2020 Q4 Form 10-Q Financial Statement

#000074026020000163 Filed on November 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $921.2M $918.9M $983.2M
YoY Change -7.51% -6.53% 4.98%
Cost Of Revenue $463.4M $495.5M $462.1M
YoY Change -3.64% 7.23% 7.77%
Gross Profit $457.8M $423.4M $521.0M
YoY Change -11.14% -18.73% 2.62%
Gross Profit Margin 49.7% 46.07% 52.99%
Selling, General & Admin $23.40M $34.20M $40.50M
YoY Change -43.75% -15.56% 2.02%
% of Gross Profit 5.11% 8.08% 7.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $262.0M $249.4M $234.6M
YoY Change -24.91% 6.31% 7.32%
% of Gross Profit 57.23% 58.9% 45.03%
Operating Expenses $261.0M $275.6M $266.1M
YoY Change -6.62% 3.57% 3.02%
Operating Profit $196.8M $147.8M $254.9M
YoY Change -16.5% -42.02% 2.21%
Interest Expense -$96.50M $115.5M $114.0M
YoY Change -17.17% 1.35% 5.94%
% of Operating Profit -49.03% 78.15% 44.71%
Other Income/Expense, Net $20.30M -$5.681M -$2.164M
YoY Change 144.58% 162.52% 73.95%
Pretax Income $111.3M -$2.945M $88.90M
YoY Change 718.38% -103.31% -7.4%
Income Tax -$700.0K -$3.195M $2.005M
% Of Pretax Income -0.63% 2.26%
Net Earnings $112.0M $13.74M $86.92M
YoY Change 768.32% -84.2% -15.84%
Net Earnings / Revenue 12.15% 1.49% 8.84%
Basic Earnings Per Share $0.29 $0.03 $0.23
Diluted Earnings Per Share $0.29 $0.03 $0.23
COMMON SHARES
Basic Shares Outstanding 374.6M shares 373.2M shares 372.4M shares
Diluted Shares Outstanding 376.3M shares 376.6M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $413.0M $588.0M $148.0M
YoY Change 289.62% 297.3% 72.09%
Cash & Equivalents $413.3M $600.0M $148.1M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $413.0M $588.0M $148.0M
YoY Change 289.62% 297.3% 72.09%
LONG-TERM ASSETS
Property, Plant & Equipment $20.55B $20.98B $21.93B
YoY Change -5.43% -4.35% 9.54%
Goodwill $1.052B $1.051B $1.050B
YoY Change 0.05% 0.07%
Intangibles
YoY Change
Long-Term Investments $745.0M $437.0M $165.0M
YoY Change 117.84% 164.85% -48.28%
Other Assets $58.00M $56.00M $65.00M
YoY Change -67.6% -13.85% -25.29%
Total Long-Term Assets $23.52B $23.63B $24.66B
YoY Change -4.35% -4.15% 9.52%
TOTAL ASSETS
Total Short-Term Assets $413.0M $588.0M $148.0M
Total Long-Term Assets $23.52B $23.63B $24.66B
Total Assets $23.93B $24.22B $24.80B
YoY Change -3.09% -2.35% 9.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.133B $1.235B $1.194B
YoY Change -1.13% 3.43% 5.2%
Accrued Expenses $321.0M $345.0M $334.0M
YoY Change -11.33% 3.29% 333.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.454B $1.580B $1.528B
YoY Change -3.58% 3.4% 26.07%
LONG-TERM LIABILITIES
Long-Term Debt $11.90B $12.05B $12.05B
YoY Change -2.17% -0.04% 15.03%
Other Long-Term Liabilities $3.000M $2.000M $2.000M
YoY Change -40.0% 0.0% -86.67%
Total Long-Term Liabilities $11.90B $12.05B $12.06B
YoY Change -2.19% -0.04% 14.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.454B $1.580B $1.528B
Total Long-Term Liabilities $11.90B $12.05B $12.06B
Total Liabilities $13.42B $13.68B $13.73B
YoY Change -3.3% -0.34% 14.4%
SHAREHOLDERS EQUITY
Retained Earnings -$4.030B -$3.973B -$3.384B
YoY Change 9.85% 17.38%
Common Stock $14.26B $14.24B $14.11B
YoY Change 0.81% 0.89%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares 33.00K shares
Shareholders Equity $10.18B $10.20B $10.67B
YoY Change
Total Liabilities & Shareholders Equity $23.93B $24.22B $24.80B
YoY Change -3.09% -2.35% 9.76%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $112.0M $13.74M $86.92M
YoY Change 768.32% -84.2% -15.84%
Depreciation, Depletion And Amortization $262.0M $249.4M $234.6M
YoY Change -24.91% 6.31% 7.32%
Cash From Operating Activities $295.8M $434.4M $354.3M
YoY Change -16.51% 22.61% 15.29%
INVESTING ACTIVITIES
Capital Expenditures -$124.2M -$170.5M -$157.0M
YoY Change -46.23% 8.6% 48.53%
Acquisitions
YoY Change
Other Investing Activities $91.90M $9.000M -$757.1M
YoY Change 36.15% -101.19% -1793.74%
Cash From Investing Activities -$32.30M -$161.5M -$914.2M
YoY Change -80.23% -82.33% 1398.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -442.3M -674.5M 630.0M
YoY Change 73.86% -207.06% -346.29%
NET CHANGE
Cash From Operating Activities 295.8M 434.4M 354.3M
Cash From Investing Activities -32.30M -161.5M -914.2M
Cash From Financing Activities -442.3M -674.5M 630.0M
Net Change In Cash -178.8M -401.6M 70.10M
YoY Change 181.57% -672.9% -837.89%
FREE CASH FLOW
Cash From Operating Activities $295.8M $434.4M $354.3M
Capital Expenditures -$124.2M -$170.5M -$157.0M
Free Cash Flow $420.0M $604.9M $511.3M
YoY Change -28.24% 18.31% 23.8%

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36000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
240101000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2005000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-95855000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-57004000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
240101000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
24633000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3195000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
13737000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
86918000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
329232000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
426404000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13737000 USD
CY2019Q3 us-gaap Profit Loss
ProfitLoss
86918000 USD
us-gaap Profit Loss
ProfitLoss
329232000 USD
us-gaap Profit Loss
ProfitLoss
426404000 USD
