 years
Lakeside POB I
Metairie
LA
—

3,334

4,974

624

342

8,590

8,932

4,645

4,287

1986
2011
22 years
Lakeside POB II
Metairie
LA
—

1,046

802

(165
)
53

1,630

1,683

1,171

512

1980
2011
7 years
Fresenius Medical
Metairie
LA
—

1,195

3,797

74

1,269

3,797

5,066

721

4,345

2012
2015
35 years
RTS Berlin
Berlin
MD
—

—

2,216

—

—

2,216

2,216

709

1,507

1994
2011
29 years
Charles O. Fisher Medical Building
Westminster
MD
10,458

—

13,795

1,849

—

15,644

15,644

7,599

8,045

2009
2009
35 years
Medical Specialties Building
Kalamazoo
MI
—

—

19,242

1,666

—

20,908

20,908

6,984

13,924

1989
2010
35 years
North Professional Building
Kalamazoo
MI
—

—

7,228

1,653

—

8,881

8,881

3,721

5,160

1983
2010
35 years
Borgess Navigation Center
Kalamazoo
MI
—

—

2,391

—

—

2,391

2,391

817

1,574

1976
2010
35 years
Borgess Health & Fitness Center
Kalamazoo
MI
—

—

11,959

605

—

12,564

12,564

4,313

8,251

1984
2010
35 years
Heart Center Building
Kalamazoo
MI
—

—

8,420

716

176

8,960

9,136

3,387

5,749

1980
2010
35 years
Medical Commons Building
Kalamazoo Township
MI
—

—

661

651

—

1,312

1,312

698

614

1979
2010
35 years


149

 
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 Acquisition1
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 Madison Heights
Madison Heights
MI
—

401

2,946

—

401

2,946

3,347

905

2,442

2002
2011
35 years
Bronson Lakeview OPC
Paw Paw
MI
—

3,835

31,564

—

3,835

31,564

35,399

6,117

29,282

2006
2015
35 years
Pro Med Center Plainwell
Plainwell
MI
—

—

697

7

—

704

704

262

442

1991
2010
35 years
Pro Med Center Richland
Richland
MI
—

233

2,267

213

233

2,480

2,713

801

1,912

1996
2010
35 years
Henry Ford Dialysis Center
Southfield
MI
—

589

3,350

—

589

3,350

3,939

643

3,296

2002
2015
35 years
Metro Health
Wyoming
MI
—

1,325

5,479

—

1,325

5,479

6,804

1,112

5,692

2008
2015
35 years
Spectrum Health
Wyoming
MI
—

2,463

14,353

—

2,463

14,353

16,816

2,912

13,904

2006
2015
35 years
Cogdell Duluth MOB
Duluth
MN
—

—

33,406

(19
)
—

33,387

33,387

7,070

26,317

2012
2012
35 years
Allina Health
Elk River
MN
—

1,442

7,742

114

1,455

7,843

9,298

1,925

7,373

2002
2015
35 years
Unitron Hearing
Plymouth
MN
—

2,646

8,962

5

2,646

8,967

11,613

2,547

9,066

2011
2015
29 years
HealthPartners Medical & Dental Clinics
Sartell
MN
—

2,492

15,694

55

2,503

15,738

18,241

5,094

13,147

2010
2012
35 years
University Physicians - Grants Ferry
Flowood
MS
—

2,796

12,125

(12
)
2,796

12,113

14,909

3,972

10,937

2010
2012
35 years
Arnold Urgent Care
Arnold
MO
—

1,058

556

403

1,097

920

2,017

587

1,430

1999
2011
35 years
DePaul Health Center North
Bridgeton
MO
—

996

10,045

2,954

996

12,999

13,995

6,249

7,746

1976
2012
21 years
DePaul Health Center South
Bridgeton
MO
—

910

12,169

2,562

910

14,731

15,641

5,218

10,423

1992
2012
30 years
St. Mary's Health Center MOB D
Clayton
MO
—

103

2,780

1,321

106

4,098

4,204

1,982

2,222

1984
2012
22 years
Fenton Urgent Care Center
Fenton
MO
—

183

2,714

367

189

3,075

3,264

1,336

1,928

2003
2011
35 years
Broadway Medical Office Building
Kansas City
MO
—

1,300

12,602

9,559

1,336

22,125

23,461

8,327

15,134

1976
2007
35 years
St. Joseph Medical Building
Kansas City
MO
—

305

7,445

2,297

305

9,742

10,047

2,784

7,263

1988
2012
32 years
St. Joseph Medical Mall
Kansas City
MO
—

530

9,115

613

530

9,728

10,258

3,167

7,091

1995
2012
33 years
Carondelet Medical Building
Kansas City
MO
—

745

12,437

3,236

745

15,673

16,418

5,542

10,876

1979
2012
29 years
St. Joseph Hospital West Medical Office Building II
Lake Saint Louis
MO
—

