2Q16 Supplemental. Sunrise of Cuyahoga Falls Sunrise Senior Living

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1 2Q6 Supplemental Sunrise of Cuyahoga Falls Sunrise Senior Living

2 Table of Contents Portfolio Overview Same-Store Portfolio Portfolio Diversification Revenue Rollover Triple-Net Leased Portfolio Lease Segmentation & Coverage Coverage & Occupancy Trends Seniors Housing Operating Portfolio Operating Results & Trends Geographic Analysis Consolidated Medical Office Portfolio Operating Results & Trends Hospital System Affiliation Acquisition & Disposition Activity Company Redevelopment Company Development Company Capital Expenditures Sustainability Financial Information Historical Normalized FFO per Share Guidance FFO Reconciliation Including Non-Cash Items Capitalization Debt Maturity & Composition Historical Credit Statistics Debt & Revolver Covenants Non-GAAP Financial Measures Reconciliation Definition of Terms Atria Park of Baypoint Village 2Q6 SUPPLEMENTAL Atria Senior Living INFORMATION Forward Looking Statements

3 Portfolio Overview Dollars in millions USD; totals may not add due to rounding Owned Portfolio Property Type Properties States / Countries 4 Ventas Gross Investment Cash Flow Coverage TTM Results 2 Annualized Revenue Annualized NOI Revenue Quality Mix 5 NNN Operating Total NNN Operating Total Seniors Housing - Operating 304 3,444 Units 34 $ 9,494 00% $ - $,860 $,860 $ - $ 626 $ 626 Triple-Net Seniors Housing ,935 Units 43 $ 6,506.3x 96% $ 484 $ - $ 484 $ 484 $ - $ 484 Specialty Hospital 39 3,344 Beds/Units x 86% U.S. Acute Care Hospital 9,93 Beds 3,3 3.0x 89% Skilled Nursing 53 6,279 Beds x 47% International Hospital 3 2 Beds x 00% Unconsolidated Joint Venture 33 3,743 Beds 9 8 n/a n/a - - Subtotal - Triple-Net ,335 Beds/Units 45 $ 8,97.7x 89% $ 837 $ - $ 837 $ 837 $ - $ 837 Medical Office Capacity 3 Medical Office Consolidated M Square Feet 32 $ 5,204 00% $ - $ 550 $ 550 $ - $ 386 $ 386 Medical Office Unconsolidated M Square Feet % Subtotal - Medical Office M Square Feet 32 $ 5,220 00% $ - $ 552 $ 552 $ - $ 387 $ 387 Total, $ 23,685 94% $ 837 $ 2,42 $ 3,248 $ 837 $,04 $,850 26% 74% 00% 45% 55% 00% Loan Portfolio Ventas Effective Annual. Interest Type Investment Int. Rate Revenue Balance Sheet Line Coverage 7 Real Estate Secured Loans $, % $ 94 Loans Receivable.9x Other Loans % 3 Other Assets N/A Total $,042 $ 97 Excludes sold assets, Assets Intended for Disposition and loan repayments. 2 Represents trailing 2-month results as of June 30, 206 for Seniors Housing Operating and Medical Office portfolios and March 3, 206 for Triple-Net Portfolio. Excludes Non-Stabilized properties, where Non-Stabilized properties represent less than % of Annualized VTR NOI. 3 Excludes units for closed buildings during the period of closure. 4 Includes U.S. states, the District of Columbia, Canada and the United Kingdom. 5 Revenue Quality Mix defined as the percentage of trailing 2-month facility revenue from non-medicaid sources, as reported by tenants/operators. Total and subtotals calculated based on current quarter Annualized NOI. 6 Capacity excludes 37 operating and consulting rooms. 7 Reflects the ratio of full-year EBITDARM of the secured asset(s), as reported by the borrower, to Annualized Revenue of the loans. Coverage is calculated one quarter in arrears beginning the first full quarter after origination or acquisition, excludes construction loans and loans on lease-up assets, and may include adjustments and assumptions contemplated by the loan documents or otherwise. 2Q6 SUPPLEMENTAL INFORMATION 2

4 Same-Store Portfolio DRAFT Dollars in millions at Constant Currency; totals may not add due to rounding Cash NOI Growth 2Q6 Year-Over-Year Same-Store Business Model Properties 2Q6 Cash NOI 2Q5 Cash NOI 2Q6 v. 2Q5 Triple-Net 532 $75 $65 6.2% Seniors Housing - Operating % Medical Office % Total,86 $423 $ % Atria Rye Brook 2Q6 SUPPLEMENTAL Atria Senior Living INFORMATION 3

5 Portfolio Diversification Business Model Property / Investment Type Operator / Manager Investment MOBs 2% Seniors Housing Operating Assets 38% Loans 4% Triple-Net Leases 36% Skilled Nursing 2% U.S. Acute Care Hosp. 5% Specialty Hosp. 2% Medical Office 2% Int'l Hosp. % Loans 4% Seniors Housing 65% Genesis % Holiday 3% Elmcroft 4% Ardent 5% All Other 9% Brookdale 9% Kindred 2% Sunrise 2% MOBs 2% Atria 23% Annual. Revenue MOBs 6% Seniors Housing Operating Assets 56% Loans 3% Triple-Net Leases 25% Skilled Nursing 2% U.S. Acute Care Hosp. 3% Specialty Hosp. 4% Medical Office 6% Int'l Hosp. 0% Loans 3% Seniors Housing 70% Genesis Holiday % 2% Elmcroft 2% Ardent 3% Brookdale 5% Kindred 6% Sunrise 9% All Other 4% MOBs 6% Atria 33% Annual. NOI MOBs 20% Seniors Housing Operating Assets 32% Loans 5% Triple-Net Leases 43% Int'l Hosp. % Skilled Nursing 4% U.S. Acute Care Hosp. 5% Specialty Hosp. 7% Medical Office 20% Loans 5% Seniors Housing 57% Holiday 3% Elmcroft 4% All Other 8% Genesis % Ardent 5% Brookdale 9% Kindred 9% Sunrise 0% MOBs 20% Atria 20% Totals may not add due to rounding. Excludes sold assets and Assets Intended for Disposition. 2Q6 SUPPLEMENTAL INFORMATION 4