CY2020Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
986000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1659000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
534000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4831000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
12751000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
85259000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
421573000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.04
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.23
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.88
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.17
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.88
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.16
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.04
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.23
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.88
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.16
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.87
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.15
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13737000 USD
CY2019Q3 us-gaap Profit Loss
ProfitLoss
86918000 USD
us-gaap Profit Loss
ProfitLoss
329232000 USD
us-gaap Profit Loss
ProfitLoss
426404000 USD
CY2020Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
7907000 USD
CY2019Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-7011000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-4942000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-11770000 USD
CY2020Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
10431000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3162000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-9828000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3734000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
1714000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-10013000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-19661000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
-32076000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
20052000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-20186000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-34431000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-40112000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
33789000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
66732000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
294801000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
386292000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
3320000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
1659000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
-3419000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
4831000 USD
CY2020Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
30469000 USD
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
65073000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
298220000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
381461000 USD
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10399910000 USD
CY2020Q3 us-gaap Profit Loss
ProfitLoss
13737000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
20052000 USD
CY2020Q3 vtr Noncontrolling Interest Period Increase Decreaseincludingtheimpactto Equity
NoncontrollingInterestPeriodIncreaseDecreaseincludingtheimpacttoEquity
7335000 USD
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.45
CY2020Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
166738000 USD
CY2020Q3 vtr Stock Issued During Period Value Sharebased Payment Arrangements Restricted Stock Awardsand Otherafter Forfeiture
StockIssuedDuringPeriodValueSharebasedPaymentArrangementsRestrictedStockAwardsandOtherafterForfeiture
39752000 USD
CY2020Q3 vtr Adjustments To Additional Paid In Capital Related To Redeemable Operating Partner Unitholder Interests To Record At Fair Value
AdjustmentsToAdditionalPaidInCapitalRelatedToRedeemableOperatingPartnerUnitholderInterestsToRecordAtFairValue
-11669000 USD
CY2020Q3 vtr Adjustments To Additional Paid In Capital Stock Purchase Of Limited Partnership Units
AdjustmentsToAdditionalPaidInCapitalStockPurchaseOfLimitedPartnershipUnits
-2000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10287707000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10876362000 USD
CY2019Q3 us-gaap Profit Loss
ProfitLoss
86918000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-20186000 USD
CY2019Q3 vtr Noncontrolling Interest Period Increase Decreaseincludingtheimpactto Equity
NoncontrollingInterestPeriodIncreaseDecreaseincludingtheimpacttoEquity
-37059000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10760223000 USD
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.7925
CY2019Q3 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
296393000 USD
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
76280000 USD
CY2019Q3 vtr Stock Issued During Period Value Sharebased Payment Arrangements Restricted Stock Awardsand Otherafter Forfeiture
StockIssuedDuringPeriodValueSharebasedPaymentArrangementsRestrictedStockAwardsandOtherafterForfeiture
16483000 USD
CY2019Q3 vtr Adjustments To Additional Paid In Capital Related To Redeemable Operating Partner Unitholder Interests To Record At Fair Value
AdjustmentsToAdditionalPaidInCapitalRelatedToRedeemableOperatingPartnerUnitholderInterestsToRecordAtFairValue
-16015000 USD