524

3,229

840

524

4,069

4,593

1,502

3,091

2005
2012
35 years
St. Joseph O'Fallon Medical Office Building
O'Fallon
MO
—

940

5,556

332

960

5,868

6,828

1,817

5,011

1992
2012
35 years
Sisters of Mercy Building
Springfield
MO
—

3,427

8,697

—

3,427

8,697

12,124

1,877

10,247

2008
2015
35 years
St. Joseph Health Center Medical Building 1
St. Charles
MO
—

503

4,336

1,338

503

5,674

6,177

2,901

3,276

1987
2012
20 years
St. Joseph Health Center Medical Building 2
St. Charles
MO
—

369

2,963

1,423

369

4,386

4,755

1,792

2,963

1999
2012
32 years
Physicians Office Center
St. Louis
MO
—

1,445

13,825

894

1,445

14,719

16,164

6,460

9,704

2003
2011
35 years
12700 Southford Road Medical Plaza
St. Louis
MO
—

595

12,584

2,756

595

15,340

15,935

5,989

9,946

1993
2011
32 years
Mercy South MOB A
St. Louis
MO
—

409

4,687

1,668

409

6,355

6,764

3,276

3,488

1975
2011
20 years
Mercy South MOB B
St. Louis
MO
—

350

3,942

1,088

350

5,030

5,380

2,795

2,585

1980
2011
21 years
Lemay Urgent Care Center
St. Louis
MO
—

2,317

3,120

696

2,355

3,778

6,133

2,254

3,879

1983
2011
22 years
St. Mary's Health Center MOB B
St. Louis
MO
—

119

4,161

12,546

119

16,707

16,826

3,382

13,444

1979
2012
23 years
St. Mary's Health Center MOB C
St. Louis
MO
—

136

6,018

3,825

136

9,843

9,979

3,083

6,896

1969
2012
20 years
Carson Tahoe Specialty Medical Center
Carson City
NV
—

2,748

27,010

3,444

2,898

30,304

33,202

6,030

27,172

1981
2015
35 years
Carson Tahoe MOB West
Carson City
NV
—

802

11,855

213

703

12,167

12,870

2,262

10,608

2007
2015
29 years
Del E Webb Medical Plaza
Henderson
NV
—

1,028

16,993

2,469

1,028

19,462

20,490

6,932

13,558

1999
2011
35 years
Durango Medical Plaza
Las Vegas
NV
—

3,787

27,738

(2,855
)
3,683

24,987

28,670

4,710

23,960

2008
2015
35 years


150

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
The Terrace at South Meadows
Reno
NV
6,418