6 Portfolio Diversification DRAFT Dollars in millions USD; totals may not add due to rounding By Business Model Owned Ventas Annualized Annualized Business Model Properties Investment % Revenue % NOI % Triple-Net 583 $ 8,97 36% $ % $ % Seniors Housing - Operating 304 9,494 38%,860 56% % Medical Office 37 5,220 2% 552 6% % Loans n/a,042 4% 97 3% 97 5% Total,258 $ 24,727 00% $ 3,346 00% $,948 00% By Property / Investment Type Owned Ventas Annualized Annualized Property / Investment Type Properties Investment % Revenue % NOI % Seniors Housing 770 $ 6,0 65% $ 2,349 70% $,6 57% Medical Office 37 5,220 2% 552 6% % Specialty Hospital % 45 4% 45 7% U.S. Acute Care Hospital 9,3 5% 05 3% 05 5% Loans n/a,042 4% 97 3% 97 5% Skilled Nursing % 8 2% 8 4% International Hospital 3 46 % 6 0% 6 % Total,258 $ 24,727 00% $ 3,346 00% $,948 00% By Operator / Manager Owned Ventas Annualized Annualized Operator / Manager Properties Investment % Revenue % NOI % Atria Senior Living 78 $ 5,772 23% $,090 33% $ % Lillibridge Healthcare Services 243 2,773 % 33 0% 25 % Sunrise Senior Living 92 2,929 2% 623 9% 87 0% Kindred Healthcare % 84 6% 84 9% Brookdale Senior Living Solutions 47 2,26 9% 74 5% 70 9% Ardent Health Services 0,330 5% 06 3% 06 5% Elmcroft Senior Living 77,086 4% 75 2% 75 4% Pacific Medical 37,005 4% 04 3% 7 4% Holiday Retirement % 62 2% 62 3% Genesis Healthcare 9 28 % 24 % 24 % All Other 360 6,247 25% 574 7% % Total,258 $ 24,727 00% $ 3,346 00% $,948 00% Excludes sold assets and Assets Intended for Disposition. 2Q6 SUPPLEMENTAL INFORMATION Select Rehabilitation San Antonio Select Rehabilitation 5

7 Portfolio Diversification Dollars in millions USD. Excludes loan portfolio; totals may not add due to rounding By State / Country State / Country Seniors Housing - Operating Seniors Housing - NNN Medical Office Specialty Hospital U.S. Acute Care Hospital Skilled Nursing Total 2 Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % California 47 $ 07 7% 39 $ 73 5% 26 $ 62 6% 6 $ 35 24% - - 0% 4 $ 8 0% 22 $ 285 5% Texas 8 3 5% % % 0 3 2% 34 33% - - 0% % New York % 4 3% 4 5 % - - 0% - - 0% - - 0% % Illinois 0 4 2% 5 4 8% % 4 2 4% - - 0% % % Florida 3 8 3% % 9 4 4% 6 2 5% - - 0% - - 0% % Canada % - - 0% - - 0% - - 0% - - 0% - - 0% % Pennsylvania 20 3% 2 5 3% 9 5% 2 2% - - 0% 4 7 8% % Indiana 2 4 % 9 7 % % 2 2% - - 0% 8 4 7% % Arizona % 9 9 4% 3 5 4% 2 % - - 0% - - 0% % New Mexico 2 5 % 3 6 % - - 0% 2 3 2% % - - 0% 53 3% Remaining % % % % % % % Total 304 $ % 466 $ % 37 $ % 39 $ 45 00% 9 $ 05 00% 66 $ 8 00%,258 $,850 00% By MSA / Province MSA / Province Seniors Housing - Operating Seniors Housing - NNN Medical Office Specialty Hospital U.S. Acute Care Hospital Skilled Nursing Total 2 Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % Prop. Count Annual. NOI % New York, NY 35 $ 26 20% - - 0% - - 0% - - 0% - - 0% - - 0% 35 $ 26 7% Chicago, IL 9 3 2% % % 4 2 4% - - 0% % % Los Angeles, CA % 6 9 2% 4 44 % 3 8 3% - - 0% - - 0% % Albuquerque, NM 2 5 % 2 4 % - - 0% 2 3 2% % - - 0% % Philadelphia, PA 4 5 % % 3 3% 3 2% - - 0% - - 0% % San Diego, CA 9 8 3% 5 6 % 9 9 2% 2 2% - - 0% 4 7 8% % Phoenix, AZ 5 4 2% 2 2% 3 5 4% - - 0% - - 0% - - 0% % Dallas, TX 8 4 2% 5 9 2% 4 5 % 5 4 0% - - 0% - - 0% % Atlanta, GA % 0% 0 2 3% - - 0% - - 0% 2 3% % Boston, MA % 4 3 3% - - 0% - - 0% - - 0% 4 2 2% % Remaining % % % % % % 980,236 67% Total 304 $ % 466 $ % 37 $ % 39 $ 45 00% 9 $ 05 00% 66 $ 8 00%,258 $,850 00% Excludes sold assets and Assets Intended for Disposition. 2 Includes three international hospitals (not shown). 2Q6 SUPPLEMENTAL INFORMATION 6

