Ventas, Inc
(NYSE:VTR)

Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries ? healthcare and real estate. As one of the world's foremost Real Estate Investment Trusts (REIT), we use the power of capital to unlock the value of real estate, partnering with leading care providers, d...

Website: http://www.ventasreit.com

Founded: 1998

Full Time Employees: 516

Sector: Real Estate

Industry: REIT-Healthcare Facilities

REIT

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30

revenues
rental income:
triple-net leased properties	123,071,000	132,713,000	160,050,000	152,702,000	156,113,000	157,403,000	155,349,000
outpatient medical and research portfolio	230,104,000	226,756,000	226,200,000	220,814,000	221,319,000	216,199,000	220,957,000	218,853,000	218,877,000	222,056,000	226,326,000	215,807,000
rental income: - sum	353,175,000	359,469,000	386,250,000	373,516,000	377,432,000	373,602,000	376,306,000	372,787,000	374,245,000	377,358,000	386,138,000	370,162,000	352,743,000	347,592,000	350,982,000	348,638,000	352,101,000	348,117,000	383,052,000	359,611,000	357,340,000	354,512,000	369,165,000	403,257,000	408,322,000	398,570,000	401,496,000	384,028,000	360,262,000		401,876,000	399,498,000	395,222,000	394,650,000	368,697,000			343,783,000							325,185,000		269,877,000
resident fees and services	1,292,790,000	1,185,999,000	1,088,546,000	1,032,714,000	968,904,000	896,360,000	845,532,000	817,600,000	813,304,000	775,195,000	754,417,000	724,614,000	704,993,000	674,126,000	668,583,000	658,056,000	651,121,000	647,360,000	558,039,000	535,952,000	528,650,000	541,322,000	549,329,000	576,770,000	541,090,000	520,725,000	521,447,000	518,560,000	518,989,000	514,753,000	461,700,000	460,243,000	464,188,000	456,919,000	461,974,000	464,437,000	463,976,000	454,825,000	454,645,000	446,914,000	396,247,000	374,473,000	371,061,000	359,112,000	341,594,000	339,170,000	276,364,000	202,482,000	114,502,000	333,119,000	113,182,000	109,867,000	108,486,000	108,205,000	106,515,000	103,399,000	102,939,000	105,609,000	108,610,000
third-party capital management revenues	4,411,000	4,322,000	4,492,000	4,397,000	4,336,000
income from loans and investments	4,069,000	8,350,000	5,524,000	4,395,000	4,324,000	4,451,000	1,881,000	1,436,000	1,289,000	1,601,000	1,208,000	6,554,000	13,589,000	14,889,000	12,672,000	10,752,000	9,847,000	9,577,000	28,729,000	17,665,000	19,010,000	18,666,000	19,491,000	24,046,000	30,164,000	19,529,000	17,126,000	18,108,000	56,417,000	31,181,000	32,985,000	32,368,000	20,146,000	19,996,000	31,566,000	24,146,000	22,386,000	18,924,000	26,068,000	22,899,000	14,043,000	14,625,000	10,767,000	14,448,000	14,733,000	16,103,000	10,072,000	8,391,000	6,085,000	12,398,000	4,014,000	3,705,000	3,617,000	3,279,000	3,214,000	3,333,000	3,281,000	3,474,000	3,426,000
interest and other income	2,499,000	7,877,000	4,184,000	5,871,000	3,078,000	8,305,000	8,204,000	4,825,000	6,780,000	5,885,000	2,754,000	1,032,000	1,743,000	1,444,000	489,000	1,166,000	536,000	13,466,000	417,000	585,000	341,000	572,000	1,540,000	4,853,000	620,000	9,202,000	287,000	12,554,000	2,347,000	9,634,000	171,000	202,000	481,000	84,000	562,000	111,000	119,000	74,000	236,000	472,000	368,000	173,000	273,000	66,000	797,000	1,038,000	373,000	78,000	78,000	449,000	35,000	122,000	263,000	349,000	99,000	108,000	286,000	593,000	1,937,000
total revenues	1,656,944,000	1,566,017,000	1,488,996,000	1,420,893,000	1,358,074,000	1,287,057,000	1,236,315,000	1,200,980,000	1,199,914,000	1,164,392,000	1,149,832,000	1,106,358,000	1,077,245,000	1,051,425,000	1,037,276,000	1,022,938,000	1,017,554,000	1,022,444,000	976,078,000	919,194,000	910,291,000	918,940,000	943,198,000	1,012,054,000	983,155,000	950,717,000	942,874,000	936,538,000	942,304,000	943,705,000	899,928,000	895,490,000	883,443,000	875,713,000	867,116,000	848,404,000	852,289,000	827,606,000	891,322,000	884,024,000	779,035,000	751,254,000	741,470,000	712,386,000	685,846,000	684,868,000	565,957,000	364,660,000	270,461,000	752,202,000	264,665,000	243,978,000	241,545,000	238,836,000	235,830,000	231,988,000	230,851,000	227,956,000	238,554,000
yoy	22.01%	21.67%	20.44%	18.31%	13.18%	10.53%	7.52%	8.55%	11.39%	10.74%	10.85%	8.15%	5.87%	2.83%	6.27%	11.29%	11.78%	11.26%	3.49%	-9.18%	-7.41%	-3.34%	0.03%	8.06%	4.34%	0.74%	4.77%	4.58%	6.66%	7.76%	3.78%	5.55%	3.66%	5.81%	-2.72%	-4.03%	9.40%	10.16%	20.21%	24.09%	13.59%	9.69%	31.01%	95.36%	153.58%	-8.95%	113.84%	49.46%	11.97%	214.94%	12.23%	5.17%	4.63%	4.77%	-1.14%
qoq	5.81%	5.17%	4.79%	4.63%	5.52%	4.10%	2.94%	0.09%	3.05%	1.27%	3.93%	2.70%	2.46%	1.36%	1.40%	0.53%	-0.48%	4.75%	6.19%	0.98%	-0.94%	-2.57%	-6.80%	2.94%	3.41%	0.83%	0.68%	-0.61%	-0.15%	4.86%	0.50%	1.36%	0.88%	0.99%	2.21%	-0.46%	2.98%	-7.15%	0.83%	13.48%	3.70%	1.32%	4.08%	3.87%	0.14%	21.01%	55.20%	34.83%	-64.04%	184.21%	8.48%	1.01%	1.13%	1.27%	1.66%	0.49%	1.27%	-4.44%
expenses
interest	156,142,000	154,468,000	158,124,000	150,298,000	149,356,000	153,206,000	150,437,000	149,259,000	149,933,000	154,853,000	147,919,000	143,265,000	128,075,000	123,399,000	119,413,000	113,951,000	110,794,000	110,455,000	108,816,000	110,051,000	110,767,000	115,505,000	123,132,000	116,696,000	113,967,000	110,369,000	110,619,000	107,581,000	113,029,000	111,363,000	113,869,000	113,572,000	108,804,000	107,739,000	105,063,000	103,665,000	103,273,000	97,135,000	107,591,000	106,590,000	98,469,000	91,501,000	87,841,000	84,089,000	83,046,000	79,600,000	73,756,000	53,732,000	42,558,000	133,344,000	45,519,000	44,045,000	44,300,000	44,561,000	43,660,000	44,171,000	46,613,000	47,342,000	51,344,000
depreciation and amortization	382,468,000	352,723,000	357,173,000	347,719,000	321,525,000	308,772,000	304,268,000	339,848,000	300,255,000	435,276,000	370,377,000	304,689,000	282,119,000	324,178,000	301,481,000	283,075,000	289,064,000	318,959,000	313,596,000	250,700,000	314,148,000	249,366,000	349,594,000	248,837,000	234,603,000	226,187,000	235,920,000	218,579,000	223,634,000	233,150,000	213,407,000	224,108,000	217,783,000	232,189,000	208,387,000	221,961,000	236,387,000	226,332,000	249,195,000	247,441,000	201,224,000	190,818,000	193,594,000	177,710,000	172,706,000	179,017,000	161,027,000	80,755,000	51,759,000	153,496,000	52,104,000	50,185,000	52,476,000	52,014,000	50,349,000	48,847,000	49,885,000	51,910,000	50,969,000
property-level operating expenses:
senior housing	918,332,000	855,147,000	786,250,000	746,302,000	704,400,000	661,683,000	631,550,000	603,359,000	609,821,000	589,765,000	573,715,000	547,110,000	537,222,000	370,737,000	499,972,000	507,446,000
property-level operating expenses: - sum	1,001,534,000	935,786,000	868,398,000	825,269,000	783,884,000	739,506,000	713,408,000	680,151,000	687,497,000	667,919,000	656,477,000	622,818,000	607,931,000	589,818,000	569,826,000	574,359,000	542,721,000	579,941,000	523,328,000	494,195,000	486,600,000	494,985,000	498,605,000	480,968,000	461,493,000	435,901,000	430,504,000	428,389,000	421,413,000		376,207,000	365,830,000	368,987,000	365,468,000	361,117,000			347,845,000							269,738,000		209,161,000
third-party capital management expenses	1,833,000	1,610,000	1,517,000	1,627,000	1,825,000
general, administrative and professional fees	62,746,000	41,008,000	40,387,000	42,856,000	53,149,000	41,434,000	35,092,000	37,727,000	48,737,000	36,382,000	33,297,000	34,399,000	44,798,000	33,540,000	35,421,000	32,915,000	42,998,000	28,602,000	30,259,000	30,588,000	40,309,000	34,228,000	29,984,000	42,535,000	40,530,000	43,079,000	40,760,000	39,677,000	36,656,000	37,174,000	33,317,000	33,282,000	33,961,000	31,488,000	31,567,000	32,094,000	31,726,000	32,114,000	33,962,000	34,330,000	29,466,000	31,306,000	32,866,000	28,659,000	27,327,000	28,774,000	20,624,000	15,554,000	14,832,000	34,552,000	15,278,000	9,858,000	10,683,000	8,220,000	9,657,000	10,355,000	10,598,000	11,158,000	11,626,000
loss on extinguishment of debt	449,000	53,000	119,000			15,000		420,000	252,000	85,000	612,000	-6,801,000			574,000	7,000		2,491,000	29,792,000	-74,000	27,090,000	7,386,000			37,434,000	4,022,000	405,000	39,527,000	-93,000	10,977,000	511,000	36,000	309,000	-386,000	383,000	2,468,000	314,000	15,331,000	-455,000	21,000	2,414,000	2,924,000			-720,000		8,685,000	6,000	16,520,000			6,549,000		1,520,000		5,975,000
transaction, transition and restructuring costs	6,659,000	-6,008,000	5,472,000	4,627,000	5,982,000	4,226,000	8,580,000	2,886,000	4,677,000
other expense	9,700,000	10,091,000	13,370,000	5,839,000	1,412,000	38,855,000	3,935,000	8,128,000	-1,334,000
total expenses	1,621,531,000	1,489,731,000	1,444,560,000	1,378,235,000	1,317,133,000	1,287,565,000	1,217,217,000	1,220,064,000	1,207,416,000	1,277,326,000	1,226,645,000	1,043,724,000	1,065,713,000	1,134,497,000	1,042,346,000	1,066,849,000	979,638,000	1,088,695,000	1,062,588,000	873,290,000	965,819,000	921,885,000	1,041,481,000	901,689,000	895,122,000	813,192,000	821,044,000	839,886,000	803,194,000	826,148,000	751,563,000	745,271,000	733,826,000	738,181,000	726,138,000	723,522,000	737,173,000	792,113,000	758,306,000	776,479,000	674,540,000	621,396,000	621,042,000	587,593,000	564,816,000	565,328,000	478,059,000	351,052,000	224,442,000	584,806,000	204,264,000	190,148,000	188,551,000	184,822,000	185,930,000	185,419,000	184,717,000	185,320,000	197,184,000
income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests	35,413,000	76,286,000	44,436,000	42,658,000	40,941,000	-1,872,000	19,098,000	-19,084,000	-7,502,000			62,634,000	11,532,000			-43,911,000	37,916,000	-66,251,000	-86,510,000	45,904,000	-55,528,000	-2,945,000	-98,283,000	110,365,000
loss from unconsolidated entities	-7,350,000			-1,138,000	-3,311,000				-8,383,000				-5,623,000				-4,269,000				-250,000		-5,850,000	-10,876,000		-2,529,000	-946,000										-198,000
gain on real estate dispositions	15,046,000	3,311,000	1,283,000	33,816,000	169,000	6,727,000	271,000	49,670,000	341,000	39,802,000	10,711,000	1,405,000	10,201,000	5,223,000	136,000	-34,000	2,455,000	24,705,000	150,292,000	41,258,000	2,533,000	12,622,000	1,254,000	226,225,000	36,000	19,150,000	5,447,000	18,000	35,827,000	48,000	458,280,000	719,000	43,289,000	66,424,000	-144,000	5,739,000	26,184,000	265,000	7,469,000	6,686,000	3,625,000	11,889,000	1,000,000
income tax benefit	15,937,000	1,122,000	6,345,000	-3,874,000	10,557,000	45,539,000	-3,002,000	-7,766,000	3,004,000	-4,698,000	1,662,000	9,773,000	2,802,000	2,619,000	6,027,000	3,790,000	4,490,000	4,747,000	-3,780,000	-3,641,000	-2,153,000	3,195,000	-56,356,000	149,016,000	-2,005,000	57,752,000	1,257,000	7,327,000	734,000	3,242,000	7,815,000	2,159,000	3,145,000	2,836,000	8,537,000	11,549,000	8,421,000	10,697,000	9,789,000	7,250,000	1,887,000	-3,274,000		2,780,000	12,064,000		13,904,000	6,209,000	3,197,000	-3,544,000	-1,657,000	-409,000	-286,000	367,000	410,000	395,000	547,000
