10-Q 1 vtr-20210930.htm 10-Q vtr-20210930
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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, 2021
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 4, 2021, there were 399,175,892 shares of the registrant’s common stock outstanding.
    



VENTAS, INC.
FORM 10-Q
INDEX
  Page
 
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020
Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2021 and 2020
Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020



PART I—FINANCIAL INFORMATION

ITEM 1.    CONSOLIDATED FINANCIAL STATEMENTS

VENTAS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
As of September 30, 2021As of December 31, 2020
(In thousands, except per share amounts)
Assets
Real estate investments:  
Land and improvements$2,395,751 $2,261,415 
Buildings and improvements25,519,840 24,323,279 
Construction in progress298,982 265,748 
Acquired lease intangibles1,372,462 1,230,886 
Operating lease assets323,950 346,372 
29,910,985 28,427,700 
Accumulated depreciation and amortization(8,118,990)(7,877,665)
Net real estate property21,791,995 20,550,035 
Secured loans receivable and investments, net530,439 605,567 
Investments in unconsolidated real estate entities507,880 443,688 
Net real estate investments22,830,314 21,599,290 
Cash and cash equivalents143,770 413,327 
Escrow deposits and restricted cash52,752 38,313 
Goodwill1,046,070 1,051,650 
Assets held for sale316,769 9,608 
Deferred income tax assets, net11,496 9,987 
Other assets643,253 807,229 
Total assets$25,044,424 $23,929,404 
Liabilities and equity  
Liabilities:  
Senior notes payable and other debt$12,078,835 $11,895,412 
Accrued interest90,013 111,444 
Operating lease liabilities199,551 209,917 
Accounts payable and other liabilities1,142,822 1,133,066 
Liabilities related to assets held for sale20,518 3,246 
Deferred income tax liabilities65,196 62,638 
Total liabilities13,596,935 13,415,723 
Redeemable OP unitholder and noncontrolling interests280,344 235,490 
Commitments and contingencies
Equity:  
Ventas stockholders’ equity:  
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued
  
Common stock, $0.25 par value; 600,000 shares authorized, 399,177 and 374,609 shares issued at September 30, 2021 and December 31, 2020, respectively99,777 93,635 
Capital in excess of par value15,504,210 14,171,262 
Accumulated other comprehensive loss(67,601)(54,354)
Retained earnings (deficit)(4,459,630)(4,030,376)
Treasury stock, 1 and 0 shares at September 30, 2021 and December 31, 2020, respectively(40) 
Total Ventas stockholders’ equity11,076,716 10,180,167 
Noncontrolling interests90,429 98,024 
Total equity11,167,145 10,278,191 
Total liabilities and equity$25,044,424 $23,929,404 
See accompanying notes.
1



VENTAS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2021202020212020
(In thousands, except per share amounts)
Revenues  
Rental income:  
Triple-net leased$181,379 $156,136 $500,487 $527,238 
Office201,673 198,376 599,516 599,696 
383,052 354,512 1,100,003 1,126,934 
Resident fees and services558,039 541,322 1,622,641 1,667,421 
Office building and other services revenue5,841 3,868 16,172 10,669 
Income from loans and investments28,729 18,666 65,404 62,203 
Interest and other income417 572 1,343 6,965 
Total revenues976,078 918,940 2,805,563 2,874,192 
Expenses  
Interest108,816 115,505 329,634 355,333 
Depreciation and amortization313,596 249,366 878,444 847,797 
Property-level operating expenses:
Senior living453,659 422,653 1,296,301 1,265,362 
Office66,401 66,934 195,297 192,192 
Triple-net leased3,268 5,398 12,525 17,004 
523,328 494,985 1,504,123 1,474,558 
Office building services costs522 557 1,798 1,827 
General, administrative and professional fees30,259 32,081 101,156 100,621 
Loss on extinguishment of debt, net29,792 7,386 56,808 7,386 
Merger-related expenses and deal costs22,662 11,325 28,000 26,129 
Allowance on loans receivable and investments
(60)4,999 (9,021)34,654 
Other33,673 5,681 10,755 16,750 
Total expenses1,062,588 921,885 2,901,697 2,865,055 
(Loss) income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests(86,510)(2,945)(96,134)9,137 
Income (loss) from unconsolidated entities2,772 865 7,289 (15,861)
Gain on real estate dispositions150,292 12,622 194,083 240,101 
Income tax (expense) benefit(3,780)3,195 (9,574)95,855 
Income from continuing operations62,774 13,737 95,664 329,232 
Net income62,774 13,737 95,664 329,232 
Net income attributable to noncontrolling interests2,094 986 5,802 534 
Net income attributable to common stockholders$60,680 $12,751 $89,862 $328,698 
Earnings per common share  
Basic:  
Income from continuing operations$0.16 $0.04 $0.25 $0.88 
Net income attributable to common stockholders0.16 0.03 0.24 0.88 
Diluted:    
Income from continuing operations$0.16 $0.04 $0.25 $0.88 
Net income attributable to common stockholders0.16 0.03 0.24 0.87 

See accompanying notes.
2


VENTAS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2021202020212020
(In thousands)
Net income$62,774 $13,737 $95,664 $329,232 
Other comprehensive (loss) income:  
Foreign currency translation(2,763)7,907 (3,795)(4,942)
Unrealized (loss) gain on available for sale securities(13,638)10,431 (20,918)(9,828)
Derivative instruments4,578 1,714 13,389 (19,661)
Total other comprehensive (loss) income(11,823)20,052 (11,324)(34,431)
Comprehensive income50,951 33,789 84,340 294,801 
Comprehensive (loss) income attributable to noncontrolling interests(418)3,320 7,724 (3,419)
Comprehensive income attributable to common stockholders$51,369 $30,469 $76,616 $298,220 
   
