8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): October 29, 2009

VENTAS, INC.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	1-10989	61-1055020
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
111 S. Wacker Drive, Suite 4800, Chicago, Illinois		60606
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (877) 483-6827

Not Applicable

Former Name or Former Address, if Changed Since Last Report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On October 29, 2009, Ventas, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2009.

A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated in this Item 2.02 by reference.

The press release states that the Company’s normalized funds from operations (“FFO”) for the quarter ended September 30, 2009 were $103.4 million, or $0.66 per diluted common share, as compared to $96.2 million, or $0.68 per diluted common share, for the quarter ended September 30, 2008. FFO, as defined by the National Association of Real Estate Investment Trusts, was $98.3 million, or $0.63 per diluted common share, in the third quarter of 2009, compared to $113.0 million, or $0.80 per diluted common share, in the third quarter of 2008. The Company’s net income attributable to common stockholders for the quarter ended September 30, 2009 was $49.8 million, or $0.32 per diluted common share (after discontinued operations of $0.1 million), versus $63.8 million, or $0.45 per diluted common share (after discontinued operations of $1.6 million), for the 2008 comparable period.

For the nine months ended September 30, 2009, the Company’s normalized FFO was $304.2 million, or $2.01 per diluted common share, as compared to $285.5 million, or $2.06 per diluted common share, for the nine months ended September 30, 2008. For the first nine months of 2009, the Company’s net income attributable to common stockholders was $212.4 million, or $1.40 per diluted common share (after discontinued operations of $71.4 million), versus $165.1 million, or $1.19 per diluted common share (after discontinued operations of $32.5 million), for the comparable period in 2008.

The press release also states that the Company expects its normalized FFO for the year ending December 31, 2009 to be between $2.62 and $2.65 per diluted common share. The Company expects its net income attributable to common stockholders for 2009 to be between $1.69 and $1.71 per diluted common share.

FORWARD-LOOKING STATEMENTS

This Current Report on Form 8-K includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s or its tenants’, operators’, managers’ or borrowers’ expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, dispositions, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and security holders must recognize that actual results may differ from the Company’s expectations. The Company does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially from expectations depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. These factors include without limitation: (a) the ability and willingness of the Company’s operators, tenants, borrowers, managers and other third parties to meet and/or perform their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities; (b) the ability of the Company’s operators, tenants, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (c) the Company’s success in implementing its business strategy and its ability to identify, underwrite, consummate, finance and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (d) the nature and extent of future competition; (e) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (f) increases in the Company’s cost of borrowing as a result of changes in interest rates and other factors; (g) the ability of the Company’s operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (h) the results of litigation affecting the Company; (i) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company’s revenues and its ability to access the capital markets or other sources of funds; (j) the Company’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (k) the Company’s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (l) final determination of the Company’s taxable net income for the year ending December 31, 2009; (m) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases and the Company’s ability to reposition its properties on the same or better terms in the event such leases expire and are not renewed by the Company’s tenants or in the event the Company exercises its right to replace an existing tenant upon default; (n) risks associated with the Company’s senior living operating portfolio, such as factors causing volatility in the Company’s operating income and earnings generated by its properties, including without limitation national and regional economic conditions, costs of materials, energy, labor and services, employee benefit costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties; (o) the movement of U.S. and Canadian exchange rates; (p) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators, including the rent escalator for Master Lease 2 with Kindred Healthcare, Inc., and the Company’s earnings; (q) the Company’s ability and the ability of its operators, tenants, borrowers and managers to obtain and maintain adequate liability and other insurance from reputable and financially stable providers; (r) the impact of increased operating costs and uninsured professional liability claims on the liquidity, financial condition and results of operations of the Company’s operators, tenants, borrowers and managers, and the ability of the Company’s operators, tenants, borrowers and managers to accurately estimate the magnitude of those claims; (s) the ability and willingness of the lenders under the Company’s unsecured

revolving credit facilities to fund, in whole or in part, borrowing requests made by the Company from time to time; (t) the impact of market or issuer events on the liquidity or value of the Company’s investments in marketable securities; and (u) the impact of any financial, accounting, legal or regulatory issues that may affect the Company’s major tenants, operators or managers. Many of these factors are beyond the control of the Company and its management.

Item 7.01. Regulation FD Disclosure.

Supplemental information regarding the Company’s portfolio of seniors housing and healthcare assets for the quarter ended September 30, 2009 is furnished herewith as Exhibit 99.2 and incorporated in this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(a) Financial Statements of Businesses Acquired.

Not applicable.

(b) Pro Forma Financial Information.

Not applicable.

(c) Shell Company Transactions.

Not applicable.

(d) Exhibits:

Exhibit Number	Description
99.1	Press release issued by the Company on October 29, 2009.
99.2	Ventas, Inc. Third Quarter 2009 Supplemental Data.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	VENTAS, INC.
Date: October 29, 2009	By:	/s/ T. Richard Riney
		T. Richard Riney
		Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release issued by the Company on October 29, 2009.
99.2	Ventas, Inc. Third Quarter 2009 Supplemental Data.

EX-99.1

Exhibit 99.1

Ventas, Inc. 111 South Wacker Drive, Suite 4800         Chicago, Illinois 60606 (877) 4-VENTAS www.ventasreit.com

Contact:	David J. Smith
	(877) 4-VENTAS

VENTAS REPORTS THIRD QUARTER NORMALIZED FFO OF $0.66 PER DILUTED SHARE

Ventas Increases 2009 Normalized FFO Per Diluted Share Guidance to $2.62 to $2.65

CHICAGO, IL (October 29, 2009) – Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) said today that third quarter 2009 normalized Funds From Operations (“FFO”) increased 7.4 percent to $103.4 million, from $96.2 million for the comparable 2008 period. Normalized FFO per diluted common share was $0.66 in the third quarter of 2009, compared to $0.68 in the comparable 2008 period. Weighted average diluted shares outstanding in the third quarter of 2009 were 156.5 million, compared to 141.1 million in the comparable 2008 period.

“Ventas’s earnings and cash flow this quarter were excellent and benefited from our high-quality, diversified healthcare and seniors housing assets, which continue to perform very well,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “With low leverage and excess liquidity, we are perfectly positioned to invest when appropriate, and to deliver value to our constituents.

“We are also pleased to increase our 2009 normalized FFO per diluted share guidance,” Cafaro added.

Third quarter 2009 normalized FFO per share versus the comparable period in 2008 benefited from rental increases from the Company’s triple-net lease portfolio; higher Net Operating Income after management fees (“NOI”) at the Company’s medical office building (“MOB”) operating portfolio; lower interest expense; and lower general, administrative and professional fees, offset by lower NOI at the Company’s senior living operating portfolio and higher weighted average diluted shares outstanding.

Normalized FFO for the quarter ended September 30, 2009 excludes the net expense (totaling $5.1 million, or $0.03 per diluted share) from merger-related expenses and deal costs, principally in relation to the Company’s favorable verdict in its lawsuit against HCP, Inc. (“HCP”), for which a three-week trial was held during the quarter, offset by income tax benefit; and normalized FFO for the quarter ended September 30, 2008 excluded the net benefit (totaling $16.7 million, or $0.12 per diluted share) from income tax benefit and the reversal of a $23.3 million previously recorded contingent liability, offset by a $6.0 million valuation allowance on real estate mortgage loans receivable, merger-related expenses and deal costs and loss on extinguishment of debt.

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the third quarter of 2009 decreased 13.0 percent to $98.3 million, from $113.0 million in the prior year. Third quarter 2009 NAREIT FFO per diluted common share decreased 21.3 percent to $0.63, from $0.80 a year earlier due primarily to the reversal of a $23.3 million previously recorded contingent liability, offset by a $6.0 million valuation allowance on real estate mortgage loans receivable recorded during the third quarter of 2008.

