EX-99.1 2 dex991.htm SECOND QUARTER 2007 SUPPLEMENTAL DATA SECOND QUARTER 2007 SUPPLEMENTAL DATA

Exhibit 99.1

Ventas, Inc.

Second Quarter 2007 Supplemental Data

Triple-Net, Managed and Secured Loan Portfolio - Overview by Type (Dollars in Millions)1

 

Property Type

    Number of
Facilities		    Number of
Beds/Units/Square Feet		    Number
of States /
Provinces		    Ventas
Investment		    Cash Flow
Coverage		    Occupancy     Annualized
NNN
Revenue2		     Annualized
Operating
Property
Revenue3		     Total
Annualized
Revenue		  

Hospital - Stabilized Triple-Net

    42    3,824   Beds    18    $ 369    3.1x    63 %   $ 93     $ 0     $ 93  

Skilled Nursing - Stabilized Triple-Net

    197    24,691   Beds    29    $ 874    1.8x    89 %   $ 176     $ 0     $ 176  

Senior Housing - Triple-Net & Loan

    178    17,912   Units    32    $ 2,368    1.2x    89 %   $ 203     $ 0     $ 203  

Senior Housing - Operating

    78    6,284   Units    21    $ 1,960    N/A    92 %   $ 0     $ 338     $ 338  

Medical Office - Stabilized

    13    452,227   Square Feet    7    $ 70    N/A    97 %   $ 0     $ 10     $ 10  

Medical Office - Lease-Up

    1    81,094   Square Feet    1    $ 15    N/A    39 %   $ 0     $ 1     $ 1  

Other - Stabilized Triple-Net

    8    122   Beds    1    $ 7    3.7x    N/A     $ 1     $ 0     $ 1  
                                                     

Total

    517         45    $ 5,662    1.8x      $ 474     $ 349     $ 823  
                                                     
                        58 %     42 %     100 %

Triple-Net, Managed and Secured Loan Portfolio - Overview by State1

 

     Totals     Hospital    Skilled Nursing    Senior Housing    Medical Office    Other

State

    No.    %     No.    Beds    No.    Beds    No.    Units    No.    Sq. Feet    No.    Beds

California

    42    8 %   5    417    9    1,159    28    3,422    —      —      —      —  

Massachusetts

    38    7 %   2    109    26    2,811    10    1,255    —      —      —      —  

Ohio

    35    7 %   1    29    14    1,863    18    1,287    2    143,323    —      —  

Pennsylvania

    35    7 %   2    115    6    797    25    1,686    2    111,671    —      —  

Kentucky

    31    6 %   3    760    27    3,085    —      —      1    50,000    —      —  

Florida

    26    5 %   6    491    —      —      16    1,636    4    75,730    —      —  

Indiana

    23    4 %   1    59    13    1,968    9    1,002    —      —      —      —  

North Carolina

    23    4 %   1    124    16    1,836    6    437    —      —      —      —  

Illinois

    21    4 %   4    431    —      —      17    2,637    —      —      —      —  

Texas

    20    4 %   7    496    —      —      2    215    3    78,624    8    122

All Other

    223    43 %   10    793    86    11,172    125    10,619    2    73,973    —      —  
                                                            

Total

    517    100 %   42    3,824    197    24,691    256    24,196    14    533,321    8    122
                                                            

 

1

Totals may not foot due to rounding.

 

2

Annualized second quarter Ventas revenue assuming all events occurred at the beginning of the period.

 

3

Revenue reflects Ventas’s portion only for joint venture assets. Sunrise results reflect May and June 2007 annualized.

 

1

Ventas, Inc.

Second Quarter 2007 Supplemental Data

Triple-Net Owned, Managed and Secured Loan Portfolio - Property Type Concentration (Dollars in Millions)1

 

Property Type

    Property
Count		    Ventas
Investment		    %     Annualized
Rent/Revenue2		    %  

Senior Housing

    256    $ 4,328    76 %   $ 541    66 %

Skilled Nursing

    197    $ 874    15 %   $ 176    21 %

Hospitals

    42    $ 369    7 %   $ 93    11 %

Medical Office

    14    $ 85    1 %   $ 12    1 %

Other

    8    $ 7    NM     $ 1    NM  
                               

Total

    517    $ 5,662    100 %   $ 823    100 %
                               

Triple-Net Owned, Managed and Secured Loan Portfolio - Operator Concentration (Dollars in Millions)1

 