net income	59,046,000	72,992,000	68,708,000	71,462,000	48,356,000	58,727,000	20,996,000	21,168,000	-12,540,000	-84,716,000	-69,559,000	105,066,000	18,912,000	-43,384,000	3,063,000	-41,202,000	40,592,000	-39,105,000	62,774,000	88,288,000	-55,398,000	13,737,000	-159,235,000	474,730,000	86,918,000	211,898,000	127,588,000	103,281,000	169,300,000	80,098,000	615,191,000	152,968,000	199,148,000	208,832,000	150,184,000	143,440,000	149,034,000	23,117,000	150,350,000	120,807,000	109,701,000	138,566,000	121,274,000	118,599,000	114,533,000	113,098,000	101,984,000	19,734,000	49,046,000	190,835,000	58,894,000	58,965,000	53,168,000	54,778,000	50,430,000	89,183,000	74,969,000	58,475,000	64,695,000
yoy	22.11%	24.29%	227.24%	237.59%	-485.61%	-169.32%	-130.18%	-79.85%	-166.31%	95.27%	-2370.94%	-355.00%	-53.41%	10.94%	-95.12%	-146.67%	-173.27%	-384.67%	-139.42%	-81.40%	-163.74%	-93.52%	-224.80%	359.65%	-48.66%	164.55%	-79.26%	-32.48%	-14.99%	-61.64%	309.62%	6.64%	33.63%	803.37%	-0.11%	18.73%	35.85%	-83.32%	23.98%	1.86%	-4.22%	22.52%	18.91%	500.99%	133.52%	-40.74%	73.17%	-66.53%	-7.75%	248.38%	16.78%	-33.88%	-29.08%	-6.32%	-22.05%
qoq	-19.11%	6.24%	-3.85%	47.78%	-17.66%	179.71%	-0.81%	-268.80%	-85.20%	21.79%	-166.21%	455.55%	-143.59%	-1516.39%	-107.43%	-201.50%	-203.80%	-162.29%	-28.90%	-259.37%	-503.28%	-108.63%	-133.54%	446.18%	-58.98%	66.08%	23.53%	-39.00%	111.37%	-86.98%	302.17%	-23.19%	-4.64%	39.05%	4.70%	-3.75%	544.69%	-84.62%	24.45%	10.12%	-20.83%	14.26%	2.26%	3.55%	1.27%	10.90%	416.79%	-59.76%	-74.30%	224.03%	-0.12%	10.90%	-2.94%	8.62%	-43.45%	18.96%	28.21%	-9.61%
net income margin %	3.56%	4.66%	4.61%	5.03%	3.56%	4.56%	1.70%	1.76%	-1.05%	-7.28%	-6.05%	9.50%	1.76%	-4.13%	0.30%	-4.03%	3.99%	-3.82%	6.43%	9.60%	-6.09%	1.49%	-16.88%	46.91%	8.84%	22.29%	13.53%	11.03%	17.97%	8.49%	68.36%	17.08%	22.54%	23.85%	17.32%	16.91%	17.49%	2.79%	16.87%	13.67%	14.08%	18.44%	16.36%	16.65%	16.70%	16.51%	18.02%	5.41%	18.13%	25.37%	22.25%	24.17%	22.01%	22.94%	21.38%	38.44%	32.48%	25.65%	27.12%
net income attributable to noncontrolling interests	3,134,000	2,790,000	2,661,000	3,198,000	1,488,000	1,892,000	1,753,000	1,781,000	1,772,000	6,103,000	1,565,000	1,613,000	1,395,000	1,635,000	1,807,000	1,214,000	1,860,000	1,749,000	2,094,000	1,897,000	1,811,000	986,000	-2,065,000	1,613,000	1,659,000	1,369,000	1,803,000	1,309,000	2,781,000	1,395,000	1,233,000	1,137,000	1,021,000
net income attributable to common stockholders	55,912,000	70,202,000	66,047,000	68,264,000	46,868,000	56,835,000	19,243,000	19,387,000	-14,312,000	-90,819,000	-71,124,000	103,453,000	17,517,000	-45,019,000	1,256,000	-42,416,000	38,732,000	-40,854,000	60,680,000	86,391,000	-57,209,000	12,751,000	-157,170,000	473,117,000	85,259,000	210,529,000	125,785,000	101,972,000	166,519,000	78,703,000	613,958,000	151,831,000	198,127,000	207,637,000	149,452,000	143,162,000	148,980,000	22,852,000	149,821,000	120,442,000	109,132,000	138,398,000	121,047,000	118,296,000	114,580,000	112,193,000	102,885,000	19,676,000	48,984,000	188,269,000	57,898,000	58,067,000	52,619,000	54,081,000	49,805,000	88,381,000	74,228,000
earnings per common share
basic:
diluted:
recovery of allowance on loans receivable and investments						-41,500	-56,000
shareholder relations matters								37,000	15,714,000
income from unconsolidated entities		-7,727,000	16,644,000			6,969,000	4,629,000	-1,652,000		-6,886,000	-5,119,000	31,254,000		31,846,000	1,970,000	-1,047,000		-2,306,000	2,772,000	4,767,000		865,000			854,000			-716,000	-6,371,000	-40,739,000	750,000	-106,000	3,150,000	2,207,000	931,000	1,418,000		-955,000	9,000	-251,000	-47,000	348,000	248,000	110,000	-506,000	929,000	182,000	-83,000	-170,000	-272,000	-392,000
third party capital management revenues						3,255,000	4,392,000	4,332,000	4,296,000	4,353,000	5,315,000	3,996,000	4,177,000
third party capital management expenses						1,239,000	1,553,000	1,650,000	1,753,000	1,487,000	1,472,000	1,436,000	1,706,000
gain on foreclosure of real estate												-29,127,000
diluted:1
triple-net leased								153,934,000	155,368,000	155,302,000	159,812,000	154,355,000	149,739,000	147,081,000	150,115,000	149,397,000	151,561,000	153,336,000	181,379,000	159,223,000	159,885,000	156,136,000	176,240,000	194,862,000	193,383,000	196,382,000	200,068,000	190,117,000	167,870,000	190,641,000	212,370,000	213,258,000	209,327,000	210,804,000	210,424,000	210,119,000	214,487,000	201,028,000	260,562,000	266,206,000	244,206,000	242,726,000	237,846,000	219,170,000	214,239,000	213,763,000	211,479,000	120,129,000	118,603,000	351,919,000	117,906,000
allowance on loans receivable and investments								-42,000	-68,000	-75,000	-66,000	-12,065,000	-8,064,000	19,936,000	-63,000	-62,000	-54,000	-61,000	-60,000	-59,000	-8,902,000	4,999,000	29,655,000
income from continuing operations								21,168,000	-12,540,000	-84,716,000	-69,559,000	105,066,000	18,912,000	-43,384,000	3,063,000	-41,202,000	40,592,000	-39,105,000	62,774,000	88,288,000	-55,398,000	13,737,000	-159,235,000	474,730,000	86,918,000	211,898,000	127,588,000	103,263,000	133,473,000	80,060,000	156,930,000	152,272,000	155,912,000	142,575,000	150,446,000	137,849,000	123,339,000	45,235,000	142,814,000	114,544,000	106,335,000	126,932,000	117,243,000	127,683,000	132,588,000	118,725,000	101,984,000	19,734,000	49,046,000	163,580,000	58,352,000	53,421,000	52,708,000	54,381,000	50,310,000	46,964,000	46,681,000	43,735,000	64,073,000
transaction expenses and deal costs										2,895,000	7,125,000	3,069,000	1,386,000	13,725,000	4,782,000	13,078,000	19,992,000
other										-191,250	9,432,000	-17,959,000	7,762,000	28,180,000	9,162,000	48,116,000	-27,190,000	26,355,000	33,673,000	-13,490,000	-9,428,000	3,534,000	3,382,000	3,708,000	2,164,000	-11,481,000	23,000	1,244,000	3,527,000	3,120,000	13,030,000	1,848,000	1,188,000	1,087,000	2,430,000	2,303,000	4,168,000	4,795,000	5,091,000	5,296,000	15,229,000	4,863,000	5,229,000	4,353,000	4,385,000	4,587,000	14,436,000	-7,773,000
loss before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests										-112,934,000	-76,813,000			-2,766,250	-5,070,000
office													203,004,000	200,511,000	200,867,000	199,241,000	200,540,000	194,781,000	201,673,000	200,388,000	197,455,000	198,376,000	192,925,000	208,395,000	214,939,000	202,188,000	201,428,000	193,911,000	192,392,000	194,168,000	189,506,000	186,240,000	185,895,000	183,846,000	158,273,000
office building and other services revenue														3,206,250	4,550,000	4,326,000	3,949,000	3,924,000	5,841,000	5,381,000	4,950,000	3,868,000	3,673,000	3,128,000	2,959,000	2,691,000	2,518,000	3,288,000	4,289,000	3,328,000	3,196,000	3,179,000	3,406,000	4,064,000	4,317,000
office building and other services costs														1,118,250	1,750,000	1,410,000	1,313,000
senior living																	475,530,000	515,427,000	453,659,000	424,813,000	417,829,000	422,653,000	432,578,000	410,131,000	388,011,000	366,837,000	360,986,000	366,721,000	361,112,000	352,220,000	315,598,000	308,625,000	312,073,000	310,303,000	312,145,000	307,989,000	312,541,000	304,540,000	299,252,000	298,362,000	265,274,000	249,424,000	248,295,000	244,316,000	231,337,000	230,908,000	188,856,000	136,739,000	78,111,000	217,765,000	74,066,000
diluted 1:
office building services costs																		449,500	522,000	658,000	618,000	557,000	543,000	727,000	627,000	515,000	633,000	431,000	534,000	115,000	418,000	552,000	738,000	1,034,000	974,000
merger-related expenses and deal costs																		7,000,000	22,662,000	721,000	4,617,000	11,325,000	6,586,000	8,218,000	4,304,000	4,600,000	2,180,000	4,458,000	4,494,000	17,336,000	804,000	6,043,000	2,056,000	-438,000	16,217,000	7,224,000	1,632,000	62,145,000	14,585,000	35,172,000	16,749,000	9,599,000	10,760,000	6,208,000	6,667,000	4,262,000	69,350,000	55,807,000	6,449,000	14,101,000	5,142,000	4,207,000	2,319,000	1,565,000	5,894,000	3,502,000	2,054,000
income before unconsolidated entities, real estate dispositions, income taxes, discontinued operations and noncontrolling interests																									88,033,000	137,525,000	121,830,000
discontinued operations																														-10,000	-19,000	-23,000	-53,000	-167,000	-118,000	-148,000	-489,000	-22,383,000	67,000	-423,000	-259,000	-255,000	3,031,000	-9,084,000	-18,055,000	-5,627,000				27,255,000	542,000	5,544,000	460,000	397,000	120,000	42,219,000	28,288,000	14,740,000	622,000
income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interests																												96,652,000	139,110,000	117,557,000	148,365,000	150,219,000	149,617,000
weighted-average shares used for eps calculation
basic																												356,318,000	356,228,000	356,112,000	355,929,000	355,024,000	354,410,000	344,703,000	350,274,000	338,901,000	335,559,000	332,491,000	330,715,000	325,454,000	294,030,000	293,988,000	293,875,000	292,818,000	292,635,000	291,455,000	287,365,000	176,262,000	160,420,000	156,608,000	156,631,000	156,611,000	156,453,000	152,566,000	156,250,000	154,441,000	143,091,000	139,572,000	140,759,000
diluted																												359,355,000	359,000,000	358,853,000	359,333,000	358,311,000	357,572,000	348,390,000	354,186,000	342,571,000	339,202,000	336,338,000	334,026,000	329,203,000	296,495,000	296,504,000	296,245,000	295,190,000	295,123,000	293,924,000	290,794,000	177,945,000	162,023,000	157,657,000	157,941,000	157,441,000	156,967,000	152,758,000	156,516,000	154,510,000	143,145,000	139,912,000	141,141,000
dividends declared per common share																												790	790	790	775	775	775	547.5	730	730	730	730	790	790	725	725	725	670	670	670	448.6	701.4	575	133.75	535	535	535	384.375	512.5	512.5	512.5	384.375	512.5
revenues:
expenses:
income before unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest																																		137,532,000	140,978,000	124,882,000	115,116,000
net income attributable to noncontrolling interest																																		1,195,000	732,000	278,000	54,000	265,000	529,000	365,000	569,000	168,000	227,000	303,000	-47,000	905,000	-901,000	58,000	62,000	2,566,000	996,000	898,000	549,000
earnings per common share:
income from continuing operations attributable to common stockholders, including real estate dispositions																																		590	430	420	440	140	450	370	370	470	400
