Ventas, Inc. VTR Cash Flow

Ventas, inc. (VTR)

CashFlow / TTM

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
786	439	489	506	463	415	746	1,258	1,242	1,361	1,176	711	701	651	567	440	447	419	401	488	476	477	477	486	462	454	432	425	384	361	468	458	404	363	249	206	245	249	225	217	247	269	0	0	0
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
1,058	1,045	940	924	922	919	908	902	903	887	887	882	880	898	903	935	962	973	978	939	882	828	787	774	776	769	771	779	787	764	729	693	572	459	0	0	0	-	-	205	203	201	0	0	0
Amortization of deferred revenue and lease intangibles, net
-8	-7	-11	-12	-29	-30	-30	-33	-19	-20	-21	-21	-20	-20	-20	-20	-22	-24	-23	-22	-20	-18	-19	-18	-17	-15	-15	-15	-15	-17	-17	-19	-16	-12	-4	-0	-0	-1	-1	-1	-1	-1	0	0	0
Other non-cash amortization
20	22	22	21	21	18	18	18	17	16	14	12	10	10	9	9	8	5	3	3	1	-0	-3	-10	-13	-16	-21	-28	-35	-39	-39	-37	-25	-13	-3	7	9	8	8	8	7	6	0	0	0
Change in fair value of financial instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	0	0	0	-	-	-	-	-	-	-	-
Stock-based compensation
36	33	35	34	31	29	27	27	26	26	24	24	22	20	19	18	18	19	20	20	21	20	22	21	21	20	19	20	21	20	22	22	20	19	17	16	15	14	12	11	11	11	0	0	0
Straight-lining of rental income
28	30	32	31	-8	-13	-14	-16	21	23	23	23	23	27	30	32	34	33	34	38	39	38	39	33	30	30	28	27	27	24	22	21	18	14	11	8	9	10	10	10	11	11	0	0	0
Loss on extinguishment of debt, net
-41	-41	-49	-51	-47	-58	-50	-11	-11	-0	-0	-0	-2	-2	-2	-17	-14	-14	-15	-2	-5	-5	-7	-4	-0	-1	1	2	-8	-37	-40	-50	-40	-27	0	0	0	-	-	-	-	-6	0	0	0
Gain (Loss) on Disposition of Assets
246	26	34	34	51	46	250	709	674	717	568	110	115	98	35	36	38	18	16	19	23	19	19	15	5	3	4	4	41	80	79	78	40	0	19	20	25	25	5	5	39	67	0	0	0
Gain on real estate loan investments
0	0	0	0	13	13	13	13	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	5	9	6	6	5	-0	-0	2	3	0	0	0	-	-	-	-	-	-	-	-
Gain on sale of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-
Income tax benefit
-207	-58	-89	-98	-41	-43	-61	-61	-63	-63	-19	-19	-29	-34	-42	-45	-43	-42	-44	-34	-20	-9	5	4	-10	-11	-16	-22	-15	-6	-10	-15	-16	-31	-20	-4	1	5	1	-0	-0	-1	0	0	0
Income (Loss) from Equity Method Investments
-12	-2	-9	-11	-15	-55	-52	-50	-44	-3	2	3	4	4	2	0	-1	-1	-1	-0	-0	-0	-0	-0	-1	-1	-0	-0	0	1	1	1	0	-0	0	0	0	-	-	-	0	-	-	-	-
Gain on re-measurement of equity interest upon acquisition, net
-	-	-	-	-	-	-	-	-	3	3	3	3	0	0	0	0	-	-	-	-	-	-	-	-	1	1	17	17	16	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated entities
2	1	1	1	2	2	3	4	3	4	5	6	7	7	8	12	24	23	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-14	-13	-12	-7	-6	-3	2	-4	-3	-4	-6	1	2	1	-2	-4	-5	-6	1	-6	-8	-9	-9	-4	-2	-1	-10	-8	-10	-10	-11	-12	-10	-7	-1	-0	-0	0	0	-0	-0	0	0	0	0
Changes in operating assets and liabilities:
Increase in other assets
76	76	47	80	42	23	42	32	30	29	35	6	0	12	-32	-62	-32	-42	-19	15	-3	-5	-24	-26	-16	0	12	13	7	-3	-15	-11	-3	-0	26	13	6	8	0	0	0	-	-	-	0
Decrease in accrued interest
4	9	6	17	3	4	-19	5	-0	11	25	7	12	2	3	3	-10	19	-0	21	16	7	7	5	3	6	5	3	0	9	-9	-2	-3	-9	4	6	-1	1	-1	-0	-6	-3	0	0	0
(Decrease) increase in accounts payable and other liabilities
6	26	41	29	12	-37	-41	-37	-57	-35	-36	-36	-12	-38	-34	-26	-28	-2	16	9	-4	-18	13	27	41	17	-7	-56	-66	-24	-50	-33	-39	-20	-13	-7	3	-1	7	11	13	15	0	0	0
Net cash provided by operating activities
1,416	1,437	1,447	1,400	1,409	1,381	1,364	1,415	1,390	1,428	1,430	1,417	1,423	1,354	1,382	1,341	1,331	1,398	1,356	1,376	1,314	1,254	1,279	1,282	1,248	1,194	1,118	1,039	978	992	1,038	1,047	887	773	545	426	462	447	445	434	424	422	0	0	0