Operator

    Property
Count		    Ventas
Investment		    %     Annualized
Rent/Revenue2		    %  

Sunrise Senior Living

    78    $ 1,960    35 %   $ 338    41 %

Brookdale Senior Living

    83    $ 1,386    24 %   $ 123    15 %

Kindred Healthcare

    203    $ 935    17 %   $ 237    29 %

Senior Care

    66    $ 625    11 %   $ 48    6 %

Summerville Senior Living

    16    $ 196    3 %   $ 18    2 %

Capital Senior Living

    10    $ 153    3 %   $ 13    2 %

Genesis Healthcare

    11    $ 88    2 %   $ 9    1 %

Benchmark Assisted Living

    4    $ 55    1 %   $ 5    1 %

Trans Healthcare

    7    $ 53    1 %   $ 7    1 %

CaraVita

    8    $ 50    1 %   $ 5    1 %

All Other

    31    $ 162    3 %   $ 21    3 %
                               

Total

    517    $ 5,662    100 %   $ 823    100 %
                               

Triple-Net Owned, Managed and Secured Loan Portfolio - State Concentration (Dollars in Millions)1

 

State

    Property
Count		    Annualized
Rent/Revenue2		    %  

California

    42    $ 109    13 %

Illinois

    21    $ 91    11 %

Massachusetts

    38    $ 52    6 %

Pennsylvania

    35    $ 47    6 %

Ontario

    8    $ 42    5 %

New Jersey

    11    $ 38    5 %

Florida

    26    $ 34    4 %

Ohio

    35    $ 30    4 %

North Carolina

    23    $ 27    3 %

Georgia

    14    $ 26    3 %

All Other

    264    $ 328    40 %
                  

Total

    517    $ 823    100 %
                  

 

1

Totals may not foot due to rounding.

 

2

Annualized second quarter Ventas revenue assuming all events occurred at the beginning of the period. Operating asset revenue reflects Ventas’ portion only for joint venture assets. Sunrise results reflect May and June 2007 annualized.

 

2

Ventas, Inc.

Second Quarter 2007 Supplemental Data

Operating Portfolio Statistics:1

 

     Medical Office Buildings
     Stabilized     Same-Store Stabilized     Lease-Up
     2Q07     2Q06     2Q07     2Q06     2Q07     2Q06

Number of properties:

      11       9       9       9       1     —  

Number of square feet:

      398,127       266,025       266,025       266,025       81,094     —  

Occupancy:

      97 %     99 %     98 %     99 %     39 %   —  

Average annual rate per square foot:

    $ 27     $ 26     $ 27     $ 26     $ 28     —  

Operating revenue:

    $ 2.7     $ 1.8     $ 1.9     $ 1.8     $ 0.2     —  

Less expenses:

      1.1       0.7       0.7       0.7       0.1     —  

Total NOI:

      1.5       1.1       1.1       1.1       0.1     —  

Less joint venture share:

      NM       0.0       0.0       0.0       0.0     —  

Ventas NOI:

    $ 1.5     $ 1.1     $ 1.1     $ 1.1     $ 0.1     —  

 

     Senior Housing Communities  
     Stabilized
2Q072		     Lease-Up
2Q072		  

Number of properties:

      72       6  

Unit capacity:

      11,662       906  

Resident day capacity:

      420,351       20,100  

Average resident occupancy:

      92 %     63 %

Average daily rate / res fees:

    $ 163     $ 191  

Operating revenue:

    $ 63.7     $ 2.4  

Less expenses:

      42.6       2.6  

Total NOI:

      21.0       ($0.2 )

Less joint venture share:

      3.0       0.0  

Ventas NOI:

    $ 18.0       ($0.2 )

 

1

Dollars in millions except for rate data.

 

2

Results reflect May and June 2007 only.

 

3

Ventas, Inc.

Second Quarter 2007 Supplemental Data

 

Ventas - Kindred Master Lease

    Facility
Count		    TTM
EBITDARM
Coverage1,3,5

1

    83    2.3x

2

    41    2.4x

3

    38    2.1x

4

    41    2.5x
         

Portfolio

    203    2.3x
         

Ventas - Kindred Property Type

    Facility
Count		    TTM
EBITDARM
Coverage1,3

Hospitals

    38    3.2x

Skilled Nursing

    165    1.8x
         

Portfolio

    203    2.3x
         

 

Ventas - Kindred Master Lease

    Facility
Count		    TTM
EBITDARM
Coverage2,3		    Annualized
Post-Reset
Base Rent
Through
April 30, 20074

1

    83    2.2x    $ 94.5

2

    41    2.2x      55.3

3

    38    2.0x      38.4

4

    41    2.4x      40.4
                

Portfolio

    203    2.2x    $ 228.6
                

Ventas - Kindred Property Type

    Facility
Count		    TTM
EBITDARM
Coverage2,3		    Annualized
Post-Reset
Base Rent
Through
April 30, 20074

Hospitals

    38    3.0x    $ 83.7

Skilled Nursing

    165    1.7x      144.9
                

Portfolio

    203    2.2x    $ 228.6
                

 

1

Trailing twelve months EBITDARM for the period ended March 31, 2007 (the latest available data provided by Kindred) to the Company’s trailing twelve months cash rental revenue.

