Ventas, Inc. VTR Cash Flow

Ventas, inc. (VTR)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
Cash flows from operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
474,730	12,893	86,918	211,898	127,588	63,302	103,281	169,300	80,098	393,805	615,191	152,968	199,148	208,832	150,184	143,440	149,034	125,060	23,117	150,286	120,759	107,597	109,564	138,566	121,274	108,439	118,599	114,533	113,098	86,126	111,821	73,736	90,092	192,497	101,984	19,734	49,046	78,702	58,894	58,965	53,168	54,778	50,430	89,183	74,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
248,837	348,910	234,603	226,187	235,920	244,276	218,579	223,634	233,150	232,650	213,407	224,108	217,783	232,189	208,387	221,961	236,387	236,793	240,210	249,207	247,453	241,291	201,236	192,064	193,876	200,556	188,393	193,989	186,943	201,748	196,622	201,769	164,636	166,163	161,027	80,755	51,759	-	-	50,185	52,537	52,092	50,351	48,907	49,908
Amortization of deferred revenue and lease intangibles, net
-2,973	-1,483	-339	-3,299	-2,846	-4,659	-2,164	-19,972	-3,865	-4,254	-5,434	-5,834	-5,015	-5,029	-5,217	-5,053	-5,037	-4,817	-5,682	-7,027	-6,603	-4,096	-4,896	-4,496	-5,383	-4,634	-4,156	-3,693	-3,310	-4,153	-4,136	-3,669	-5,160	-4,701	-5,908	-882	-668	2,816	-1,637	-1,394	-1,549	3,379	-1,564	-1,729	-1,858
Other non-cash amortization
3,851	6,075	5,323	5,456	6,131	5,359	4,877	4,873	3,777	4,872	4,602	4,124	2,460	3,183	2,487	2,241	2,446	2,397	2,142	1,428	-519	304	2,312	-963	-1,965	-3,369	-3,975	-4,072	-5,329	-8,617	-10,141	-11,077	-10,108	-7,734	-8,568	626	2,513	2,295	2,088	2,213	2,154	2,058	1,921	1,766	608
Change in fair value of financial instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-33	-	-11,785	8,887	0	-	-	-	-	-	-	-	-
Stock-based compensation
10,514	7,253	8,195	10,070	8,405	9,202	6,488	7,149	7,124	6,620	6,527	6,695	6,701	5,073	5,848	5,008	5,029	3,476	4,869	4,885	6,307	4,202	5,381	5,367	6,044	5,643	4,210	5,138	5,662	4,255	5,443	6,252	4,834	5,750	5,228	4,352	4,016	3,950	4,039	3,057	3,032	2,667	3,078	3,078	3,059
Straight-lining of rental income
6,788	4,393	8,680	8,511	8,489	6,587	8,102	-31,707	3,622	5,750	6,229	5,778	5,377	6,602	5,960	5,581	9,845	8,674	8,357	8,082	8,679	9,043	12,413	9,317	7,914	9,375	6,835	6,465	7,865	7,330	6,242	5,580	4,890	5,631	5,505	1,977	1,772	2,192	3,000	2,526	2,449	2,918	2,971	3,052	2,938
Loss on extinguishment of debt, net
0	-39	-37,434	-4,022	-405	-7,843	-39,527	93	-10,977	102	-511	-36	-309	386	-383	-2,468	-314	486	-15,331	455	-21	-485	-2,414	-2,924	259	-2,110	189	873	0	699	1,194	-9,989	-29,544	-2,393	-8,685	-6	-16,520	-	-	-	-	0	0	-5,922	-158
Gain (Loss) on Disposition of Assets
226,225	1,389	36	19,150	5,447	10,354	18	35,827	48	214,985	458,280	719	43,289	66,424	-144	5,739	26,184	4,162	217	7,746	6,686	1,457	3,584	11,705	2,437	1,376	46	1,718	477	1,804	357	38,558	40,233	0	0	0	0	19,848	168	5,041	184	294	120	39,020	27,871
Gain on real estate loan investments
167	0	0	0	0	0	0	13,211	-9	0	120	4	0	-	-	-	-	-	-	-	-	-	-	-	-	1,458	2,499	759	340	5,789	0	0	-559	0	0	3,078	177	-	-	-	-	-	-	-	-
Gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	733	-	-	-	-	-	-	-	-
Income tax benefit