8 Revenue Rollover Dollars in millions USD; totals may not add due to rounding Triple-Net and Consolidated MOB Portfolio,2 Totals Thereafter Medical Office Consolidated: Annualized Revenue $ 539 $ 42 $ 72 $ 64 $ 58 $ 304 Percent of Medical Office Consolidated 7.7% 3.3%.9% 0.8% 56.3% Seniors Housing - Triple-Net: Annualized Revenue Percent of Seniors Housing - Triple-Net 0.2% - 0.4% 24.0% 75.4% Specialty Hospital - Triple-Net: Annualized Revenue Percent of Specialty Hospital - Triple-Net -.3% 25.0% % U.S. Acute Care Hospital - Triple-Net: Annualized Revenue Percent of U.S. Acute Care Hospital - Triple-Net % Skilled Nursing - Triple-Net: Annualized Revenue Percent of Skilled Nursing - Triple-Net %.4% 80.3% International Hospital - Triple-Net: Lease Rollover Year Annualized Revenue Percent of International Hospital - Triple-Net % Total: Annualized Revenue $,376 $ 43 $ 74 $ 7 $ 77 $ 966 Percent of Total NNN & Cons. MOB: 00% 3% 5% 9% 3% 70% Excludes sold assets and Assets Intended for Disposition. 2 For MOBs, Annualized Revenue represents 00% interest for consolidated joint ventures and excludes unconsolidated joint ventures. For NNN, Annualized Revenue represents Ventas share for both consolidated and unconsolidated joint ventures. 2Q6 SUPPLEMENTAL INFORMATION 7

9 Triple-Net Leased Portfolio Lease Segmentation by Cash Flow Coverage Percentage of VTR Annualized NOI Leases 2 Avg. Maturity Weighted Guaranty and/or Sec. Deposit 3 Total 24% % 6% 47 0 Years 99% Less than.00x 0.% 2 0 Years 00% x 4.7% 5 3 Years 00%.0 -.9x 0.3% 3 Years 00% x 3.6% 7 7 Years 00% x x x x x x.2%.8% 0.7% 0.6% 0.0%.7% 4 9 Years 92% 4 Years 00% 3 0 Years 00% 0 Years 00% Years 00% x 9.9% 5 6 Years 00% Greater than 2.00x 6.9% 9 Years 98% 0.0% 5.0% 0.0% 5.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Seniors Housing Post Acute U.S. and International Hospitals By Coverage Segment Analysis profiles leases with EBITDARM coverage in each listed range. Excludes sold assets, Assets Intended for Disposition, unconsolidated joint ventures and Non-Stabilized properties, where Non-Stabilized properties represent less than % of Annualized VTR NOI. Leases with multiple property types are categorized based on majority property count. 2 Leases with cross-default provisions are represented as one lease, as are leases with consolidation provisions upon repayment of third-party debt. 3 Represents percentage of Annualized NOI in each listed range attributable to leases with a supporting guaranty and/or security deposit. 2Q6 SUPPLEMENTAL INFORMATION 8

10 Triple-Net Leased Portfolio TTM Same-Store Stabilized Cash Flow Coverage and Occupancy Seniors Housing Portfolio Post-Acute Care Portfolio 2.0x 00.0% 2.5x 00.0%.6x 88.0% 87.5% 88.2% 88.3% 88.0% 90.0% 2.0x 2.x 2.x 2.0x 2.0x 2.0x 90.0% Cash Flow Coverage (x).2x 0.8x.3x.3x.3x.3x.3x 80.0% 70.0% 60.0% Average Occupancy (%) Cash Flow Coverage (x).5x.0x 75.9% 73.5% 72.5% 7.7% 73.5% 80.0% 70.0% 60.0% Average Occupancy (%) 0.4x 50.0% 0.5x 50.0% 0.0x Q5 2Q5 3Q5 4Q5 Q6 40.0% 0.0x Q5 2Q5 3Q5 4Q5 Q6 40.0% 382 Properties 84 Properties Coverage is calculated on a trailing 2-month basis while occupancy is calculated on a trailing three month basis. 2Q6 SUPPLEMENTAL INFORMATION 9

11 Seniors Housing Operating Portfolio Dollars at Constant Currency, unless otherwise noted, and in millions, except for rate data; totals may not add due to rounding Seniors Housing Operating Portfolio Results Year-Over-Year Comparison Total 2 Same-Store Total 2Q6 2Q5 YoY Δ 2Q6 2Q5 YoY Δ Number of properties: Average number of units: 3,444 3, ,33 3, Average unit occupancy: 90.2% 90.9% (70 bps) 90.2% 90.9% (70 bps) Average monthly REVPOR: 3 $ 5,46 $ 5, % $ 5,463 $ 5, % Operating revenue: $464.4 $ % $460. $ % Less operating expenses: % % Total EBITDARM: % % Less management fees: % % Total EBITDAR / Property NOI: % % NOI FX adjustment Reported Property NOI $56.5 $55.0.0% $55.5 $53..6% Total EBITDARM margin: 39.% 39.6% (50 bps) 39.2% 39.6% (40 bps) Total EBITDAR margin: 33.7% 34.2% (50 bps) 33.8% 34.2% (40 bps) Sequential Quarter Comparison Total 2 Same-Store Total 2Q6 Q6 Seq Δ 2Q6 Q6 Seq Δ Number of properties: Average number of units: 3,444 3,478 (34) 3,33 3,29 4 Average unit occupancy: 90.2% 90.4% (20 bps) 90.2% 90.4% (20 bps) Average monthly REVPOR: 3 $ 5,46 $ 5,462 (0.0%) $ 5,463 $ 5,465 (0.0%) Operating revenue: $464.4 $466. (0.4%) $460. $46.3 (0.3%) Less operating expenses: (.9%) (2.0%) Total EBITDARM: % % Less management fees: (.2%) (.%) Total EBITDAR / Property NOI: % % NOI FX adjustment 4 - (.0) - (.0) Reported Property NOI $56.5 $ % $55.5 $ % Total EBITDARM margin: 39.% 38.% + 00 bps 39.2% 38.% + 0 bps Total EBITDAR margin: 33.7% 32.7% + 00 bps 33.8% 32.7% + 0 bps Includes de minimis partner's share. Excludes sold assets and Assets Intended for Disposition from all periods. 2 Excludes units for closed buildings during the period of closure. 3 REVPOR means revenue per occupied room. 4 Impact on prior period NOI resulting from change in USD to CAD exchange rate. 2Q6 SUPPLEMENTAL INFORMATION 0