medical office buildings																																				144,087,000	144,136,000	142,755,000	140,403,000	136,990,000	116,598,000	114,890,000	115,223,000	115,444,000	110,946,000	111,146,000	58,398,000	23,758,000	24,236,000	46,930,000	22,817,000
medical office building and other services revenue																																				5,504,000	7,185,000	10,000,000	9,408,000	10,543,000	7,573,000	4,367,000	6,300,000	4,146,000	3,537,000	3,648,000	9,271,000
medical office building services costs																																				1,852,000	3,451,000	6,416,000	5,764,000	6,918,000	4,568,000	1,626,000	3,371,000	1,651,000	1,667,000	1,639,000	6,347,000	7,954,000	5,536,000	4,885,000	4,633,000
income before income from unconsolidated entities, income taxes, discontinued operations, real estate dispositions and noncontrolling interest																																						35,493,000	133,016,000	107,545,000	104,495,000	129,858,000	120,428,000
gain on extinguishment of debt																																											-259,000														105,000	115,000	344,000
income tax expense																																											-3,433,000			-1,744,000
(gain) loss on extinguishment of debt																																												-189,000
income before income from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest																																												124,793,000		119,540,000	87,898,000	13,608,000	46,019,000	15,100,250	60,401,000
income from continuing operations attributable to common stockholders																																												430	450	400	360	110	310	1,020	370	330	340	350	320	300	320
income before income/loss from unconsolidated entities, income taxes, discontinued operations and noncontrolling interest																																													121,030,000
litigation proceeds																																															-85,327,000
medical office building services revenue																																																9,822,000	6,957,000	7,387,000	6,711,000
foreign currency gain																																																	1,000			121,000	-106,000	19,000	32,000	5,000	-6,000
foreign currency (gain) loss																																																		-104,750	-419,000							-37,750	-45,000
rental income																																																				130,284,000	129,179,000	127,003,000	126,002,000	125,148,000	124,345,000	118,280,000	124,581,000
property-level operating expenses																																																				75,183,000	78,879,000	78,443,000	76,338,000	72,564,000	75,468,000	76,447,000	81,698,000
income before income taxes, discontinued operations and noncontrolling interest																																																				53,830,000	52,994,000			46,569,000	46,134,000
income before reversal of contingent liability, income taxes, discontinued operations and noncontrolling interest																																																						54,014,000	49,900,000
reversal of contingent liability																																																											23,328,000
net income attributable to noncontrolling interest, net of tax																																																						697,000	625,000	802,000
noncontrolling interest, net of tax																																																									741,000
merger-related expenses																																																										1,332,000	1,248,000
income before reversal of contingent liability, income taxes, minority interest and discontinued operations																																																										42,636,000	41,370,000
income tax benefit, net of minority interest																																																										1,720,000	415,000
income before minority interest and discontinued operations																																																										44,356,000	65,113,000
minority interest, net of tax																																																										621,000	1,040,000
preferred stock dividends and issuance costs
net income applicable to common shares																																																										58,475,000	64,695,000
income from continuing operations applicable to common shares																																																										300	460

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30

assets
real estate investments:
land and improvements	3,055,461,000	2,962,738,000	2,921,732,000	2,841,538,000	2,815,178,000	2,775,790,000	2,638,649,000	2,588,599,000	2,573,598,000	2,596,274,000	2,601,218,000	2,630,480,000	2,434,312,000	2,437,905,000	2,421,114,000	2,444,519,000	2,452,474,000	2,432,065,000	2,395,751,000	2,231,836,000	2,235,773,000	2,268,583,000	2,256,981,000	2,244,526,000	2,280,877,000	2,128,409,000	2,116,086,000	2,115,870,000	2,124,231,000	2,135,662,000	2,121,214,000	2,117,692,000	2,123,266,000	2,089,591,000	2,089,329,000	2,041,880,000	2,060,247,000	2,065,664,000	2,288,356,000	2,252,402,000	1,937,888,000	1,848,922,000	1,867,146,000	1,856,739,000	1,783,664,000	1,764,208,000	1,584,842,000
buildings and improvements	31,722,596,000	30,872,598,000	30,488,097,000	29,717,624,000	29,327,280,000	28,717,990,000	27,626,929,000	27,358,282,000	27,201,303,000	27,201,381,000	27,220,110,000	27,438,274,000	26,078,611,000	26,020,048,000	25,975,744,000	26,186,712,000	26,186,628,000	25,778,490,000	25,519,840,000	24,269,450,000	24,250,630,000	24,196,730,000	23,959,070,000	23,821,353,000	24,459,114,000	22,837,251,000	22,609,780,000	22,188,578,000	22,065,202,000	22,078,454,000	21,935,860,000	21,827,419,000	21,869,961,000	21,516,396,000	21,551,049,000	20,272,554,000	20,395,386,000	20,203,784,000	22,051,067,000	21,933,742,000	19,664,973,000	18,591,786,000	18,658,616,000	18,383,075,000	17,238,843,000	16,977,860,000	15,289,744,000	8,969,465,000	6,051,148,000	6,035,295,000	5,982,708,000	5,732,421,000	5,735,896,000	5,722,837,000	5,641,309,000	5,603,042,000	5,592,051,000	5,593,024,000	5,703,731,000
construction in progress	361,384,000	358,811,000	345,988,000	306,033,000	354,601,000	336,231,000	362,189,000	410,663,000	416,206,000	368,143,000	458,988,000	387,194,000	335,879,000	310,456,000	258,281,000	251,300,000	275,896,000	269,315,000	298,982,000	288,910,000	310,547,000	567,052,000	495,888,000	505,188,000	432,713,000	386,550,000	335,773,000	395,072,000	408,313,000	380,064,000	306,095,000	281,093,000	213,281,000	210,599,000	192,848,000	127,647,000	119,215,000	124,377,000	145,873,000	134,195,000	116,975,000	93,629,000	71,862,000	79,172,000	99,947,000	72,714,000	60,978,000	41,240,000	5,848,000	6,519,000	5,955,000	3,788,000	4,370,000	12,508,000	8,611,000	18,319,000	21,176,000	12,591,000
acquired lease intangibles	1,771,369,000	1,680,567,000	1,661,521,000	1,556,165,000	1,608,019,000	1,558,751,000	1,460,883,000	1,454,473,000	1,440,122,000	1,448,146,000	1,469,998,000	1,498,639,000	1,345,415,000	1,346,190,000	1,341,483,000	1,361,671,000	1,373,364,000	1,369,747,000	1,372,462,000	1,200,574,000	1,212,263,000	1,246,312,000	1,240,488,000	1,241,646,000	1,334,915,000	1,267,322,000	1,279,490,000	1,506,269,000	1,510,698,000	1,532,223,000	1,536,476,000	1,534,173,000	1,532,365,000	1,510,629,000	1,522,708,000	1,332,173,000	1,343,187,000	1,344,708,000	1,308,052,000	1,300,654,000	1,039,949,000	1,009,474,000	1,014,711,000	1,012,163,000	990,548,000	984,023,000	821,613,000	317,850,000	147,381,000	146,813,000	143,356,000
operating lease assets	293,784,000	295,838,000	299,490,000	302,440,000	306,042,000	308,019,000	309,765,000	312,812,000	318,825,000	312,142,000	317,369,000	321,344,000	309,113,000	310,307,000	312,902,000	315,896,000	318,679,000	317,858,000	323,950,000	328,707,000	343,072,000	386,946,000	389,302,000	391,908,000	388,480,000	374,319,000	359,025,000
real estate investments: - sum	37,204,594,000	36,170,552,000	35,716,828,000	34,723,800,000	34,411,120,000	33,696,781,000	32,398,415,000	32,124,829,000	31,950,054,000	31,926,086,000	32,067,683,000	32,275,931,000	30,503,330,000	30,424,906,000	30,309,524,000	30,560,098,000	30,607,041,000	30,167,475,000	29,910,985,000	28,319,477,000	28,352,285,000	28,665,623,000	28,341,729,000	28,204,621,000	28,896,099,000		26,700,154,000	26,205,789,000	26,108,444,000		25,899,645,000	25,760,377,000	25,738,873,000	25,327,215,000	25,355,934,000			23,738,533,000							20,113,002,000		17,757,177,000
accumulated depreciation and amortization	-12,346,970,000	-12,043,619,000	-11,792,468,000	-11,568,396,000	-11,364,107,000	-11,096,236,000	-10,888,157,000	-10,647,898,000	-10,399,248,000	-10,177,136,000	-9,978,902,000	-9,792,822,000	-9,504,021,000	-9,264,456,000	-9,031,591,000	-8,834,315,000	-8,624,820,000	-8,350,637,000	-8,118,990,000	-8,189,447,000	-8,030,524,000	-7,687,211,000	-7,448,987,000	-7,237,345,000	-6,964,061,000	-6,758,067,000	-6,570,557,000	-6,185,155,000	-5,972,774,000	-5,789,422,000	-5,434,772,000	-5,220,611,000	-5,123,144,000	-4,932,461,000	-4,754,532,000	-4,560,504,000	-4,409,554,000	-3,966,947,000	-4,428,252,000	-4,202,334,000	-3,833,974,000	-3,657,541,000	-3,515,868,000	-3,156,206,000	-2,977,154,000	-2,803,068,000	-1,761,135,000	-1,601,662,000	-1,521,039,000	-1,468,180,000	-1,416,546,000
net real estate property	24,857,624,000	24,126,933,000	23,924,360,000	23,155,404,000	23,047,013,000	22,600,545,000	21,510,258,000	21,476,931,000	21,550,806,000	21,748,950,000	22,088,781,000	22,483,109,000	20,999,309,000	21,160,450,000	21,277,933,000	21,725,783,000	21,982,221,000	21,816,838,000	21,791,995,000	20,130,030,000	20,321,761,000	20,978,412,000	20,892,742,000	20,967,276,000	21,932,038,000	20,235,784,000	20,129,597,000	20,020,634,000	20,135,670,000	20,336,981,000	20,464,873,000	20,539,766,000	20,615,729,000	20,394,754,000	20,601,402,000	19,213,750,000	19,508,481,000	19,771,586,000	21,365,096,000	21,418,659,000	18,925,811,000	17,886,270,000	18,096,467,000	18,174,943,000	17,135,848,000	16,995,737,000	15,996,042,000	8,580,948,000	5,243,424,000	5,279,519,000	5,273,353,000	5,018,590,000	5,071,384,000	5,114,710,000	5,080,527,000	5,098,780,000	5,130,896,000	5,172,939,000	5,319,682,000
secured loans receivable and investments	137,374,000	143,913,000	182,504,000	183,652,000	145,184,000	144,872,000	144,797,000	36,195,000	29,819,000	27,986,000	27,823,000	27,749,000	501,004,000	537,075,000	529,317,000	529,630,000	530,388,000	530,126,000	530,439,000	596,171,000	615,037,000	604,452,000	681,831,000	623,717,000	709,714,000	693,651,000	496,344,000	527,851,000	526,553,000	1,212,519,000	1,352,434,000	1,395,404,000	1,398,417,000	702,021,000	821,663,000	1,003,561,000	1,002,598,000	766,707,000	789,408,000	773,773,000	407,551,000	414,051,000	376,074,000	400,889,000	470,441,000