504

9,966

685

504

10,651

11,155

3,975

7,180

2004
2011
35 years
Cooper Health MOB I
Willingboro
NJ
—

1,389

2,742

4

1,398

2,737

4,135

699

3,436

2010
2015
35 years
Cooper Health MOB II
Willingboro
NJ
—

594

5,638

65

594

5,703

6,297

1,025

5,272

2012
2015
35 years
Salem Medical
Woodstown
NJ
—

275

4,132

6

275

4,138

4,413

742

3,671

2010
2015
35 years
Albany Medical Center MOB
Albany
NY
—

321

18,389

32

321

18,421

18,742

2,839

15,903

2010
2015
35 years
St. Peter's Recovery Center
Guilderland
NY
—

1,059

9,156

—

1,059

9,156

10,215

1,900

8,315

1990
2015
35 years
Central NY Medical Center
Syracuse
NY
—

1,786

26,101

3,393

1,792

29,488

31,280

9,472

21,808

1997
2012
33 years
Northcountry MOB
Watertown
NY
—

1,320

10,799

310

1,320

11,109

12,429

2,234

10,195

2001
2015
35 years
Randolph
Charlotte
NC
—

6,370

2,929

2,494

6,418

5,375

11,793

4,280

7,513

1973
2012
4 years
Mallard Crossing I
Charlotte
NC
—

3,229

2,072

852

3,269

2,884

6,153

2,143

4,010

1997
2012
25 years
Medical Arts Building
Concord
NC
—

701

11,734

1,171

701

12,905

13,606

5,111

8,495

1997
2012
31 years
Gateway Medical Office Building
Concord
NC
—

1,100

9,904

698

1,100

10,602

11,702

4,094

7,608

2005
2012
35 years
Copperfield Medical Mall
Concord
NC
—

1,980

2,846

539

2,139

3,226

5,365

1,902

3,463

1989
2012
25 years
Weddington Internal & Pediatric Medicine
Concord
NC
—

574

688

37

574

725

1,299

391

908

2000
2012
27 years
Duke Health Center South Durham
Durham
NC
—

4,347

75,728

—

4,347

75,728

80,075

1,260

78,815

2017
2019
35 years
Rex Wellness Center
Garner
NC
—

1,348

5,330

438

1,354

5,762

7,116

1,356

5,760

2003
2015
34 years
Gaston Professional Center
Gastonia
NC
—

833

24,885

3,110

863

27,965

28,828

8,110

20,718

1997
2012
35 years
Harrisburg Family Physicians
Harrisburg
NC
—

679

1,646

73

679

1,719

2,398

625

1,773

1996
2012
35 years
Harrisburg Medical Mall
Harrisburg
NC
—

1,339

2,292

311

1,339

2,603

3,942

1,291

2,651

1997
2012
27 years
Northcross
Huntersville
NC
—

623

278

229

623

507

1,130

299

831

1993
2012
22 years
REX Knightdale MOB & Wellness Center
Knightdale
NC
—

—

22,823

989

50

23,762

23,812

5,256

18,556

2009
2012
35 years
Midland Medical Park
Midland
NC
—

1,221

847

120

1,221

967

2,188

637

1,551

1998
2012
25 years
East Rocky Mount Kidney Center
Rocky Mount
NC
—

803

998

19

805

1,015

1,820

467

1,353

2000
2012
33 years
Rocky Mount Kidney Center
Rocky Mount
NC
—

479

1,297

51

479

1,348

1,827

643

1,184

1990
2012
25 years
Rocky Mount Medical Park
Rocky Mount
NC
—

2,552

7,779

2,665

2,652

10,344

12,996

4,002

8,994

1991
2012
30 years
Trinity Health Medical Arts Clinic
Minot
ND
—

935

15,482

372

951

15,838

16,789

3,876

12,913

1995
2015
26 years
Anderson Medical Arts Building I
Cincinnati
OH
—

—

9,632

2,299

146

11,785

11,931

5,419

6,512

1984
2007
35 years
Anderson Medical Arts Building II
Cincinnati
OH
—

—

15,123

3,535

—

18,658

18,658

8,008

10,650

2007
2007
35 years
Riverside North Medical Office Building
Columbus
OH
—

785

8,519

1,818

785

10,337

11,122

4,703

6,419

1962
2012
25 years
Riverside South Medical Office Building
Columbus
OH
—

586

7,298

935

610

8,209

8,819

3,486

5,333

1985
2012
27 years
340 East Town Medical Office Building
Columbus
OH
—

10

9,443

1,259

10

10,702

10,712

3,652

7,060

1984
2012
29 years
393 East Town Medical Office Building
Columbus
OH
—

61

4,760

635

61

5,395

5,456

2,215

3,241

1970
2012
20 years
141 South Sixth Medical Office Building
Columbus
OH
—

80

1,113

2,922

80

4,035

4,115

950

3,165

1971
2012
14 years
Doctors West Medical Office Building
Columbus
OH
—

414

5,362

835

414

6,197

6,611

2,240

4,371

1998
2012
35 years
Eastside Health Center
Columbus
OH
—

956

3,472

(2
)
956

3,470

4,426

2,198

2,228

1977
2012
15 years
East Main Medical Office Building
Columbus
OH
—

440

4,771

67

440

4,838

5,278

1,690

3,588

2006
2012
35 years
Heart Center Medical Office Building
Columbus
OH
—

1,063

12,140

718

1,063

12,858

13,921

4,464

9,457

2004
2012
35 years
Wilkins Medical Office Building
Columbus
OH
—

123

18,062

1,113

123

19,175

19,298

5,078

14,220

2002
2012
35 years
Grady Medical Office Building
Delaware
OH
—

239

2,263

570

239

2,833

3,072

1,233

1,839

1991
2012
25 years


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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Dublin Northwest Medical Office Building
Dublin
OH
—

342

3,278

281

342

3,559

3,901

1,459

2,442

2001
2012
34 years
Preserve III Medical Office Building
Dublin
OH
—

2,449

7,025

1,211

2,449

8,236

10,685

2,893

7,792

2006
2012
35 years
Zanesville Surgery Center
Zanesville
OH
—

172

9,403

—

172

9,403

9,575

2,722

6,853

2000
2011
35 years
Dialysis Center
Zanesville
OH
—

534

855

99

534

954

1,488

661

827

1960
2011
21 years
Genesis Children's Center
Zanesville
OH
—

538

3,781

—

538

3,781

4,319

1,492

2,827

2006
2011
30 years
Medical Arts Building I
Zanesville
OH
—

429

2,405

666

436

3,064

3,500

1,598

1,902

1970
2011
20 years
Medical Arts Building II
Zanesville
OH
—

485

6,013

1,537

532

7,503

8,035

3,539

4,496

1995
2011
25 years
Medical Arts Building III
Zanesville
OH
—

94

1,248

—

94

1,248

1,342

615

727

1970
2011
25 years
Primecare Building
Zanesville
OH
—

130

1,344

648

130

1,992

2,122

1,060

1,062

1978
2011
20 years
Outpatient Rehabilitation Building
Zanesville
OH
—

82

1,541

—

82

1,541

1,623

654

969

1985
2011
28 years
Radiation Oncology Building
Zanesville
OH
—

105

1,201

—

105

1,201

1,306

609

697

1988
2011
25 years
Healthplex
Zanesville
OH
—

2,488

15,849

1,199

2,649

16,887

19,536

6,803

12,733

1990
2011
32 years
Physicians Pavilion
Zanesville
OH
—

422

6,297

1,577

422

7,874

8,296

3,627

4,669

1990
2011
25 years
Zanesville Northside Pharmacy
Zanesville
OH
—

42

635

—

42

635

677

278

399

1985
2011
28 years
Bethesda Campus MOB III
Zanesville
OH
—

188

1,137

234

199

1,360

1,559

633

926

1978
2011
25 years
Tuality 7th Avenue Medical Plaza
Hillsboro
OR
17,554

1,516

24,638

1,476

1,546

26,084

27,630

8,783

18,847

2003
2011
35 years
Professional Office Building I
Chester
PA
—

—

6,283

3,330

—

9,613

9,613

5,057

4,556

1978
2004
30 years
DCMH Medical Office Building
Drexel Hill
PA
—

—

10,424

2,612

—

13,036

13,036

7,072

5,964

1984
2004
30 years
Pinnacle Health
Harrisburg
PA
—

2,574

16,767

943

2,766

17,518

20,284

3,556

16,728

2002
2015
35 years
Lancaster Rehabilitation Hospital
Lancaster
PA
—

959

16,610

(16
)
959

16,594

17,553

5,141

12,412

2007
2012
35 years
Lancaster ASC MOB
Lancaster
PA
—

593

17,117

491

593

17,608

18,201

5,964

12,237

2007
2012
35 years
St. Joseph Medical Office Building
Reading
PA
—

—

10,823

811

—

11,634

11,634

4,326

7,308

2006
2010
35 years
Crozer - Keystone MOB I
Springfield
PA
—

9,130

47,078

—

9,130

47,078

56,208

10,551

45,657

1996
2015
35 years
Crozer-Keystone MOB II
Springfield
PA
—

5,178

6,523

—

5,178

6,523

11,701

1,555

10,146

1998
2015
25 years
Doylestown Health & Wellness Center
Warrington
PA
—

4,452

17,383

1,191

4,497

18,529

23,026

6,248

16,778

2001
2012
34 years
Roper Medical Office Building
Charleston
SC
—

127

14,737

4,116

127

18,853

18,980

7,044

11,936

1990
2012
28 years
St. Francis Medical Plaza (Charleston)
Charleston
SC
—

447

3,946

711

447

4,657

5,104

1,874

3,230

2003
2012
35 years
Providence MOB I
Columbia
SC
—

225

4,274

884

225

5,158

5,383

2,809

2,574

1979
2012
18 years
Providence MOB II
Columbia
SC
—

122

1,834

289

150

2,095

2,245

1,104

1,141

1985
2012
18 years
Providence MOB III
Columbia
SC
—

766

4,406

946

766

5,352

6,118

2,174

3,944

1990
2012
23 years
One Medical Park
Columbia
SC
—

210

7,939

2,190

214

10,125

10,339

4,568

5,771

1984
2012
19 years
Three Medical Park
Columbia
SC
—

40

10,650

1,912

40

12,562

12,602

5,219

7,383

1988
2012
25 years
St. Francis Millennium Medical Office Building
Greenville
SC
14,161