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Normalized FFO for the nine months ended September 30, 2009 was $304.2 million, or $2.01 per diluted common share, a 6.6 percent increase from $285.5 million, or $2.06 per diluted common share, for the comparable 2008 period. Normalized FFO for the nine months ended September 30, 2009 excludes the net expense (totaling $14.8 million, or $0.10 per diluted share) from merger-related expenses and deal costs and loss on extinguishment of debt, offset by income tax benefit; and normalized FFO for the nine months ended September 30, 2008 excluded the net benefit (totaling $29.3 million, or $0.21 per diluted share) from income taxes and the previously recorded contingent liability reversal, offset by the valuation allowance on real estate mortgage loans receivable and merger-related expenses and deal costs.

SUNRISE PORTFOLIO

Total Portfolio NOI Trending Toward High End of Guidance Range of $122-129 Million

The Company’s operating portfolio contains 79 seniors housing communities in North America that are managed by Sunrise Senior Living, Inc. (NYSE: SRZ) (“Sunrise”). Ventas owns 100 percent of 19 of these communities and has a partnership share of between 75 percent and 85 percent in the remaining 60 communities, in which Sunrise owns the noncontrolling interest.

NOI for these 79 communities was $33.4 million for the quarter ended September 30, 2009, compared to $35.2 million for the comparable 2008 period.

“We are very pleased that the results from our mansion-style, need-driven seniors housing portfolio managed by Sunrise are trending toward the high end of our NOI guidance range of $122 million to $129 million,” said Raymond J. Lewis, Ventas Executive Vice President and Chief Investment Officer. “We continue to support Sunrise management with its efforts to improve occupancy and maintain exceptional standards for our senior residents.”

Same-Store Stabilized Community Occupancy Improves Sequentially

For the 78 communities that were stabilized in the second and third quarters of 2009, average occupancy increased to 88.1 percent in the third quarter, versus 87.2 percent in the second quarter. NOI for these 78 communities was $33.0 million in the third quarter of 2009, compared to $33.7 million in the second quarter of 2009. The difference is attributable to 90 basis points of occupancy improvement, offset by higher expenses in the third quarter of 2009.

For the 76 Sunrise communities that were stabilized in the third quarters of both 2009 and 2008, total community NOI was $32.6 million in 2009, versus $34.9 million for the comparable 2008 period.

GAAP NET INCOME

Net income attributable to common stockholders for the quarter ended September 30, 2009 was $49.8 million, or $0.32 per diluted common share, after discontinued operations of $0.1 million, compared with net income attributable to common stockholders for the quarter ended September 30, 2008 of $63.8 million, or $0.45 per diluted common share, after discontinued operations of $1.6 million.

Net income attributable to common stockholders for the nine months ended September 30, 2009 was $212.4 million, or $1.40 per diluted common share, after discontinued operations of $71.4 million, compared with net income attributable to common stockholders for the nine months ended September 30, 2008 of $165.1 million, or $1.19 per diluted common share, after discontinued operations of $32.5 million.

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THIRD QUARTER HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS

Portfolio, Performance and Balance Sheet Highlights

Liquidity, Balance Sheet & Credit Ratings

• In October 2009, Ventas closed $58.4 million of mortgage debt at a blended annual interest rate of 5.5 percent through government-sponsored enterprises.

• At September 30, 2009, the Company had $9.7 million outstanding under its Revolving Credit Facilities; $853.0 million of undrawn availability; and $126.6 million of cash and short-term cash investments.

• In October, the Company received indications from two financial institutions that they intend to commit $125 million of additional credit capacity under the Company’s Revolving Credit Facilities to mature in 2012. As a result, the Company’s Revolving Credit Facilities would expand to $965 million. The first portion of the Revolving Credit Facilities, maturing April 26, 2012, will contain $715 million of borrowing capacity and be priced at LIBOR plus 280 basis points. The second portion of the Revolving Credit Facilities, which matures on April 26, 2010, will contain $250 million of borrowing capacity and be priced at LIBOR plus 75 basis points. There can be no assurance that the Company will receive $125 million of additional credit capacity.

• At October 28, 2009, the Company had $208.7 million of cash and short-term cash investments.

• The Company’s debt to total capitalization at September 30, 2009 was approximately 30 percent. The Company’s net debt to pro forma EBITDA at quarter end was 4.2x.

• As of October 28, 2009, the Company has $14.6 million in total debt maturities remaining in 2009 and $169.9 million in total debt maturities in 2010, excluding normal periodic principal amortization payments. Additional detail on the Company’s debt maturities can be found on the Company’s website under the “For Investors” section or at www.ventasreit.com/investors/supplemental.asp.

Investments and Dispositions

• In August 2009, the Company completed the development and commenced operations of a 75,000 rentable square foot MOB in Parker, Colorado, on the campus of Parker Adventist Hospital. The building was over 80 percent leased at completion, and was delivered on time and on budget.

Portfolio

• The 197 skilled nursing facilities and hospitals leased by the Company to Kindred Healthcare, Inc. (NYSE: KND) (“Kindred”) produced EBITDARM (earnings before interest, taxes, depreciation, amortization, rent and management fees) to actual cash rent coverage of 2.1 times for the trailing twelve-month period ended June 30, 2009 (the latest date available).

Verdict Against HCP

• On September 4, 2009, the jury unanimously rendered a verdict in favor of Ventas in its lawsuit against HCP, brought in the United States District Court for the Western District of Kentucky (the “Court”), for tortious interference with business expectation arising out of the Company’s acquisition of Sunrise Senior Living REIT (“Sunrise REIT”) in April 2007. The jury awarded the Company USD $101,672,807 in compensatory damages (100% of the damages the jury was instructed to consider),

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which represents the difference between the amount the Company would have paid had its Cdn $15 per unit agreement been approved by the Sunrise REIT unitholders and the amount the Company was required to pay to acquire Sunrise REIT, Cdn $16.50 per unit. The jury found that HCP employed “significantly wrongful means,” which includes conduct such as fraudulent misrepresentation, deceit and coercion, and “intended” to improperly interfere with the Company’s acquisition of Sunrise REIT. On September 8, 2009, the Court entered judgment on the jury’s verdict. Both HCP and Ventas have filed post-trial motions that are currently pending before the Court. HCP is required to post security during its post-trial motions and appeal, if any.

Additional Information

• James L. Andrews recently joined Ventas as Vice President, Hospital Business Development. In this newly created position, Jim will lead the Company’s capital deployment efforts with not-for-profit and for-profit hospitals and health systems. Jim previously worked with not-for-profit healthcare systems at, among others, Goldman, Sachs & Co. and Financial Security Assurance (FSA).

• Beginning in 2009, consistent with U.S. generally accepted accounting principles (“GAAP”), Ventas is recognizing additional non-cash interest expense in connection with the Company’s $230 million principal amount of 3 ⁷/8% convertible senior notes due 2011. This non-cash interest expense will decrease 2009 FFO per diluted share by approximately $0.01 per share per quarter. As required by GAAP, this additional non-cash interest expense is reflected in the Company’s prior period results, which have been restated for comparability.

• Supplemental information regarding the Company can be found on the Company’s website under the “For Investors” section or at www.ventasreit.com/investors/supplemental.asp.

VENTAS INCREASES GUIDANCE FOR 2009 NORMALIZED FFO PER DILUTED SHARE TO $2.62 TO $2.65

Ventas currently expects its 2009 normalized FFO per diluted share to range between $2.62 and $2.65, improving its previously announced 2009 guidance of between $2.55 and $2.62 per diluted share. Normalized FFO per diluted share in 2008 was $2.71.

