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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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)
Delaware61-1055020
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
353 N. Clark Street, Suite 3300
Chicago, Illinois 60654
(Address of Principal Executive Offices)    
(877) 483-6827
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading SymbolName of Exchange on Which Registered
Common Stock $0.25 par value
VTRNew York Stock Exchange
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     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     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 the 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
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 Exchange Act). Yes ☐    No 

As of November 1, 2022, there were 399,717,985 shares of the registrant’s common stock outstanding.
    



VENTAS, INC.
FORM 10-Q
INDEX
  Page
 
Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2022 and 2021
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021



PART I—FINANCIAL INFORMATION

ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

VENTAS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts, unaudited)

As of September 30, 2022As of December 31, 2021
Assets
Real estate investments:  
Land and improvements$2,421,114 $2,432,065 
Buildings and improvements25,975,744 25,778,490 
Construction in progress258,281 269,315 
Acquired lease intangibles1,341,483 1,369,747 
Operating lease assets312,902 317,858 
30,309,524 30,167,475 
Accumulated depreciation and amortization(9,031,591)(8,350,637)
Net real estate property21,277,933 21,816,838 
Secured loans receivable and investments, net529,317 530,126 
Investments in unconsolidated real estate entities547,766 523,465 
Net real estate investments22,355,016 22,870,429 
Cash and cash equivalents145,146 149,725 
Escrow deposits and restricted cash50,492 46,872 
Goodwill1,043,289 1,046,140 
Assets held for sale99,450 28,399 
Deferred income tax assets, net13,614 11,152 
Other assets593,404 565,069 
Total assets$24,300,411 $24,717,786 
Liabilities and equity  
Liabilities: 
Senior notes payable and other debt$12,210,984 $12,027,544 
Accrued interest92,663 106,602 
Operating lease liabilities191,880 197,234 
Accounts payable and other liabilities1,063,969 1,090,254 
Liabilities related to assets held for sale9,491 10,850 
Deferred income tax liabilities40,717 59,259 
Total liabilities13,609,704 13,491,743 
Redeemable OP unitholder and noncontrolling interests258,795 280,283 
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, 399,725 and 399,420 shares issued at September 30, 2022 and December 31, 2021, respectively99,914 99,838 
Capital in excess of par value15,533,203 15,498,956 
Accumulated other comprehensive loss(47,309)(64,520)
Retained earnings (deficit)(5,223,902)(4,679,889)
Treasury stock, 10 and 0 shares issued at September 30, 2022 and December 31, 2021, respectively(547) 
Total Ventas stockholders’ equity10,361,359 10,854,385 
Noncontrolling interests70,553 91,375 
Total equity10,431,912 10,945,760 
Total liabilities and equity$24,300,411 $24,717,786 
See accompanying notes.
1


VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts, unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Revenues  
Rental income:  
Triple-net leased$150,115 $181,379 $451,073 $500,487 
Office200,867 201,673 600,648 599,516 
350,982 383,052 1,051,721 1,100,003 
Resident fees and services668,583 558,039 1,977,760 1,622,641 
Office building and other services revenue4,550 5,841 12,825 16,172 
Income from loans and investments12,672 28,729 33,271 65,404 
Interest and other income489 417 2,191 1,343 
Total revenues1,037,276 976,078 3,077,768 2,805,563 
Expenses  
Interest119,413 108,816 344,158 329,634 
Depreciation and amortization301,481 313,596 873,620 878,444 
Property-level operating expenses:
Senior housing499,972 453,659 1,482,948 1,296,301 
Office66,098 66,401 192,609 195,297 
Triple-net leased3,756 3,268 11,349 12,525 
569,826 523,328 1,686,906 1,504,123 
Office building and other services costs1,750 522 4,473 1,798 
General, administrative and professional fees35,421 30,259 111,334 101,156 
Loss on extinguishment of debt, net574 29,792 581 56,808 
Transaction expenses and deal costs4,782 22,662 37,852 28,000 
Allowance on loans receivable and investments(63)(60)(179)(9,021)
Other9,162 33,673 30,088 10,755 
Total expenses1,042,346 1,062,588 3,088,833 2,901,697 
Loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests(5,070)(86,510)(11,065)(96,134)
Income (loss) from unconsolidated entities1,970 2,772 (3,346)7,289 
Gain on real estate dispositions136 150,292 2,557 194,083 
Income tax benefit (expense)6,027 (3,780)14,307 (9,574)
Income from continuing operations3,063 62,774 2,453 95,664 
Net income3,063 62,774 2,453 95,664 
Net income attributable to noncontrolling interests1,807 2,094 4,881 5,802 
Net income (loss) attributable to common stockholders$1,256 $60,680 $(2,428)$89,862 
Earnings per common share  
Basic:  
Income from continuing operations$0.01 $0.16 $0.01 $0.25 
Net income (loss) attributable to common stockholders0.00 0.16 (0.01)0.24 
Diluted:1
    