—

13,062

10,711

30

23,743

23,773

12,135

11,638

2009
2009
35 years
200 Andrews
Greenville
SC
—

789

2,014

1,559

810

3,552

4,362

1,827

2,535

1994
2012
29 years
St. Francis CMOB
Greenville
SC
—

501

7,661

1,068

501

8,729

9,230

2,850

6,380

2001
2012
35 years
St. Francis Outpatient Surgery Center
Greenville
SC
—

1,007

16,538

997

1,007

17,535

18,542

6,253

12,289

2001
2012
35 years


152

 
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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
St. Francis Professional Medical Center
Greenville
SC
—

342

6,337

1,944

371

8,252

8,623

3,295

5,328

1984
2012
24 years
St. Francis Women's
Greenville
SC
—

322

4,877

1,195

322

6,072

6,394

2,886

3,508

1991
2012
24 years
St. Francis Medical Plaza (Greenville)
Greenville
SC
—

88

5,876

2,006

98

7,872

7,970

2,839

5,131

1998
2012
24 years
River Hills Medical Plaza
Little River
SC
—

1,406

1,813

199

1,406

2,012

3,418

1,025

2,393

1999
2012
27 years
Mount Pleasant Medical Office Longpoint
Mount Pleasant
SC
—

670

4,455

1,268

632

5,761

6,393

2,432

3,961

2001
2012
34 years
Medical Arts Center of Orangeburg
Orangeburg
SC
—

823

3,299

492

823

3,791

4,614

1,487

3,127

1984
2012
28 years
Mary Black Westside Medical Office Bldg
Spartanburg
SC
—

291

5,057

610

300

5,658

5,958

2,166

3,792

1991
2012
31 years
Spartanburg ASC
Spartanburg
SC
—

1,333

15,756

—

1,333

15,756

17,089

2,564

14,525

2002
2015
35 years
Spartanburg Regional MOB
Spartanburg
SC
—

207

17,963

760

286

18,644

18,930

3,385

15,545

1986
2015
35 years
Wellmont Blue Ridge MOB
Bristol
TN
—

999

5,027

110

1,032

5,104

6,136

1,067

5,069

2001
2015
35 years
Health Park Medical Office Building
Chattanooga
TN
—

2,305

8,949

701

2,305

9,650

11,955

3,116

8,839

2004
2012
35 years
Peerless Crossing Medical Center
Cleveland
TN
—

1,217

6,464

22

1,217

6,486

7,703

2,128

5,575

2006
2012
35 years
St. Mary's Clinton Professional Office Building
Clinton
TN
—

298

618

121

298

739

1,037

259

778

1988
2015
39 years
St. Mary's Farragut MOB
Farragut
TN
—

221

2,719

175

221

2,894

3,115

697

2,418

1997
2015
39 years
Medical Center Physicians Tower
Jackson
TN
12,693

549

27,074

97

598

27,122

27,720

9,104

18,616

2010
2012
35 years
St. Mary's Ambulatory Surgery Center
Knoxville
TN
—

129

1,012

—

129

1,012

1,141

425

716

1999
2015
24 years
Texas Clinic at Arlington
Arlington
TX
—

2,781

24,515

545

2,845

24,996

27,841

4,372

23,469

2010
2015
35 years
Seton Medical Park Tower
Austin
TX
—

805

41,527

4,113

1,329

45,116

46,445

12,431

34,014

1968
2012
35 years
Seton Northwest Health Plaza
Austin
TX
—

444

22,632

3,605

444

26,237

26,681

7,276

19,405

1988
2012
35 years
Seton Southwest Health Plaza
Austin
TX
—

294

5,311

516

294

5,827

6,121

1,551

4,570

2004
2012
35 years
Seton Southwest Health Plaza II
Austin
TX
—

447

10,154

71

447

10,225

10,672

2,879

7,793

2009
2012
35 years
BioLife Sciences Building
Denton
TX
—

1,036

6,576

—

1,036

6,576

7,612

1,378

6,234

2010
2015
35 years
East Houston MOB, LLC
Houston
TX
—

356

2,877

1,178

328

4,083

4,411

2,860

1,551

1982
2011
15 years
East Houston Medical Plaza
Houston
TX
—

671

426

10

237

870

1,107

993

114

1982
2011
11 years
Memorial Hermann
Houston
TX
—

822

14,307

—

822

14,307

15,129

2,445

12,684

2012
2015
35 years
Scott & White Healthcare
Kingsland
TX
—

534

5,104

—

534

5,104

5,638

1,000

4,638

2012
2015
35 years
Lakeway Medical Plaza
Lakeway
TX
9,169

270

20,169

372

270

20,541

20,811

766

20,045

2011
2018
35 years
Odessa Regional MOB
Odessa
TX
—

121

8,935

—

121

8,935

9,056

1,588

7,468

2008
2015
35 years
Legacy Heart Center
Plano
TX
—

3,081

8,890

94

3,081

8,984

12,065

1,945

10,120

2005
2015
35 years
Seton Williamson Medical Plaza
Round Rock
TX
—

—

15,074

693

—

15,767

15,767

5,798

9,969

2008
2010
35 years
Sunnyvale Medical Plaza
Sunnyvale
TX
—

1,186

15,397

439

1,243

15,779

17,022

3,074

13,948

2009
2015
35 years
Texarkana ASC
Texarkana
TX
—

814

5,903

137

814

6,040

6,854

1,361

5,493

1994
2015
30 years
Spring Creek Medical Plaza
Tomball
TX
—

2,165

8,212

155

2,165

8,367

10,532

1,475

9,057

2006
2015
35 years
MRMC MOB I
Mechanicsville
VA
—

1,669

7,024

648

1,669

7,672

9,341

3,462

5,879

1993
2012
31 years
Henrico MOB
Richmond
VA
—

968

6,189

1,354

359

8,152

8,511

3,589

4,922

1976
2011
25 years
St. Mary's MOB North (Floors 6 & 7)
Richmond
VA
—

227

2,961

689

227

3,650

3,877

1,731

2,146

1968
2012
22 years
Stony Point Medical Center
Richmond
VA
—

3,822

16,127

21

3,822

16,148

19,970

3,020

16,950

2004
2015
35 years
St. Francis Cancer Center
Richmond
VA
—

654

18,331

1,537

657

19,865

20,522

3,349

17,173

2006
2015
35 years

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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Bonney Lake Medical Office Building
Bonney Lake
WA
10,320