investments in unconsolidated real estate entities	611,285,000	617,571,000	653,328,000	626,571,000	632,082,000	626,122,000	622,996,000	608,844,000	601,406,000	598,206,000	579,172,000	629,184,000	606,006,000	579,949,000	547,766,000	533,705,000	541,914,000	523,465,000	507,880,000	494,239,000	471,243,000	162,860,000	166,039,000	165,745,000	45,905,000	47,112,000	48,162,000	48,478,000	101,490,000	102,544,000	117,185,000	119,794,000	108,976,000	95,921,000	97,814,000	96,952,000	98,120,000	96,208,000
net real estate investments	25,606,283,000	24,888,417,000	24,760,192,000	23,965,627,000	23,824,279,000	23,371,539,000	22,278,051,000	22,121,970,000	22,182,031,000	22,375,142,000	22,695,776,000	23,140,042,000	22,106,319,000	22,277,474,000	22,355,016,000	22,789,118,000	23,054,523,000	22,870,429,000	22,830,314,000	21,220,440,000	21,408,041,000	21,745,724,000	21,740,612,000	21,756,738,000	22,687,657,000	20,976,547,000	20,674,103,000	20,596,963,000	20,763,713,000	21,652,044,000	21,934,492,000	22,054,964,000	22,123,122,000	21,192,696,000	21,520,879,000	20,314,263,000	20,609,199,000	20,634,501,000	22,239,965,000	22,287,579,000	19,421,537,000	18,389,744,000	18,563,470,000	18,667,363,000	17,699,444,000	17,580,101,000	16,417,628,000	9,230,185,000	5,389,043,000	5,444,114,000	5,454,226,000	5,159,460,000	5,219,109,000	5,246,597,000	5,205,937,000	5,223,886,000	5,260,972,000	5,296,228,000	5,433,288,000
cash and cash equivalents	183,613,000	741,067,000	188,617,000	614,200,000	182,335,000	897,850,000	1,104,733,000	557,082,000	632,443,000	508,794,000	433,937,000	138,648,000	145,357,000	122,564,000	145,146,000	127,073,000	149,599,000	149,725,000	143,770,000	233,837,000	169,661,000	588,343,000	992,824,000	2,848,115,000	148,063,000	81,987,000	82,514,000	86,107,000	93,684,000	92,543,000	85,063,000	103,353,000	91,284,000	286,707,000	89,279,000	57,322,000	51,701,000	65,231,000	60,532,000	120,225,000	64,595,000	86,635,000	59,791,000	54,672,000	62,421,000	57,690,000	57,482,000	26,702,000	41,899,000	21,812,000	33,790,000	27,794,000	132,729,000	107,397,000	70,889,000	46,523,000	95,806,000	176,812,000	115,923,000
escrow deposits and restricted cash	17,677,000	45,070,000	53,934,000	62,557,000	63,628,000	59,383,000	60,964,000	58,202,000	55,966,000	54,668,000	57,809,000	71,699,000	49,924,000	48,181,000	50,492,000	48,958,000	49,848,000	46,872,000	52,752,000	40,931,000	40,551,000	40,147,000	36,312,000	38,144,000	60,533,000	56,309,000	57,717,000	62,440,000	64,419,000	71,039,000	76,522,000	68,343,000	92,175,000	80,647,000	89,521,000	65,626,000	76,710,000	74,491,000	193,960,000	223,772,000	78,746,000	75,514,000	76,110,000	98,200,000	94,492,000	99,225,000	84,783,000	64,261,000	35,399,000	38,940,000	41,985,000	43,484,000	41,023,000	39,832,000	96,477,000	94,470,000	38,275,000	55,866,000	43,841,000
goodwill	1,045,774,000	1,046,072,000	1,046,039,000	1,046,384,000	1,045,399,000	1,044,915,000	1,045,955,000	1,045,071,000	1,045,048,000	1,045,176,000	1,044,536,000	1,045,147,000	1,044,699,000	1,044,415,000	1,043,289,000	1,044,509,000	1,045,663,000	1,046,140,000	1,046,070,000	1,051,832,000	1,051,780,000	1,050,742,000	1,050,115,000	1,050,137,000	1,049,985,000	1,050,470,000	1,050,876,000	1,045,877,000	1,034,274,000	1,035,248,000	1,034,497,000	1,034,054,000	1,033,484,000	1,033,225,000	1,043,075,000	1,043,479,000	1,044,983,000	1,052,321,000
assets held for sale	13,530,000	42,993,000	70,086,000	50,092,000	154,912,000	18,625,000	50,637,000	43,261,000	41,317,000	56,489,000	43,191,000	21,027,000	20,233,000	44,893,000	99,450,000	31,768,000	26,231,000	28,399,000	316,769,000	90,002,000	59,860,000	15,748,000	81,817,000	75,039,000	4,520,000	1,754,000	5,978,000	24,180,000	15,567,000	62,534,000	68,926,000	89,569,000	61,983,000	54,961,000	195,252,000	195,271,000	54,263,000	168,931,000
deferred income tax assets	2,668,000	2,797,000	2,317,000	2,167,000	1,774,000	1,931,000	3,495,000	1,657,000	1,767,000	1,754,000	7,165,000	6,980,000	10,889,000	10,490,000	13,614,000	11,152,000	11,152,000	11,152,000	11,496,000	11,486,000	11,610,000	304,000	304,000	47,495,000
other assets	817,000,000	825,529,000	804,519,000	733,902,000	759,968,000	792,663,000	803,354,000	702,986,000	714,014,000	683,410,000	684,195,000	647,319,000	616,747,000	609,823,000	593,404,000	575,577,000	613,091,000	565,069,000	643,253,000	855,786,000	810,760,000	779,475,000	687,404,000	802,160,000	852,795,000	821,844,000	796,909,000	782,386,000	727,477,000	580,102,000	540,295,000	505,475,000	517,283,000	518,364,000	488,258,000	417,511,000	424,436,000	418,502,000	1,712,421,000	1,736,909,000	1,021,389,000	1,175,494,000	943,671,000	1,003,881,000	889,404,000	915,826,000	633,453,000	296,756,000
total assets	27,686,545,000	27,591,945,000	26,925,704,000	26,474,929,000	26,032,295,000	26,186,906,000	25,347,189,000	24,530,229,000	24,672,586,000	24,725,433,000	24,966,609,000	25,070,862,000	23,994,168,000	24,157,840,000	24,300,411,000	24,628,155,000	24,950,107,000	24,717,786,000	25,044,424,000	23,504,314,000	23,552,263,000	24,220,483,000	24,589,388,000	26,617,828,000	24,803,553,000	22,988,911,000	22,668,097,000	22,597,953,000	22,699,134,000	23,493,510,000	23,739,795,000	23,855,758,000	23,919,331,000	23,166,600,000	23,426,264,000	22,093,472,000	22,261,292,000	22,413,977,000	24,275,162,000	24,439,871,000	20,651,165,000	19,790,786,000	19,702,768,000	19,879,358,000	18,796,582,000	18,706,921,000	17,205,770,000	9,634,033,000	5,694,098,000	5,758,021,000	5,800,817,000	5,462,117,000	5,633,825,000	5,616,245,000	5,587,310,000	5,570,861,000	5,593,846,000	5,769,984,000	5,814,848,000
liabilities and equity
liabilities:
senior notes payable and other debt	12,518,493,000	13,011,016,000	12,571,614,000	13,056,312,000	12,701,675,000	13,522,551,000	13,668,871,000	13,175,077,000	13,555,194,000	13,490,896,000	13,388,498,000	13,354,740,000	12,342,506,000	12,296,780,000	12,210,984,000	12,328,140,000	12,413,743,000	12,027,544,000	12,078,835,000	11,761,545,000	11,759,299,000	12,047,919,000	12,530,036,000	14,172,279,000	12,053,184,000	10,256,092,000	10,690,176,000	10,478,455,000	10,402,897,000	11,039,812,000	11,424,145,000	11,907,997,000	11,943,733,000	11,127,326,000	11,252,327,000	10,901,131,000	11,247,730,000	11,268,560,000	11,507,861,000	11,603,925,000	10,469,106,000	9,602,439,000	9,481,051,000	9,413,318,000	8,420,073,000	8,295,908,000	6,313,141,000	5,007,080,000	2,571,368,000	2,900,044,000	2,895,547,000	2,580,849,000	2,698,171,000		2,615,142,000	2,616,304,000	2,942,401,000	3,147,694,000	3,135,350,000
accrued interest payable	113,612,000	143,104,000	113,252,000	130,407,000	106,804,000	143,345,000
operating lease liabilities	207,656,000	208,602,000	216,108,000	217,433,000	219,817,000	218,003,000	215,440,000	213,110,000	202,197,000	194,734,000	197,666,000	200,968,000	189,911,000	190,440,000	191,880,000	194,241,000	195,668,000	197,234,000	199,551,000	205,484,000	206,426,000	247,255,000	248,912,000	250,357,000	249,237,000	233,757,000	214,046,000
accounts payable and other liabilities	1,241,949,000	1,240,820,000	1,226,390,000	1,132,187,000	1,126,242,000	1,152,306,000	1,148,752,000	1,003,078,000	1,020,307,000	1,041,616,000	1,090,028,000	1,069,590,000	1,007,437,000	1,031,689,000	1,063,969,000	1,062,935,000	1,079,596,000	1,090,254,000	1,142,822,000	1,122,171,000	1,109,279,000	1,234,933,000	998,186,000	1,141,309,000	1,194,162,000	1,137,980,000	1,063,707,000	1,134,898,000	1,133,902,000	1,134,570,000	943,800,000	929,573,000	946,674,000	907,928,000	930,103,000	735,287,000	738,327,000	791,430,000	1,026,359,000	1,016,592,000	965,240,000	975,282,000	938,098,000	1,019,166,000	887,314,000	910,692,000	1,128,706,000	401,151,000	203,594,000	207,143,000	202,985,000	181,343,000	183,574,000
liabilities related to assets held for sale	1,529,000	4,032,000	3,708,000	3,442,000	2,374,000	2,726,000	5,252,000	4,988,000	7,605,000	9,243,000	5,098,000	2,959,000	4,412,000	6,492,000	9,491,000	5,871,000	8,411,000	10,850,000	20,518,000	4,568,000	3,853,000	1,987,000	5,773,000	5,007,000	1,531,000	1,216,000	947,000	14,790,000	896,000	60,023,000	9,837,000	9,812,000	1,389,000	1,462,000	77,608,000	88,967,000	12,625,000	65,465,000
deferred income tax liabilities	26,726,000	23,409,000	20,923,000	13,988,000	9,538,000	8,150,000	36,755,000	32,660,000	20,249,000	24,500,000	26,141,000	29,702,000	31,871,000	35,570,000	40,717,000	46,613,000	52,750,000	59,259,000	65,196,000	68,097,000	65,777,000	53,711,000	56,964,000	47,533,000
total liabilities	14,109,965,000	14,630,983,000	14,151,995,000	14,553,769,000	14,166,450,000	15,047,081,000	15,188,823,000	14,551,045,000	14,928,709,000	14,878,392,000	14,827,116,000	14,770,747,000	13,669,680,000	13,671,513,000	13,609,704,000	13,742,219,000	13,843,732,000	13,491,743,000	13,596,935,000	13,267,748,000	13,236,024,000	13,683,633,000	13,957,558,000	15,703,730,000	13,730,852,000	11,889,887,000	12,255,698,000	11,941,642,000	11,871,748,000	12,556,911,000	12,769,738,000	13,231,452,000	13,264,072,000	12,437,119,000	12,646,541,000	12,126,010,000	12,399,024,000	12,545,471,000	12,982,012,000	13,069,661,000	11,864,912,000	10,890,835,000	10,732,731,000	10,743,029,000	9,605,838,000	9,525,808,000	7,782,684,000	5,714,457,000	3,047,651,000	3,367,816,000	3,384,631,000	3,030,703,000	3,170,205,000	3,132,185,000	3,084,998,000	3,058,395,000	3,408,174,000	3,602,379,000	3,598,360,000
redeemable op unitholder and noncontrolling interests	394,578,000	375,154,000	349,951,000	328,699,000	339,729,000	310,229,000	329,688,000	311,468,000	285,044,000	302,636,000	265,374,000	271,671,000	259,886,000	264,650,000	258,795,000	282,542,000	313,685,000	280,283,000	280,344,000	252,662,000	244,619,000	249,143,000	231,920,000	197,701,000	236,792,000	222,662,000	206,386,000	143,242,000	149,817,000	132,555,000	171,813,000	182,154,000	171,384,000	200,728,000	209,278,000	217,686,000	191,739,000	198,832,000	199,404,000	257,246,000	163,080,000	169,292,000	160,115,000	171,921,000	184,217,000	194,302,000
commitments and contingencies
equity:
ventas stockholders’ equity:
preferred stock, 1.00 par value; 10,000 shares authorized, unissued
common stock	121,524,000	118,732,000	116,939,000	113,216,000	112,497,000	109,119,000	104,723,000	103,242,000	101,094,000	100,648,000	100,647,000	100,206,000	100,065,000	99,912,000	99,914,000	99,913,000	99,888,000	99,838,000	99,777,000	93,784,000	93,750,000	93,467,000	93,261,000	93,256,000	93,164,000	92,852,000	89,579,000	89,100,000	89,085,000	89,062,000	89,023,000	89,016,000	88,698,000	88,514,000	88,431,000	85,246,000	84,354,000	83,238,000	82,982,000	82,718,000	73,603,000	73,602,000	73,599,000			73,969,000	72,025,000	47,063,000	40,818,000	39,391,000	39,346,000	39,343,000	39,341,000	39,160,000	39,155,000	39,138,000	35,867,000	35,825,000	35,823,000