The Company’s normalized FFO guidance for all periods assumes that all of the Company’s tenants and borrowers continue to meet all of their obligations to the Company. In addition, the Company’s normalized FFO guidance (and related GAAP earnings projections) excludes (a) gains and losses on the sales of assets, (b) the impact of future unannounced acquisitions or divestitures (including pursuant to tenant options to purchase) and capital transactions, (c) merger-related costs and expenses that are not capitalized under GAAP, including expenses relating to the Company’s lawsuit against HCP, (d) net proceeds, if any, the Company may receive from its lawsuit against HCP related to the acquisition of Sunrise REIT, (e) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts or premiums incurred as a result of early retirement or payment of the Company’s debt, (f) the non-cash effect of income tax benefits or expenses, (g) deal costs and expenses and earnout payments required by GAAP to be expensed rather than capitalized into asset cost, and (h) the reversal or incurrence of contingent liabilities.

The Company’s guidance is based on a number of other assumptions, which are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

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A reconciliation of the Company’s guidance to the Company’s projected GAAP earnings is provided on a schedule attached to this press release. The Company may from time to time update its publicly announced guidance, but it is not obligated to do so.

THIRD QUARTER CONFERENCE CALL

Ventas will hold a conference call to discuss this earnings release today, at 9:00 a.m. Eastern Time (8:00 a.m. Central Time). The dial-in number for the conference call is (617) 614-3523. The participant passcode is “Ventas.” The conference call is being webcast live by CCBN and can be accessed at the Company’s website at www.ventasreit.com or www.earnings.com. An online replay of the webcast will be available today at approximately 12:00 p.m. Eastern Time and will be archived for one month.

Ventas, Inc., an S&P 500 company, is a leading healthcare real estate investment trust. At the date of this press release, Ventas owns 501 seniors housing and healthcare properties located in 43 states and two Canadian provinces. Its diverse portfolio includes 243 seniors housing communities, 187 skilled nursing facilities, 40 hospitals, and 31 medical office buildings and other properties. More information about Ventas can be found on its website at www.ventasreit.com.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s or its tenants’, operators’, managers’ or borrowers’ expected future financial position, results of operations, cash flows, funds from operations, dividends and dividend plans, financing plans, business strategy, budgets, projected costs, capital expenditures, competitive positions, acquisitions, investment opportunities, merger integration, growth opportunities, dispositions, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. Such forward-looking statements are inherently uncertain, and security holders must recognize that actual results may differ from the Company’s expectations. The Company does not undertake a duty to update such forward-looking statements, which speak only as of the date on which they are made.

The Company’s actual future results and trends may differ materially depending on a variety of factors discussed in the Company’s filings with the Securities and Exchange Commission. These factors include without limitation: (a) the ability and willingness of the Company’s operators, tenants, borrowers, managers and other third parties to meet and/or perform their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold harmless the Company from and against various claims, litigation and liabilities; (b) the ability of the Company’s operators, tenants, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (c) the Company’s success in implementing its business strategy and the Company’s ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions or investments, including those in different asset types and outside the United States; (d) the nature and extent of future competition; (e) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (f) increases in the Company’s cost of borrowing as a result of changes in interest rates and other factors; (g) the ability of the Company’s operators and managers, as applicable, to deliver high quality services, to attract and retain qualified personnel and to attract residents and patients; (h) the results of litigation affecting the Company; (i) changes in general economic conditions and/or economic conditions in the markets in which the Company may, from time to time, compete, and the effect of those changes on the Company’s revenues and its ability to access the capital markets or other sources of funds; (j) the Company’s ability to pay down, refinance, restructure and/or extend its indebtedness as it becomes due; (k) the Company’s ability and willingness to maintain its qualification as a REIT due to economic, market, legal, tax or other considerations; (l) final determination of the Company’s taxable net income for the year ending December 31, 2009; (m) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases and the Company’s ability to reposition its properties on the same or better terms in the event such leases expire and are not renewed by the Company’s tenants or in the event the Company exercises its right to replace an existing tenant upon default; (n) risks associated with the Company’s senior living operating portfolio, such as factors causing volatility in the Company’s operating income and earnings generated by its properties, including without limitation national and regional economic conditions, costs of materials, energy, labor and services, employee benefit costs, insurance costs and professional and general liability claims, and the timely delivery of accurate property-level financial results for those properties; (o) the movement of U.S. and Canadian exchange rates; (p) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators, including the rent escalator for Master Lease 2 with Kindred, and the Company’s earnings; (q) the Company’s ability and

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the ability of its operators, tenants, borrowers and managers to obtain and maintain adequate liability and other insurance from reputable and financially stable providers; (r) the impact of increased operating costs and uninsured professional liability claims on the liquidity, financial condition and results of operations of the Company’s operators, tenants, borrowers and managers, and the ability of the Company’s operators, tenants, borrowers and managers to accurately estimate the magnitude of those claims; (s) the ability and willingness of the lenders under the Company’s unsecured revolving credit facilities to fund, in whole or in part, borrowing requests made by the Company from time to time; (t) the impact of market or issuer events on the liquidity or value of the Company’s investments in marketable securities; and (u) the impact of any financial, accounting, legal or regulatory issues that may affect the Company’s major tenants, operators or managers. Many of these factors are beyond the control of the Company and its management.

CONSOLIDATED FINANCIAL INFORMATION

On January 1, 2009, the Company adopted Financial Accounting Standards Board (“FASB”) guidance relating to convertible debt instruments that specifies that issuers of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) should separately account for the liability and equity components in a manner that will reflect the entity’s nonconvertible debt borrowing rate when interest cost is recognized in subsequent periods. Additionally, on January 1, 2009, the Company adopted FASB guidance which changes the reporting for minority interests, which now must be characterized as noncontrolling interests and classified as a component of consolidated equity. The calculation of income and earnings per share continues to be based on income amounts attributable to the parent and is characterized as net income attributable to common stockholders. As required, all prior period amounts have been restated to reflect the adoption of this new guidance.

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CONSOLIDATED BALANCE SHEETS

As of September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008

(In thousands, except per share amounts)

	September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008 *			September 30, 2008 *
Assets
Real estate investments:
Land	$	557,123		$	552,712		$	554,286		$	555,015		$	567,474
Buildings and improvements		5,641,309			5,603,042			5,592,051			5,593,024			5,694,198
Construction in progress		8,611			18,319			21,176			12,591			9,533
		6,207,043			6,174,073			6,167,513			6,160,630			6,271,205
Accumulated depreciation		(1,126,516	)		(1,075,293	)		(1,036,617	)		(987,691	)		(951,523	)
Net real estate property		5,080,527			5,098,780			5,130,896			5,172,939			5,319,682
Loans receivable, net		125,410			125,106			130,076			123,289			113,606
Net real estate investments		5,205,937			5,223,886			5,260,972			5,296,228			5,433,288
Cash and cash equivalents		70,889			46,523			95,806			176,812			115,923
Escrow deposits and restricted cash		96,477			94,470			38,275			55,866			43,841
Deferred financing costs, net		27,804			29,569			29,935			22,032			20,833
Notes receivable-related parties		—			—			—			—			1,769
Other		186,203			176,413			168,858			220,480			200,735
Total assets	$	5,587,310		$	5,570,861		$	5,593,846		$	5,771,418		$	5,816,389
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	2,615,142		$	2,616,304		$	2,942,401		$	3,136,998		$	3,123,815
Deferred revenue		4,628			5,305			6,307			7,057			7,564
Accrued interest		35,481			16,952			42,121			21,931			46,255
Accounts payable and other accrued liabilities		175,125			164,659			161,775			168,198			152,666
Deferred income taxes		254,622			255,175			255,570			257,499			256,525
Total liabilities		3,084,998			3,058,395			3,408,174			3,591,683			3,586,825
Commitments and contingencies
Equity:
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued		—			—			—			—			—
Common stock, $0.25 par value; 156,605, 156,539, 143,453, 143,302 and 143,293 shares issued at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008, respectively		39,155			39,138			35,867			35,825			35,823
Capital in excess of par value		2,570,146			2,565,933			2,267,440			2,264,125			2,261,874
Accumulated other comprehensive income (loss)		15,080			(1,411	)		(18,322	)		(21,089	)		4,835
Retained earnings (deficit)		(139,478	)		(109,012	)		(117,124	)		(117,806	)		(101,867	)
Treasury stock, 0, 0, 2, 15 and 0 shares at September 30, 2009, June 30, 2009, March 31, 2009, December 31, 2008 and September 30, 2008, respectively		—			(5	)		(53	)		(457	)		(2	)
Total Ventas stockholders’ equity		2,484,903			2,494,643			2,167,808			2,160,598			2,200,663
Noncontrolling interest		17,409			17,823			17,864			19,137			28,901
Total equity		2,502,312			2,512,466			2,185,672			2,179,735			2,229,564
Total liabilities and equity	$	5,587,310		$	5,570,861		$	5,593,846		$	5,771,418		$	5,816,389