12 Seniors Housing Operating Portfolio Dollars at Constant Currency; totals may not add due to rounding Year-Over-Year Same-Store Total Portfolio Trends EBITDAR / Property NOI and Unit Occupancy Average Monthly REVPOR % $6, % 9.% 9.4% % 90.2% % 80.0% $5,800 $5,600 $5,400 $5,260 $5,280 $5,272 $5,465 $5,463 EBITDAR ($M) % Unit Occupancy (%) $5,200 $5,000 $4, % $4, % $4,400 $4, Q5 3Q5 4Q5 Q6 2Q6 40.0% $4,000 2Q5 3Q5 4Q5 Q6 2Q6 30 Same-Store Communities Includes de minimis partner's share. Excludes sold assets and Assets Intended for Disposition from all periods. 2 REVPOR means revenue per occupied room. 2Q6 SUPPLEMENTAL INFORMATION

13 Seniors Housing Operating Portfolio Totals may not add due to rounding Seniors Housing Operating Portfolio NOI Diversification & Market Fundamentals By MSA / Province 4 Prop. Second Quarter 206 Trade-Area Construction 2 3-Mile Statistics 3 MSA / Province Statistics 3,4 Annual. NOI ($M) % of Total Units Under Construction / % of Inventory No. of VTR Prop. Annual. NOI Total Population Growth 75+ Population Growth New York, NY 35 $ % 224 /.7% 2 $ % 7.8% $ 93,539 $ 534,67 5.2% 2.8% 9.7% $ 68,223 $ 423, % Ontario % N/A N/A N/A 4.0% 4.5% 76,866 N/A N/A 5.7% 4.3% 73,68 N/A N/A Los Angeles, CA % 60 /.%.5 5.6% 6.4% 86, , % 4.3% 2.7% 62, ,78 6.6% Atlanta, GA %,260 /.% % 23.0% 67, , % 6.4% 27.2% 58,30 83, % Boston, MA % 90 / 3.4% % 9.9% 85,3 472, % 4.0%.7% 76, , % Philadelphia, PA % 72 /.0% 2.5.3% 7.9% 80, , %.6% 8.4% 63,54 248, % Sacramento, CA % 364 / 6.% % 0.% 6,94 406, % 5.0% 2.9% 60,270 32, % San Francisco, CA % 280 / 7.8% %.% 90,63 799,77 4.4% 5.9% 5.7% 84, , % San Jose, CA % 66 / 2.9% % 0.4% 04, , % 6.2% 4.8% 98, , % Phoenix, AZ % 403 / 2.6% % 8.0% 74, , % 7.6% 8.8% 54, , % Denver, CO %,38 / 8.9% % 5.0% 6,332 34, % 7.7% 22.9% 66, , % Dallas, TX % 730 / 4.6% % 24.8% 70,42 230,67 4.5% 7.7% 24.4% 62,020 76, % British Columbia % N/A N/A N/A 4.9% 5.2% 64,622 N/A N/A 6.4% 7.0% 68,208 N/A N/A Chicago, IL % 52 / 6.6% % 3.4% 82, , %.0% 0.9% 63, ,79 6.9% Providence, RI 5.6.9% 58 /.7% % 5.8% 68,52 290, %.% 7.% 58, , % Bridgeport, CT 4..8% % 7.3% 90, , % 2.5% 0.0% 85, ,33 6.6% Ventura, CA % 75 / 3.5%.6 3.0% 9.2% 96,45 664, % 3.9% 3.2% 8, , % Detroit, MI % 805 / 8.3% % 7.9% 68,66 89,84 5.0% 0.3% 8.3% 54,727 35,96 6.9% Riverside, CA % 88 /.9% % 3.2% 62, , % 5.3% 5.7% 56,09 27, % Alberta % N/A N/A N/A 7.2% 22.7% 92,55 N/A N/A.8% 8.% 83,40 N/A N/A Top 20 Markets 8 $ % 6,234 / 5.0% 50 $ %.5% $ 83,665 $ 487,95 5.2% 4.0% 3.3% $ 67,88 $ 385,00 6.% Remaining % 6,588 / 4.7% % 2.3% 62, , % 3.9% 3.7% 52, , % Total $ % 2,822 / 4.8% 94 $ %.8% $ 76,442 $ 4,60 5.% 4.0% 3.4% $ 62,762 $ 324, % Median Household Income Median Household Value Unemploy. % Total Population Growth 75+ Population Growth Median Household Income Median Household Value Unemploy. % US National Average: 3 3.7%.6% 55,55 92, % 3.7%.6% 55,55 92, % Excludes sold assets and Assets Intended for Disposition. 2 Construction data provided by NIC, reflects seniors housing properties under construction within three or seven miles of Ventas seniors housing operating properties, depending on MSA total population density. NIC provides construction data for NIC s 40 U.S markets. 3 Demographic data provided by Nielsen and reflects 206 projections, unless otherwise noted. Certain Canadian data is unavailable. Population growth reflects Nielsen projections for the United States and Nielsen projections for Canada. Financial data shown in local currency. 4 Metropolitan statistical areas as defined by the United States census bureau. 5 Total demographic data reflects weighted average for U.S. markets in the respective categories, based on annualized NOI. Canadian data is excluded from demographic and construction totals due to incomplete information, but included in NOI totals. 2Q6 SUPPLEMENTAL INFORMATION 2