CY2019Q3 vtr Adjustments To Additional Paid In Capital Stock Purchase Of Limited Partnership Units
AdjustmentsToAdditionalPaidInCapitalStockPurchaseOfLimitedPartnershipUnits
-285000 USD
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10545452000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
534000 USD
us-gaap Profit Loss
ProfitLoss
329232000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-34431000 USD
vtr Noncontrolling Interest Period Increase Decreaseincludingtheimpactto Equity
NoncontrollingInterestPeriodIncreaseDecreaseincludingtheimpacttoEquity
10446000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.6925
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
631346000 USD
vtr Stock Issued During Period Value Sharebased Payment Arrangements Restricted Stock Awardsand Otherafter Forfeiture
StockIssuedDuringPeriodValueSharebasedPaymentArrangementsRestrictedStockAwardsandOtherafterForfeiture
53157000 USD
vtr Adjustments To Additional Paid In Capital Related To Redeemable Operating Partner Unitholder Interests To Record At Fair Value
AdjustmentsToAdditionalPaidInCapitalRelatedToRedeemableOperatingPartnerUnitholderInterestsToRecordAtFairValue
36353000 USD
vtr Adjustments To Additional Paid In Capital Stock Purchase Of Limited Partnership Units
AdjustmentsToAdditionalPaidInCapitalStockPurchaseOfLimitedPartnershipUnits
-264000 USD
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10287707000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10271594000 USD
us-gaap Profit Loss
ProfitLoss
426404000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-40112000 USD
vtr Noncontrolling Interest Period Increase Decreaseincludingtheimpactto Equity
NoncontrollingInterestPeriodIncreaseDecreaseincludingtheimpacttoEquity
-32403000 USD
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
2.3775
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
876581000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
942436000 USD
vtr Stock Issued During Period Value Sharebased Payment Arrangements Restricted Stock Awardsand Otherafter Forfeiture
StockIssuedDuringPeriodValueSharebasedPaymentArrangementsRestrictedStockAwardsandOtherafterForfeiture
54750000 USD
vtr Adjustments To Additional Paid In Capital Related To Redeemable Operating Partner Unitholder Interests To Record At Fair Value
AdjustmentsToAdditionalPaidInCapitalRelatedToRedeemableOperatingPartnerUnitholderInterestsToRecordAtFairValue
-51024000 USD
vtr Adjustments To Additional Paid In Capital Stock Purchase Of Limited Partnership Units
AdjustmentsToAdditionalPaidInCapitalStockPurchaseOfLimitedPartnershipUnits
-285000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10760223000 USD
us-gaap Profit Loss
ProfitLoss
329232000 USD
us-gaap Profit Loss
ProfitLoss
426404000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
847797000 USD
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
696710000 USD
vtr Amortizationof Deferred Revenueand Lease Intangibles
AmortizationofDeferredRevenueandLeaseIntangibles
-25343000 USD
vtr Amortizationof Deferred Revenueand Lease Intangibles
AmortizationofDeferredRevenueandLeaseIntangibles
-6484000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
15211000 USD
us-gaap Other Amortization Of Deferred Charges
OtherAmortizationOfDeferredCharges
16910000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
34654000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
0 USD
us-gaap Share Based Compensation
ShareBasedCompensation
17322000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
26670000 USD
us-gaap Straight Line Rent
StraightLineRent
-107134000 USD
us-gaap Straight Line Rent
StraightLineRent
25680000 USD
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-7386000 USD
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-41861000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
240101000 USD
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
24633000 USD
vtr Gains Losseson Real Estate Loan Investments
GainsLossesonRealEstateLoanInvestments
167000 USD
vtr Gains Losseson Real Estate Loan Investments
GainsLossesonRealEstateLoanInvestments
0 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-99702000 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-60249000 USD
vtr Income Loss From Equity Method Investments Non Cash Portion
IncomeLossFromEquityMethodInvestmentsNonCashPortion
-15869000 USD
vtr Income Loss From Equity Method Investments Non Cash Portion
IncomeLossFromEquityMethodInvestmentsNonCashPortion
-2621000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2960000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1400000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-15615000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-9236000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
68228000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
59366000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-12975000 USD
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-15909000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
207749000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
54057000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1154413000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1083548000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
77625000 USD
us-gaap Payments To Acquire Commercial Real Estate
PaymentsToAcquireCommercialRealEstate
939805000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
113147000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