Cash flows from investing activities:
Net investment in real estate property
1,024	958	1,169	461	267	265	353	352	392	664	338	1,703	1,683	1,413	1,515	1,431	1,591	2,650	2,841	2,450	2,358	1,468	1,262	1,424	1,562	1,437	1,656	837	1,508	1,453	1,341	1,166	532	531	379	515	262	274	261	49	49	45	0	0	0
Investment in loans receivable
1,254	1,258	1,275	525	229	229	226	241	51	748	737	724	713	158	251	267	277	171	506	510	537	498	69	50	36	37	456	457	432	452	38	42	650	628	619	635	22	38	45	22	22	13	0	0	0
Proceeds from real estate disposals
755	147	100	115	195	353	576	1,067	950	859	851	341	331	300	146	282	380	492	415	339	258	118	119	63	50	35	103	164	151	149	80	29	29	20	47	35	57	58	26	24	2	58	0	0	0
Proceeds from loans receivable
1,115	1,017	1,053	335	769	911	883	942	240	101	210	337	321	320	196	23	18	109	124	160	164	73	81	113	180	325	307	228	172	43	116	121	217	220	156	150	38	19	1	1	7	8	0	0	0
Purchase of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	96	46	46	25	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale or maturity of marketable securities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	23	0	0	0	-	-	-	-	-	-	-	-
Funds held in escrow for future development expenditures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4	5	5	5	4	6	10	16	19	-12	-16	-22	-28	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Development project expenditures
448	403	330	289	306	330	319	311	286	299	259	217	195	143	123	126	120	119	126	125	116	106	92	91	98	95	98	101	104	114	114	102	78	47	0	0	0	-	-	-	-	-	-	-	-
Payments for Capital Improvements
161	156	158	148	133	131	122	118	129	132	125	126	117	117	106	110	110	107	107	95	92	87	87	84	77	81	77	78	79	69	64	60	52	50	35	24	21	18	15	14	11	11	0	0	0
Investment in unconsolidated entities
8	3	3	7	8	47	63	62	73	61	42	41	33	6	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance proceeds for property damage claims
-27	-30	-21	-21	-8	-6	-6	-2	-1	-1	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	33	14	13	9	17	17	14	14	0	0	-0	1	2	2	2	0	0	0	0	-	-	-	-	-	-	-	-
Net cash provided by (used in) investing activities
-1,000	-1,585	-1,762	-909	86	324	438	938	266	-937	-429	-2,127	-2,080	-1,214	-1,663	-1,663	-1,681	-2,423	-3,073	-2,666	-2,745	-2,055	-1,340	-1,524	-1,560	-1,282	-2,133	-1,338	-2,069	-2,169	-1,368	-1,227	-1,069	-997	-876	-1,025	-240	-301	-297	-56	-70	-1	0	0	0
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities
2,893	-569	558	12	-653	321	41	-177	635	384	302	304	-150	-35	113	-377	-133	-723	-96	418	-94	540	-225	-83	393	-164	-256	-107	91	84	352	349	187	537	229	245	25	28	231	-120	-234	-292	0	0	0
Net change in borrowings under commercial paper program
-194	565	304	269	194	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from debt
2,389	3,013	2,343	2,512	2,517	2,549	2,465	833	1,052	1,111	1,075	1,505	1,690	893	878	1,820	1,420	2,512	2,511	2,419	3,100	2,007	3,008	2,545	1,850	2,767	2,908	2,359	2,959	2,710	1,954	1,908	1,996	1,343	1,353	1,300	611	597	262	65	356	365	0	0	0
Repayment of debt
2,424	2,623	2,627	3,030	2,511	3,465	3,437	2,144	2,565	1,369	1,331	938	891	1,022	1,023	1,897	1,562	1,435	1,575	1,157	1,108	1,151	1,857	1,379	1,224	1,792	930	1,232	1,530	1,193	1,596	1,697	1,356	1,388	1,088	647	848	524	340	237	458	525	0	0	0
Purchase of noncontrolling interests
-	-	-	-	-	-	-	-	-	15	17	17	18	2	1	1	1	3	0	0	0	-	0	0	0	-	7	6	7	3	3	3	0	3	0	0	0	-	-	-	-	-	-	-	-
Payment of deferred financing costs
16	21	21	21	21	20	17	13	27	27	26	22	12	6	6	13	10	24	23	21	28	14	26	25	17	31	39	33	35	23	22	21	21	20	2	2	1	2	5	5	8	16	0	0	0