14 Seniors Housing Operating Portfolio Dollars in millions, except rate data; totals may not add due to rounding Geographic Diversification & Performance Trends Second Quarter 206 Year-Over-Year Same-Store (Constant Currency) Unit Occupancy REVPOR 3 EBITDAR / Property NOI By Market / Country 2 Properties Annual. NOI % Properties 2Q6 2Q5 YOY 2Q6 2Q5 YOY 2Q6 2Q5 YOY Primary Markets 77 $ % % 90.3% (30 bps) $ 6,077 $ 5,89 4.4% $ 00.5 $ % Secondary Markets % % 92.% (50 bps) 5,425 5, % (2.4%) Other US Markets % % 9.8% (500 bps) 4,706 4, % (7.0%) United States % % 90.8% (00 bps) 5,799 5, % % Canada % % 9.2% +0 bps 3,533 3,477.6% % Total 304 $ % % 90.9% (70 bps) $ 5,463 $ 5, % $ 55.5 $ % Excludes sold assets and Assets Intended for Disposition. 2 Primary and Secondary Market classifications as defined by NIC. 3 REVPOR means revenue per occupied room. 2Q6 SUPPLEMENTAL INFORMATION 3

15 Consolidated Medical Office Portfolio Dollars in millions USD, except for rate data; totals may not add due to rounding Medical Office Portfolio Results Year-Over-Year Comparison Total Same-Store Total 2Q6 2Q5 YOY Δ 2Q6 2Q5 YOY Δ Number of properties: Number of square feet: M 9.3 M 0.6 M 9. M 9. M 0.0 M Occupancy, end of period: 9.7% 92.9% (20bps) 92.% 92.8% (70bps) Annualized average rent per occupied square foot: 3 $30 $29.0% $30 $29 0.9% Annualized average revenue per occupied square foot: $30 $30.4% $30 $30.0% Operating revenue: $38. $ % $32.9 $ % Less expenses: % (.0%) Total Cash NOI: % % Less Company's partners' share: % (0.2%) Ventas NOI: $93.9 $ % $90. $ % Total Cash NOI margin: 69.6% 69.% + 50bps 69.5% 69.% + 40bps Sequential Quarter Comparison Total Same-Store Total 2Q6 Q6 Seq. Δ 2Q6 Q6 Seq. Δ Number of properties: Number of square feet: M 9.8 M 0. M 9.8 M 9.8 M 0.0 M Occupancy, end of period: 9.7% 9.9% (20bps) 9.7% 9.9% (20bps) Annualized average rent per occupied square foot: 3 $30 $29 0.6% $30 $29 0.5% Annualized average revenue per occupied square foot: $30 $30 0.4% $30 $30 0.3% Operating revenue: $38. $39.2 (0.8%) $37.6 $39.2 (.%) Less expenses: % % Total Cash NOI: (.6%) (.9%) Less Company's partners' share: (.7%) (.7%) Ventas NOI: $93.9 $95.4 (.6%) $93.6 $95.4 (.9%) Total Cash NOI margin: 69.6% 70.2% (60bps) 69.6% 70.2% (60bps) Except where indicated, includes de minimis partners share. Excludes sold assets and Assets Intended for Disposition. 2 Number of square feet may vary due to BOMA re-measurement. 3 Includes current period expense recoveries. 2Q6 SUPPLEMENTAL INFORMATION 4

16 Consolidated Medical Office Portfolio Year-Over-Year Same-Store Cash NOI and Occupancy Trends % % 92.8% 92.8% 92.4% 92.% Cash NOI ($M) $9.6 $92.5 $92.9 $94.3 $ % 80.0% 70.0% 60.0% End of Period Occupancy (%) % Q5 3Q5 4Q5 Q6 2Q6 40.0% 353 Same-Store Properties Includes de minimis partners share. 2Q6 SUPPLEMENTAL INFORMATION 5

17 Consolidated Medical Office Portfolio Dollars in millions USD, except for rate data; totals may not add due to rounding Health System Affiliation (2Q6 Results) MOB Portfolio Hospital System Affiliation On-Campus Off-Campus Total Affiliated 2 % Affiliated % Affiliated % Unaffiliated % Total MOBs Affiliated Health System Credit Rating Investment Grade plus HCA % Other % Number of Properties: % 23 63% 8 32% 7 5% % 8 23% Number of Square Feet: 9.0 M 96% 4.4 M 72% 4.6 M 23% 0.8 M 4% 9.9 M 6. M 85% 2.9 M 5% Occupancy, end of period: 9.6% 90.4% 95.3% 93.4% 9.7% 9.4% 92.9% Annualized average rent per occupied square foot: 3 $30 $30 $27 $29 $30 $30 $27 Annualized average revenue per occupied square foot: $30 $30 $27 $30 $30 $3 $28 Operating Revenue: $ % $ % $ % $5.9 4% $38. $3.3 86% $8.8 4% Less expenses: % % 6.4 5%.7 4% % 4.9 2% Total Cash NOI: $9.9 96% $68.4 7% $ % $4.2 4% $96. $ % $4.0 5% Total Cash NOI Margin: 69.6% 66.9% 78.5% 7.6% 69.6% 68.8% 74.2% Includes de minimis partners share. Excludes sold assets and Assets Intended for Disposition. Salem Medical 2Q6 SUPPLEMENTAL 2 Affiliated properties defined INFORMATION as on-campus or off-campus assets with significant hospital sponsorship and/or healthcare companies. 3 6 Includes current period expense recoveries. Lillibridge Healthcare Services