5,176

14,375

205

5,176

14,580

19,756

5,127

14,629

2011
2012
35 years
Good Samaritan Medical Office Building
Puyallup
WA
12,311

781

30,368

1,303

801

31,651

32,452

9,192

23,260

2011
2012
35 years
Holy Family Hospital Central MOB
Spokane
WA
—

—

19,085

346

—

19,431

19,431

4,404

15,027

2007
2012
35 years
Physician's Pavilion
Vancouver
WA
—

1,411

32,939

1,199

1,450

34,099

35,549

10,982

24,567

2001
2011
35 years
Administration Building
Vancouver
WA
—

296

7,856

44

317

7,879

8,196

2,507

5,689

1972
2011
35 years
Medical Center Physician's Building
Vancouver
WA
—

1,225

31,246

4,072

1,404

35,139

36,543

11,097

25,446

1980
2011
35 years
Memorial MOB
Vancouver
WA
—

663

12,626

1,620

690

14,219

14,909

4,438

10,471

1999
2011
35 years
Salmon Creek MOB
Vancouver
WA
—

1,325

9,238

605

1,325

9,843

11,168

2,991

8,177

1994
2011
35 years
Fisher's Landing MOB
Vancouver
WA
—

1,590

5,420

434

1,613

5,831

7,444

2,089

5,355

1995
2011
34 years
Columbia Medical Plaza
Vancouver
WA
—

281

5,266

409

331

5,625

5,956

1,935

4,021

1991
2011
35 years
Appleton Heart Institute
Appleton
WI
—

—

7,775

46

—

7,821

7,821

2,511

5,310

2003
2010
39 years
Appleton Medical Offices West
Appleton
WI
—

—

5,756

842

—

6,598

6,598

1,989

4,609

1989
2010
39 years
Appleton Medical Offices South
Appleton
WI
—

—

9,058

200

—

9,258

9,258

3,174

6,084

1983
2010
39 years
Brookfield Clinic
Brookfield
WI
—

2,638

4,093

(2,198
)
440

4,093

4,533

1,666

2,867

1999
2011
35 years
Lakeshore Medical Clinic - Franklin
Franklin
WI
—

1,973

7,579

149

2,029

7,672

9,701

1,607

8,094

2008
2015
34 years
Lakeshore Medical Clinic - Greenfield
Greenfield
WI
—

1,223

13,387

61

1,223

13,448

14,671

2,317

12,354

2010
2015
35 years
Aurora Health Care - Hartford
Hartford
WI
—

3,706

22,019

—

3,706

22,019

25,725

4,292

21,433

2006
2015
35 years
Hartland Clinic
Hartland
WI
—

321

5,050

—

321

5,050

5,371

1,756

3,615

1994
2011
35 years
Aurora Healthcare - Kenosha
Kenosha
WI
—

7,546

19,155

—

7,546

19,155

26,701

3,815

22,886

2014
2015
35 years
Univ of Wisconsin Health
Monona
WI
—

678

8,017

—

678

8,017

8,695

1,704

6,991

2011
2015
35 years
Theda Clark Medical Center Office Pavilion
Neenah
WI
—

—

7,080

1,036

—

8,116

8,116

2,587

5,529

1993
2010
39 years
Aylward Medical Building Condo Floors 3 & 4
Neenah
WI
—

—

4,462

95

—

4,557

4,557

1,593

2,964

2006
2010
39 years
Aurora Health Care - Neenah
Neenah
WI
—

2,033

9,072

—

2,033

9,072

11,105

1,898

9,207

2006
2015
35 years
New Berlin Clinic
New Berlin
WI
—

678

7,121

—

678

7,121

7,799

2,663

5,136

1999
2011
35 years
United Healthcare - Onalaska
Onalaska
WI
—

4,623

5,527

—

4,623

5,527

10,150

1,501

8,649

1995
2015
35 years
WestWood Health & Fitness
Pewaukee
WI
—

823

11,649

—

823

11,649

12,472

4,380

8,092

1997
2011
35 years
Aurora Health Care - Two Rivers
Two Rivers
WI
—

5,638

25,308

—

5,638

25,308

30,946

4,972

25,974

2006
2015
35 years
Watertown Clinic
Watertown
WI
—

166

3,234

—

166

3,234

3,400

1,084

2,316

2003
2011
35 years
Southside Clinic
Waukesha
WI
—

218

5,273

—

218

5,273

5,491

1,790

3,701

1997
2011
35 years
Rehabilitation Hospital
Waukesha
WI
—

372

15,636

—

372

15,636

16,008

4,665

11,343

2008
2011
35 years
United Healthcare - Wauwatosa
Wawatosa
WI
—

8,012

15,992

76

8,012

16,068

24,080

3,851

20,229

1995
2015
35 years
TOTAL FOR MEDICAL OFFICE BUILDINGS
 
 
390,573

384,350

4,260,601

355,020

379,826

4,620,145

4,999,971

1,296,854

3,703,117

 
 
 
LIFE SCIENCES OFFICE BUILDINGS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Phoenix Biomedical Campus Phase I
Phoenix
AZ
—

