EX-99.2 3 dex992.htm THIRD QUARTER 2008 SUPPLEMENT DATA Third Quarter 2008 Supplement Data

Exhibit 99.2

LOGO

Third Quarter 2008 Supplemental Data

LOGO

Eastside Physicians Plaza - Atlanta, GA

All amounts shown in this report are unaudited and in U.S. dollars unless otherwise noted.

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Debt Maturities1

 

•  

Ventas holds cash and short-term cash investments of approximately $106 million and has $623 million of undrawn borrowing capacity available under its credit facilities.

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1

Dollars in millions; data as of November 4, 2008 and excludes normal monthly principal amortization.

The Company’s joint venture partners’ pro rata share of total maturities is approximately $135.7 million.

Ventas has the ability and intention to extend certain mortgage loans until 2010.

 

1

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Owned Portfolio - Overview by Type (Dollars in Millions):1

 

Property
Type

   Number of
Properties		   Number of Beds/
Units/Square Feet		   Number
of States/
Provinces		   Ventas
Investment		   Cash Flow
Coverage		     Occupancy2     Annualized
NNN
Revenue3		     Annualized
Operating
Property
Revenue3		     Total
Annualized
Revenue3		     Annualized
NNN NOI3		     Annualized
Operating
Property
NOI3		     Total
Annualized
NOI3		  

Hospital - Stabilized Triple-Net

   41   3,815   Beds   17   $ 365   2.6 x   62 %   $ 94     $ 0     $ 94     $ 94     $ 0     $ 94  

Skilled Nursing - Stabilized Triple-Net

   192   23,510   Beds   28     827   2.0 x   89 %     177       0       177       177       0       177  

Seniors Housing - Triple-Net

   174   17,533   Units   31     2,357   1.3 x   87 %     201       0       201       201       0       201  

Seniors Housing - Operating

   79   6,513   Units   21     2,033   N/A     91 %     0       370       370       0       120       120  

Medical Office - Stabilized

   20   1,096,169   Square Feet   10     226   N/A     96 %     1       26       26       1       17       18  

Medical Office - Lease-Up

   2   181,952   Square Feet   2     42   N/A     58 %     0       3       3       0       2       2  

Other - Stabilized Triple-Net

   8   122   Beds   1     7   4.9 x   N/A       1       0       1       1       0       1  
                                                                         

Total

   516       45   $ 5,857   1.8 x     $ 474     $ 399     $ 873     $ 474     $ 139     $ 613  
                                                                         
                  54 %     46 %     100 %     77 %     23 %     100 %

Loan Portfolio - Overview by Investment (Dollars in Millions):1

 

Borrower

    Original
Investment		    Outstanding
Principal		    Secured/
Unsecured		    Borrower/
Asset
Type		    Effective
Interest
Rate		     Annualized
Revenue3

Manor Care

    $ 99    $ 113    Secured    SNF/ALF    L + 533     $ 6

HCA

      45      50    Unsecured    Hospital    9.2 %     4

Other - Secured4

      21      14    Secured    ALF    9.0 %     0

Other - Unsecured

      19      20    Unsecured    Hospital    9.5 %     2
                            

Total

    $ 184    $ 197            $ 12
                            

Owned Portfolio - Overview by State/Province:1

 

     Totals     Hospital    Skilled Nursing    Seniors Housing    Medical Office    Other

State/Province

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

California

    41    8 %   5    417    9    1,132    27    3,324    —      —      —      —  

Massachusetts

    38    7 %   2    109    26    2,712    10    1,259    —      —      —      —  

Pennsylvania

    35    7 %   2    115    6    797    25    1,649    2    111,671    —      —  

Ohio

    31    6 %   —      —      12    1,643    17    1,237    2    143,567    —      —  

Kentucky

    31    6 %   3    760    27    3,066    —      —      1    50,000    —      —  

Florida

    28    5 %   6    511    —      —      16    1,628    6    206,641    —      —  

Indiana

    23    4 %   1    59    13    1,883    9    1,001    —      —      —      —  

North Carolina

    23    4 %   1    124    16    1,836    6    438    —      —      —      —  

Illinois

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

Texas

    21    4 %   7    496    —      —      3    262    3    78,622    8    122

All Other

    224    43 %   10    793    83    10,441    123    10,611    8    687,620    —      —  
                                                            

Total

    516    100 %   41    3,815    192    23,510    253    24,046    22    1,278,121    8    122
                                                            

 

1

Totals may not add due to rounding.

 

2

Occupancy shown for Seniors Housing excludes communities in lease-up. Occupancy for triple-net properties is as of 2Q08 and occupancy for operating properties is as of 3Q08.

 

3

Annualized third quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Revenue/NOI reflects Ventas’s portion only for joint venture assets.