18 Acquisition & Disposition Activity Dollars in thousands USD, except for per bed/unit/sf data; totals may not add due to rounding Investment Activity for 2nd Quarter 206 New Investments Month Closed Relationship Investment Amount / Project Costs Expected Yield Owned Per Bed / Props. Beds / Units / SF Total 2 Unit / SF Ventas Share 3 Cash GAAP Real Estate Acquisitions Medical Office Building 4 May Existing 42,990 SF $7,030 $ % 7.0% 6.4% Medical Office Building May Existing 45,72 SF, % 6.% 6.3% Medical Office Building 5 May Existing 53,347 SF, % 7.5% 7.6% Subtotal 3 42,058 SF $29,635 $ % 6.7% 6.4% Total 2Q6 Investments 3 $29, % 6.7% 6.4% Total YTD Investments 6 $89, % 9.2% 9.3% Disposition & Loan Repayment Activity for 2nd Quarter 206 Proceeds Cap Rate 6 Disposition and Loan Repayment Summary Month Closed Properties Beds / Units / SF Gross 7 Per Bed / Unit / SF Ventas Share 3 Cash GAAP Real Estate Sales Skilled Nursing - NNN April 8 beds $8,000 $68K 00.0% 7.7% 7.7% Land Parcel June -, % n/a n/a Subtotal $9, % 6.560% 6.560% Debt Repayments / Sales Secured May - $5, %.4%.6% Subtotal - $5, %.4%.6% Total 2Q6 Dispositions $4, % 8.3% 8.3% Total 206 YTD Dispositions and Loan Repayments 7 $35, % 6.9% 6.8% For acquisitions and debt investments, represents expected year one yield inclusive of local country tax effects unless otherwise noted. For development/redevelopment commitments, represents expected Stabilized year one yield upon stabilization. 2 Reflects the total investment amount for new acquisitions and debt investments within the period, and the total project costs for new development/redevelopment commitments. For acquisitions and debt investments, the full amount will be booked/funded in the period(s) listed; for development/redevelopment commitments, the costs will generally be incurred/funded over time. 3 Ventas percentage of total asset value (investment, project costs or gross disposition/loan repayment proceeds), inclusive of debt. 4 Represents 73% ownership in a condo investment. 5 Purchase of 5% interest. Investment Amount Per Square Foot, Ventas Share and Expected Yields represent full project ownership after investment of $.605M. 6 Estimated lost NOI based on current performance and/or agreements divided by gross proceeds on real estate sales and principal on loan repayments. 7 Total transaction proceeds, including termination and other fees received in conjunction with the transaction. Does not include any debt paydown / payoff, broker commissions, or other costs associated with the transactions. 2Q6 SUPPLEMENTAL INFORMATION 7

19 Company Redevelopment DRAFT Dollars in millions USD; totals may not add due to rounding Ventas Property Project Current Life to LEED Status Property Name Share 2 Type 3 Operator / Manager MSA Costs, 4 Quarter Date Seniors Housing Operating Portfolio Completed Atria East Northport 00% SH Atria Senior Living New York, NY $7.4 $0.4 $5.8 Completed Atria Darien 5 00% SH Atria Senior Living Bridgeport, CT Completed Other SHOP Redevelopments 00% SH Atria Senior Living Various Total SHOP Completed Active Atria Great Neck 00% SH Atria Senior Living New York, NY $27.3 $0.3 $0.9 * Active Atria Hillsdale 00% SH Atria Senior Living San Francisco, CA * Active Atria Woodbriar Park 6 00% SH Atria Senior Living Cape Cod, MA Active Atria Center City 00% SH Atria Senior Living Philadelphia, PA Active Atria Stamford 00% SH Atria Senior Living Bridgeport, CT Active Atria El Camino Gardens 00% SH Atria Senior Living Sacramento, CA Active Apartment Upgrades 7 00% SH Various Various Active Other SHOP Redevelopments 00% SH Various Various Total SHOP Active Committed Atria Shaker 00% SH Atria Senior Living Albany, NY $3.5 $0.0 $0.0 Committed Atria Park of Baypoint Village 6 00% SH Atria Senior Living Tampa, FL Committed Other SHOP Redevelopments 00% SH Various Various Total SHOP Committed Total SHOP Redevelopment $299.4 $9.4 $74.6 Triple-Net Leased Portfolio 8 Completed Brookdale Edina 00% SH Brookdale Senior Living Minneapolis, MN $23.0 $0.0 $22.7 Completed Other NNN Redevelopments 00% SH Various Various Total NNN Completed Active Ardent Health Services 8 00% H Ardent Health Services Various $4.5 $0.0 $4.5 Active The Amberleigh 8 00% SH Capital Senior Living Buffalo, NY Active Villa Santa Barbara 8 00% SH Capital Senior Living Santa Maria, CA Active Laurel Oaks 00% SH Laurete Group Milwaukee, WI Active Other NNN Redevelopments 00% SH Various Various Total NNN Active Committed Georgetowne Place 8 00% SH Capital Senior Living Fort Wayne, IN $5.4 $0.0 $0.0 Committed The Harrison 8 00% SH Capital Senior Living Indianapolis, IN Committed Cottonwood Village 8 00% SH Capital Senior Living Prescott, AZ Committed Crown Pointe 8 00% SH Capital Senior Living Omaha, NE Committed West Shores 8 00% SH Capital Senior Living Hot Springs, AR Committed Other NNN Redevelopments 00% SH Various Various Total NNN Committed Medical Office Building Portfolio Total NNN Redevelopment $98. $6.4 $69.3 Active Other MOB Redevelopments 00% MOB Various $4.5 $.4 $4.3 Total MOB Active As of quarter end, June 30 th, Ventas percentage of total costs (debt and equity). 3 H = Hospital, MOB = Medical Office Building, SH = Seniors Housing, SN = Skilled Nursing. 4 Amount reflects 00% of the total estimated project costs. Total MOB Redevelopment Total Redevelopment $4.5 $42.0 $.4 $7. $4.3 $ Major construction is complete, but apartment upgrades remain. Project will move to Apartment Upgrades in subsequent quarters. 6 Atria Woodbriar Park formerly known as Atria Woodbriar Terrace; Atria Park of Baypoint Village formerly known as Atria Baypoint Village. 7 Reflects projects where apartment upgrades constitute the bulk of remaining committed project costs. Costs reflect the total project scope, not just apartment upgrades. 8 Includes Active/Committed projects under outstanding capital lines. Seeking LEED Certification 2Q6 SUPPLEMENTAL INFORMATION 8