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

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Ventas Reports Third Quarter Results

October 29, 2009

Page 8

CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2009 and 2008

(In thousands, except per share amounts)

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2009		2008 *			2009		2008 *
Revenues:
Rental income	$	126,002	$	121,172		$	374,084	$	358,893
Resident fees and services		106,515		108,610			312,853		323,648
Income from loans and investments		3,214		3,426			9,828		5,373
Interest and other income		99		1,913			493		3,529
Total revenues		235,830		235,121			697,258		691,443
Expenses:
Interest		43,660		50,745			133,942		153,927
Depreciation and amortization		50,349		49,997			148,897		176,960
Property-level operating expenses		76,338		81,698			224,370		230,497
General, administrative and professional fees (including non-cash stock-based compensation expense of $3,078 and $3,326 for the three months ended 2009 and 2008, respectively, and $9,215 and $7,816 for the nine months ended 2009 and 2008, respectively)		9,657		11,626			30,610		29,493
Foreign currency loss (gain)		32		(45	)		31		(151	)
Loss on extinguishment of debt		—		344			6,080		460
Merger-related expenses and deal costs		5,894		1,248			11,450		3,128
Total expenses		185,930		195,613			555,380		594,314
Income before reversal of contingent liability, income taxes, discontinued operations and noncontrolling interest		49,900		39,508			141,878		97,129
Reversal of contingent liability		—		23,328			—		23,328
Income tax benefit		410		415			1,352		14,165
Income from continuing operations		50,310		63,251			143,230		134,622
Discontinued operations		120		1,555			71,352		32,514
Net income		50,430		64,806			214,582		167,136
Net income attributable to noncontrolling interest, net of tax		625		1,040			2,168		2,063
Net income attributable to common stockholders	$	49,805	$	63,766		$	212,414	$	165,073
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders	$	0.32	$	0.44		$	0.93	$	0.96
Discontinued operations		0.00		0.01			0.47		0.23
Net income attributable to common stockholders	$	0.32	$	0.45		$	1.40	$	1.19
Diluted:
Income from continuing operations attributable to common stockholders	$	0.32	$	0.44		$	0.93	$	0.96
Discontinued operations		0.00		0.01			0.47		0.23
Net income attributable to common stockholders	$	0.32	$	0.45		$	1.40	$	1.19
Weighted average shares used in computing earnings per common share:
Basic		156,250		140,759			151,309		138,433
Diluted		156,516		141,141			151,439		138,859
Dividends declared per common share	$	0.5125	$	0.5125		$	1.5375	$	1.5375

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

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Ventas Reports Third Quarter Results

October 29, 2009

Page 9

QUARTERLY CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

	2009 Quarters							2008 Quarters *
	Third		Second		First			Fourth			Third
Revenues:
Rental income	$	126,002	$	125,148	$	122,934		$	122,735		$	121,172
Resident fees and services		106,515		103,399		102,939			105,609			108,610
Income from loans and investments		3,214		3,333		3,281			3,474			3,426
Interest and other income		99		108		286			697			1,913
Total revenues		235,830		231,988		229,440			232,515			235,121
Expenses:
Interest		43,660		44,171		46,111			50,622			50,745
Depreciation and amortization		50,349		48,847		49,701			54,003			49,997
Property-level operating expenses		76,338		72,564		75,468			76,447			81,698
General, administrative and professional fees (including non-cash stock-based compensation expense of $3,078, $3,078, $3,059, $2,160, and $3,326, respectively)		9,657		10,355		10,598			11,158			11,626
Foreign currency loss (gain)		32		5		(6	)		(11	)		(45	)
Loss (gain) on extinguishment of debt		—		5,975		105			(2,858	)		344
Merger-related expenses and deal costs		5,894		3,502		2,054			1,332			1,248
Total expenses		185,930		185,419		184,031			190,693			195,613
Income before reversal of contingent liability, income taxes, discontinued operations and noncontrolling interest		49,900		46,569		45,409			41,822			39,508
Reversal of contingent liability		—		—		—			—			23,328
Income tax benefit		410		395		547			1,720			415
Income from continuing operations		50,310		46,964		45,956			43,542			63,251
Discontinued operations		120		42,219		29,013			14,609			1,555
Net income		50,430		89,183		74,969			58,151			64,806
Net income attributable to noncontrolling interest, net of tax		625		802		741			621			1,040
Net income attributable to common stockholders	$	49,805	$	88,381	$	74,228		$	57,530		$	63,766
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders	$	0.32	$	0.30	$	0.32		$	0.30		$	0.44
Discontinued operations		0.00		0.27		0.20			0.10			0.01
Net income attributable to common stockholders	$	0.32	$	0.57	$	0.52		$	0.40		$	0.45
Diluted:
Income from continuing operations attributable to common stockholders	$	0.32	$	0.30	$	0.32		$	0.30		$	0.44
Discontinued operations		0.00		0.27		0.20			0.10			0.01
Net income attributable to common stockholders	$	0.32	$	0.57	$	0.52		$	0.40		$	0.45
Weighted average shares used in computing earnings per common share:
Basic		156,250		154,441		143,091			142,963			140,759
Diluted		156,516		154,510		143,145			143,047			141,141
Dividends declared per common share	$	0.5125	$	0.5125	$	0.5125		$	0.5125		$	0.5125

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

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Ventas Reports Third Quarter Results

October 29, 2009

Page 10

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2009 and 2008

(In thousands)

	2009			2008 *
Cash flows from operating activities:
Net income	$	214,582		$	167,136
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)		149,162			180,780
Amortization of deferred revenue and lease intangibles, net		(5,151	)		(7,202	)
Other amortization expenses		4,295			3,618
Stock-based compensation		9,215			7,816
Straight-lining of rental income		(8,961	)		(11,215	)
Loss (gain) on extinguishment of debt		6,080			(63	)
Net gain on sale of real estate assets (including amounts in discontinued operations)		(67,011	)		(25,869	)
Income tax benefit		(1,352	)		(14,165	)
Reversal of contingent liability		—			(23,328	)
Provision for loan losses		—			5,994
Other		87			704
Changes in operating assets and liabilities:
Increase in other assets		(4,277	)		(1,294	)
Increase in accrued interest		13,550			25,424
Increase (decrease) in other liabilities		12,978			(6,528	)
Net cash provided by operating activities		323,197			301,808
Cash flows from investing activities:
Net investment in real estate property		(23,728	)		(47,287	)
Investment in loans receivable		(7,373	)		(98,826	)
Purchase of marketable debt securities		—			(63,680	)
Proceeds from real estate disposals		96,561			58,379
Proceeds from loans receivable		7,908			122
Capital expenditures		(7,184	)		(12,174	)
Other		—			322
Net cash provided by (used in) investing activities		66,184			(163,144	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		(291,456	)		(172,216	)
Proceeds from debt		304,202			10,359
Repayment of debt		(555,290	)		(83,146	)
Payment of deferred financing costs		(13,422	)		(655	)
Issuance of common stock, net		299,201			408,540
Cash distribution to common stockholders		(234,086	)		(215,381	)
Contributions from noncontrolling interest		635			—
Distributions to noncontrolling interest		(7,496	)		(5,332	)
Other		2,003			6,952
Net cash used in financing activities		(495,709	)		(50,879	)
Net (decrease) increase in cash and cash equivalents		(106,328	)		87,785
Effect of foreign currency translation on cash and cash equivalents		405			(196	)
Cash and cash equivalents at beginning of period		176,812			28,334
Cash and cash equivalents at end of period	$	70,889		$	115,923