capital in excess of par value	20,768,548,000	19,976,183,000	19,695,187,000	18,701,834,000	18,488,381,000	17,607,482,000	16,466,182,000	16,135,972,000	15,756,414,000	15,650,734,000	15,678,031,000	15,584,858,000	15,562,017,000	15,539,777,000	15,533,203,000	15,514,015,000	15,478,467,000	15,498,956,000	15,504,210,000	14,187,577,000	14,186,692,000	14,142,349,000	14,118,119,000	14,135,657,000	14,017,030,000	13,940,117,000	13,160,550,000	13,081,324,000	13,068,399,000	13,080,220,000	13,034,527,000	13,019,023,000	12,944,501,000	12,917,002,000	12,870,566,000	11,961,951,000	11,758,306,000	11,523,312,000	12,708,898,000	12,616,056,000	9,859,490,000	9,849,301,000	9,858,733,000	10,032,285,000	9,996,095,000	9,904,694,000	9,595,495,000	4,254,137,000	2,874,879,000	2,576,843,000	2,587,367,000	2,583,412,000	2,578,577,000	2,573,039,000	2,570,146,000	2,565,933,000	2,267,440,000	2,244,596,000	2,242,345,000
accumulated other comprehensive loss	-38,112,000	-39,851,000	-37,790,000	-33,804,000	-32,070,000	-33,526,000	-38,472,000	-17,409,000	-19,554,000	-35,757,000	-6,182,000	-14,552,000	-40,469,000	-36,800,000	-47,309,000	-56,355,000	-59,296,000	-64,520,000	-67,601,000	-58,290,000	-52,497,000	-65,042,000	-82,761,000	-103,408,000	-59,857,000	-39,671,000	-12,065,000	-7,947,000	-10,861,000	-14,474,000	-40,780,000	-45,035,000	-53,657,000	-57,534,000	-49,614,000	-44,195,000	-19,932,000																			-1,411,000	-18,322,000
retained earnings	-7,726,996,000	-7,527,777,000	-7,369,240,000	-7,208,703,000	-7,057,776,000	-6,886,653,000	-6,748,224,000	-6,577,395,000	-6,410,144,000	-6,213,803,000	-5,941,303,000	-5,688,499,000	-5,611,067,000	-5,449,385,000	-5,223,902,000	-5,044,569,000	-4,821,653,000	-4,679,889,000	-4,459,630,000	-4,340,052,000	-4,257,001,000	-3,972,647,000	-3,816,460,000	-3,491,696,000	-3,384,421,000	-3,173,287,000	-3,088,401,000	-2,709,293,000	-2,529,102,000	-2,413,440,000	-2,351,430,000	-2,688,946,000	-2,564,936,000	-2,487,695,000	-2,420,766,000	-2,313,287,000	-2,208,474,000	-1,992,848,000	-1,772,529,000	-1,660,856,000	-1,398,378,000	-1,294,048,000	-1,218,967,000	-1,021,628,000	-943,384,000	-861,434,000	-439,015,000	-412,694,000	-300,382,000	-255,628,000	-249,047,000	-222,853,000	-196,972,000	-165,710,000	-139,478,000	-109,012,000	-117,124,000	-110,407,000	-95,414,000
treasury stock		-34,000	-43,172,000	-43,155,000	-41,475,000	-25,155,000	-25,115,000	-25,060,000	-24,970,000	-13,764,000	-13,634,000	-13,631,000	-13,555,000	-536,000	-547,000	-408,000			-40,000	-320,000	-789,000	-1,275,000	-947,000	-867,000	-210,000			-345,000	-573,000	-553,000				-47,000	-78,000		-59,000	-3,675,000	-2,048,000	-2,385,000	-2,075,000		-162,000			-223,709,000	-1,980,000		-8,000	-748,000			-467,000	-647,000		-5,000	-53,000	-457,000	-2,000
total ventas stockholders’ equity	13,124,964,000	12,527,253,000	12,361,924,000	11,529,388,000	11,469,557,000	10,771,267,000	9,759,094,000	9,619,350,000	9,402,840,000	9,488,058,000	9,817,559,000	9,968,382,000	9,996,991,000	10,152,968,000	10,361,359,000	10,512,596,000	10,697,406,000	10,854,385,000	11,076,716,000	9,882,699,000	9,970,155,000	10,196,852,000	10,311,212,000	10,632,942,000	10,665,706,000	10,820,011,000	10,149,663,000	10,452,839,000	10,616,948,000	10,740,815,000	10,731,340,000	10,374,058,000	10,414,606,000	10,460,240,000	10,488,539,000	9,689,715,000	9,614,195,000	9,609,435,000	11,027,483,000	11,039,890,000	8,548,796,000						9,245,762,000	3,916,718,000	2,643,404,000	2,386,726,000	2,401,482,000	2,416,408,000	2,445,633,000	2,465,511,000	2,484,903,000	2,494,643,000	2,167,808,000
noncontrolling interests	57,038,000	58,555,000	61,834,000	63,073,000	56,559,000	58,329,000	69,584,000	48,366,000	55,993,000	56,347,000	56,560,000	60,062,000	67,611,000	68,709,000	70,553,000	90,798,000	95,284,000	91,375,000	90,429,000	101,205,000	101,465,000	90,855,000	88,698,000	83,455,000	170,203,000	56,351,000	56,350,000	60,230,000	60,621,000	63,229,000	66,904,000	68,094,000	69,269,000
total equity	13,182,002,000	12,585,808,000	12,423,758,000	11,592,461,000	11,526,116,000	10,829,596,000	9,828,678,000	9,667,716,000	9,458,833,000	9,544,405,000	9,874,119,000	10,028,444,000	10,064,602,000	10,221,677,000	10,431,912,000	10,603,394,000	10,792,690,000	10,945,760,000	11,167,145,000	9,983,904,000	10,071,620,000	10,287,707,000	10,399,910,000	10,716,397,000	10,835,909,000	10,876,362,000	10,206,013,000	10,513,069,000	10,677,569,000	10,804,044,000	10,798,244,000	10,442,152,000	10,483,875,000	10,528,753,000	10,570,445,000	9,749,776,000	9,670,529,000	9,669,674,000	11,093,746,000	11,112,964,000	8,623,173,000	8,730,659,000	8,809,922,000	8,964,408,000	9,006,527,000	8,986,811,000	9,330,269,000	3,919,576,000	2,646,447,000	2,390,205,000	2,416,186,000	2,431,414,000	2,463,620,000	2,484,060,000	2,502,312,000	2,512,466,000	2,185,672,000
total liabilities and equity	27,686,545,000	27,591,945,000	26,925,704,000	26,474,929,000	26,032,295,000	26,186,906,000	25,347,189,000	24,530,229,000	24,672,586,000	24,725,433,000	24,966,609,000	25,070,862,000	23,994,168,000	24,157,840,000	24,300,411,000	24,628,155,000	24,950,107,000	24,717,786,000	25,044,424,000	23,504,314,000	23,552,263,000	24,220,483,000	24,589,388,000	26,617,828,000	24,803,553,000	22,988,911,000	22,668,097,000	22,597,953,000	22,699,134,000	23,493,510,000	23,739,795,000	23,855,758,000	23,919,331,000	23,166,600,000	23,426,264,000	22,093,472,000	22,261,292,000	22,413,977,000	24,275,162,000	24,439,871,000	20,651,165,000	19,790,786,000	19,702,768,000	19,879,358,000	18,796,582,000	18,706,921,000	17,205,770,000	9,634,033,000	5,694,098,000	5,758,021,000	5,800,817,000	5,462,117,000	5,633,825,000	5,616,245,000	5,587,310,000	5,570,861,000	5,593,846,000
accrued interest							113,753,000	122,132,000	123,157,000	117,403,000	119,685,000	112,788,000	93,543,000	110,542,000	92,663,000	104,419,000	93,564,000	106,602,000	90,013,000	105,883,000	91,390,000	97,828,000	117,687,000	87,245,000	85,214,000	111,388,000	81,766,000	76,883,000	93,112,000	77,764,000	95,684,000	87,248,000	78,219,000	83,762,000	70,790,000	80,157,000	66,988,000	67,358,000	77,631,000	77,359,000	69,112,000	56,722,000	61,083,000	62,176,000	50,860,000	58,086,000	65,985,000	26,558,000	34,543,000	19,296,000	33,748,000	16,682,000	35,773,000	17,974,000	35,481,000	16,952,000	42,121,000	21,931,000	46,255,000
deferred income taxes																									147,524,000	149,454,000	205,056,000	236,616,000	240,941,000	244,742,000	296,272,000	296,822,000	294,057,000	316,641,000	315,713,000	320,468,000	333,354,000	352,658,000	370,161,000	371,785,000	361,454,000	256,392,000	252,499,000	248,369,000	247,591,000	261,122,000	274,852,000	279,668,000	238,146,000	241,333,000	252,351,000	251,829,000	252,687,000	253,665,000	254,622,000	255,175,000	255,570,000	257,499,000	256,525,000
noncontrolling interest																																		68,513,000	81,906,000	60,061,000	56,334,000	60,239,000	66,263,000	73,074,000	74,377,000	75,549,000	78,255,000	79,316,000	80,945,000	71,463,000	84,507,000	2,858,000	3,043,000	3,479,000	14,704,000	15,006,000	17,987,000	18,549,000	17,409,000	17,823,000	17,864,000
accumulated other comprehensive income																																						-592,000	10,180,000	4,357,000	16,156,000	26,255,000	18,464,000	21,293,000	19,752,000	21,828,000	19,237,000	28,212,000	28,097,000	26,868,000	23,816,000	16,506,000	25,154,000		15,080,000			-21,089,000	4,835,000
investments in unconsolidated entities																																							85,461,000	95,147,000	88,175,000	89,423,000	90,929,000	91,531,000	93,155,000	94,257,000	119,322,000	14,765,000	15,011,000	15,332,000	16,044,000
deferred financing costs																																							68,284,000	71,386,000	64,898,000	63,399,000	59,726,000	55,242,000	50,821,000	54,079,000	12,424,000	16,129,000	17,141,000	19,533,000	22,739,000	24,891,000	27,964,000	29,252,000	27,804,000	29,569,000	29,935,000	20,598,000	19,292,000
ventas stockholders' equity:
total ventas stockholders' equity																																										8,655,110,000	8,731,667,000	8,885,092,000	8,925,582,000	8,915,348,000
preferred stock, 1.00 par value; 10,000 shares authorized,
unissued
297,328 and 295,565 shares issued at september 30, 2013
and december 31, 2012, respectively																																												74,345,000
2013 and december 31, 2012																																												-221,203,000
296,940 and 295,565 shares issued at june 30, 2013 and
december 31, 2012, respectively																																													74,248,000
secured loans receivable																																														490,107,000	302,264,000
redeemable op unitholder interests																																															92,817,000
land																																																854,055,000	560,086,000	559,072,000	557,880,000	556,469,000	557,370,000	557,276,000	557,123,000	552,712,000	554,286,000	555,015,000	567,474,000
loans receivable																																																634,472,000	130,608,000	149,263,000	164,829,000	140,870,000	147,725,000	131,887,000	125,410,000	125,106,000	130,076,000	123,289,000	113,606,000
other																																																	210,616,000	233,622,000	248,077,000	206,488,000	213,000,000	193,167,000	186,203,000	176,413,000	168,858,000	220,480,000	200,735,000
accumulated depreciation																																																				-1,274,088,000	-1,226,252,000	-1,177,911,000	-1,126,516,000	-1,075,293,000	-1,036,617,000	-987,691,000	-951,523,000
senior notes payable and other debt .																																																						2,670,101,000
deferred revenue .																																																						4,315,000
accounts payable and other accrued liabilities																																																						186,130,000	175,125,000	164,659,000	161,775,000	168,198,000	152,666,000
accumulated other comprehensive income .																																																						19,669,000
deferred revenue																																																							4,628,000	5,305,000	6,307,000	7,057,000	7,564,000
notes receivable-related parties																																																											1,769,000
liabilities and stockholders’ equity
minority interest																																																										19,137,000	28,901,000
stockholders’ equity:
total stockholders’ equity																																																										2,148,468,000	2,187,587,000
total liabilities and stockholders’ equity																																																										5,769,984,000	5,814,848,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-09-30	2020-06-30	2020-03-31	2019-09-30	2019-06-30	2019-03-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-09-30	2015-06-30	2015-03-31	2014-09-30	2014-06-30	2014-03-31	2013-09-30	2013-06-30	2013-03-31	2011-09-30	2011-06-30	2011-03-31	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31

cash flows from operating activities:
net income	59,046,000	72,992,000	68,708,000	71,462,000	48,356,000	58,727,000	20,996,000	21,168,000	-12,540,000	-84,716,000	-69,559,000	105,066,000	18,912,000	-43,384,000	3,063,000	-41,202,000	40,592,000	-39,105,000	62,774,000	88,288,000	-55,398,000	13,737,000	-159,235,000	474,730,000	86,918,000	211,898,000	127,588,000	103,281,000	169,300,000	80,098,000	615,191,000	152,968,000	199,148,000	208,832,000	150,184,000	143,440,000	149,034,000	23,005,000	150,350,000	120,807,000	109,701,000	138,566,000	121,274,000	118,599,000	114,533,000	113,098,000	101,984,000	19,734,000	49,046,000	58,965,000	53,168,000	54,778,000	50,430,000	89,183,000	74,969,000	58,475,000
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	382,468,000	352,723,000	357,173,000	347,719,000	321,525,000	308,772,000	304,268,000	339,848,000	300,255,000	435,276,000	370,377,000	304,689,000	282,119,000	324,178,000	301,481,000	283,075,000	289,064,000	318,959,000	313,596,000	250,700,000	314,148,000	249,366,000	349,594,000	248,837,000	234,603,000	226,187,000	235,920,000	218,579,000	223,634,000	233,150,000	213,407,000	224,108,000	217,783,000	232,189,000	208,387,000	221,961,000	236,387,000	240,210,000	249,207,000	247,453,000	201,236,000	192,064,000	193,876,000	188,393,000	193,989,000	186,943,000	161,027,000	80,755,000	51,759,000	50,185,000	52,537,000	52,092,000	50,345,000	48,909,000	49,908,000	54,974,000
amortization of deferred revenue and lease intangibles	-4,598,000	-8,238,000	-11,648,000	-9,801,000	-9,563,000	-13,048,000	-13,782,000	-13,767,000	-13,645,000	-15,061,000	-14,951,000	-14,679,000	-14,913,000	-15,081,000	-14,971,000	-16,090,000	-17,401,000	-17,175,000	-40,069,000	-16,785,000	-14,766,000	-19,009,000	-3,361,000	-2,973,000	-339,000	-3,299,000	-2,846,000	-2,164,000	-19,972,000	-3,865,000	-5,434,000	-5,834,000	-5,015,000	-5,029,000	-5,217,000	-5,053,000	-5,037,000	-5,682,000	-7,027,000	-6,603,000	-4,896,000	-4,496,000	-5,383,000	-4,156,000	-3,693,000	-3,310,000	-10,121,000	-3,534,000	-1,799,000	-1,394,000	-1,549,000	-1,518,000	-1,564,000	-1,729,000	-1,858,000	-2,142,000
other non-cash amortization	9,367,000	9,844,000	8,425,000	6,696,000	7,363,000	7,796,000	7,495,000	7,554,000	7,298,000	6,917,000	6,530,000	4,815,000	4,154,000	3,474,000	3,071,000	3,303,000	3,109,000	3,023,000	4,567,000	4,847,000	5,272,000	5,558,000	5,802,000	3,851,000	5,323,000	5,456,000	6,131,000	4,877,000	4,873,000	3,777,000	4,602,000	4,124,000	2,460,000	3,183,000	2,487,000	2,241,000	2,446,000	2,142,000	1,428,000	-519,000	2,312,000	-963,000	-1,965,000	-3,975,000	-4,072,000	-5,329,000
stock-based compensation	24,842,000	6,318,000	5,905,000	7,683,000	18,827,000	4,647,000	4,268,000	5,792,000	16,284,000	5,689,000	4,909,000	5,329,000	15,060,000	1,929,000	6,185,000	6,805,000	15,796,000	5,801,000	4,700,000	5,393,000	16,072,000	5,765,000	1,043,000	10,514,000	8,195,000	10,070,000	8,405,000	6,488,000	7,149,000	7,124,000	6,527,000	6,695,000	6,701,000	5,073,000	5,848,000	5,008,000	5,029,000	4,869,000	4,885,000	6,307,000	5,381,000	5,367,000	6,044,000	4,210,000	5,138,000	5,662,000	5,228,000	4,352,000	4,016,000	3,057,000	3,032,000	2,667,000	3,078,000	3,078,000	3,059,000	2,160,000
straight-lining of rental income	-6,656,000	-10,068,000	-26,237,000	-8,200,000	-4,347,000	1,375,000	-1,119,000	-2,738,000	-2,612,000	-3,172,000	-2,541,000	-1,439,000	-445,000	-963,000	-2,572,000	-3,718,000	-3,841,000	-4,302,000	-2,999,000	-3,304,000	-3,863,000	15,635,000	98,287,000	-6,788,000	-8,680,000	-8,511,000	-8,489,000	-8,102,000	31,707,000	-3,622,000	-6,229,000	-5,778,000	-5,377,000	-6,602,000	-5,960,000	-5,581,000	-9,845,000	-8,357,000	-8,082,000	-8,679,000	-12,413,000	-9,317,000	-7,914,000	-6,835,000	-6,465,000	-7,865,000	-5,505,000	-1,977,000	-1,772,000	-2,526,000	-2,449,000	-2,918,000	-2,971,000	-3,052,000	-2,938,000	-3,437,000
loss on extinguishment of debt	449,000	53,000				15,000	0	420,000	252,000	85,000	612,000			0	574,000			2,491,000	29,792,000	-74,000	27,090,000				37,434,000	4,022,000	405,000	39,527,000	-93,000	10,977,000	511,000	36,000	309,000	-386,000			314,000										8,685,000	6,000	16,520,000
gain on real estate dispositions	-15,046,000	-3,311,000	-1,283,000	-33,816,000	-169,000	-6,727,000	-271,000	-49,670,000	-341,000	-39,802,000	-10,711,000	-1,405,000	-10,201,000	-5,223,000	-136,000	34,000	-2,455,000	-24,705,000	-150,292,000	-41,258,000	-2,533,000	-12,622,000	-1,254,000	-226,225,000	-36,000	-19,150,000	-5,447,000	-18,000	-35,827,000	-48,000	-458,280,000	-719,000	-43,289,000	-66,424,000	144,000	-5,739,000	-26,184,000	-217,000	-7,746,000	-6,686,000	-3,584,000	-11,705,000	-2,437,000	-46,000	-1,718,000	-477,000
gain on real estate loan investments	-13,000																	558,000	-1,932,000	0	-74,000	0	0	-167,000				0			-120,000			0	-2,238,000												0
income tax benefit	-19,237,000			749,000	-13,781,000				-4,696,000	3,961,000	-3,417,000	-11,514,000	-4,299,000									-4,575,000	55,146,000	-150,273,000	946,000	-59,480,000	-1,715,000	-8,147,000	-1,642,000	-3,675,000	-8,515,000	-2,959,000	-4,145,000	-3,395,000	-9,389,000	-12,287,000	-9,156,000															-367,000	-410,000	-395,000	-547,000	-1,720,000
loss from unconsolidated entities	7,350,000		-16,644,000	1,138,000	3,311,000		-4,629,000	1,652,000	8,383,000							1,053,000	4,269,000	2,306,000	-2,767,000	-4,762,000	250,000	-865,000	5,858,000	10,876,000			946,000	716,000					-123,000	-2,207,000
distributions from unconsolidated entities	4,360,000	7,292,000	6,723,000	9,935,000	5,091,000	4,659,000	3,576,000	5,487,000	4,576,000	3,170,000	3,271,000	4,210,000	5,472,000	4,380,000	4,748,000	6,363,000	4,356,000	9,860,000	2,986,000	2,583,000	3,897,000	1,360,000	0	1,600,000	100,000	100,000	1,200,000	100,000	1,245,000	1,389,000	775,000	754,000	2,380,000	2,024,000	1,701,000	1,884,000	1,989,000
other	-1,561,000	3,246,000	11,169,000	1,475,000	-4,227,000	25,081,000	552,000	5,551,000	-5,422,000	-28,726,000	-1,498,000	-15,805,000	1,526,000	16,067,000	11,294,000	49,452,000	-24,324,000	27,234,000	34,011,000	-20,462,000	-14,379,000	2,859,000	8,951,000	3,805,000	4,145,000	2,808,000	2,283,000	-734,000	1,214,000	-90,000	6,091,000	696,000	652,000	-772,000	-1,799,000	-375,000	1,099,000	5,859,000	15,107,000	2,860,000	7,105,000	3,418,000	3,076,000	2,261,000	992,000	2,880,000	1,315,000	291,000	398,000	-291,000	53,000	-178,000	101,000	-171,000	157,000	531,000
changes in operating assets and liabilities:
decrease in other assets	10,669,000			15,369,000	36,154,000																						-13,704,000		7,513,000	5,263,000	-47,532,000			3,807,000						4,615,000														-262,000	1,688,000
decrease in accrued interest payable	-29,201,000
decrease in accounts payable and other liabilities	-27,632,000			42,308,000	-50,882,000			42,000	-11,533,000												-4,390,000							16,542,000	5,036,000	-46,683,000	20,601,000	-15,607,000	-24,271,000			8,082,000	-54,237,000		6,097,000	-23,600,000	21,256,000	-7,791,000	-38,070,000	35,277,000	5,921,000	-61,868,000				523,000	-5,514,000			3,940,000	-5,381,000
net cash from operating activities	394,607,000	471,663,000	378,581,000	475,338,000	321,144,000	373,641,000	353,664,000	335,872,000	266,448,000	279,084,000	286,145,000	311,827,000	242,817,000	267,253,000	300,278,000	278,079,000	274,553,000	265,801,000	231,459,000	291,263,000	237,593,000	434,402,000	405,559,000	314,452,000	354,329,000	393,099,000	336,120,000	307,286,000	402,317,000	308,019,000	348,983,000	401,525,000	335,731,000	366,187,000	344,795,000	383,584,000	272,891,000	304,321,000	373,555,000	344,169,000	324,270,000	311,281,000	284,421,000	327,741,000	277,383,000	230,305,000	257,601,000	55,531,000	130,769,000	92,156,000	115,561,000	98,904,000	128,055,000	83,000,000	112,142,000	67,699,000
cash flows from investing activities:
net investment in real estate property	-971,504,000	-308,520,000	-1,024,522,000	-193,458,000	-767,269,000	-1,406,909,000	-193,804,000	-289,152,000	-36,092,000	-1,841,000	-3,648,000			-7,329,000	-51,004,000	-44,503,000	-343,792,000	-265,842,000	-1,103,000,000	0	-210,000	-156,000	2,070,000	-79,539,000	-731,766,000	-194,942,000	-13,097,000	-23,543,000	-807,000	-11,450,000	-22,625,000	-40,655,000	-198,843,000	-7,520,000	-1,387,139,000	-20,833,000	-13,620,000	-1,303,078,000	-181,371,000	-1,072,539,000	-912,510,000	-89,660,000	-181,866,000	-1,075,144,000	-227,447,000	-56,175,000	-80,223,000			-11,055,000	-11,860,000	-21,987,000	-4,370,000	-10,971,000	-8,387,000	-6,514,000
investment in loans receivable	-115,000	-69,000	-285,000	-119,000	-462,000	-4,668,000	-108,848,000	-6,615,000	-5,232,000	-1,867,000	-294,000	-300,000	-289,000	-25,363,000	-112,000	-108,000	-5,117,000	-105,000	-101,000	-97,000	-186,000	-45,857,000	-66,239,000	-1,051,000	-750,429,000	-502,891,000	-4,257,000																			-2,789,000	-6,934,000			0	-15,796,000	-6,430,000	0	0	-7,373,000	-10,000,000
proceeds from real estate disposals	47,055,000	54,392,000	9,755,000	135,764,000	13,250,000	53,698,000	37,305,000	198,075,000	40,016,000	232,238,000	102,891,000	17,988,000	46,417,000	100,445,000	6,310,000	47,000	6,124,000	343,135,000	381,453,000	107,767,000	8,083,000	54,800,000	2,365,000	625,439,000	3,150,000	56,854,000	17,551,000	19,000,000	136,873,000	175,370,000	512,567,000			237,000,000	0	9,350,000	54,211,000	136,442,000	106,850,000	166,341,000	60,396,000	26,200,000	26,150,000	4,901,000	13,040,000	11,250,000				22,275,000	754,000	-38,019,000	1,188,000	0	95,373,000	45,804,000
proceeds from loans receivable	6,821,000	39,383,000	1,584,000	4,978,000	2,870,000	374,000	5,912,000	316,000	268,000	594,000	214,000	-532,000	44,354,000	198,000	205,000	310,000	177,000	45,391,000	266,225,000	20,056,000	16,419,000	191,000	7,658,000	99,117,000	719,026,000	288,382,000	1,275,000	216,000	723,003,000	143,094,000	59,294,000	21,704,000	3,363,000	126,019,000	186,419,000	6,019,000	1,625,000	13,634,000	1,219,000	92,056,000	49,593,000	4,817,000	1,163,000	81,113,000	71,649,000	146,394,000	6,571,000	112,413,000	19,950,000	131,000	1,192,000	120,000	207,000	6,051,000	1,650,000	13,000