 

4

Outstanding principal is the approximate carrying value. Effective interest rate is the stated contractual rate.

 

2

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Owned and Loan Portfolio - Property Type Concentration (Dollars in Millions):1

 

Investment Type

    Owned
Property
Count		    Ventas
Investment		    %     Annualized
Rent/
Revenue2		    %     Annualized
Rent/NOI2		    %  

Seniors Housing

    253      4,390    73 %   $ 571    65 %   $ 321    51 %

Skilled Nursing

    192      827    14 %     177    20 %     177    28 %

Hospitals

    41      365    6 %     94    11 %     94    15 %

Medical Office

    22      268    4 %     29    3 %     20    3 %

Other

    8      7    NM       1    NM       1    NM  

Loans

    N/A      197    3 %     12    1 %     12    2 %
                                            

Total

    516    $ 6,054    100 %   $ 885    100 %   $ 625    100 %
                                            

Owned and Loan Portfolio - Operator Concentration (Dollars in Millions):1

 

Operator/Manager

    Owned
Property
Count		    Ventas
Investment		    %     Annualized
Rent/
Revenue2		    %     Annualized
Rent/NOI2		    %  

Sunrise Senior Living

    79    $ 2,033    34 %   $ 370    42 %   $ 120    19 %

Brookdale Senior Living

    83      1,393    23 %     122    14 %     122    19 %

Kindred Healthcare

    203      935    15 %     243    27 %     243    39 %

Senior Care

    66      625    10 %     50    6 %     50    8 %

Emeritus Senior Living

    16      196    3 %     19    2 %     19    3 %

Capital Senior Living

    11      158    3 %     13    1 %     13    2 %

Manor Care

    N/A      113    2 %     6    1 %     6    1 %

NexCore

    4      94    2 %     11    1 %     8    1 %

Formation

    11      88    1 %     9    1 %     9    1 %

Benchmark Assisted Living

    4      55    1 %     5    1 %     5    1 %

Assisted Living Concepts

    8      50    1 %     5    1 %     5    1 %

Greenfield

    7      50    1 %     5    1 %     3    1 %

HCA

    N/A      50    1 %     4    NM       4    1 %

All Other

    24      215    4 %     23    3 %     18    3 %
                                            

Total

    516    $ 6,054    100 %   $ 885    100 %   $ 625    100 %
                                            

Owned Portfolio - State/Province Concentration (Dollars in Millions):1

 

State/Province

    Owned
Property
Count		    Annualized
Rent/
Revenue2		    %     Annualized
Rent/NOI2		    %  

California

    41    $ 113    13 %   $ 81    13 %

Illinois

    21      91    10 %     68    11 %

Massachusetts

    38      53    6 %     47    8 %

Ontario

    9      52    6 %     13    2 %

Pennsylvania

    35      46    5 %     25    4 %

New Jersey

    11      38    4 %     15    2 %

Florida

    28      38    4 %     36    6 %

Georgia

    16      31    4 %     18    3 %

Colorado

    14      31    4 %     17    3 %

New York

    14      29    3 %     19    3 %

All Other

    289      351    40 %     275    45 %
                               

Total

    516    $ 873    100 %   $ 613    100 %
                               

 

1

Totals may not add due to rounding. NM = not material.

 

2

Annualized third quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Operating asset revenue/NOI reflects Ventas’s portion only for joint venture assets.

 

3

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Owned and Loan Portfolio - Property Type Concentration (Dollars in Millions):1

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Owned and Loan Portfolio - Operator Concentration (Dollars in Millions):1

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1

Annualized third quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Operating asset revenue/NOI reflects Ventas’s portion only for joint venture assets.

 

4

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 2nd Quarter of 2008 & 2007:1,2

 

          Sequential Quarter Comparison     Year-Over-Year Comparison  

Property Type

    Number of
Properties		    2Q08
Cash Flow
Coverage		     1Q08
Cash Flow
Coverage		     2Q08
Occupancy		     1Q08
Occupancy		     2Q08
Cash Flow
Coverage		     2Q07
Cash Flow
Coverage		     2Q08
Occupancy		     2Q07
Occupancy		  

Hospitals

    41    2.6 x   2.7 x   62 %   64 %   2.6 x   2.9 x   62 %   61 %

Skilled Nursing

    192    2.0 x   1.9 x   89 %   89 %   2.0 x   1.8 x   89 %   88 %

Seniors Housing

    171    1.3 x   1.3 x   87 %   88 %   1.3 x   1.3 x   87 %   89 %

Other

    8    4.9 x   4.7 x   N/A     N/A     4.9 x   4.0 x   N/A     N/A  
                                     

Total

    412    1.8 x   1.8 x       1.8 x   1.8 x    
                                     

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 1st and 2nd Quarter of 2008:1,2

 

          Sequential Quarter Comparison  

Property Type

    Number of
Properties		    2Q08
Cash Flow
Coverage		     1Q08
Cash Flow
Coverage		     2Q08
Occupancy		     1Q08
Occupancy		  

Hospitals

    41    2.6 x   2.7 x   62 %   64 %

Skilled Nursing

    192    2.0 x   1.9 x   89 %   89 %

Seniors Housing

    173    1.3 x   1.3 x   87 %   88 %

Other

    8    4.9 x   4.7 x   N/A     N/A  
                     

Total

    414    1.8 x   1.8 x    
                     

 

1

Second quarter is most recent quarter available.