—

26,493

—

—

26,493

26,493

—

26,493

CIP
CIP
CIP
100 College Street
New Haven
CT
—

2,706

186,570

6,213

2,706

192,783

195,489

13,295

182,194

2013
2016
59 years
300 George Street
New Haven
CT
—

2,262

122,144

6,217

2,582

128,041

130,623

9,486

121,137

2014
2016
50 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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
Univ. of Miami Life Science and Technology Park
Miami
FL
—

2,249

87,019

5,722

2,253

92,737

94,990

8,581

86,409

2014
2016
53 years
IIT
Chicago
IL
—

30

55,620

678

30

56,298

56,328

4,500

51,828

2006
2016
46 years
1030 Mass Ave
Cambridge
MA
—

12,175

112,809

—

12,175

112,809

124,984

2,536

122,448

1986
2019
35 years
University of Maryland BioPark I Unit 1
Baltimore
MD
—

113

25,199

793

113

25,992

26,105

2,015

24,090

2005
2016
50 years
University of Maryland BioPark II
Baltimore
MD
—

61

91,764

4,294

61

96,058

96,119

7,968

88,151

2007
2016
50 years
University of Maryland BioPark Garage
Baltimore
MD
—

77

4,677

350

77

5,027

5,104

675

4,429

2007
2016
29 years
Tributary Street
Baltimore
MD
—

4,015

15,905

597

4,015

16,502

20,517

1,925

18,592

1998
2016
45 years
Beckley Street
Baltimore
MD
—

2,813

13,481

558

2,813

14,039

16,852

1,688

15,164

1999
2016
45 years
University of Maryland BioPark III
Baltimore
MD
—

1,067

—

—

1,067

—

1,067

—

1,067

CIP
CIP
CIP
Heritage at 4240
Saint Louis
MO
—

403

47,125

836

452

47,912

48,364

4,994

43,370

2013
2016
45 years
Cortex 1
Saint Louis
MO
—

631

26,543

1,142

631

27,685

28,316

3,091

25,225

2005
2016
50 years
BRDG Park
Saint Louis
MO
—

606

37,083

2,193

606

39,276

39,882

3,326

36,556

2009
2016
52 years
4220 Duncan Avenue
St Louis
MO
13,856

1,871

35,044

4,150

1,871

39,194

41,065

2,633

38,432

2018
2018
35 years
311 South Sarah Street
St. Louis
MO
—

5,154

—

—

5,154

—

5,154

158

4,996

CIP
CIP
CIP
4300 Duncan
St. Louis
MO
—

2,818

46,749

18

2,818

46,767

49,585

3,264

46,321

2008
2017
35 years
Weston Parkway
Cary
NC
—

1,372

6,535

1,743

1,372

8,278

9,650

1,080

8,570

1990
2016
50 years
Patriot Drive
Durham
NC
—

1,960

10,749

372

1,960

11,121

13,081

1,067

12,014

2010
2016
50 years
Chesterfield
Durham
NC
—

3,594

57,781

4,801

3,619

62,557

66,176

9,602

56,574

2017
2017
60 years
Paramount Parkway
Morrisville
NC
—

1,016

19,794

617

1,016

20,411

21,427

2,172

19,255

1999
2016
45 years
Wake 90
Winston-Salem
NC
—

2,752

79,949

1,296

2,752

81,245

83,997

8,056

75,941

2013
2016
40 years
Wake 91
Winston-Salem
NC
—

1,729

73,690

19

1,729

73,709

75,438

5,988

69,450

2011
2016
50 years
Wake 60
Winston-Salem
NC
15,000

1,243

83,414

1,370

1,243

84,784

86,027

9,164

76,863

2016
2016
35 years
Bailey Power Plant
Winston-Salem
NC
—

1,930

34,122

155

846

35,361

36,207

2,737

33,470

2017
2017
35 years
Hershey Center Unit 1
Hummelstown
PA
—

813

23,699

937

813

24,636

25,449

2,213

23,236

2007
2016
50 years
3737 Market Street
Philadelphia
PA
67,945

40

141,981

6,110

40

148,091

148,131

9,961

138,170

2014
2016
54 years
3711 Market Street
Philadelphia
PA
—

12,320

69,278

6,796

12,320

76,074

88,394

6,103

82,291

2008
2016
48 years
3675 Market Street
Philadelphia
PA
111,876

11,370

109,846

42,275

11,370

152,121

163,491

5,101

158,390

2018
2018
35 years
3701 Filbert Street
Philadelphia
PA
—

3,655

—

—

3,655

—

3,655

—

3,655

CIP
CIP
CIP
115 North 38th Street
Philadelphia
PA
—

2,165

—

—

2,165

—

2,165

—

2,165

CIP
CIP
CIP
225 North 38th Street
Philadelphia
PA
—

9,672

1,260

—

9,672

1,260

10,932

—

10,932

CIP
CIP
CIP
3401 Market Street
Philadelphia
PA
—

4,500

22,157

96

4,500

22,253

26,753

812

25,941

1923
2018
35 years
Drexel Academic Tower (6798)
Philadelphia
PA
—

—

10,177

—

—

10,177

10,177

—

10,177

CIP
CIP
CIP
75 N. 38th Street (6799)
Philadelphia
PA
—

9,432

—

—

9,432

—

9,432

—

9,432

N/A
2019
N/A
One uCity Development
Philadelphia
PA
—

—

6,162

—

—

6,162

6,162

—

6,162

CIP
CIP
CIP
Pittsburgh Phase 1
Pittsburg
PA
—

—

28,342

—

—

28,342

28,342

—

28,342

CIP
CIP
CIP
Pittsburgh Phase 2
Pittsburg
PA
—

—

1,999

—

—

1,999

1,999

—

1,999

CIP
CIP
CIP

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 Acquisition1
Land and
Improvements
Buildings and
Improvements
Total
Accumulated
Depreciation
NBV
Year of
Construction
Year
Acquired
Life on
Which
Depreciation
in Income
Statement
is Computed
South Street Landing
Providence
RI
—