See accompanying notes.
3


VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Three Months Ended September 30, 2021 and 2020
(Unaudited)
2019Common
Stock Par
Value
Capital in
Excess of
Par Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
(Deficit)
Treasury
Stock
Total Ventas
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
2019(In thousands, except per share amounts)
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 other
2,661 606,620   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 
Balance at July 1, 2020$93,261 $14,118,119 $(82,761)$(3,816,460)$(947)$10,311,212 $88,698 $10,399,910 
Net income   12,751  12,751 986 13,737 
Other comprehensive income  17,719   17,719 2,333 20,052 
Net change in noncontrolling interests
 (6,173)   (6,173)(1,162)(7,335)
Dividends to common stockholders—$0.45 per share
   (166,738) (166,738) (166,738)
Issuance of common stock for stock plans, restricted stock grants and other206 42,074  (2,200)(328)39,752  39,752 
Adjust redeemable OP unitholder
    interests to current fair value
 (11,669)   (11,669) (11,669)
Redemption of OP Units
 (2)   (2) (2)
Balance at September 30, 2020$93,467 $14,142,349 $(65,042)$(3,972,647)$(1,275)$10,196,852 $90,855 $10,287,707 

See accompanying notes.
4


VENTAS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
For the Nine Months Ended September 30, 2021 and 2020
(Unaudited)
2019Common
Stock Par
Value
Capital in
Excess of
Par Value
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
(Deficit)
Treasury
Stock
Total Ventas
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
2021(In thousands, except per share amounts)
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—$1.3500 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 
Balance at January 1, 2020$93,185 $14,056,453 $(34,564)$(3,669,050)$(132)$10,445,892 $99,560 $10,545,452 
Net income   328,698  328,698 534 329,232 
Other comprehensive loss  (30,478)  (30,478)(3,953)(34,431)
Net change in noncontrolling interests
 (5,160)   (5,160)(5,286)(10,446)
Dividends to common stockholders—$1.6925 per share
   (631,346) (631,346) (631,346)
Issuance of common stock for stock plans, restricted stock grants and other
282 54,967  (949)(1,143)53,157  53,157 
Adjust redeemable OP unitholder interests to current fair value
 36,353    36,353  36,353 
Redemption of OP Units
 (264)   (264) (264)
Balance at September 30, 2020$93,467 $14,142,349 $(65,042)$(3,972,647)$(1,275)$10,196,852 $90,855 $10,287,707 

See accompanying notes.

5


VENTAS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the Nine Months Ended September 30,
 20212020
(In thousands)
Cash flows from operating activities: 
Net income$95,664 $329,232 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization878,444 847,797 
Amortization of deferred revenue and lease intangibles, net(71,620)(25,343)
Other non-cash amortization14,686 15,211 
Allowance on loans receivable and investments
(9,021)34,654 
Stock-based compensation26,165 17,322 
Straight-lining of rental income(10,166)107,134 
Loss on extinguishment of debt, net56,808 7,386 
Gain on real estate dispositions(194,083)(240,101)
Gain on real estate loan investments(2,006)(167)
Income tax expense (benefit)4,656 (99,702)
(Income) loss from unconsolidated entities(7,279)15,869 
Distributions from unconsolidated entities9,466 2,960 
Other(830)15,615 
Changes in operating assets and liabilities:
Increase in other assets(49,051)(68,228)
Decrease in accrued interest(22,414)(12,975)
Increase in accounts payable and other liabilities40,896 207,749 
Net cash provided by operating activities760,315 1,154,413 
Cash flows from investing activities:  
Net investment in real estate property(1,103,210)(77,625)
Investment in loans receivable(384)(113,147)
Proceeds from real estate disposals497,303 682,604 
Proceeds from loans receivable302,700 106,966 
Development project expenditures(204,649)(309,967)
Capital expenditures(119,311)(94,407)
Distributions from unconsolidated entities17,847  
Investment in unconsolidated entities(107,140)(7,832)
Insurance proceeds for property damage claims501 33 
Net cash (used in) provided by investing activities(716,343)186,625 
Cash flows from financing activities:  
Net change in borrowings under revolving credit facilities(144,065)(74,144)
Net change in borrowings under commercial paper program369,943 (565,524)
Proceeds from debt914,879 657,557 
Repayment of debt(1,499,036)(127,528)
Purchase of noncontrolling interests(11,485) 
Payment of deferred financing costs(23,608)(7,564)
Issuance of common stock, net617,438 36,395 
Cash distribution to common stockholders(506,972)(760,363)
Cash distribution to redeemable OP unitholders(5,400)(5,954)
Cash issued for redemption of OP Units(96)(575)
Contributions from noncontrolling interests35 1,138 
Distributions to noncontrolling interests(11,785)(9,666)
Proceeds from stock option exercises5,668 3,518 
Other(5,128)(4,989)
Net cash used in financing activities(299,612)(857,699)
Net (decrease) increase in cash, cash equivalents and restricted cash(255,640)483,339 
Effect of foreign currency translation522 (951)
Cash, cash equivalents and restricted cash at beginning of period451,640 146,102 
Cash, cash equivalents and restricted cash at end of period$