20 Company Development Dollars in millions USD; totals may not add due to rounding Project Costs Current Quarter,4 Life to Date,4 LEED Status Property Name Ventas Share 2 Property Type 3 Operator / Manager MSA Capacity Total VTR Share VTR Equity Total VTR Equity Total VTR Equity Expected Completion Expected Stable Cash Yield 5 Seniors Housing Operating Portfolio Active Atria at Villages of Windsor 22.5% SH Atria Senior Living Miami, FL 38 units $05.9 $23.8 $8.5 $0.7 $0.0 $29.5 $ % * Active Atria at Foster Square 24.7% SH Atria Senior Living San Francisco, CA 55 units % Total SHOP Active 473 units Total SHOP New Development 473 units $89.2 $44.4 $7.2 $5.6 $0.0 $79.3 $5.3 Triple-Net Leased Portfolio Completed Azura Memory Care of Oconomowoc 92% SH Azura Memory Care Milwaukee, WI 40 units $7.6 $7.0 $7.0 $2.5 $2.5 $5.7 $ % Total NNN Completed 40 units Azura Memory Care of Oconomowoc Azura Memory Care Active Brookdale Chatfield 6 00% SH Brookdale Senior Living Hartford, CT 84 units $22.8 $22.8 $22.8 $5.3 $5.3 $9.0 $ % Active Hampton Manor at Deerwood 6 00% SH Concordis Senior Living Ocala, FL 8 units % Total NNN Active 02 units Total NNN New Development 42 units $34.4 $33.8 $33.8 $9.2 $9.2 $27.2 $27.2 Medical Office Building Portfolio * Active Sutter Van Ness 7 90% MOB PMB Real Estate Services San Francisco, CA 232,552 Sq. Ft. $66.4 $49.8 $44.2 $.3 $0.0 $8. $ % Active Other MOB Developments 00% MOB Various Various Total MOB Active 232,552 Sq. Ft Total MOB New Development 232,552 Sq. Ft. $73.2 $56.5 $5.0 $.4 $0. $8.8 $0.7 Total New Development 65 units & 232,552 Sq. Ft. $396.8 $234.7 $02.0 $26.2 $9.3 $5.3 $43.2 As of quarter end, June 30 th, Total current quarter and life to date costs may include estimates for partner contributions and are subject to adjustments. 3 H = Hospital, MOB = Medical Office Building, SH = Seniors Housing, SN = Skilled Nursing. 4 Ventas percentage of total costs (debt and equity). 5 Stable yield on total project costs. 6 Projects have changed status from redevelopment to development. Reflected on Company Redevelopment page in Q6 supplemental. 7 Ventas Share and Project Costs are variable and currently reflect underwritten amounts. Seeking LEED Certification 2Q6 SUPPLEMENTAL INFORMATION 9

21 Company Capital Expenditures DRAFT Dollars in thousands USD; totals may not add due to rounding Capital Expenditures 2nd Quarter 206 Total Portfolio Seniors Housing Operating Medical Office Building Triple-Net Leased Routine & Non-Routine $5,75 $3,326 $383 $8,884 Redevelopment 9,634,380 6,358 7,373 Development - 8,33 9,208 7,539 Tenant Improvements - 4,323-4,323 Total Reported $24,809 $7,360 $5,949 $58,9 Third Party Leasing Commissions - $,899 - $,899 Total Capital Expenditures for YTD 206 Total Portfolio Seniors Housing Operating Medical Office Building Triple-Net Leased Routine & Non-Routine $27,007 $6,506 $423 $33,935 Redevelopment 6,797,793 32,73 50,763 Development - 8,48 0,435 8,96 Tenant Improvements - 2,992-2,992 Total Reported $43,803 $29,773 $43,030 $6,606 Third Party Leasing Commissions - $3,66 - $3,66 Total Total cash paid for leasing commissions included in the change in other assets on the quarterly consolidated statement of cash flows; includes first generation leasing commissions related to developments. 2Q6 SUPPLEMENTAL INFORMATION Atria Darien Atria Senior Living 20

22 Sustainability DRAFT Pursuing Sound and Effective Sustainability Practices Awards & Recognition: GRESB Global & North American Healthcare Sector Leader GRESB Green Star Company FTSE4GOOD Sustainability Index Series Member MSCI Global Sustainability Index Member 68 ENERGY STAR Certified Properties 64 ENERGY STAR Labels Atria Del Sol Atria Senior Living LEED Certified 2Q6 SUPPLEMENTAL INFORMATION 6 Properties Built To LEED Standards 4 LEED Projects In Development 2

23 Financial Information Quarterly Reported & Comparable Normalized FFO per Share Comparable Normalized FFO per Share CCP Spin-Off Effective 08/7/205 $.03 $.04 $.04 $0.97 $0.98 Reported Q2 205 Q3 205 Q4 205 Q 206 Q2 206 $.8 $.09 $.03 $.04 $.04 2Q6 SUPPLEMENTAL INFORMATION 22