development project expenditures	-72,440,000	-96,340,000	-58,874,000	-67,170,000	-58,368,000	-82,668,000	-74,736,000	-80,091,000	-84,737,000	-143,951,000	-94,830,000	-75,730,000	-69,079,000	-104,951,000	-45,110,000	-44,287,000	-37,591,000	-43,045,000	-73,755,000	-72,296,000	-58,598,000	-129,569,000	-86,169,000	-94,229,000	-115,619,000	-64,574,000	-49,652,000	-74,666,000	-81,793,000	-73,889,000	-67,154,000	-56,817,000	-86,452,000	-49,249,000	-24,719,000	-34,912,000	-34,767,000	-27,828,000	-29,163,000	-33,467,000	-26,952,000	-20,475,000	-23,948,000	-26,423,000	-26,696,000	-21,588,000
capital expenditures	-72,965,000	-137,711,000	-92,175,000	-75,071,000	-58,906,000	-87,579,000	-72,127,000	-72,521,000	-49,387,000	-99,046,000	-64,098,000	-52,694,000	-43,577,000	-67,369,000	-63,757,000	-54,276,000	-36,728,000	-65,964,000	-45,189,000	-44,448,000	-29,674,000	-40,888,000	-26,730,000	-26,789,000	-41,406,000	-36,426,000	-21,955,000	-30,996,000	-21,412,000	-20,617,000	-27,435,000	-32,117,000	-23,835,000	-42,160,000	-28,371,000	-23,204,000	-23,721,000	-32,383,000	-22,258,000	-21,171,000	-20,709,000	-19,392,000	-16,134,000	-18,175,000	-12,664,000	-19,795,000	-9,422,000	-11,273,000	-7,963,000	-2,783,000	-4,295,000	-6,614,000	-3,156,000	-158,000	-3,870,000	-4,185,000
free cash flows	321,642,000	333,952,000	286,406,000	400,267,000	262,238,000	286,062,000	281,537,000	263,351,000	217,061,000	180,038,000	222,047,000	259,133,000	199,240,000	199,884,000	236,521,000	223,803,000	237,825,000	199,837,000	186,270,000	246,815,000	207,919,000	393,514,000	378,829,000	287,663,000	312,923,000	356,673,000	314,165,000	276,290,000	380,905,000	287,402,000	321,548,000	369,408,000	311,896,000	324,027,000	316,424,000	360,380,000	249,170,000	271,938,000	351,297,000	322,998,000	303,561,000	291,889,000	268,287,000	309,566,000	264,719,000	210,510,000	248,179,000	44,258,000	122,806,000	89,373,000	111,266,000	92,290,000	124,899,000	82,842,000	108,272,000	63,514,000
investment in unconsolidated entities	-5,913,000	-15,628,000	-15,302,000	-9,927,000	-14,928,000	-14,294,000	-26,434,000	-17,890,000	-11,179,000	-32,533,000	-33,742,000	-28,455,000	-35,792,000	-33,250,000	-17,316,000	-9,296,000	-23,790,000	-22,151,000	-38,829,000	-29,859,000	-38,452,000	33,000	-2,056,000	-5,809,000	-777,000	-247,000	-687,000	-5,073,000	-932,000	-39,101,000	-3,351,000
insurance proceeds for property damage claims	556,000	2,071,000	2,287,000	583,000	69,000	19,000	689,000	1,078,000	1,756,000	3,130,000	5,056,000	7,704,000	1,686,000	3,722,000	2,064,000	4,527,000	3,391,000	784,000	111,000	384,000	6,000	-9,000	0	42,000	3,518,000	13,941,000	2,998,000	3,998,000	802,000	1,527,000
net cash from investing activities	-1,068,505,000	-428,722,000	-1,177,532,000	-204,420,000	-883,744,000	-1,536,214,000	-429,488,000	-266,800,000	-144,587,000	-43,276,000	-13,781,000	-71,327,000	-56,280,000	-133,897,000	-166,061,000	-121,934,000	-437,326,000	-7,797,000	-595,238,000	-18,493,000	-102,612,000	-161,455,000	-169,101,000	517,181,000	-914,152,000	-439,903,000	-67,824,000	-60,961,000	555,353,000	170,553,000	441,312,000	-117,298,000	-1,034,065,000	260,143,000	-1,258,219,000	-69,816,000	-166,751,000	-1,257,818,000	-88,217,000	-908,530,000	-850,737,000	-167,083,000	-218,350,000	-1,034,511,000	-203,063,000	59,473,000	-98,318,000	-776,287,000	31,681,000	8,568,000	-30,005,000	-67,930,000	-6,131,000	-5,078,000	77,393,000	26,888,000
cash flows from financing activities:
net change in borrowings under revolving credit facilities		0	-1,346,000	1,128,000	-6,550,000	-952,000	4,619,000	-5,062,000	-5,708,000	-18,579,000	-2,124,000	-6,047,000	14,340,000	-7,737,000	-11,620,000	2,045,000	-9,867,000	18,666,000	-39,934,000	-109,275,000	5,144,000	-539,560,000	-2,296,737,000	2,762,153,000	785,228,000	194,224,000	-700,775,000	239,018,000	-471,569,000	273,843,000																	334,500,000	131,500,000	-32,000,000	88,191,000	29,089,000	-1,417,000	-1,528,000	-202,882,000	-87,046,000	245,582,000
net change in borrowings under commercial paper program	64,993,000				242,969,000					0	-134,940,000	-289,578,000	22,164,000	25,348,000	41,882,000	-301,490,000	356,674,000	-90,014,000	199,959,000	-44,994,000	214,978,000	0	0	-565,524,000	34,698,000	75,312,000	194,498,000
proceeds from debt	289,501,000	523,647,000	19,651,000	557,519,000	29,680,000	107,985,000	589,110,000	660,847,000	555,489,000	123,413,000	655,537,000	1,404,632,000	343,900,000	68,854,000	182,012,000	636,886,000	70,029,000	619,419,000	646,593,000	237,129,000	31,157,000	17,024,000	557,774,000	82,759,000	1,493,643,000	6,343,000	706,591,000	1,662,104,000	11,797,000	738,519,000	29,928,000	231,295,000	797,214,000	16,601,000	460,400,000	416,072,000	145,000	1,403,090,000	15,138,000	1,092,833,000	1,311,046,000			848,389,000	1,584,000	916,871,000	253,642,000	689,481,000	14,630,000	500,000	196,000	61,480,000	3,087,000	291,914,000	9,201,000	129,903,000
repayment of debt	-810,684,000	-128,111,000	-442,070,000	-118,870,000	-1,090,710,000	-81,447,000	-133,997,000	-986,562,000	-419,310,000	-82,129,000	-401,891,000	-1,145,236,000	-343,876,000		-119,211,000	-329,395,000	-65,000,000		-933,085,000	-120,901,000	-445,050,000	-16,227,000	-48,328,000	-62,973,000	-1,459,074,000	-734,491,000	-262,570,000	-1,862,217,000	-214,769,000	-1,217,118,000	-568,989,000	-636,040,000	-20,496,000	-105,608,000	-176,168,000	-589,028,000	-151,309,000	-1,050,628,000	-253,795,000	-24,647,000	-632,391,000	-204,953,000	-67,773,000	-155,014,000	-49,725,000	-635,793,000	-557,616,000	-6,358,000	-331,069,000	-207,364,000	-7,807,000	30,117,000	-13,515,000	-428,659,000	-113,116,000	-333,750,000
payment of deferred financing costs	-7,306,000	-4,928,000	-652,000	-8,733,000	-175,000	-1,194,000	-5,537,000	-23,864,000	-5,283,000	-2,612,000	-11,869,000	-23,329,000	-4,027,000	-1,160,000	-3,538,000	-3,699,000	-427,000	-3,558,000	-5,832,000	-433,000	-17,343,000	-15,000	-5,586,000	-1,963,000	-11,030,000	0	-6,837,000	-10,235,000	-30,000	-6,318,000	-6,739,000	-13,303,000	-6,384,000	-408,000	-2,303,000	-3,768,000	-76,000	-9,285,000	-173,000	-14,435,000	-8,100,000	-6,679,000	-167,000	-6,980,000	811,000	-13,808,000	-535,000	-1,049,000	-314,000	-727,000	-1,113,000	-3,233,000	0	-3,855,000	-9,567,000	-3,202,000
issuance of common stock	799,299,000	279,460,000	999,478,000	188,286,000	876,463,000	1,114,306,000	358,764,000	414,367,000	77,430,000	0	83,448,000							0	603,188,000	3,175,000	11,075,000				76,217,000	767,655,000	98,378,000				0			20,978,000	887,963,000	228,108,000	149,631,000	65,651,000	66,840,000	285,327,000				23,618,000	77,334,000	5,050,000	42,000	-42,000	299,926,000			0	0			0
cash distributions to common stockholders	-230,188,000		-218,387,000	-216,964,000	-199,025,000
cash distributions to redeemable op unitholders	-1,603,000		-1,613,000	-1,624,000	-1,503,000
cash issued for redemption of op units	-2,844,000	-206,000	-408,000	-1,347,000	-337,000	-329,000	0	-1,023,000	-1,064,000	-287,000	-190,000	0	-655,000	-1,159,000				0	-34,000	-37,000	-25,000	-5,000	0	-570,000
contributions from noncontrolling interests	15,000	0	0	0	80,000	57,000	66,000	46,000	3,534,000	9,054,000	3,208,000	5,006,000	2,973,000	5,320,000	12,000	20,000	19,000	1,696,000	5,000	25,000	5,000	792,000	191,000	155,000	1,365,000	2,371,000	1,223,000				2,175,000	125,000	2,102,000
distributions to noncontrolling interests	-3,666,000	-5,086,000	-5,232,000	-3,343,000	-2,743,000	-8,160,000	-4,173,000	-5,494,000	-4,473,000	-11,162,000	-3,479,000	-14,822,000	-2,566,000	-5,173,000	-19,279,000	-3,890,000	-3,983,000	-1,792,000	-3,197,000	-5,935,000	-2,653,000	-3,373,000	-3,750,000	-2,543,000	-2,300,000	-1,480,000	-2,623,000	-2,160,000	-4,469,000	-3,339,000	-5,092,000	-1,746,000	-2,410,000
proceeds from stock option exercises	13,275,000	65,212,000	19,527,000	6,358,000	19,766,000	15,569,000				0	0	0	1,736,000	0	0	2,897,000	5,794,000	2,501,000	847,000	2,715,000	2,106,000	0	129,000	3,389,000	8,396,000
net cash from financing activities	89,963,000	499,856,000	366,071,000	156,966,000	-149,136,000	956,201,000	624,446,000	-140,251,000	4,824,000	-165,455,000	9,791,000	-225,978,000	-162,107,000	-158,972,000	-112,010,000	-178,328,000	165,382,000	-258,854,000	286,461,000	-209,006,000	-377,067,000	-674,471,000	-2,094,528,000	1,911,300,000	629,935,000	44,895,000	-259,763,000	-255,829,000	-962,743,000	-503,248,000	-805,871,000	-275,458,000	503,075,000	-428,493,000	945,667,000	-307,872,000	-107,580,000	958,532,000	-345,435,000	629,545,000	500,079,000	-116,401,000	-101,657,000	698,991,000	-69,549,000	-299,947,000	-128,305,000	705,551,000	-142,456,000	-204,764,000	-61,071,000	5,529,000	-97,824,000	-127,460,000	-270,425,000	-34,700,000
net decrease in cash, cash equivalents and restricted cash	-583,935,000																											-9,504,000	-5,073,000	-24,676,000
effect of foreign currency translation	-912,000	789,000	-1,326,000	2,910,000	466,000	-2,092,000	1,791,000	-1,946,000	-1,738,000	1,363,000	-756,000	544,000	106,000	723,000	-2,600,000	-1,233,000	241,000	925,000	-928,000	792,000	658,000	878,000	947,000	-2,776,000	188,000	-26,000	234,000	-52,000	-406,000	5,000
cash, cash equivalents and restricted cash at beginning of period	786,137,000		0	0	957,233,000		0	0	563,462,000		0	0	170,745,000		0	0	196,597,000		0	0	451,640,000	0	0	146,102,000	0	0	131,464,000	0	0	188,253,000
cash, cash equivalents and restricted cash at end of period	201,290,000		-434,206,000	430,794,000	245,963,000		550,413,000	-73,125,000	688,409,000		281,399,000	15,066,000	195,281,000		19,607,000	-23,416,000	199,447,000		-78,246,000	64,556,000	210,212,000	-400,646,000	-1,857,123,000	2,886,259,000	70,300,000	-1,935,000	140,231,000	-9,556,000	-5,479,000	163,582,000
(reversal of) allowance on loans receivable and investments
income from unconsolidated entities																															-750,000						198,000											83,000	170,000
gain on foreclosure of real estate										0	0
increase in other assets		-16,168,000				5,041,000	-105,881,000	9,316,000	-25,839,000	6,894,000	-37,998,000	-456,000	-16,885,000	536,000	-20,811,000	-14,445,000	-18,177,000	-5,520,000	-23,433,000	-20,518,000	-5,100,000	-55,765,000	1,305,000	-13,768,000	-14,894,000								-3,714,000				-4,835,000							-11,717,000	-5,956,000	-10,459,000	-17,069,000	-8,400,000	-1,540,000	-1,402,000	-3,772,000	2,763,000				-2,247,000
increase in accrued interest payable				22,621,000	-36,514,000