1257577000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
682604000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
77555000 USD
us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
106966000 USD
us-gaap Proceeds From Sale And Collection Of Loans Receivable
ProceedsFromSaleAndCollectionOfLoansReceivable
1008683000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
309967000 USD
us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
229845000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
94407000 USD
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
99787000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
151000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
7832000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1711000 USD
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-33000 USD
us-gaap Increase Decrease In Insurance Settlements Receivable
IncreaseDecreaseInInsuranceSettlementsReceivable
-20457000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
186625000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1421879000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-74144000 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
278677000 USD
us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
-565524000 USD
us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
304508000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
657557000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2206577000 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
127528000 USD
us-gaap Repayments Of Other Debt
RepaymentsOfOtherDebt
2456135000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
7564000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
17867000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
36395000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
942250000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
760363000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
861789000 USD
vtr Cash Distributionsto Redeemable Op Unitholders
CashDistributionstoRedeemableOPUnitholders
5954000 USD
vtr Cash Distributionsto Redeemable Op Unitholders
CashDistributionstoRedeemableOPUnitholders
6882000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
575000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
361000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
1138000 USD
us-gaap Transfer Of Investments
TransferOfInvestments
169484000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
4959000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
9666000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6403000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3518000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
34134000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4989000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-6601000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-857699000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
415067000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
483339000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
76736000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-951000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
396000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
146102000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
131464000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
628490000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
208596000 USD
us-gaap Transfer Of Investments
TransferOfInvestments
1056481000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
1224000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Assets Acquired1
NoncashOrPartNoncashAcquisitionOtherAssetsAcquired1
11123000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
55368000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
907746000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
2707000 USD
us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
46336000 USD
vtr Noncash Or Part Noncash Acquisition Deferred Income Tax Liabilities Assumed
NoncashOrPartNoncashAcquisitionDeferredIncomeTaxLiabilitiesAssumed
337000 USD
vtr Noncash Or Part Noncash Acquisition Deferred Income Tax Liabilities Assumed
NoncashOrPartNoncashAcquisitionDeferredIncomeTaxLiabilitiesAssumed
0 USD
vtr Noncontrollinginterestassumedfromacquisitions
Noncontrollinginterestassumedfromacquisitions
20259000 USD
vtr Noncontrollinginterestassumedfromacquisitions
Noncontrollinginterestassumedfromacquisitions
113522000 USD
us-gaap Nature Of Operations
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 1—DESCRIPTION OF BUSINESS </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, “we,” “us” or “our”), an S&amp;P 500 company, is a real estate investment trust (“REIT”) with a highly diversified portfolio of senior housing, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. As of September 30, 2020, we owned or managed through unconsolidated joint ventures approximately 1,200 properties (including properties classified as held for sale), consisting of senior housing communities, medical office buildings (“MOBs”), research and innovation centers, inpatient rehabilitation facilities (“IRFs”) and long-term acute care facilities (“LTACs”), and health systems. We also had 19 properties under development, including one property that is owned by an unconsolidated real estate entity. Our company was originally founded in 1983 and is headquartered in Chicago, Illinois. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    We primarily invest in senior housing, research and innovation, and healthcare properties through acquisitions and lease our properties to unaffiliated tenants or operate them through independent third-party managers. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    As of September 30, 2020, we leased a total of 377 properties (excluding properties within our office operations reportable business segment) to various healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Our three largest tenants, Brookdale Senior Living Inc. (together with its subsidiaries, “Brookdale Senior Living”), Ardent Health Partners, LLC (together with its subsidiaries, “Ardent”) and Kindred Healthcare, LLC (together with its subsidiaries, “Kindred”) leased from us 121 properties (excluding seven properties managed by Brookdale Senior Living pursuant to long-term management agreements), 11 properties and 32 properties, respectively, as of September 30, 2020.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    As of September 30, 2020, pursuant to long-term management agreements, we engaged independent operators, such as Atria Senior Living, Inc. (“Atria”) and Sunrise Senior Living, LLC (together with its subsidiaries, “Sunrise”), to manage 439 senior housing communities for us. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    Through our Lillibridge Healthcare Services, Inc. subsidiary and our ownership interest in PMB Real Estate Services LLC, we also provide MOB management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. In addition, from time to time, we make secured and non-mortgage loans and other investments relating to senior housing and healthcare operators or properties. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">COVID-19 Update</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The novel coronavirus (“COVID-19”) pandemic and actions taken to prevent its spread continue to affect our business in a number of differing ways. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In our senior living operating portfolio, leading indicators in senior housing, including leads, tours and move-ins, showed consistent improvement from July through September, but occupancy continued to decline and operating costs related to COVID-19 remained elevated in the third quarter. Recent COVID-19 clinical trends remain dynamic and create significant uncertainty. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our NNN senior housing tenants’ performance has also been affected by COVID-19. While we received substantially all NNN senior housing rent we expected to receive in the third quarter, we have modified certain NNN senior housing leases to reset rent and have provided other modest financial accommodations to certain NNN senior housing tenants who need it as a result of COVID-19. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s NNN healthcare tenants have benefitted from significant government financial support that was deployed early and has partially offset the direct financial impact of the pandemic. Substantially all expected rent was paid by the Company’s NNN healthcare tenants in the third quarter. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our office operations segment delivered steady performance in the third quarter, growing net operating income (“NOI”, which is defined as total revenues, excluding interest and other income, less property-level operating expenses and office building services costs) modestly compared to the second quarter. In the third quarter, we received 99% of contractual rents in the office segment. </span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The federal government, as well as state and local governments, have implemented or announced programs to provide financial and other support to businesses affected by the COVID-19 pandemic, some of which have benefitted or could benefit our company, tenants, operators, borrowers and managers. In particular, in early September, the Department of Health and Human Services (“HHS”) announced that assisted living communities are eligible to apply for funding under the Phase II General Distribution allocation (“Phase II”) of the Public Health and Social Services Emergency Fund (the “Provider Relief Fund”) established pursuant to the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Paycheck Protection Program and Health Care Enhancement Act (the “PPPHCE Act”). Distributions under Phase II are expected to equal 2% of annual revenues from patient care, and to benefit the assisted living communities in the Company’s senior living operating business, as well as its NNN senior housing tenants. While the guidance from HHS is subject to change, under current guidance, distributions from the Provider Relief Fund are not subject to repayment, provided that the recipient uses the funds first for expenses attributable to COVID-19 and then for lost revenue attributable to COVID-19, and is able to attest to and comply with certain terms and conditions, including not using funds received from the Provider Relief Fund to reimburse expenses or losses that other sources are obligated to reimburse, providing detailed reporting to HHS, maintaining records in accordance with law and submitting to government audit and investigation. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have applied for approximately $35 million in grants under Phase II of the Provider Relief Fund on behalf of the assisted living communities in our senior living operating business. Although we have begun to receive amounts under some of those applications, there can be no assurance that all our applications will be approved or that additional funds will ultimately be received in full or in part. The Company continues to evaluate the terms, conditions and permitted uses associated with the grants, including the requirements and restrictions imposed by HHS, and is in the process of determining what portions of these grants the Company will be able to retain and use. Any funds that are ultimately received and retained by us are not expected to fully offset the losses incurred in the Company’s senior living operating portfolio that are attributable to COVID-19. We believe that substantially all our NNN senior housing tenants have also applied for funding under Phase II to partially mitigate the losses they have incurred as a direct result of COVID-19. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">HHS recently announced a new $20 billion Phase III General Distribution allocation (“Phase III”) of the Provider Relief Fund, which will be made available to all healthcare providers, including assisted living communities, who have previously received distributions from the Provider Relief Fund. Phase III is expected to be distributed (i) first, to ensure that eligible providers have received funding equal to at least 2% of their annual patient care revenues and (ii) second, to provide an additional payment that considers providers’ overall financial losses caused by the COVID-19 pandemic. The actual amount paid to providers will depend in part on how many providers apply in Phase III and will be determined after all applications have been received. While we have applied for funding under Phase III on behalf of the assisted living communities in our senior living operating business, there can be no assurance that we will receive funding under Phase III or the amount of any such funding. </span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">HHS and the Department of Defense (the “DOD”) have announced agreements with CVS and Walgreens to provide and administer COVID-19 vaccines to residents of long-term care facilities nationwide (including assisted living and independent living communities) with no out-of-pocket costs to residents or the communities where they live. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">HHS and DOD also announced a program for the delivery of COVID-19 rapid point-of-care diagnostic tests to certain qualified assisted living facilities.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While we expect both of these programs to benefit our senior living operating portfolio, as well as our NNN senior housing tenants, there can be no assurance these programs will ultimately be implemented, will be implemented on the same terms as have been currently announced or will continue once implemented.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the start of the COVID-19 pandemic, we have taken precautionary steps to increase liquidity and preserve financial flexibility in light of the resulting uncertainty. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">See</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> “Management’s Discussion and Analysis of Financial Condition and Results of Operations; Liquidity and Capital Resources; Recent Capital Conservation Actions.” As of November 5, 2020, we had approximately $3.2 billion in liquidity, including availability under our revolving credit facility and cash and cash equivalents on hand, with no borrowings outstanding under our commercial paper program and negligible near-term debt maturing.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The trajectory and future impact of the COVID-19 pandemic remains highly uncertain. COVID-19 clinical trends have worsened in recent weeks; and multiple jurisdictions have recently imposed or are re-imposing heightened preventative measures. The extent of the COVID-19 pandemic’s continuing and ultimate effect on our operational and financial performance will depend on the clinical experience, which may differ considerably across regions and fluctuate over time, and on other future developments, including the ultimate duration, spread and intensity of the outbreak; the availability and effective distribution of testing and, eventually, a vaccine; the extent to which governments across the country impose or re-impose preventative restrictions and the extent and duration of any rollback of those restrictions; and the availability of government financial support to our business, tenants and operators. Due to these uncertainties, we are not able at this time </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to estimate the impact of the COVID-19 pandemic on our business, results of operations, financial condition and cash flows, either in the short or long-term, but it could be material.