-150,273	1,331	946	-59,480	-1,715	-29,562	-8,147	-1,642	-3,675	-47,980	-8,515	-2,959	-4,145	-3,395	-9,389	-12,287	-9,156	-11,667	-12,477	-10,390	-7,850	-13,851	-1,987	2,974	3,433	1,272	-2,780	-12,064	1,744	-3,555	-8,869	-5,167	11,305	-7,827	-13,906	-6,207	-3,197	2,849	1,657	409	286	-367	-410	-395	-547
Income (Loss) from Equity Method Investments
-10,876	157	854	-2,529	-946	-7,208	-716	-6,371	-40,739	-4,355	750	-106	123	2,207	931	1,418	-198	-47	-955	9	-251	-688	-47	348	248	-1,041	111	-506	-312	249	429	514	317	19	182	-83	-170	-	-	-	0	-	-	-	-
Gain on re-measurement of equity interest upon acquisition, net
-	-	-	-	-	-	-	-	-	0	0	0	3,027	0	0	0	0	-	-	-	-	-	-	-	-	0	0	0	1,241	0	16,645	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated entities
1,600	200	100	100	1,200	200	100	1,245	1,389	767	775	754	2,380	2,024	1,701	1,884	1,989	2,912	5,577	14,324	649	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-3,805	-4,028	-4,145	-2,808	-2,283	-3,330	734	-1,214	90	2,815	-6,091	-696	-652	772	1,799	375	-1,099	-3,241	-170	-847	-2,259	4,320	-7,242	-3,418	-3,076	4,147	-2,261	-967	-2,905	-3,942	-482	-2,941	-3,049	-5,401	-1,315	-291	-398	38	246	-291	53	12	95	-169	157
Changes in operating assets and liabilities:
Increase in other assets
13,768	17,327	14,894	30,768	13,704	-11,681	47,655	-7,513	-5,263	7,670	37,691	-9,710	-6,369	13,832	8,856	-15,444	4,835	-31,152	-20,875	14,326	-4,615	-8,623	14,514	-4,967	-6,241	-27,442	11,717	5,956	10,459	-15,686	12,791	414	-1,275	-27,433	17,069	8,400	1,540	-772	3,843	1,402	3,772	-	-	-	-1,688
Decrease in accrued interest
-23,032	25,646	-27,307	29,445	-18,047	22,500	-16,004	15,020	-16,524	-1,620	8,138	9,291	-4,741	12,657	-9,284	13,542	-14,311	13,657	-9,770	316	15,792	-6,877	12,461	-4,379	6,753	-7,818	11,309	-7,215	10,530	-8,761	8,471	-10,193	20,452	-28,291	15,133	-11,245	15,253	-14,452	17,055	-19,091	17,799	-17,507	18,529	-25,169	20,190
(Decrease) increase in accounts payable and other liabilities
-16,535	-27,391	28,775	21,792	3,490	-12,404	16,542	5,036	-46,683	-15,982	20,601	-15,607	-24,271	-16,755	19,950	8,085	-49,979	-12,319	27,578	6,097	-23,600	6,025	21,256	-7,791	-38,070	38,359	35,277	5,921	-61,868	12,697	-13,524	-3,635	-20,110	-13,240	3,582	-9,640	-819	-7,092	10,495	523	-5,514	2,431	14,419	2,526	-3,967
Net cash provided by operating activities
314,452	354,235	354,329	393,099	336,120	363,845	307,286	402,317	308,019	346,527	358,824	377,587	345,814	348,556	345,410	383,587	277,149	376,786	304,321	373,555	344,169	334,873	324,270	311,281	284,421	359,326	327,741	277,383	230,305	283,497	248,511	215,847	244,961	329,296	257,601	55,531	130,769	101,503	138,402	92,156	115,561	98,904	128,055	81,586	113,556
Cash flows from investing activities:
Net investment in real estate property
79,539	18,320	731,766	194,942	13,097	230,107	23,543	807	11,450	318,193	21,999	40,655	283,837	-7,997	1,387,139	20,833	13,620	93,800	1,303,078	181,371	1,072,539	284,250	912,510	89,660	181,866	78,236	1,075,144	227,447	56,175	298,153	255,508	898,904	500	186,918	80,223	264,464	0	35,284	216,242	11,055	11,860	21,987	4,370	10,971	8,387
Investment in loans receivable
1,051	610	750,429	502,891	4,257	17,445	535	207,173	4,381	14,086	15,800	16,875	701,358	3,686	2,499	6,236	146,214	96,758	18,727	16,086	39,573	432,556	21,948	43,296	1,192	3,246	2,385	29,543	2,789	422,035	3,263	4,787	22,473	8,274	6,934	612,925	0	0	22,929	0	15,796	6,430	0	0	7,373