6,358

111,797

(1,261
)
6,358

110,536

116,894

4,406

112,488

2017
2017
45 years
2/3 Davol Square
Providence
RI
—

4,537

6,886

7,116

4,537

14,002

18,539

1,868

16,671

2005
2017
15 years
One Ship Street
Providence
RI
—

1,943

1,734

(29
)
1,943

1,705

3,648

198

3,450

1980
2017
25 years
Brown Academic/R&D Building
Providence
RI
43,575

—

68,335

—

—

68,335

68,335

423

67,912

2019
2019
35 years
Providence Phase 2
Providence
RI
—

2,251

—

—

2,251

—

2,251

—

2,251

CIP
CIP
CIP
IRP I
Norfolk
VA
—

60

20,084

775

60

20,859

20,919

1,702

19,217

2007
2016
55 years
IRP II
Norfolk
VA
—

69

21,255

808

69

22,063

22,132

1,781

20,351

2007
2016
55 years
Wexford Biotech 8
Richmond
VA
—

2,615

85,514

988

2,615

86,502

89,117

6,318

82,799

2012
2017
35 years
VTR Pre Development Expense
 
 
—

—

12,110

—

—

12,110

12,110

—

12,110

CIP
CIP
CIP
TOTAL FOR LIFE SCIENCES OFFICE BUILDINGS
 
 
252,252

126,447

2,042,875

108,745

125,761

2,152,306

2,278,067

150,887

2,127,180

 
 
 
TOTAL FOR OFFICE
 
 
642,825

510,797

6,303,476

463,765

505,587

6,772,451

7,278,038

1,447,741

5,830,297

 
 
 
TOTAL FOR ALL PROPERTIES
 
 
$
2,093,065

$
2,278,787

$
23,393,356

$
1,453,580

$
2,283,929

$
24,841,794

$
27,125,723

$
6,197,926

$
20,927,797

 
 
 

1 Adjustments to basis included provisions for asset impairments, partial dispositions, costs capitalized subsequent to acquisitions and foreign currency translation adjustments.

156

VENTAS, INC.
SCHEDULE IV
MORTGAGE LOANS ON REAL ESTATE
December 31, 2019

 
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
 
 
 
 
 
 
 
 
Ohio
1
8.88%
V
10/1/2021
568

78,448

78,448

—

 
Texas
1
7.21%
V
1/31/2029
12

1,900

1,900

—

 
 
 
 
 
 
 
 
 
 
Mezzanine Loans
 
 
 
 
 
 
 
 
Multiple
156
8.16%
V
6/9/2021
2,005

489,752

487,246

1,024,482

 
California
1
7.76%
V
8/29/2024
14

6,428

6,428

34,252

 
California
1
7.76%
V
8/29/2024
20

9,336

9,336

11,181

 
 
 
 
 
 
 
 
 
 
Construction Loans
 
 
 
 
 
 
 
 
Colorado
1
8.75%
F
11/1/2021
437

59,043

58,860

—

Total
 
 
 
 
$
3,056

$
644,907

$
642,218

$
1,069,915

 
 
 
 
 
 
 
 
 
 
 
Mortgage Loan Reconciliation
 
 
 
 
2019
 
2018
 
2017
 
 
 
(In thousands)
 
Beginning Balance
 
$
427,117

 
$
565,875

 
$
634,201

 
Additions:
 
 
 
 
 
 
 
New loans
 
1,234,244

 
9,900

 
—

 
Construction draws
 
—

 
—

 
—

 
Total additions
 
1,234,244

 
9,900

 
—

 
Deductions:
 
 
 
 
 
 
 
Principal repayments
 
(1,011,353
)
 
(148,658
)
 
(68,326
)
 
Total deductions
 
(1,011,353
)
 
(148,658
)
 
(68,326
)
 
Effect of foreign currency translation
 
(7,790
)
 
—

 
—

 
Ending Balance
 
$
642,218

 
$
427,117

 
$
565,875



157

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, 2019. 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, 2019, 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 2019, 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 2020 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2020.

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 2020 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2020.

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 2020 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2020.

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 2020 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2020.


158

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 2020” in our definitive Proxy Statement for the 2020 Annual Meeting of Stockholders, which we will file with the SEC not later than April 30, 2020.


159

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
65
Consolidated Balance Sheets as of December 31, 2019 and 2018
69
Consolidated Statements of Income for the Years Ended December 31, 2019, 2018 and 2017
70
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2019, 2018 and 2017
71
Consolidated Statements of Equity for the Years Ended December 31, 2019, 2018 and 2017
72
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2018 and 2017
72
Notes to Consolidated Financial Statements
74
Consolidated Financial Statement Schedules
 
Schedule II — Valuation and Qualifying Accounts
120
Schedule III — Real Estate and Accumulated Depreciation
121
Schedule IV — Mortgage Loans on Real Estate
157

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.


160

EXHIBITS
Exhibit
Number
 
Description of Document
 
Location of Document
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
 
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.
 
 
 
 
 
4.4
 
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.
 
 
 
 
 
4.5
 
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.
 
 
 
 
 
4.6
 
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.
 
 
 
 
 
4.7
 
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.
 
 
 
 
 
4.8
 
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.
 
 
 
 
 
4.9
 
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).
 
 
 
 
 

161

Exhibit
Number
 
Description of Document
 
Location of Document
4.10
 
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.
 
 
 
 
 
4.11
 
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.
 
 
 
 
 
4.12
 
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.
 
 
 
 
 
4.13
 
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.
 
 
 
 
 
4.14
 
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.
 
 
 
 
 
4.15
 
Fifth Supplemental Indenture dated as of November 12, 2019 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the 2.80% Senior Notes, Series E due 2024.
 
Filed herewith.
 