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We have not identified the COVID-19 pandemic, on its own, as a “triggering event” for purposes of evaluating impairment of real estate assets, goodwill and other intangibles, investments in unconsolidated entities and financial instruments. However, as of September 30, 2020, we considered the effect of the pandemic on certain of our assets (described below) and our ability to recover the respective carrying values of these assets. We applied our considerations to existing critical accounting policies that require us to make estimates and assumptions regarding future events that affect the reported amounts of assets and liabilities. We based our estimates on our experience and on assumptions we believe to be reasonable under the circumstances. As a result, we have recognized the following charges for the three and nine months ended September 30, 2020:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Adjustment to rental income:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> As of September 30, 2020, we concluded that it is probable we would not collect substantially all rents from certain tenants, primarily within our triple-net leased properties segment. As a result, we recognized adjustments to rental income of $20.3 million and $74.5 million for the three and nine months ended September 30, 2020. Rental payments from these tenants will be recognized in rental income when received.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Impairment of real estate assets:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> As of September 30, 2020, we compared our estimate of undiscounted cash flows, including a hypothetical terminal value, for certain real estate assets to the assets' respective carrying values. No impairment charges were recognized for the quarter ended September 30, 2020. During the quarter ended June 30, 2020 we recognized $108.8 million of impairments representing the difference between the assets' carrying value and the then estimated fair value of $192.8 million. The impaired assets, primarily senior housing communities, represent less than 1% of our consolidated net real estate property as of September 30, 2020. Impairments are recorded within depreciation and amortization in our Consolidated Statements of Income and are primarily related to our senior living operations reportable business segment.</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Loss on financial instruments and impairment of unconsolidated entities:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> As of September 30, 2020, we concluded that credit losses exist within certain of our non-mortgage loans receivables and government-sponsored pooled loan investments. As a result, we recognized credit loss charges of $5.0 million and $34.7 million for the three and nine months ended September 30, 2020. No allowances are recorded within our portfolios of secured mortgage loans or marketable debt securities. In addition, during the quarter ended June 30, 2020 we recognized an impairment of $10.7 million in an equity investment in an unconsolidated entity. </span></div><div><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:14.5pt">Deferred tax asset valuation allowance:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> As of June 30, 2020, we concluded that it was not more likely than not that deferred tax assets (primarily US federal NOL carryforwards which begin to expire in 2032) would be realized based on our cumulative loss in recent years for certain of our taxable REIT subsidiaries. As a result, we recorded a valuation allowance of $56.4 million against these deferred tax assets on our Consolidated Balance Sheets with a corresponding charge to income tax benefit (expense) in our Consolidated Statements of Income for the quarter ended June 30, 2020. We maintained our conclusions regarding the realizability of deferred tax assets as of September 30, 2020.</span></div>
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CY2019Q3 us-gaap Income Loss From Equity Method Investments
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854000 USD
CY2019Q3 vtr Income Loss From Equity Method Investments And Remeasurement Gain On Equity Interest In Acquiree
IncomeLossFromEquityMethodInvestmentsAndRemeasurementGainOnEquityInterestInAcquiree
854000 USD
CY2019Q3 us-gaap Gain Loss On Disposition Of Assets1
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CY2019Q3 us-gaap Income Tax Expense Benefit
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CY2019Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2019Q3 us-gaap Profit Loss
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86918000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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vtr Netoperatingincome
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us-gaap Interest Expense
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vtr Netoperatingincome
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us-gaap Profit Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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421573000 USD
CY2020Q3 us-gaap Payments For Capital Improvements
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170613000 USD
CY2019Q3 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
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us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
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us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
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CY2020Q3 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2020Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
20978412000 USD
CY2019Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
21734573000 USD

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