Income from continuing operations$0.01 $0.16 $0.01 $0.25 
Net income (loss) attributable to common stockholders0.00 0.16 (0.01)0.24 
1 Potential common shares are not included in the computation of diluted earnings per share when a loss from continuing operations exists as the effect would be an antidilutive per share amount.
See accompanying notes.
2


VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, unaudited)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2022202120222021
Net income$3,063 $62,774 $2,453 $95,664 
Other comprehensive income (loss):  
Foreign currency translation loss(3,685)(2,763)(24,427)(3,795)
Unrealized loss on available for sale securities(1,252)(13,638)(3,371)(20,918)
Unrealized gain on derivative instruments7,870 4,578 41,013 13,389 
Total other comprehensive income (loss)2,933 (11,823)13,215 (11,324)
Comprehensive income5,996 50,951 15,668 84,340 
Comprehensive (loss) income attributable to noncontrolling interests(4,308)(418)885 7,724 
Comprehensive income attributable to common stockholders$10,304 $51,369 $14,783 $76,616 
   
See accompanying notes.
3


VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2022 and 2021
(In thousands, except per share amounts, unaudited)

2019Common
Stock Par
Value
Capital in
Excess of
Par Value
Accumulated
Other
Comprehensive
(Loss) Income
Retained
Earnings
(Deficit)
Treasury
Stock
Total Ventas
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at July 1, 2022$99,913 $15,514,015 $(56,355)$(5,044,569)$(408)$10,512,596 $90,798 $10,603,394 
Net income   1,256  1,256 1,807 3,063 
Other comprehensive income (loss)  9,046   9,046 (6,113)2,933 
Net change in noncontrolling interests
 (14,645)   (14,645)(15,939)(30,584)
Dividends to common stockholders—$0.45 per share
   (180,589) (180,589) (180,589)
Issuance of common stock for stock plans, restricted stock grants and other
1 6,101   (139)5,963  5,963 
Adjust redeemable OP unitholder interests to current fair value 27,746    27,746  27,746 
Redemption of OP Units
 (14)   (14) (14)
Balance at September 30, 2022$99,914 $15,533,203 $(47,309)$(5,223,902)$(547)$10,361,359 $70,553 $10,431,912 
Balance at July 1, 2021$93,784 $14,187,577 $(58,290)$(4,340,052)$(320)$9,882,699 $101,205 $9,983,904 
Net income   60,680  60,680 2,094 62,774 
Other comprehensive loss  (9,311)  (9,311)(2,512)(11,823)
Acquisition-related activity3,332 747,916    751,248  751,248 
Net change in noncontrolling interests
 (41,248)   (41,248)(10,358)(51,606)
Dividends to common stockholders—$0.45 per share
   (180,258) (180,258) (180,258)
Issuance of common stock for stock plans, restricted stock grants and other2,661 606,620   204 609,485  609,485 
Adjust redeemable OP unitholder
    interests to current fair value
 3,386    3,386  3,386 
Redemption of OP Units
 (41)  76 35  35 
Balance at September 30, 2021$99,777 $15,504,210 $(67,601)$(4,459,630)$(40)$11,076,716 $90,429 $11,167,145 

See accompanying notes.
4


VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2022 and 2021
(In thousands, except per share amounts, unaudited)

