Ventas, inc. (VTR)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

439,297

415,981

1,361,112

651,490

419,222

477,001

454,669

361,775

363,261

249,729

269,360

225,287

280,578

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

1,045,620

919,639

887,948

898,924

973,663

828,467

769,881

764,775

459,704

206,064

201,258

235,754

235,045

Amortization of deferred revenue and lease intangibles, net

-7,967

-30,660

-20,537

-20,336

-24,129

-18,871

-15,793

-17,118

-12,159

-1,764

-1,772

-9,344

-9,819

Other non-cash amortization

22,985

18,886

16,058

10,357

5,448

-312

-16,745

-39,943

-13,163

8,750

6,353

3,994

5,894

Change in fair value of financial instruments

-

-

-

-

-

-

-

-

-

0

0

-

-

Stock-based compensation

33,923

29,963

26,543

20,958

19,537

20,994

20,653

20,784

19,346

14,078

11,882

9,976

7,493

Straight-lining of rental income

30,073

-13,396

23,134

27,988

33,792

38,687

30,540

24,042

14,885

10,167

11,879

14,652

17,311

Loss on extinguishment of debt, net

-41,900

-58,254

-754

-2,779

-14,411

-5,564

-1,048

-37,640

-27,604

-9,791

-6,080

168

-

Gain (Loss) on Disposition of Assets

26,022

46,247

717,273

98,203

18,811

19,183

3,617

80,952

0

25,241

67,305

39,026

129,478

Gain on real estate loan investments

0

13,202

124

2,271

0

1,455

5,056

5,230

3,255

915

0

-

-

Gain on sale of marketable securities

-

-

-

-

5,800

0

856

0

733

0

0

-

864

Reversal of contingent liability

-

-

-

-

-

-

-

-

-

-

-

23,328

-

Income tax benefit

-58,918

-43,026

-63,599

-34,227

-42,384

-9,431

-11,828

-6,286

-31,137

5,201

-1,719

-15,885

-28,042

Income (Loss) from Equity Method Investments

-2,464

-55,034

-3,588

4,358

-1,244

-139

-1,748

1,509

-52

-664

0

-

-

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

0

0

3,027

0

-176

-

1,241

16,645

0

0

-

-

-

Distributions from unconsolidated entities

1,600

2,934

4,676

7,598

23,462

6,508

6,641

-

-

-

-

-

-

Real estate impairments related to natural disasters

0

52,510

4,616

0

-

-

-

-

-

-

-

-

-

Loss on bridge financing

-

-

-

-

-

-

-

-

-

-

-

-

2,550

Provision for loan losses

-

-

-

-

-

-

-

-

-

-

-

5,994

-

Other

-13,264

-3,720

-4,624

1,847

-6,517

-9,416

-1,986

-10,414

-7,405

46

95

614

-1,476

Changes in operating assets and liabilities:
Increase in other assets

76,693

23,198

29,282

12,079

-42,316

-5,317

690

-3,756

-424

8,245

1,514

3,541

-47,528

Decrease in accrued interest

9,737

4,992

11,068

2,604

19,995

7,958

6,806

9,969

-9,150

1,311

-3,957

1,100

-4,906

(Decrease) increase in accounts payable and other liabilities

26,666

-37,509

-35,259

-38,699

-2,244

-18,580

17,689

-24,572

-20,117

-1,588

15,409

3,132

17,408

Net cash provided by operating activities

1,437,783

1,381,467

1,428,752

1,354,702

1,398,831

1,254,845

1,194,755

992,816

773,197

447,622

422,101

379,907

404,600

Cash flows from investing activities:
Net investment in real estate property

958,125

265,907

664,684

1,413,595

2,650,788

1,468,286

1,437,002

1,453,065

531,605

274,441

45,715

53,801

1,348,354

Investment in loans receivable

1,258,187

229,534

748,119

158,635

171,144

498,992

37,963

452,558

628,133

38,725

13,803

108,826

-

Proceeds from real estate disposals

147,855

353,792

859,874

300,561

492,408

118,246

35,591

149,045

20,618

58,163

58,542

104,183

157,400

Proceeds from loans receivable

1,017,309

911,540

101,097

320,082

109,176

73,557

325,518

43,219

220,179

19,291

8,028

135

15,803

Purchase of marketable securities

-

-

-

-

-

96,689

0

0

-

-

-

63,680

-

Proceeds from sale or maturity of marketable securities

-

-

-

-

76,800

21,689

5,493

37,500

23,050

0

0

-

7,773

Funds held in escrow for future development expenditures

-

-

-

-

4,003

4,590

19,458

-28,050

0

0

-

-

-

Development project expenditures

403,923

330,876

299,085

143,647

119,674

106,988

95,741

114,002

47,591

1,662

2,732

-

-

Payments for Capital Improvements

156,724

131,858

132,558

117,456

107,487

87,454

81,614

69,430

50,473

18,193

11,066

16,359

8,188

Distributions from unconsolidated entities

172

57,455

6,169

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of investments

-

-

-

-

-

-

-

-

-

-

5,000

-

-

Investment in unconsolidated entities

3,855

47,007

61,220

6,436

56,986

0

0

-

-

-

-

-

-

Insurance proceeds for property damage claims

-30,179

-6,891

-1,419

-4,846

-

-

-

-

-

-

-

-

-

Contributions to unconsolidated entities

-

-

-

-

-

5,598

2,169

-

-

-

-

-

-

Other

-

-

-

-

-

9,115

14,331

1,995

165

4,020

0

-2,092

-374

Net cash provided by (used in) investing activities

-1,585,299

324,496

-937,107

-1,214,280

-2,423,692

-2,055,040

-1,282,760

-2,169,689

-997,439

-301,920

-1,746

-136,256

-1,175,192

Cash flows from financing activities:
Net change in borrowings under revolving credit facilities