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

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Ventas Reports Third Quarter Results

October 29, 2009

Page 11

QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	2009 Quarters									2008 Quarters *
	Third			Second			First			Fourth			Third
Cash flows from operating activities:
Net income	$	50,430		$	89,183		$	74,969		$	58,151		$	64,806
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)		50,347			48,907			49,908			54,974			50,969
Amortization of deferred revenue and lease intangibles, net		(1,564	)		(1,729	)		(1,858	)		(2,142	)		(1,819	)
Other amortization expenses		1,921			1,766			608			376			678
Stock-based compensation		3,078			3,078			3,059			2,160			3,326
Straight-lining of rental income		(2,971	)		(3,052	)		(2,938	)		(3,437	)		(3,786	)
Loss (gain) on extinguishment of debt		—			5,922			158			(105	)		28
Net gain on sale of real estate assets (including amounts in discontinued operations)		(120	)		(39,020	)		(27,871	)		(13,157	)		—
Income tax benefit		(410	)		(395	)		(547	)		(1,720	)		(415	)
Reversal of contingent liability		—			—			—			—			(23,328	)
Provision for loan losses		—			—			—			—			5,994
Other		99			(169	)		157			(90	)		(10	)
Changes in operating assets and liabilities:
(Increase) decrease in other assets		(5,703	)		(262	)		1,688			(2,247	)		(7,388	)
Increase (decrease) in accrued interest		18,529			(25,169	)		20,190			(24,324	)		25,994
Increase (decrease) in other liabilities		14,419			2,526			(3,967	)		9,660			12,997
Net cash provided by operating activities		128,055			81,586			113,556			78,099			128,046
Cash flows from investing activities:
Net investment in real estate property		(4,370	)		(10,971	)		(8,387	)		(6,514	)		(40,927	)
Investment in loans receivable		—			—			(7,373	)		(10,000	)		—
Purchase of marketable debt securities		—			—			—			—			(18,900	)
Proceeds from real estate disposals		1,188			—			95,373			45,804			—
Proceeds from loans receivable		207			6,051			1,650			13			(166	)
Capital expenditures		(3,156	)		(158	)		(3,870	)		(4,185	)		(7,694	)
Other		—			—			—			1,770			(18	)
Net cash (used in) provided by investing activities		(6,131	)		(5,078	)		77,393			26,888			(67,705	)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		(1,528	)		(202,882	)		(87,046	)		245,582			(88,800	)
Proceeds from debt		3,087			291,914			9,201			129,903			4,005
Repayment of debt		(13,515	)		(428,659	)		(113,116	)		(333,750	)		(30,529	)
Payment of deferred financing costs		—			(3,855	)		(9,567	)		(3,202	)		34
Issuance of common stock, net		—			299,201			—			—			216,872
Cash distribution to common stockholders		(80,271	)		(80,269	)		(73,546	)		(73,468	)		(73,499	)
Contributions from noncontrolling interest		329			306			—			—			—
Distributions to noncontrolling interest		(2,472	)		(3,610	)		(1,414	)		(10,400	)		(3,396	)
Other		(3,454	)		1,808			3,649			235			1,695
Net cash (used in) provided by financing activities		(97,824	)		(126,046	)		(271,839	)		(45,100	)		26,382
Net increase (decrease) in cash and cash equivalents		24,100			(49,538	)		(80,890	)		59,887			86,723
Effect of foreign currency translation on cash and cash equivalents		266			255			(116	)		1,002			(68	)
Cash and cash equivalents at beginning of period		46,523			95,806			176,812			115,923			29,268
Cash and cash equivalents at end of period	$	70,889		$	46,523		$	95,806		$	176,812		$	115,923

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

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Ventas Reports Third Quarter Results

October 29, 2009

Page 12

FUNDS FROM OPERATIONS, NORMALIZED FFO AND FUNDS AVAILABLE

FOR DISTRIBUTION

(In thousands, except per share amounts)

	2009 Quarters									2008 Quarters *
	Third			Second			First			Fourth			Third
Net income attributable to common stockholders	$	49,805		$	88,381		$	74,228		$	57,530		$	63,766
Adjustments:
Depreciation and amortization on real estate assets		50,184			48,676			49,531			53,830			49,811
Depreciation on real estate assets related to noncontrolling interest		(1,580	)		(1,496	)		(1,620	)		(1,582	)		(1,590	)
Discontinued operations:
Gain on sale of real estate assets		(120	)		(39,020	)		(27,871	)		(13,157	)		—
Depreciation and amortization on real estate assets		—			62			207			971			972
FFO		98,289			96,603			94,475			97,592			112,959
Merger-related expenses and deal costs		5,894			3,502			2,054			1,332			1,248
Reversal of contingent liability		—			—			—			—			(23,328	)
Provision for loan losses		—			—			—			—			5,994
Income tax benefit		(797	)		(936	)		(937	)		(2,059	)		(982	)
Loss (gain) on extinguishment of debt		—			5,975			105			(2,858	)		344
Normalized FFO		103,386			105,144			95,697			94,007			96,235
Straight-lining of rental income		(2,971	)		(3,052	)		(2,938	)		(3,437	)		(3,786	)
Routine capital expenditures		(2,058	)		(632	)		(1,144	)		(3,660	)		(2,512	)
FAD	$	98,357		$	101,460		$	91,615		$	86,910		$	89,937
Per diluted share (1):
Net income attributable to common stockholders	$	0.32		$	0.57		$	0.52		$	0.40		$	0.45
Adjustments:
Depreciation and amortization on real estate assets		0.32			0.32			0.35			0.38			0.35
Depreciation on real estate assets related to noncontrolling interest		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Discontinued operations:
Gain on sale of real estate assets		(0.00	)		(0.25	)		(0.19	)		(0.09	)		—
Depreciation and amortization on real estate assets		—			0.00			0.00			0.01			0.01
FFO		0.63			0.63			0.66			0.68			0.80
Merger-related expenses and deal costs		0.04			0.02			0.01			0.01			0.01
Reversal of contingent liability		—			—			—			—			(0.16	)
Provision for loan losses		—			—			—			—			0.04
Income tax benefit		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Loss (gain) on extinguishment of debt		—			0.04			0.00			(0.02	)		0.00
Normalized FFO		0.66			0.68			0.67			0.66			0.68
Straight-lining of rental income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.03	)
Routine capital expenditures		(0.01	)		(0.00	)		(0.01	)		(0.03	)		(0.02	)
FAD	$	0.63		$	0.66		$	0.64		$	0.61		$	0.64

⁽¹⁾ Per share amounts may not add due to rounding.

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. To overcome this problem, the Company considers

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Ventas Reports Third Quarter Results

October 29, 2009

Page 13

FFO and FAD appropriate measures of performance of an equity REIT. The Company uses the NAREIT definition of FFO. NAREIT defines FFO as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. FAD represents normalized FFO excluding straight-line rental adjustments and routine capital expenditures.