 

2

Cash flow coverages are for trailing-twelve months or annualized where the Company’s ownership is for a shorter period.

 

5

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Medical Office Operating Portfolio Statistics:1

 

     Year-Over-Year Comparison  
     Stabilized     Same-Store Stabilized2,3     Lease-Up  
     3Q08     3Q07     3Q08     3Q07     3Q08     3Q07  

Number of properties:

      17       10       10       10       2       1  

Number of square feet:

      1,034,633       391,287       390,689       391,287       181,952       81,286  

Average occupancy:

      96 %     96 %     93 %     96 %     58 %     50 %

Average annual rate per square foot:

    $ 27     $ 28     $ 27     $ 28     $ 26     $ 23  

Operating revenue:

    $ 6.2     $ 2.6     $ 2.6     $ 2.6     $ 0.8     $ 0.3  

Less expenses:

      1.9       1.2       1.1       1.2       0.4       0.1  
                                                

Total NOI:

      4.3       1.4       1.5       1.4       0.4       0.1  

Less Company’s partner’s share:

      0.4       0.0       0.0       0.0       0.0       0.0  
                                                

Ventas NOI:

    $ 3.9     $ 1.4     $ 1.5     $ 1.4     $ 0.4     $ 0.1  
                                                
     Sequential Quarter Comparison  
     Stabilized     Same-Store Stabilized2,3     Lease-Up  
     3Q08     2Q08     3Q08     2Q08     3Q08     2Q08  

Number of properties:

      17       14       14       14       2       3  

Number of square feet:

      1,034,633       779,573       779,573       779,573       181,952       260,884  

Average occupancy:

      96 %     95 %     95 %     95 %     58 %     59 %

Average annual rate per square foot:

    $ 27     $ 28     $ 26     $ 28     $ 26     $ 29  

Operating revenue:

    $ 6.2     $ 5.3     $ 5.0     $ 5.3     $ 0.8     $ 0.9  

Less expenses:

      1.9       2.1       1.7       2.1       0.4       0.5  
                                                

Total NOI:

      4.3       3.3       3.3       3.3       0.4       0.4  

Less Company’s partner’s share:

      0.4       0.1       0.0       0.1       0.0       0.2  
                                                

Ventas NOI:

    $ 3.9     $ 3.2     $ 3.3     $ 3.2     $ 0.4     $ 0.2  
                                                

 

1

Dollars in millions except for rate data. Totals may not add due to rounding.

 

2

Includes only those MOBs owned for the full period.

 

3

Includes only those MOBs owned in both comparison periods.

 

6

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Seniors Housing Operating Portfolio Statistics:1

 

     Year-Over-Year Comparison  
     Stabilized     Same-Store Stabilized2     Lease-Up  
     3Q08     3Q07     3Q08     3Q07     3Q08     3Q07  

Number of properties:

      76       72       72       72       3       6  

Number of units:

      6,141       5,831       5,831       5,831       372       453  

Resident day capacity:

      668,656       633,972       633,972       633,972       39,468       50,600  

Average resident occupancy:

      91 %     93 %     92 %     93 %     59 %     61 %

Average daily rate / resident fees:

    $ 171     $ 167     $ 172     $ 167     $ 160     $ 169  

Operating revenue:

    $ 104.9     $ 98.7     $ 100.0     $ 98.7     $ 3.7     $ 5.2  

Less expenses:

      69.9       65.7       66.8       65.7       3.5       4.2  
                                                

Total NOI:

      34.9       33.0       33.3       33.0       0.3       1.0  

Less Company’s partner’s share:

      5.1       4.7       4.8       4.7       0.1       0.2  
                                                

Ventas NOI:

    $ 29.8     $ 28.3     $ 28.5     $ 28.3     $ 0.2     $ 0.8  
                                                
     Sequential Quarter Comparison  
     Stabilized     Same-Store Stabilized2     Lease-Up  
     3Q08     2Q08     3Q08     2Q08     3Q08     2Q08  

Number of properties:

      76       74       72       72       3       5  

Number of units:

      6,141       5,984       5,831       5,831       372       529  

Resident day capacity:

      668,656       643,643       633,972       627,081       39,468       56,784  

Average resident occupancy:

      91 %     91 %     92 %     91 %     59 %     63 %

Average daily rate / resident fees:

    $ 171     $ 173     $ 172     $ 173     $ 160     $ 162  

Operating revenue:

    $ 104.9     $ 101.5     $ 100.0     $ 98.9     $ 3.7     $ 5.8  

Less expenses:

      69.9       64.7       66.8       63.0       3.5       4.6  
                                                

Total NOI:

      34.9       36.8       33.3       35.9       0.3       1.2  

Less Company’s partner’s share:

      5.1       4.7       4.8       4.5       0.1       0.2  
                                                

Ventas NOI:

    $ 29.8     $ 32.1     $ 28.5     $ 31.4     $ 0.2     $ 1.0  
                                                

 

1

Dollars in millions except for rate data. Totals may not add due to rounding.

 

2

Includes only those communities stabilized in both comparison periods.

 

7

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios:1

 

     Number of
Properties		    Sequential Quarter Comparison     Year-Over-Year Comparison  

Ventas - Kindred Master Lease

       2Q08     1Q08     2Q08     2Q07  

1

    83    2.4 x   2.4 x   2.4 x   2.2 x

2

    41    2.1 x   2.1 x   2.1 x   2.2 x

3

    38    1.9 x   1.8 x   1.9 x   1.9 x

4

    41    2.3 x   2.4 x   2.3 x   2.3 x
                             

Total

    203    2.2 x   2.2 x   2.2 x   2.2 x
                             

Property Type

    Number of
Properties		    2Q08     1Q08     2Q08     2Q07  

Hospitals

    38    2.7 x   2.8 x   2.7 x   2.9 x

Skilled Nursing Facilities

    165    2.0 x   1.9 x   2.0 x   1.8 x
                             

Total

    203    2.2 x   2.2 x   2.2 x   2.2 x
                             

 

1

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 has been eliminated from purchased ancillary expenses within the Ventas portfolio. Second quarter is most recent quarter available.

 

8

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Triple-Net and Operating Portfolio Revenue Rollover Schedule Excluding Sunrise Operating Communities:1

 

          Lease Rollover Year
     Totals    2008    2009    2010    2011    2012    Thereafter

Hospital - Stabilized Triple-Net:

                     

Annualized Revenue

    $ 94.4      —        —      $ 43.5      —        —      $ 50.9

Skilled Nursing - Stabilized Triple-Net:

                     

Annualized Revenue

    $ 176.9      —        —      $ 81.5      —      $ 1.4    $ 94.0

Seniors Housing - Stabilized Triple-Net:

                     

Annualized Revenue

    $ 201.3      —        —        —        —      $ 2.7    $ 198.6

Medical Office - Stabilized:

                     

Annualized Revenue2

    $ 27.9    $ 0.5    $ 2.8    $ 3.4    $ 3.4    $ 2.4    $ 15.4

Medical Office - Lease-Up:

                     

Annualized Revenue2

    $ 2.9      —        —        —      $ 0.1    $ 0.2    $ 2.6

Other - Stabilized Triple-Net:

                     

Annualized Revenue

    $ 0.9      —        —      $ 0.9      —        —        —  

Total:

                     

Annualized Revenue

    $ 504.3    $ 0.5    $ 2.8    $ 129.4    $ 3.5    $ 6.6    $ 361.6

 

1

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

 

2

Partner’s share has not been eliminated from revenue.

 

9

Ventas, Inc.

Third Quarter 2008 Supplemental Data

Company Development Data:

 

Status

  

Property Name

   Company
Ownership
%		     MSA   Property
Type		  

Number of
Residents or Beds/
Units/Square Feet

   Actual/
Projected
Opening Date		   Ventas
Estimated/
Actual
Acquisition
Date		   Total
Development
Cost1		   Ventas
Fixed
Purchase
Price
(incl.
FPAC)1		   Expected
Stabilized
Yield

In Lease-up

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

In Lease-up

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

In Lease-up

   Sunrise of Thorne Mills on Steeles   80 %   Toronto   IL/AL/ALZ   256 Residents /229 Units / 210,000 SF   September 2007   December 2007     62.8 Cdn     52.7 Cdn   8.0%-8.5%

In Development

   Bon Secours Greenville MOB2   95 %   Greenville   MOB   97,795 RSF   July 2009   September 2008     25.0     N/A   7.8%-8.2%

In Development

   Parker II MOB2   95 %   Denver   MOB   75,087 RSF   November 2009   October 2008     20.0     N/A   7.5%-7.7%

To Be Acquired

   Carroll MOB2   90 %   Baltimore   MOB   77,242 RSF   December 2009   November 2011     21.0     N/A   8.0%-8.5%

 

1

Dollars in millions.

 

2

Development cost is estimated cost to Ventas, subject to adjustments.

 

10