-569,891

321,463

384,783

-35,637

-723,457

540,203

-164,029

84,938

537,452

28,564

-292,873

-73,366

-176,586

Net change in borrowings under commercial paper program

565,524

0

0

-

-

-

-

-

-

-

-

-

-

Net cash impact of CCP Spin-Off

-

-

-

-

-128,749

0

0

-

-

-

-

-

-

Proceeds from debt

3,013,191

2,549,473

1,111,649

893,218

2,512,747

2,007,707

2,767,546

2,710,405

1,343,640

597,382

365,682

140,262

53,832

Proceeds from debt related to CCP Spin-Off

-

-

-

-

1,400,000

0

0

-

-

-

-

-

-

Issuance of bridge financing

-

-

-

-

-

-

-

-

-

-

-

-

1,230,000

Repayment of bridge financing

-

-

-

-

-

-

-

-

-

-

-

-

1,230,000

Repayment of debt

2,623,916

3,465,579

1,369,084

1,022,113

1,435,596

1,151,395

1,792,492

1,193,023

1,388,962

524,760

525,173

416,896

184,613

Purchase of noncontrolling interests

0

4,724

15,809

2,846

3,819

-

-

3,934

3,319

42,333

0

-

-

Purchase of private investment funds

-

-

-

-

-

-

-

276,419

0

0

-

-

-

Debt and preferred stock issuance costs

-

-

-

-

-

-

-

-

-

-

-

-

4,300

Payment of deferred financing costs

21,403

20,612

27,297

6,555

24,665

14,220

31,277

23,770

20,040

2,694

16,655

3,857

7,856

Issuance of common stock, net

942,085

0

73,596

1,286,680

491,023

242,107

141,343

342,469

299,847

0

299,201

408,540

1,045,713

Cash distribution to preferred stockholders

-

-

-

-

-

-

-

-

-

-

-

-

3,449

Cash distribution to common stockholders

1,157,720

1,127,143

827,285

1,024,968

1,003,413

875,614

802,123

728,546

521,046

336,085

314,399

288,849

282,739

Cash distribution to redeemable OP unitholders

9,218

7,459

5,677

8,640

15,095

5,762

5,040

4,446

2,359

0

0

-

-

Cash issued for redemption of OP Units

2,203

1,370

0

0

-

-

-

-

-

-

-

-

-

Purchases of redeemable OP units

-

-

-

-

33,188

503

659

4,601

185

0

0

-

-

Contributions from noncontrolling interests

6,282

1,883

4,402

7,326

0

491

2,395

38

2

-

1,211

-

-

Distributions to noncontrolling interests

9,717

11,574

11,187

6,879

12,649

0

0

5,215

2,556

8,082

9,869

15,732

2,974

Proceeds from stock option exercises

36,179

8,762

16,287

-

-

-

-

-

-

-

-

-

-

Distributions to noncontrolling interest

-

-

-

-

-

9,559

9,286

-

-

-

-

-

-

Other

-8,519

-5,057

-5,705

17,252

-81

24,602

8,618

20,665

2,489

14,223

2,695

7,187

12,475

Net cash provided by (used in) financing activities

160,674

-1,761,937

-671,327

96,838

1,023,058

758,057

114,996

1,198,914

248,282

-231,452

-490,180

-95,979

802,675

Net increase in cash, cash equivalents and restricted cash

13,158

-55,974

-179,682

237,260

-1,803

-42,138

26,991

22,041

24,040

-85,750

-69,825

147,672

32,083

Effect of foreign currency translation

1,480

-815

581

-825

-522

2,670

-83

60

-45

165

410

806

-4,995

Supplemental disclosure of cash flow information:
Interest paid including swap payments and receipts

410,584

406,907

409,890

395,138

391,699

361,144

338,311

329,655

257,175

161,352

175,298

202,360

207,478

Assets and liabilities assumed from acquisitions and other:
Real estate investments

1,057,138

94,280

425,906

69,092

2,565,960

370,741

223,955

582,694

10,973,093

125,846

67,781

33,967

1,199,787

Utilization of funds held for an Internal Revenue Code Section 1031 exchange

-

-

-

-

-8,911

0

0

-134,003

0

0

-64,995

-

-5,165

Other assets

11,140

5,398

-3,716

90,037

20,090

15,280

6,635

77,730

594,176

-385

0

1,684

163,030

Debt

907,746

30,508

75,231

47,641

177,857

241,076

183,848

412,825

3,651,089

125,320

0

-

-

Other liabilities

47,121

18,086

70,878

72,636

54,459

24,039

29,868

70,391

952,279

141

62

337

48,396

Deferred income tax liability

95

922

-14,869

9,381

52,153

110,728

5,181

4,299

43,889

0

0

-

306,225

Noncontrolling interests

113,316

2,591

4,202

22,517

88,085

0

11,693

34,580

81,192

0

2,724

685

32,730

Redeemable OP unitholder interests

-

-

-

-

-

-

-

-

100,888

0

0

-

-

Equity issued

0

30,487

0

0

2,204,585

10,178

0

4,326

6,737,932

0

0

-

-

Non-cash impact of CCP Spin-Off

-

-

-

-

1,256,404

0

0

-

-

-

-

-

-

Equity issued for redemption of OP Units

127

907

24,002

24,318

0

0

-

-

-

-

-

-

-

Debt Transferred on the Sale of Assets

-

-

-

-

-

-

-

14,535

0

0

38,759

6,917

-