FFO and FAD presented herein are not necessarily comparable to FFO and FAD presented by other real estate companies due to the fact that not all real estate companies use the same definitions. Neither FFO nor FAD should be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is FFO or FAD necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and FAD should be examined in conjunction with net income as presented elsewhere in this press release.

The Company’s normalized FFO excludes (a) gains and losses on the sales of assets, (b) merger-related costs and expenses that are not capitalized under GAAP, including expenses relating to the Company’s lawsuit against HCP, (c) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts or premiums incurred as a result of early debt retirement or payment of the Company’s debt, (d) the non-cash effect of income tax benefits, (e) deal costs and expenses and earnout payments required by GAAP to be expensed rather than capitalized into asset cost beginning in 2009, and (f) the reversal of contingent liabilities.

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Ventas Reports Third Quarter Results

October 29, 2009

Page 14

Normalized FFO and FAD Guidance for the Year Ending December 31, 2009

The following table illustrates the Company’s normalized FFO and FAD per diluted common share guidance for the year ending December 31, 2009:

	UPDATED GUIDANCE For the Year Ending December 31, 2009							PRIOR GUIDANCE For the Year Ending December 31, 2009
Net income attributable to common stockholders	$	1.69		–	$	1.71		$	1.68		–	$	1.74
Adjustments:
Depreciation and amortization on real estate assets, depreciation related to noncontrolling interest and gain/loss on sale of real estate assets, net		0.82		–		0.82			0.77		–		0.77
FFO		2.51		–		2.53			2.45		–		2.51
Adjustments:
Income tax benefit/expense, gain/loss on extinguishment of debt and merger-related expenses and deal costs, net		0.11		–		0.12			0.10		–		0.11
Normalized FFO		2.62		–		2.65			2.55		–		2.62
Straight-lining of rental income and routine capital expenditures		(0.13	)	–		(0.13	)		(0.13	)	–		(0.13	)
FAD	$	2.49		–	$	2.52		$	2.42		–	$	2.49

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Ventas Reports Third Quarter Results

October 29, 2009

Page 15

Net Debt to Pro Forma EBITDA

The following pro forma information considers the effect on net income, interest and depreciation of the Company’s investments and other capital transactions that were completed during the three months ended September 30, 2009, as if the transactions had been consummated as of the beginning of the period. The following table illustrates net debt to pro forma earnings before interest, taxes, depreciation and amortization (“EBITDA”) (dollars in thousands):

Pro forma net income for the three months ended September 30, 2009	$	50,511
Add back:
Pro forma interest (including discontinued operations)		43,762
Pro forma depreciation and amortization (including discontinued operations)		50,418
Stock-based compensation		3,078
Income tax benefit		(410	)
Noncontrolling interest		639
Net gain on real estate disposals		(120	)
Other taxes		193
Pro forma EBITDA	$	148,071
Pro forma EBITDA annualized	$	592,284
As of September 30, 2009:
Debt	$	2,615,142
Cash		(134,056	)
Net debt	$	2,481,086
Net debt to pro forma EBITDA		4.2	x

The Company considers EBITDA a profitability measure which indicates the Company’s ability to service debt. The Company considers the net debt to pro forma EBITDA ratio a useful measure to evaluate the Company’s ability to pay its indebtedness. EBITDA presented herein is not necessarily comparable to EBITDA presented by other companies due to the fact that not all companies use the same definition. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of the Company’s financial performance or as an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of the Company’s liquidity, nor is EBITDA necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, EBITDA should be examined in conjunction with net income as presented elsewhere in this press release.

- MORE -

Ventas Reports Third Quarter Results

October 29, 2009

Page 16

Non-GAAP Financial Measures Reconciliation (In thousands, except per share amounts)

	For the Nine Months Ended September 30,
	2009			2008 *
Net income attributable to common stockholders	$	212,414		$	165,073
Adjustments:
Depreciation and amortization on real estate assets		148,391			176,410
Depreciation on real estate assets related to noncontrolling interest		(4,696	)		(4,669	)
Discontinued operations:
Gain on sale of real estate assets		(67,011	)		(25,869	)
Depreciation and amortization on real estate assets		269			3,820
FFO		289,367			314,765
Merger-related expenses and deal costs		11,450			3,128
Income tax benefit		(2,670	)		(15,557	)
Loss on extinguishment of debt		6,080			460
Reversal of contingent liability		—			(23,328	)
Provision for loan losses		—			5,994
Normalized FFO		304,227			285,462
Straight-lining of rental income		(8,961	)		(11,215	)
Routine capital expenditures		(3,834	)		(4,468	)
FAD	$	291,432		$	269,779
Per diluted share (1):
Net income attributable to common stockholders	$	1.40		$	1.19
Adjustments:
Depreciation and amortization on real estate assets		0.98			1.27
Depreciation on real estate assets related to noncontrolling interest		(0.03	)		(0.03	)
Discontinued operations:
Gain on sale of real estate assets		(0.44	)		(0.19	)
Depreciation and amortization on real estate assets		0.00			0.03
FFO		1.91			2.27
Merger-related expenses and deal costs		0.08			0.02
Income tax benefit		(0.02	)		(0.11	)
Loss on extinguishment of debt		0.04			0.00
Reversal of contingent liability		—			(0.17	)
Provision for loan losses		—			0.04
Normalized FFO		2.01			2.06
Straight-lining of rental income		(0.06	)		(0.08	)
Routine capital expenditures		(0.03	)		(0.03	)
FAD	$	1.92		$	1.94

⁽¹⁾ Per share amounts may not add due to rounding.

* Historical financial statements have been restated to reflect the adoption of FASB guidance relating to the accounting of convertible debt instruments and FASB guidance relating to minority interests (now characterized as noncontrolling interests).

- END -

EX-99.2

Exhibit 99.2

Third Quarter 2009 Supplemental Data

St. Francis Millennium Medical Office Building - Greenville, SC

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

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Table of Contents

Debt Summary	1-2
Debt Covenants	3-4
Triple-Net, Managed and Loan Portfolio	5-8
Operating Portfolio	9-10
Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios	11
Revenue Rollover Schedule	12
Company Development Data	13

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Debt Maturity Schedule:¹

¹ Dollars in millions; data as of October 28, 2009 and excludes normal monthly principal amortization. The Company’s joint venture partners’ pro rata share of total maturities is approximately $143 million. Reflects Ventas’s ability and intent to extend certain mortgage loans until 2010.

1

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Debt Summary as of September 30, 2009

Debt Maturities and Scheduled Principal Amortization¹

	Credit Facility				Senior/Convertible Notes					Mortgage Debt				Total Debt
Period	Amount		Rate2		Amount			Rate2		Amount3		Rate2		Amount			Rate2
2009	$	—	—		$	—		—		$	22,754	1.9	%	$	22,754		1.9	%
2010		—	—			1,375		6.8	%		195,517	4.1	%		196,892		4.1	%
2011		—	—			230,412		3.9	%		83,632	5.0	%		314,044		4.2	%
2012		9,713	2.5	%		82,433		9.0	%		328,457	6.2	%		420,603		6.7	%
2013		—	—			—		—			167,326	5.9	%		167,326		5.9	%
2014		—	—			71,654		6.6	%		14,217	6.2	%		85,871		6.6	%
2015		—	—			142,669		7.1	%		77,142	6.0	%		219,811		6.7	%
2016		—	—			400,000		6.5	%		204,533	6.1	%		604,533		6.4	%
2017		—	—			225,000		6.8	%		47,096	6.1	%		272,096		6.6	%
2018		—	—			—		—			19,971	6.5	%		19,971		6.5	%
Thereafter		—	—			—		—			324,211	4.7	%		324,211		4.7	%
Subtotal		9,713	2.5	%		1,153,543		6.3	%		1,484,856	5.4	%		2,648,112		5.9	%
Discounts and Fair Market Value, net		—				(45,307	)				12,337				(32,970	)
Total	$	9,713			$	1,108,236				$	1,497,193			$	2,615,142
Weighted Average Maturity in Years		1.9				5.4					5.6				5.5

Debt Composition¹

	September 30, 2009
	Amount		Rate2		% of Total
Fixed Rate Debt
Senior/Convertible Notes		1,153,543	6.3	%	43.6	%
Mortgage Debt		1,270,759	6.3	%	48.0	%
Total Fixed Rate Debt	$	2,424,302	6.3	%	91.5	%
Variable Rate Debt
Credit Facility		9,713	2.5	%	0.4	%
Mortgage Debt		214,097	1.7	%	8.1	%
Total Variable Rate Debt		223,810	1.7	%	8.5	%
Total Debt	$	2,648,112	5.9	%	100.0	%

¹ Dollars in thousands.