 

2

Trailing twelve months EBITDARM for the period ended March 31, 2007 (the latest available data provided by Kindred) to $228.6 million in aggregate annual base rent.

 

3

Coverage reflects the ratio of Kindred’s EBITDARM to rent. EBITDARM is defined as earnings before interest, income taxes, depreciation, amortization, rent and management fees. In the calculation of trailing twelve months EBITDARM, intercompany profit pertaining to services provided by Kindred’s PeopleFirst Rehabilitation and Pharmacy Divisions for the twelve months ended March 31, 2007 has been eliminated from purchased ancillary expenses within the Ventas portfolio.

 

4

Numbers in millions and may not foot due to rounding.

 

4

Ventas, Inc.

Second Quarter 2007 Supplemental Data

 

          Lease Rollover Year (Excluding Sunrise Operating Communities)
     Totals    2007    2008    2009    2010    2011    Thereafter

Hospital - Stabilized Triple-Net:

                     

Annualized Revenue1

    $ 92.9      —        —        —      $ 42.2      —      $ 50.7

Skilled Nursing - Stabilized Triple-Net:

                     

Annualized Revenue1

    $ 176.4      —      $ 0.9      —      $ 79.2      —      $ 96.4

Senior Housing - Stabilized Triple-Net:

                     

Annualized Revenue1

    $ 201.5      —        —        —        —        —        201.5

Medical Office - Stabilized:

                     

Annualized Revenue1

    $ 8.5    $ 1.2    $ 1.8    $ 1.2    $ 1.8    $ 0.9    $ 1.7

Medical Office - Lease-Up:

                     

Annualized Revenue1

    $ 0.2      —        —        —        —        —      $ 0.2

Other - Stabilized Triple-Net:

                     

Annualized Revenue1

    $ 0.9      —        —        —      $ 0.9      —        —  

Total:

                     

Annualized Revenue1

    $ 480.3    $ 1.2    $ 2.7    $ 1.2    $ 124.0    $ 0.9    $ 350.4

 

1

Annualized second quarter Ventas revenue assuming all events occurred at the beginning of the period. Dollars in millions. Totals may not foot due to rounding.

 

5

Ventas, Inc.

Second Quarter 2007 Supplemental Data

 

Property Name

    Company
Ownership
%		    MSA    Property
Type		   

Number of Residents or
Beds/Units/Square Feet

    Actual/Projected
Opening Date		    Total
Development
Cost1		   

Ventas
Fixed
Purchase

Price
(incl.
FPAC)1

    Expected
Stabilized
Yield

Sunrise of Hillcrest

    80%    Dallas    AL/ALZ    90 Residents / 77 Units / 56,500 SF    June 2006    $ 14.6    $ 12.3    10.0%

Sunrise of Bloomfield Hills

    80%    Detroit    AL/ALZ    92 Residents / 76 Units / 58,600 SF    June 2006      21.3      17.9    10.5%

Sunrise of Staten Island

    80%    New York    AL/ALZ    100 Residents / 78 Units / 63,000 SF    November 2006      29.7      25.0    9.5%-10.0%

Sunrise of Sandy

    80%    Salt Lake City    AL/ALZ    95 Residents / 79 Units / 58,000 SF    November 2006      18.0      15.1    9.5%-10.0%

Sunrise of Scottsdale

    80%    Phoenix    AL/ALZ    95 Residents / 79 Units / 60,000 SF    March 2007      20.2      17.0    9.5%-10.0%

Sunrise of Rocklin

    80%    Sacramento    AL/ALZ    78 Residents / 64 Units / 48,000 SF    April 2007      18.6      15.7    8.25%-8.75%

Sunrise of Thorne Mills on Steeles

    80%    Toronto    IL/AL/ALZ    256 Residents /229 Units / 210,000 SF    September 2007      59.8      50.0    8.0% -8.5%

Casper Wyoming Hospital & MOB

    50%    Casper, WY    Hosp/MOB    28 Beds / N/A Units / 50,132 SF    May 2008      28.6      28.6    10.5%

 

1

Dollars in millions.

 

6

Staggered
Renewal,
Long
Term
NNN
Leases
Provide
Excellent
Credit
Support
1
Corporate Credit and Long Duration Leases Anchor Portfolio
(1)
Based on 2Q 2007 Ventas revenue and excludes 12 MOBs.
NNN
Portfolio
58%
Operating
Assets
42%
Long Term
Corporate Credit
Anchors Ventas
Cash Flows
0.2%
25.9%
2.4%
25.6%
0.6%
4.4%
0.2%
40.7%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
After
2018
7

42% of Revenue Derived From 6,500+ Individual
Seniors and >100 MOB Tenants
Operating Assets Add NOI Granularity & Enhance
Enterprise Reliability
Other VTR
Revenue
58%
Senior
Housing +
MOB Operating
Assets
42%
8