2019Common
Stock Par
Value
Capital in
Excess of
Par Value
Accumulated
Other
Comprehensive
(Loss) Income
Retained
Earnings
(Deficit)
Treasury
Stock
Total Ventas
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at January 1, 2022$99,838 $15,498,956 $(64,520)$(4,679,889)$ $10,854,385 $91,375 $10,945,760 
Net (loss) income   (2,428) (2,428)4,881 2,453 
Other comprehensive income (loss)  17,211   17,211 (3,996)13,215 
Net change in noncontrolling interests
 (21,166)   (21,166)(21,707)(42,873)
Dividends to common stockholders—$1.35 per share
   (541,585) (541,585) (541,585)
Issuance of common stock for stock plans, restricted stock grants and other
76 31,273   (547)30,802  30,802 
Adjust redeemable OP unitholder interests to current fair value
 24,154    24,154  24,154 
Redemption of OP Units
 (14)   (14) (14)
Balance at September 30, 2022$99,914 $15,533,203 $(47,309)$(5,223,902)$(547)$10,361,359 $70,553 $10,431,912 
Balance at January 1, 2021$93,635 $14,171,262 $(54,354)$(4,030,376)$ $10,180,167 $98,024 $10,278,191 
Net income   89,862  89,862 5,802 95,664 
Other comprehensive (loss) income  (13,247)  (13,247)1,923 (11,324)
Acquisition-related activity3,332 747,916    751,248  751,248 
Net change in noncontrolling interests
 (35,009)   (35,009)(15,320)(50,329)
Dividends to common stockholders—$1.35 per share
   (519,116) (519,116) (519,116)
Issuance of common stock for stock plans, restricted stock grants and other
2,810 642,054   (116)644,748  644,748 
Adjust redeemable OP unitholder interests to current fair value
 (21,953)   (21,953) (21,953)
Redemption of OP Units
 (60)  76 16  16 
Balance at September 30, 2021$99,777 $15,504,210 $(67,601)$(4,459,630)$(40)$11,076,716 $90,429 $11,167,145 

See accompanying notes.

5


VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20222021
Cash flows from operating activities: 
Net income$2,453 $95,664 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization873,620 878,444 
Amortization of deferred revenue and lease intangibles, net(48,462)(71,620)
Other non-cash amortization9,483 14,686 
Allowance on loans receivable and investments(179)(9,021)
Stock-based compensation28,786 26,165 
Straight-lining of rental income(10,131)(10,166)
Loss on extinguishment of debt, net581 56,808 
Gain on real estate dispositions(2,557)(194,083)
Gain on real estate loan investments (2,006)
Income tax (benefit) expense(16,961)4,656 
Loss (income) and other from unconsolidated entities3,352 (7,279)
Distributions from unconsolidated entities15,467 9,466 
Other36,422 (830)
Changes in operating assets and liabilities:
Increase in other assets(53,433)(49,051)
Decrease in accrued interest(12,772)(22,414)
Increase in accounts payable and other liabilities27,241 40,896 
Net cash provided by operating activities852,910 760,315 
Cash flows from investing activities:  
Net investment in real estate property(439,299)(1,103,210)
Investment in loans receivable(5,337)(384)
Proceeds from real estate disposals12,481 497,303 
Proceeds from loans receivable692 302,700 
Development project expenditures(126,988)(204,649)
Capital expenditures(154,761)(119,311)
Distributions from unconsolidated entities28,311 17,847 
Investment in unconsolidated entities(50,402)(107,140)
Insurance proceeds for property damage claims9,982 501 
Net cash used in investing activities(725,321)(716,343)
Cash flows from financing activities:  
Net change in borrowings under revolving credit facilities(19,442)(144,065)
Net change in borrowings under commercial paper program97,066 369,943 
Proceeds from debt888,927 914,879 
Repayment of debt(513,606)(1,499,036)
Purchase of noncontrolling interests(170)(11,485)
Payment of deferred financing costs(7,664)(23,608)
Issuance of common stock, net 617,438 
Cash distribution to common stockholders(540,205)(506,972)
Cash distribution to redeemable OP unitholders(4,732)(5,400)
Cash issued for redemption of OP Units(328)(96)
Contributions from noncontrolling interests51 35 
Distributions to noncontrolling interests(27,152)(11,785)
Proceeds from stock option exercises8,691 5,668 
Other(6,392)(5,128)
Net cash used in financing activities(124,956)(299,612)
Net increase (decrease) in cash, cash equivalents and restricted cash2,633 (255,640)
Effect of foreign currency translation(3,592)522 
Cash, cash equivalents and restricted cash at beginning of period196,597 451,640 
Cash, cash equivalents and restricted cash at end of period$195,638 $196,522 

See accompanying notes.
6


VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands, unaudited)
 For the Nine Months Ended September 30,
 20222021