² Rates are based on the cash interest paid on the outstanding debt and do not include amortization of discounts, fair market value or debt costs.

³ The Company’s joint venture partners’ pro rata share of total mortgage debt is approximately $160 million.

2

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Debt Covenants:

	Credit Facility
	Required	09/30/09
Total Liabilities / Gross Asset Value	Not greater than 60%	38	%
Secured Debt / Gross Asset Value	Not greater than 30%	21	%
Unsecured Debt / Unencumb. Gross Asset Value	Not greater than 60%	26	%
Fixed Charge Coverage	Not less than 1.75x	3.1	x
Unencumbered Interest Coverage	Not less than 2.00x	5.3	x
	Bonds due 2012
	Required	09/30/09
Incurrence of Debt	Not greater than 60%	31	%
Incurrence of Secured Debt	Not greater than 40%	10	%
Total Unencumbered Assets	Not less than 150%	370	%
Consolidated Income Available for Debt Service to Debt Service	Not less than 2.00x	5.1	x

3

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Debt Covenants:

Secured Debt / Gross Asset Value	Unsecured Debt / Unencumbered Gross Asset Value
Fixed Charge Coverage	Unencumbered Interest Coverage

4

Ventas, Inc.

Third Quarter 2009 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	40	3,517	Beds	17	$	345	2.5	x	59.2	%	$	94		$	0		$	94		$	94		$	0		$	94
Skilled Nursing - Stabilized Triple-Net	187	22,435	Beds	29		809	1.9	x	89.5	%		179			0			179			179			0			179
Seniors Housing - Triple-Net	164	16,691	Units	31		2,256	1.3	x	87.0	%		194			0			194			194			0			194
Seniors Housing - Operating	79	6,513	Units	21		2,033	N/A		88.1	%		0			363			363			0			114			114
Medical Office - Stabilized	19	1,046,828	Square Feet	9		223	N/A		94.0	%		0			28			28			0			18			18
Medical Office - Lease-Up	4	355,479	Square Feet	4		76	N/A		70.6	%		0			8			8			0			5			5
Other - Stabilized Triple-Net	8	122	Beds	1		7	5.1	x	N/A			1			0			1			1			0			1
Total	501			45	$	5,750	1.8	x			$	468		$	399		$	867		$	468		$	137		$	604
												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		Balance Sheet Line
Manor Care	$	99	$	112	Secured	SNF/ALF	L + 533 bps		$	6	Loans Receivable
HCA		45		50	Unsecured	Hospital	9.2	%		4	Other Assets
Emeritus Senior Living		15		15	Secured	Seniors Housing	7.8	%		1	Loans Receivable
Brookdale Senior Living		9		0	Secured	Seniors Housing	L + 600 bps	4		0	Loans Receivable
Other - Secured5		13		9	Secured	Seniors Housing	N/A			0	Loans Receivable
Other - Unsecured		19		20	Unsecured	Hospital	8.8	%		2	Other Assets
Total	$	199	$	206					$	13

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	37	7	%	5	455	6	771	26	3,304	0	0	0	0
Pennsylvania	34	7	%	2	115	6	797	24	1,597	2	111,671	0	0
Massachusetts	34	7	%	2	109	26	2,694	6	856	0	0	0	0
Ohio	30	6	%	0	0	12	1,599	16	1,152	2	144,639	0	0
Kentucky	29	6	%	2	424	27	3,054	0	0	0	0	0	0
Florida	26	5	%	6	511	0	0	14	1,452	6	206,533	0	0
Indiana	23	5	%	1	59	13	1,867	9	1,001	0	0	0	0
North Carolina	23	5	%	1	124	16	1,802	6	438	0	0	0	0
Illinois	22	4	%	4	431	1	82	17	2,634	0	0	0	0
Texas	21	4	%	7	496	0	0	3	261	3	78,222	8	122
All Other	222	44	%	10	793	80	9,769	122	10,509	10	861,242	0	0
Total	501	100	%	40	3,517	187	22,435	243	23,204	23	1,402,307	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 2Q09 and occupancy for operating properties is as of 3Q09.

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 LIBOR floor of 3%. Excludes upfront fee equating to 0.67% per annum.

⁵ Outstanding principal is the approximate carrying value.

5

Ventas, Inc.

Third Quarter 2009 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	243	$	4,289	72	%	$	557	63	%	$	308	50	%
Skilled Nursing	187		809	14	%		179	20	%		179	29	%
Hospital	40		345	6	%		94	11	%		94	15	%
Medical Office	23		300	5	%		36	4	%		23	4	%
Other	8		7	NM			1	NM			1	NM
Loans	N/A		206	3	%		13	1	%		13	2	%
Total	501	$	5,955	100	%	$	880	100	%	$	617	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	%	$	363	41	%	$	114	18	%
Brookdale Senior Living	84		1,403	24	%		122	14	%		122	20	%
Kindred Healthcare	197		906	15	%		244	28	%		244	39	%
Senior Care	65		621	10	%		51	6	%		51	8	%
Emeritus Senior Living	11		168	3	%		17	2	%		17	3	%
Capital Senior Living	11		158	3	%		14	2	%		14	2	%
Manor Care	N/A		112	2	%		6	1	%		6	1	%
NexCore	4		93	2	%		12	1	%		7	1	%
Formation	11		88	1	%		11	1	%		11	2	%
Greenfield	7		51	1	%		6	1	%		4	1	%
HCA	1		51	1	%		4	NM			4	1	%
Assisted Living Concepts	8		50	1	%		5	1	%		5	1	%
All Other	23		221	4	%		25	3	%		19	3	%
Total	501	$	5,955	100	%	$	880	100	%	$	617	100	%

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

State/Province	Owned Property Count	Annualized Rent/ Revenue2		%		Annualized Rent/NOI2		%
California	37	$	111	13	%	$	77	13	%
Illinois	22		89	10	%		66	11	%
Ontario	9		50	6	%		12	2	%
Massachusetts	34		49	6	%		42	7	%
Pennsylvania	34		47	5	%		26	4	%
New Jersey	11		40	5	%		17	3	%
Florida	26		38	4	%		36	6	%
Colorado	15		34	4	%		19	3	%
Georgia	16		30	3	%		17	3	%
New York	14		29	3	%		19	3	%
All Other	283		350	40	%		273	45	%
Total	501	$	867	100	%	$	604	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.

6

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Owned and Loan Portfolio - Property Type Concentration: ¹

Owned and Loan Portfolio - Operator Concentration: ¹

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. Totals may not add due to rounding.