Proceeds from real estate disposals
625,439	70,300	3,150	56,854	17,551	22,549	19,000	136,873	175,370	245,121	510,183	19,570	85,000	237,000	0	9,350	54,211	82,775	136,442	106,850	166,341	5,500	60,396	26,200	26,150	6,400	4,901	13,040	11,250	73,900	66,298	0	8,847	5,657	14,961	0	0	32,566	2,568	22,275	754	740	1,188	0	56,614
Proceeds from loans receivable
99,117	8,626	719,026	288,382	1,275	45,227	216	723,003	143,094	16,736	59,294	21,704	3,363	126,019	186,419	6,019	1,625	2,267	13,634	1,219	92,056	17,984	49,593	4,817	1,163	26,362	81,113	71,649	146,394	8,402	1,594	15,979	17,244	81,245	6,571	112,413	19,950	17,739	229	131	1,192	120	207	6,051	1,650
Purchase of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	50,000	0	21,689	25,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale or maturity of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	23,050	-	-	-	-	-	-	-	-
Funds held in escrow for future development expenditures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	4,003	1,988	0	0	2,602	4,269	3,373	6,376	5,440	-28,050	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Development project expenditures
94,229	174,078	115,619	64,574	49,652	100,528	74,666	81,793	73,889	88,662	67,154	56,817	86,452	49,249	24,719	34,912	34,767	29,216	27,828	29,163	33,467	35,613	26,952	20,475	23,948	21,034	26,423	26,696	21,588	23,883	29,558	29,287	31,274	24,358	17,546	5,556	131	-	-	-	-	-	-	-	-
Payments for Capital Improvements
26,789	56,937	41,406	36,426	21,955	58,833	30,996	21,412	20,617	49,171	27,435	32,117	23,835	42,160	28,371	23,204	23,721	31,675	32,383	22,258	21,171	31,219	20,709	19,392	16,134	30,980	18,175	12,664	19,795	27,160	18,458	13,793	10,019	21,815	15,109	5,717	7,832	6,599	4,516	2,783	4,295	3,882	3,156	158	3,870
Investment in unconsolidated entities
5,809	2,144	777	247	687	1,901	5,073	932	39,101	18,821	3,351	12,108	26,940	261	1,910	4,265	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
-42	-9,722	-3,518	-13,941	-2,998	-564	-3,998	-802	-1,527	-26	0	0	-1,393	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,265	-	19,171	4,633	4,180	5,106	296	3,588	125	13,920	0	333	78	-115	-40	13	2,137	52	38	38	37	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
517,181	-163,420	-914,152	-439,903	-67,824	-340,449	-60,961	555,353	170,553	-226,697	439,554	-117,298	-1,032,666	280,506	-1,258,219	-69,816	-166,751	-169,127	-1,257,818	-88,217	-908,530	-818,870	-850,737	-167,083	-218,350	-104,659	-1,034,511	-203,063	59,473	-955,783	-238,855	-934,739	-40,312	-154,515	-98,318	-776,287	31,681	-33,444	-247,039	8,568	-30,005	-29,171	-6,131	-5,078	38,634
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities
2,762,153	-848,568	785,228	194,224	-700,775	280,171	239,018	-471,569	273,843	45	20,282	341,634	22,822	-82,365	22,424	-113,136	137,440	66,949	-469,072	131,563	-452,897	693,887	46,267	-381,705	181,754	-71,443	188,340	94,990	-375,916	-163,983	337,575	293,744	-382,398	103,452	334,500	131,500	-32,000	-204,440	350,284	-88,191	-29,089	-1,417	-1,528	-202,882	-87,046
Net change in borrowings under commercial paper program