 
 
 
 
4.16
 
Sixth Supplemental Indenture dated as of November 12, 2019 by and among Ventas Canada Finance Limited, as Issuer, Ventas, Inc., as Guarantor, and Computershare Trust Company of Canada, as Trustee, relating to the Floating Rate Senior Notes, Series F due 2021.
 
Filed herewith.
 
 
 
 
 
4.17
 
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.
 
 
 
 
 
4.18
 
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.
 
 
 
 
 
4.19
 
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.
 
 
 
 
 

162

Exhibit
Number
 
Description of Document
 
Location of Document
4.20
 
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.
 
 
 
 
 
4.21
 
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.
 
 
 
 
 
4.22
 
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.

 
 
 
 
 
4.23
 
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.

 
 
 
 
 
4.24
 
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.

 
 
 
 
 
4.25
 
Third Supplemental Indenture dated as of February 26, 2019 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 2024 and 4.875% Senior Notes due 2049
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on February 26, 2019, File No. 001-10989.
 
 
 
 
 
4.26
 
Fourth Supplemental Indenture dated as of July 3, 2019 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor and U.S. Bank National Association, as Trustee relating to the 2.650% Senior Notes due 2025
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on July 3, 2019, File No. 001-10989.
 
 
 
 
 
4.27
 
Fifth Supplemental Indenture dated as of August 21, 2019 by and among Ventas Realty, Limited Partnership, as Issuer, Ventas, Inc., as Guarantor and U.S. Bank National Association, as Trustee relating to the 3.000% Senior Notes due 2030
 
Incorporated by reference herein. Previously filed as Exhibit 4.2 to our Current Report on Form 8-K, filed on August 21, 2019, File No. 001-10989.
 
 
 
 
 
4.28
 
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.
 
 
 
 
 

163

Exhibit
Number
 
Description of Document
 
Location of Document
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*
 
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.
 
 
 
 
 
10.4.1*
 
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.
 
 
 
 
 
10.4.2*
 
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.
 
 
 
 
 
10.4.3*
 
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.
 
 
 
 
 
10.5.1*
 
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.
 
 
 
 
 
10.5.2*
 
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.
 
 
 
 
 
10.5.3*
 
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.
 
 
 
 
 
10.5.4*
 
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.
 
 
 
 
 
10.6.1*
 
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.
 
 
 
 
 
10.6.2*
 
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.
 
 
 
 
 
10.6.3*
 
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.
 
 
 
 
 

164

Exhibit
Number
 
Description of Document
 
Location of Document
10.6.4*
 
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.
 
 
 
 
 
10.6.5*
 
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.
 
 
 
 
 
10.6.6*
 
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.
 
 
 
 
 
10.6.7*
 
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.
 
 
 
 
 
10.6.8*
 
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.
 
 
 
 
 
10.6.9*
 
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.
 
 
 
 
 
10.6.10*
 
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.
 
 
 
 
 
10.6.11*
 
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.
 
 
 
 
 
10.6.12*
 
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.
 
 
 
 
 
10.6.13*
 
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.
 
 
 
 
 
10.7.1*
 
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.
 
 
 
 
 
10.7.2*
 
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.
.


 
 
 
 
 
10.8.1*
 
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.
 
 
 
 
 
10.8.2*
 
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.
 
 
 
 
 

165

Exhibit
Number
 
Description of Document
 
Location of Document
10.9.1*
 
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.
 
 
 
 
 
10.10.2*
 
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.
 
 
 
 
 
10.10*
 
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.
 
 
 
 
 
10.11.1*
 
Consulting Agreement dated as of October 15, 2019 between Ventas, Inc. and T. Richard Riney.
 
Filed herewith.
 
 
 
 
 
10.11.2*
 
Consulting Agreement Amendment dated as of December 13, 2019 between Ventas, Inc. and T. Richard Riney.
 
Filed herewith.
 
 
 
 
 
10.12.1*
 
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.
 
 
 
 
 
10.12.2*
 
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.
 
 
 
 
 
10.13.1*
 
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.
 
 
 
 
 
10.13.2*
 
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.
 
 
 
 
 
10.13.3*
 
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.

 
 
 
 
 
10.14.1*
 
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.

 
 
 
 
 
10.14.2*
 
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.

10.15*
 
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.
 
 
 
 
 

166

Exhibit
Number
 
Description of Document
 
Location of Document
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.


167

ITEM 16.    Form 10-K Summary
None.

168

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 21, 2020
 
 
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.


169

Signature
Title
Date
 
 
 
/s/ DEBRA A. CAFARO
Chairman and Chief Executive Officer (Principal Executive Officer)
February 21, 2020
Debra A. Cafaro
 
 
 
 
 
/s/ ROBERT F. PROBST
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
February 21, 2020
Robert F. Probst
 
 
 
 
 
/s/ GREGORY R. LIEBBE
Senior Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer)
February 21, 2020
Gregory R. Liebbe
 
 
 
 
 
/s/ MELODY C. BARNES
Director
February 21, 2020
Melody C. Barnes
 
 
 
 
 
/s/ JAY M. GELLERT
Director
February 21, 2020
Jay M. Gellert
 
 
 
 
 
/s/ RICHARD I. GILCHRIST
Director
February 21, 2020
Richard I. Gilchrist
 
 
 
 
 
/s/ MATTHEW J. LUSTIG
Director
February 21, 2020
Matthew J. Lustig
 
 
 
 
 
/s/ ROXANNE M. MARTINO
Director
February 21, 2020
Roxanne M. Martino
 
 
 
 
 
/s/ SEAN P. NOLAN
Director
February 21, 2020
Sean P. Nolan
 
 
 
 
 
/s/WALTER C. RAKOWICH
Director
February 21, 2020
Walter C. Rakowich
 
 
 
 
 
/s/ ROBERT D. REED
Director
February 21, 2020
Robert D. Reed
 
 
 
 
 
/s/ JAMES D. SHELTON
Director
February 21, 2020
James D. Shelton
 
 
 
 
 



170

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