7

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 2nd Quarters of 2009 & 2008:^1,2

		Sequential Quarter Comparison								Year-Over-Year Comparison
Property Type	Number of Properties	2Q09 Cash Flow Coverage		1Q09 Cash Flow Coverage		2Q09 Occupancy		1Q09 Occupancy		2Q09 Cash Flow Coverage		2Q08 Cash Flow Coverage		2Q09 Occupancy		2Q08 Occupancy
Hospital	40	2.5	x	2.5	x	59.2	%	61.7	%	2.5	x	2.6	x	59.2	%	62.4	%
Skilled Nursing	186	1.9	x	2.0	x	89.5	%	89.9	%	1.9	x	2.0	x	89.5	%	89.5	%
Seniors Housing	164	1.3	x	1.3	x	87.0	%	87.2	%	1.3	x	1.3	x	87.0	%	87.7	%
Other	8	5.1	x	5.2	x	N/A		N/A		5.1	x	4.9	x	N/A		N/A
Total	398	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 Quarters of 2009:^1,2

		Sequential Quarter Comparison
Property Type	Number of Properties	2Q09 Cash Flow Coverage		1Q09 Cash Flow Coverage		2Q09 Occupancy		1Q09 Occupancy
Hospital	40	2.5	x	2.5	x	59.2	%	61.7	%
Skilled Nursing	186	1.9	x	2.0	x	89.5	%	89.9	%
Seniors Housing	164	1.3	x	1.3	x	87.0	%	87.2	%
Other	8	5.1	x	5.2	x	N/A		N/A
Total	398	1.8	x	1.8	x

¹ Second quarter 2009 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.

8

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Medical Office Portfolio Statistics:¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	3Q09			3Q084			3Q09			3Q084			3Q09			3Q08
Number of properties:		19			19			17			17			4			2
Number of square feet:		1,046,828			1,046,828			870,700			870,700			355,479			181,952
Average occupancy:		94.0	%		95.6	%		93.1	%		95.2	%		70.6	%		57.8	%
Average annual rate per square foot:5	$	29		$	27		$	29		$	27		$	30		$	26
Operating revenue:	$	7.3		$	6.3		$	6.1		$	5.9		$	1.8		$	0.8
Less expenses:		2.6			1.9			2.3			1.8			0.7			0.4
Total NOI:		4.7			4.4			3.8			4.1			1.1			0.4
Less Company’s partners’ share:		0.2			0.4			0.2			0.4			0.1			0.0
Ventas NOI:	$	4.5		$	4.0		$	3.6		$	3.7		$	1.0		$	0.4
	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	3Q09			2Q09			3Q09			2Q09			3Q09			2Q09
Number of properties:		19			19			19			19			4			3
Number of square feet:		1,046,828			1,046,828			1,046,828			1,046,828			355,479			280,363
Average occupancy:		94.0	%		93.5	%		94.0	%		93.5	%		70.6	%		67.2	%
Average annual rate per square foot:5	$	29		$	29		$	29		$	29		$	30		$	28
Operating revenue:	$	7.3		$	7.3		$	7.3		$	7.3		$	1.8		$	1.0
Less expenses:		2.6			2.6			2.6			2.6			0.7			0.3
Total NOI:		4.7			4.7			4.7			4.7			1.1			0.7
Less Company’s partners’ share:		0.2			0.2			0.2			0.2			0.1			0.0
Ventas NOI:	$	4.5		$	4.5		$	4.5		$	4.5		$	1.0		$	0.7

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.

⁴ Restated to include two MOBs previously classified as non-operating.

⁵ Average annual rate includes CAM adjustments.

9

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Seniors Housing Operating Portfolio Statistics:¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	3Q09			3Q08			3Q09			3Q08			3Q09			3Q08
Number of properties:		78			76			76			76			1			3
Number of units:		6,284			6,141			6,141			6,141			229			372
Resident day capacity:		684,752			668,656			668,836			668,656			23,552			39,468
Average resident occupancy:		88.1	%		91.5	%		88.3	%		91.5	%		72.0	%		59.1	%
Average daily rate / resident fees:	$	173		$	171		$	173		$	171		$	136		$	160
Operating revenue:	$	104.2		$	104.9		$	101.9		$	104.9		$	2.3		$	3.7
Less expenses:		71.2			69.9			69.3			69.9			1.9			3.5
Total NOI:		33.0			34.9			32.6			34.9			0.4			0.3
Less Company’s partner’s share:		4.9			5.1			4.8			5.1			0.1			0.1
Ventas NOI:	$	28.1		$	29.8		$	27.8		$	29.8		$	0.3		$	0.2
	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	3Q09			2Q09			3Q09			2Q09			3Q09			2Q09
Number of properties:		78			78			78			78			1			1
Number of units:		6,284			6,284			6,284			6,284			229			229
Resident day capacity:		684,752			677,131			684,752			677,131			23,552			23,296
Average resident occupancy:		88.1	%		87.2	%		88.1	%		87.2	%		72.0	%		67.9	%
Average daily rate / resident fees:	$	173		$	172		$	173		$	172		$	136		$	125
Operating revenue:	$	104.2		$	101.4		$	104.2		$	101.4		$	2.3		$	2.0
Less expenses:		71.2			67.7			71.2			67.7			1.9			1.8
Total NOI:		33.0			33.7			33.0			33.7			0.4			0.2
Less Company’s partner’s share:		4.9			5.1			4.9			5.1			0.1			0.0
Ventas NOI:	$	28.1		$	28.6		$	28.1		$	28.6		$	0.3		$	0.1

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.

10

Ventas, Inc.

Third Quarter 2009 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		2Q09		1Q09		2Q09		2Q08
1	81	2.3	x	2.3	x	2.3	x	2.4	x
2	40	2.0	x	1.9	x	2.0	x	2.1	x
3	36	1.7	x	1.9	x	1.7	x	2.0	x
4	40	2.3	x	2.3	x	2.3	x	2.4	x
Total	197	2.1	x	2.2	x	2.1	x	2.3	x
Property Type	Number of Properties	2Q09		1Q09		2Q09		2Q08
Hospital	38	2.5	x	2.5	x	2.5	x	2.7	x
Skilled Nursing	159	1.9	x	2.0	x	1.9	x	2.0	x
Total	197	2.1	x	2.2	x	2.1	x	2.3	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 Division has been eliminated from purchased ancillary expenses within the Ventas portfolio. Second quarter 2009 is most recent quarter available.

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Ventas, Inc.

Third Quarter 2009 Supplemental Data

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

				Lease Rollover Year
	Totals			2009			2010			2011			2012			2013			Thereafter
Hospital - Stabilized Triple-Net:
Annualized Revenue	$	94.3			—			—			—			—		$	46.9		$	47.4
Skilled Nursing - Stabilized Triple-Net:
Annualized Revenue		178.6			—			—			—		$	2.2			70.5			105.9
Seniors Housing - Stabilized Triple-Net:
Annualized Revenue		193.8			—			—			—			1.7			—			192.2
Medical Office - Stabilized:
Annualized Revenue2		28.0		$	0.9		$	3.2		$	3.3			2.7			2.3			15.6
Medical Office - Lease-Up:
Annualized Revenue2		6.9			—			0.1			0.4			0.2			0.2			6.0
Other - Stabilized Triple-Net:
Annualized Revenue		1.0			—			1.0			—			—			—			—
Total:
Annualized Revenue	$	502.6		$	0.9		$	4.3		$	3.7		$	6.8		$	119.9		$	367.1
Percent of Total:		100	%		0	%		1	%		1	%		1	%		24	%		73	%

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 Company’s partners’ share has not been eliminated from revenue.

12

Ventas, Inc.

Third Quarter 2009 Supplemental Data

Company Development Data:

Status

Property Name

Ventas 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 Thorne Mills on Steeles

80

%

Toronto

IL/AL/ALZ

256 Residents /229 Units / 210,000 SF

September 2007

December 2007

Cdn $

62.8

Cdn $

52.7

8.0%-8.5%

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.

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