Issuance of common stock, net
843	942	942	866	98	0	0	0	0	-	-	-	-	1,286	1,338	516	355	491	0	0	0	-	-	-	-	141	106	82	347	342	342	342	-0	299	0	0	0	-	-	-	-	-	-	-	-
Cash distribution to common stockholders
1,171	1,157	1,143	1,130	1,128	1,127	845	839	833	827	1,101	1,082	1,054	1,024	994	980	993	1,003	994	965	917	875	853	836	819	802	772	758	744	728	711	681	606	521	439	370	345	336	332	328	324	314	0	0	0
Cash distribution to redeemable OP unitholders
9	9	8	8	7	7	5	5	5	5	7	7	8	8	8	14	15	15	14	7	6	5	5	5	5	5	4	4	4	4	1	4	3	2	0	0	0	-	-	-	-	-	-	-	-
Cash issued for redemption of OP Units
2	2	0	0	0	1	1	0	0	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of redeemable OP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	33	33	33	1	0	0	0	0	0	3	4	4	4	1	0	0	0	0	0	0	-	-	-	-	-	-	-	-
Contributions from noncontrolling interests
5	6	6	5	3	1	0	2	2	4	5	3	9	7	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-
Distributions to noncontrolling interests
9	9	8	7	10	11	11	14	12	11	11	7	7	6	6	6	12	12	4	4	-0	0	-0	-0	0	0	8	7	5	5	4	4	3	2	3	4	6	8	9	9	10	9	0	0	0
Proceeds from stock option exercises
35	36	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-6	-8	-6	-7	-7	-5	-21	-19	-13	-5	11	23	18	17	10	-2	-3	-0	31	31	28	24	0	1	8	8	9	12	22	20	20	16	2	2	9	10	10	14	6	1	3	2	0	0	0
Net cash provided by (used in) financing activities
2,331	160	374	-510	-1,518	-1,761	-1,814	-2,364	-1,677	-671	-1,006	744	711	96	305	319	281	1,023	1,718	1,260	1,489	758	67	266	313	114	1,011	308	1,096	1,198	330	206	193	248	354	597	-312	-231	-184	-396	-318	-490	0	0	0
Net increase in cash, cash equivalents and restricted cash
2,747	13	60	-19	-22	-55	-12	-10	-20	-179	-5	33	54	237	24	-2	-68	-1	2	-29	58	-42	5	24	1	26	-3	9	4	22	0	26	11	24	23	-1	-90	-85	-37	-18	35	-69	0	0	0
Effect of foreign currency translation
-1	1	0	-0	-0	-0	-0	-3	0	0	0	2	-1	-0	-0	-0	-0	-0	-1	3	1	2	3	-0	0	-0	-0	-0	-0	0	0	-0	-0	-0	-0	0	-0	0	0	0	1	0	0	0	0
Assets and liabilities assumed from acquisitions and other:
Real estate investments
1,057	1,057	1,121	66	65	94	248	249	265	425	216	265	255	69	58	11	25	2,565	2,583	2,879	2,910	370	356	188	218	223	306	307	536	582	436	8,197	11,027	10,973	11,034	3,266	125	125	185	59	59	67	0	0	0
Utilization of funds held for an Internal Revenue Code Section 1031 exchange
-	-	-	-	-	-	-	-	-	-	0	0	-91	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-134	-134	-134	-37	0	0	0	0	-	-	-	-	-64	0	0	0
Other assets
11	11	12	1	1	5	5	4	0	-3	4	85	89	90	79	4	3	20	31	30	31	15	3	5	5	6	-15	-1	83	77	262	564	589	594	431	110	-0	-0	-0	-0	-0	0	0	0	0
Debt
-	-	-	-	-	-	-	-	-	75	64	112	100	47	47	0	0	177	190	367	418	241	0	0	0	-	-	-	-	412	510	2,279	3,668	3,651	0	0	0	-	-	-	-	-	-	-	-
Other liabilities
47	47	48	3	2	18	22	21	18	70	76	135	138	72	56	7	11	54	62	70	66	24	21	23	26	29	37	54	83	70	20	777	945	952	992	200	0	0	2	2	2	0	0	0	0
Deferred income tax liability
-	-	-	-	-	-	-	-	-	-14	-9	-6	-10	9	3	0	7	52	51	161	154	110	110	4	3	5	4	0	5	4	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Noncontrolling interests
0	-	-	-	0	-	-	-	-	4	3	24	24	22	110	0	0	88	0	87	87	0	0	0	10	11	19	21	39	34	23	106	78	81	0	0	0	-	-	-	-	2	0	0	0
Equity issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,204	2,214	2,214	2,214	10	0	0	0	-	-	-	-	4	4	5,361	6,742	6,737	0	0	0	-	-	-	-	-	-	-	-
Equity issued for redemption of OP Units
-	-	-	-	-	-	-	1	2	24	24	25	27	24	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt Transferred on the Sale of Assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14	0	0	0	-	-	-	-	-	-	-	-	38	0	0	0