-565,524	261,016	34,698	75,312	194,498	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from debt
82,759	806,614	1,493,643	6,343	706,591	137,053	1,662,104	11,797	738,519	53,212	29,928	231,295	797,214	16,601	460,400	416,072	145	1,686	1,403,090	15,138	1,092,833	0	1,311,046	696,661	0	1,000,702	848,389	1,584	916,871	1,142,023	299,067	601,985	667,330	385,887	253,642	689,481	14,630	396,145	200,541	500	196	61,480	3,087	291,914	9,201
Repayment of debt
62,973	167,781	1,459,074	734,491	262,570	171,475	1,862,217	214,769	1,217,118	143,559	568,989	636,040	20,496	105,608	176,168	589,028	151,309	106,526	1,050,628	253,795	24,647	246,278	632,391	204,953	67,773	951,960	155,014	49,725	635,793	90,023	457,278	346,921	298,801	493,919	557,616	6,358	331,069	193,382	116,207	207,364	7,807	8,642	13,515	428,659	74,357
Purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	0	0	0	15,809	1,242	0	1,604	0	0	3	1,156	2,660	-	0	0	0	-	1,771	2,938	3,186	0	0	3,934	0	0	0	0	3,319	-	-	-	-	-	-	-	-
Payment of deferred financing costs
1,963	3,536	11,030	0	6,837	4,029	10,235	30	6,318	871	6,739	13,303	6,384	408	2,303	3,768	76	772	9,285	173	14,435	-726	8,100	6,679	167	11,300	6,980	-811	13,808	19,513	1,277	1,187	1,793	18,142	535	1,049	314	822	32	727	1,113	3,233	0	3,855	9,567
Issuance of common stock, net
0	-165	76,217	767,655	98,378	0	0	0	0	-	-	-	-	20,978	887,963	228,108	149,631	73,205	65,651	66,840	285,327	-	-	-	-	35,341	23,618	77,334	5,050	0	0	342,469	0	-79	0	0	299,926	-	-	-	-	-	-	-	-
Cash distribution to common stockholders
296,304	295,931	294,647	284,268	282,874	281,895	281,853	281,760	281,635	0	276,320	275,597	275,368	274,566	256,931	247,975	245,496	243,838	243,171	261,494	254,910	235,200	213,462	213,479	213,473	213,353	196,540	196,530	195,700	183,306	183,283	182,704	179,253	166,114	152,983	108,211	93,738	84,164	84,092	83,948	83,881	80,313	80,271	80,269	73,546
Cash distribution to redeemable OP unitholders
2,325	2,336	2,331	2,335	2,216	1,865	1,850	1,886	1,858	0	1,957	1,827	1,893	2,154	2,049	2,114	2,323	2,319	8,079	2,332	2,365	1,548	1,452	1,360	1,402	1,561	1,166	1,162	1,151	1,088	1,117	1,129	1,112	-1,679	4,038	0	0	-	-	-	-	-	-	-	-
Cash issued for redemption of OP Units
570	1,842	361	0	0	0	395	320	655	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of redeemable OP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	32,619	569	503	0	0	0	342	109	100	108	2,841	1,149	378	233	185	0	0	0	-	-	-	-	-	-	-	-
Contributions from noncontrolling interests
155	1,323	1,365	2,371	1,223	1,383	500	0	0	0	2,175	125	2,102	1,400	246	5,680	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	185	368	265	-	-	-	-
Distributions to noncontrolling interests
2,543	3,314	2,300	1,480	2,623	1,606	2,160	4,469	3,339	1,939	5,092	1,746	2,410	1,758	1,539	1,839	1,743	1,399	1,783	7,645	1,822	-6,760	1,852	2,671	2,237	-7,614	2,569	3,595	1,450	1,180	1,128	1,315	1,592	559	1,381	267	349	1,449	2,356	2,288	1,989	2,373	2,472	3,610	1,414
Proceeds from stock option exercises
3,389	2,045	8,396	21,422	4,316	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-4,954	-1,918	131	142	-6,874	-83	-654	367	-4,687	-16,248	841	6,405	3,297	621	13,009	1,729	1,893	-6,570	561	238	5,690	25,153	23	-2,215	1,641	788	1,022	4,750	2,058	1,535	4,621	13,944	565	1,470	106	455	458	8,797	753	504	4,169	692	-3,454	1,808	3,649