increase in accounts payable and other liabilities		21,763,000				-326,000				-15,719,000	28,782,000	-1,232,000	-18,236,000	-20,044,000	26,926,000	-2,310,000	2,625,000	-24,175,000	15,121,000			240,642,000	-16,358,000	-16,535,000	28,775,000	21,792,000	3,490,000																						389,000			7,328,000				-740,000
proceeds from sale of interest in unconsolidated entities										0	0
net cash assumed in foreclosure of real estate										0	0
purchase of noncontrolling interests		0				0	-64,000			0	0	0	-110,000	0	0	0	-170,000	-12,739,000										0			0	0	-15,809,000
cash distribution to common stockholders						-188,957,000	-186,206,000	-182,309,000	-182,854,000	-181,323,000	-180,533,000	-180,281,000	-181,422,000	-180,114,000	-180,107,000	-180,077,000	-180,021,000	-179,916,000	-169,134,000	-169,075,000	-168,763,000	-168,078,000	-295,981,000	-296,304,000	-294,647,000	-284,268,000	-282,874,000	-281,853,000	-281,760,000	-281,635,000	-276,320,000	-275,597,000	-275,368,000	-274,566,000	-256,931,000	-247,975,000	-245,496,000	-243,171,000	-261,494,000	-254,910,000	-213,462,000	-213,479,000	-213,473,000	-196,540,000	-196,530,000	-195,700,000	-152,983,000	-108,211,000	-93,738,000	-83,948,000	-83,881,000	-80,313,000	-80,271,000	-80,269,000	-73,546,000	-73,468,000
cash distribution to redeemable op unitholders						-1,923,000	-1,485,000	-1,505,000	-1,555,000	-1,549,000	-1,553,000	-1,550,000	-1,539,000	-1,560,000	-1,660,000	-1,538,000	-1,534,000	-1,361,000	-2,236,000	-1,322,000	-1,842,000	-1,326,000	-2,303,000	-2,325,000	-2,331,000	-2,335,000	-2,216,000	-1,850,000	-1,886,000	-1,858,000	-1,957,000	-1,827,000	-1,893,000	-2,154,000	-2,049,000	-2,114,000	-2,323,000	-8,079,000	-2,332,000	-2,365,000	-1,452,000	-1,360,000	-1,402,000	-1,166,000	-1,162,000	-1,151,000
net increase in cash, cash equivalents and restricted cash		542,797,000	-432,880,000	427,884,000	-711,736,000	-206,372,000	548,622,000	-71,179,000	126,685,000	70,353,000	282,155,000	14,522,000	24,430,000	-25,616,000			2,609,000	-850,000	-77,318,000	63,764,000	-242,086,000	-401,524,000	-1,858,070,000	2,742,933,000	70,112,000	-1,909,000	8,533,000
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
recovery of allowance on loans receivable and investments
income tax expense							1,157,000								-5,777,000	-5,379,000	-5,805,000		2,146,000	2,007,000	503,000																				-1,987,000	2,974,000	3,433,000			1,744,000				409,000	286,000
increase in accrued interest							-8,696,000	-815,000	6,096,000	-2,523,000																		-16,004,000			8,138,000			12,657,000	-9,284,000	13,542,000	-14,311,000	-9,770,000	316,000	15,792,000	12,461,000	-4,379,000	6,753,000	11,309,000	-7,215,000	10,530,000	15,133,000	-11,245,000	15,253,000		17,799,000	-17,507,000			20,190,000	-24,324,000
allowance on loans receivable and investments								-42,000	-68,000	-75,000	-66,000	-12,065,000	-8,064,000	19,936,000	-63,000	-62,000	-54,000	-61,000	-60,000	-59,000	-8,902,000	4,999,000
gain and other from unconsolidated entities
loss and other from unconsolidated entities											5,106,000	-31,241,000	5,623,000
decrease in accrued interest												13,482,000	-17,006,000		-10,764,000	11,193,000	-13,201,000				-20,234,000			-23,032,000			-18,047,000			-16,524,000			-4,741,000
income and other from unconsolidated entities
repayments of debt
loss on real estate loan investments																														9,000
gain on re-measurement of equity interest upon acquisition																															0	0	-3,027,000											0	0	-1,241,000
cash issued for redemption of op and class c units																												-395,000	-320,000	-655,000
investment in loans receivable and other																													-207,173,000	-4,381,000	-15,800,000	-16,875,000	-701,358,000	-3,686,000	-2,499,000	-6,236,000	-146,214,000	-18,727,000	-16,086,000	-39,573,000	-21,948,000	-43,296,000	-1,192,000	-2,385,000
loss (income) from unconsolidated entities																														40,739,000									-9,000	251,000				-111,000	506,000	312,000
net change in borrowings under revolving credit facility																															20,282,000													188,340,000	94,990,000	-375,916,000
net increase in cash and cash equivalents																															-15,576,000			197,837,000	32,243,000	5,896,000	-1,440,000	5,035,000	-60,097,000	65,184,000				-7,779,000	4,771,000	-10,169,000	30,978,000	-15,205,000	19,994,000		24,485,000	36,503,000	24,100,000	-49,538,000	-80,890,000	59,887,000
effect of foreign currency translation on cash and cash equivalents																															-2,714,000	3,300,000	-164,000	-409,000	-286,000	-275,000	118,000	-336,000	404,000	-307,000	4,348,000	-953,000	561,000	30,000	-40,000	-49,000	-198,000	8,000	93,000	-895,000	847,000	5,000	266,000	255,000	-116,000	1,002,000
cash and cash equivalents at beginning of period																															0	0	286,707,000	0	0	0	53,023,000	0	0	55,348,000	0	0	94,816,000	0	0	67,908,000	0	0	21,812,000	0	107,397,000		0	0	176,812,000
cash and cash equivalents at end of period																															-18,290,000	12,069,000	91,284,000	197,428,000	31,957,000	5,621,000	51,701,000	4,699,000	-59,693,000	120,225,000	-22,040,000	26,844,000	59,791,000	-7,749,000	4,731,000	57,690,000	30,780,000	-15,197,000	41,899,000	-104,935,000	132,729,000		24,366,000	-49,283,000	95,806,000
investment in unconsolidated operating entity																																	-14,850,000
net change in borrowings under credit facility																																	22,822,000		22,424,000	-113,136,000	137,440,000	-469,072,000	131,563,000	-452,897,000
net decrease in cash and cash equivalents																																	-195,259,000								-26,388,000	27,797,000	-35,586,000
gain on sale of marketable securities																																						0									0	0	-733,000
purchase of marketable securities																																									0
proceeds from sale or maturity of marketable securities																																						19,575,000						0
funds held in escrow for future development expenditures																																						0	0	4,003,000	0	0	2,602,000	3,373,000	6,376,000	5,440,000
contributions to unconsolidated entities
net change in borrowings under credit facilities																																									46,267,000	-381,705,000	181,754,000
net cash impact of ccp spin-off
proceeds from debt related to ccp spin-off
purchase of noncontrolling interest																																		-1,242,000	0			-3,000	-1,156,000	-2,660,000	0			-1,771,000	-2,938,000	-3,186,000	0	0	-3,319,000
purchases of redeemable op units																																						0	-32,619,000	-569,000				-109,000	-100,000	-108,000
contributions from noncontrolling interest																																		1,400,000	246,000									0						368,000	265,000	576,000	329,000
distributions to noncontrolling interest																																		-1,758,000	-1,539,000	-1,839,000	-1,743,000	-1,783,000	-7,645,000	-1,822,000	-1,852,000	-2,671,000	-2,237,000	-2,569,000	-3,595,000	-1,450,000	-1,381,000	-267,000	-349,000	-2,288,000	-1,989,000	-2,373,000	-2,472,000
gain on sale of marketable debt securities																																												0
gain on extinguishment of debt																																								21,000	2,414,000	2,924,000	-259,000									0	0	5,922,000	158,000
(income) income from unconsolidated entities																																									47,000	-348,000	-248,000
decrease (increase) in other assets																																										4,967,000	6,241,000
(gain) loss on extinguishment of debt																																												-189,000
income tax (benefit) expense																																							-10,390,000	-7,850,000								-6,207,000	-3,197,000
purchase of marketable debt securities																																											-25,000,000													0
(gain) loss on real estate loan investments																																												-2,499,000	-759,000	-340,000
income tax
change in fair value of financial instruments																																														25,000
net gain on sale of real estate assets																																																		-5,041,000	-184,000		-120,000	-39,020,000	-27,871,000
proceeds from sale of marketable securities																																															0	0	23,050,000
supplemental schedule of non-cash activities:
assets and liabilities assumed from acquisitions:
real estate investments																																															7,893,696,000			0	496,000	59,326,000	148,000	0	8,307,000	-4,611,000
other assets acquired																																															320,957,000			0	-355,000
debt assumed																																															1,886,585,000									0
other liabilities																																															791,160,000			0	141,000	1,948,000	0	0	-1,886,000	-3,234,000
deferred income tax liability
redeemable op unitholder interests
noncontrolling interests
equity issued																																															5,356,974,000
other amortization expenses																																																930,000	2,436,000	2,213,000	2,154,000	2,058,000	1,921,000	1,766,000	608,000	-569,000
capital lease non-cash interest
change in fair value of interest rate swaps
deferred taxes
gain on sale of real estate loan investments																																																	-177,000
reversal of contingent liability																																																								0
benefit from loan losses																																																								0
proceeds from sale of investments
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
supplemental disclosure of cash flow information:
interest paid including swap payments and receipts
utilization of escrow funds held for an internal revenue code section 1031 exchange
noncontrolling interest																																																				1,677,000	67,000	0	980,000
debt transferred on the sale of assets
gain on sale of assets
net gain on sale of marketable equity securities
loss on bridge financing
proceeds from sale of securities
issuance of bridge financing
repayment of bridge financing
debt and preferred stock issuance costs
cash distribution to preferred stockholders
other assets																																																					-81,000	0	-9,213,000
escrow funds returned from an internal revenue code section 1031 exchange
purchase of marketable equity securities
minority interest																																																								436,000
gain on sale of real estate assets

Ventas, Inc(NYSE:VTR)

Ventas, Inc
(NYSE:VTR)