Net cash provided by (used in) financing activities
1,911,300	-254,393	629,935	44,895	-259,763	-40,117	-255,829	-962,743	-503,248	-93,073	-805,871	-275,458	503,075	-428,501	945,052	-307,875	-111,838	-219,584	958,532	-345,435	629,545	476,036	500,079	-116,401	-101,657	-214,499	698,991	-69,549	-299,947	681,662	-3,969	718,508	-197,287	-186,508	-128,305	705,551	-142,456	-80,133	114,516	-204,764	-61,071	-33,230	-97,824	-126,046	-233,080
Net increase in cash, cash equivalents and restricted cash
2,742,933	-63,578	70,112	-1,909	8,533	-16,721	-9,504	-5,073	-24,676	26,757	-7,493	-15,169	-183,777	200,561	32,243	5,896	-1,440	-11,925	5,035	-60,097	65,184	-7,961	-26,388	27,797	-35,586	40,168	-7,779	4,771	-10,169	9,376	5,687	-384	7,362	-11,727	30,978	-15,205	19,994	-12,074	5,879	-104,040	24,485	36,503	24,100	-49,538	-80,890
Effect of foreign currency translation
-2,776	1,084	188	-26	234	-362	-52	-406	5	-89	-2,618	3,406	-118	-382	-286	-275	118	-283	-336	404	-307	-1,286	4,348	-953	561	-24	30	-40	-49	2	40	-37	55	52	-198	8	93	96	117	-895	847	5	266	255	-116
Assets and liabilities assumed from acquisitions and other:
Real estate investments
533	657	1,055,412	1,069	0	65,174	190	6	28,910	219,135	1,505	16,347	188,919	9,426	51,001	6,107	2,558	-1,190	3,649	20,672	2,542,829	16,746	299,713	51,330	2,952	2,508	131,427	81,181	8,839	84,939	132,872	310,002	54,881	-61,527	7,893,696	3,140,924	0	0	125,350	0	496	59,325	149	0	8,307
Utilization of funds held for an Internal Revenue Code Section 1031 exchange
-	-	-	-	-	-	-	-	-	-	0	0	-84,995	-	0	-6,954	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-96,204	-37,799	0	0	0	0	-	-	-	-	-55,700	0	0	-9,295
Other assets
56	17	10,940	183	0	1,286	0	0	4,112	1,830	-1,450	-3,723	-373	10,158	79,018	795	66	-131	3,716	-206	16,711	11,597	2,049	1,634	0	109	3,964	1,894	668	-22,159	18,380	86,635	-5,126	162,497	320,957	110,722	0	0	-30	0	-355	0	-82	0	82
Debt
-	-	-	-	-	-	-	-	-	10,602	0	12,167	52,462	0	47,641	0	0	0	0	0	177,857	12,926	177,035	51,115	0	-	-	-	-	44,923	117,539	232,629	17,734	142,863	1,886,585	1,621,641	0	-	-	-	-	-	-	-	-
Other liabilities
398	785	45,084	1,252	0	1,952	190	6	15,938	6,788	-1,664	-2,922	68,676	12,190	57,808	80	2,558	-3,478	8,149	4,052	45,736	4,598	15,766	723	2,952	2,285	17,090	4,071	6,422	9,707	34,045	33,628	-6,989	-39,843	791,160	200,962	0	0	0	0	141	1,948	0	0	-1,886
Deferred income tax liability
-	-	-	-	-	-	-	-	-	1,247	64	3,384	-19,564	7,102	2,345	0	-66	1,317	-784	7,503	44,117	641	108,961	1,126	0	332	3,055	262	1,532	0	-1,596	5,895	0	-	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interests
191	-	-	-	0	-	-	-	-	575	1,655	-5	1,977	292	22,225	0	0	88,085	-87,245	0	87,245	0	0	0	0	0	0	10,140	1,553	8,150	1,264	28,281	-3,115	-2,510	83,702	0	0	-	-	-	-	1,677	67	0	980
Equity issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,204,585	10,178	0	0	0	-	-	-	-	0	0	0	4,326	2	5,356,974	1,380,956	0	-	-	-	-	-	-	-	-
Equity issued for redemption of OP Units
-	-	-	-	-	-	-	0	266	1,308	335	288	22,071	1,348	2,200	1,422	19,348	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt Transferred on the Sale of Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	14,535	-	-	-	-	-	-	-	-	0	0	0	38,759