24 206 Guidance,2 Dollars in millions USD, except per share amounts Income, FFO & FAD Attributable to Common Stockholders Same-Store Cash NOI Growth Tentative / Preliminary & Subject to Change Tentative / Preliminary & FY206 - Guidance Per Share Subject to Change Low High Low High Low High Income from Continuing Operations $506 $552 $.46 $.59 Total Same-Store Cash NOI Growth 2% 3% Adjustments NNN 3.5% 4% Net Income Attributable to Common Stockholders $65 $64 $.77 $.84 SHOP.5% 3% Depreciation & Amortization Adjustments MOB % 2% Other Adjustments 3 () (9) (0.32) (0.26) FFO (NAREIT) Attributable to Common Stockholders $,40 $,435 $4.05 $4.3 Merger-Related Expenses, Deal Costs & Re-Audit Costs Other Adjustments 3 (27) (30) (0.08) (0.09) Normalized FFO Attributable to Common Stockholders $,409 $,436 $4.05 $4.3 % Year-Over-Year Comparable Growth 3% 5% Non-Cash Items Included in Normalized FFO (7) (2) Capital Expenditures (09) (9) Normalized FAD Attributable to Common Stockholders $,283 $,296 Key Guidance Changes Since 04/29/6 Total company same-store cash NOI growth to 2% - 3% from.5% - 3% NNN same-store cash NOI growth to 3.5% - 4% from 2.5% 3.5% SHOP same-store cash NOI growth to.5% - 3% from % - 3% Addition of $.5B Wexford acquisition plus related funding and transaction expenses Merger-Related Expenses, Deal Costs & Re-Audit Costs (26) (3) Other Adjustments FAD Attributable to Common Stockholders $,257 $,265 Weighted Average Diluted Shares 347, ,705 Key Guidance Assumptions Wexford transaction closes Q4 206 Dispositions of approximately $500 million No further material acquisitions, dispositions or capital activity The Company s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company's expectations depending on factors discussed in the Company s filings with the Securities and Exchange Commission. 2 Totals and per share amounts may not add due to rounding. Per share quarterly amounts may not add to annual per share amounts due to changes in the Company's weighted average diluted share count, if any. Same-store Cash NOI is at constant currency. 3 See page 24 of supplemental for detailed breakout of adjustments for each respective category. 2Q6 SUPPLEMENTAL INFORMATION 23

25 Financial Information FFO and FAD Reconciliation Including Comparable Earnings for FY Q2 YoY Growth Q2 Q3 Q4 FY Q Q2 YTD '5-'6 Income from continuing operations $24,574 $45,235 $23,23 $389,539 $23,339 $37,849 $26,88 % Income from continuing operations per share $0.37 $0.3 $0.37 $.7 $0.36 $0.40 $0.77 8% Discontinued operations 8,243 (22,383) (2,33),03 (489) (48) (637) Gain on real estate dispositions 7, ,60 8,580 26,84 5,739 3,923 Net income 50,286 23,7 25,060 $49,222 49,034 43,440 $292,474 Net income attributable to noncontrolling interest , Net income attributable to common stockholders 2 49,82 22,852 24,728 $47,843 48,980 43,62 $292,42 (4%) Net income attributable to common stockholders per share 2 $0.45 $0.07 $0.37 $.25 $0.44 $0.42 $0.86 (7%) Adjustments: Depreciation and amortization on real estate assets 22, , ,0 887,26 234, , ,072 Depreciation on real estate assets related to noncontrolling interest (,964) (,964) (,926) (7,906) (2,075) (,84) (3,889) Depreciation on real estate assets related to unconsolidated entities,464,445 2,982 7,353,989,220 3,209 Loss on re-measurement of equity interest upon acquisition, net Gain on real estate dispositions (7,469) (265) (4,60) (8,580) (26,84) (5,739) (3,923) Loss (gain) on real estate dispositions related to unconsolidated entities (536) 4 (495) Discontinued operations: (Gain) loss on real estate dispositions (277) 48 (2) (23) - Depreciation and amortization on real estate assets 34,496 3,878-79, Subtotal: FFO add-backs 239,58 237, ,90 947, ,920 24,055 42,975 Subtotal: FFO add-backs per share $0.72 $0.7 $0.69 $2.84 $0.6 $0.62 $.24 FFO (NAREIT) attributable to common stockholders $388,979 $260,682 $356,98 $,365,408 $356,900 $357,27 $74,7 (8%) FFO (NAREIT) attributable to common stockholders per share $.6 $0.78 $.06 $4.09 $.05 $.04 $2.0 (0%) Adjustments: Change in fair value of financial instruments 70 (8) (79) (7) (86) Non-cash income tax benefit (0,389) (2,477) (,668) (42,384) (9,57) (2,286) (2,443) (Gain) loss on extinguishment of debt, net (39) 6,30 (486) 5, ,468 2,782 Gain on non-real estate dispositions related to unconsolidated entities (585) (585) Merger-related expenses, deal costs and re-audit costs 5,35 00, ,344 3,254 8,550,804 Amortization of other intangibles , Subtotal: normalized FFO add-backs 5,368 04,792 (0,603) 28,275 (5,230) (,422) (6,652) Subtotal: normalized FFO add-backs per share $0.02 $0.3 ($0.03) $0.38 ($0.02) $0.00 ($0.02) Normalized FFO attributable to common stockholders $394,347 $365,474 $346,35,493,683 $35,670 $355,795 $707,465 (0%) Normalized FFO attributable to common stockholders per share $.8 $.09 $.03 $4.47 $.04 $.04 $2.08 (2%) Adjustments: Normalized FFO from CCP spin-off ($69,306) ($35,393) $0 ($73,400) $0 $0 $0 Adjustments: Normalized FFO per share from CCP spin-off ($0.2) ($0.) $0.00 ($0.52) $0.00 $0.00 $0.00 Comparable Normalized FFO attributable to common stockholders $325,04 $330,08 $346,35,320,283 $35,670 $355,795 $707,465 9% Comparable Normalized FFO attributable to common stockholders per share $0.97 $0.98 $.03 $3.95 $.04 $.04 $2.08 7% Non-cash items included in normalized FFO: Amortization of deferred revenue and lease intangibles, net (7,027) (5,682) (4,87) (24,29) (5,037) (5,053) (0,090) Other non-cash amortization, including fair market value of debt,428 2,42 2,397 5,448 2,446 2,24 4,687 Stock-based compensation 4,885 4,869 3,476 9,537 5,029 5,008 0,037 Straight-lining of rental income, net (8,082) (8,357) (8,674) (33,792) (9,845) (5,58) (5,426) Subtotal: non-cash items included in normalized FFO (8,796) (7,028) (7,68) (32,936) (7,407) (3,385) (0,792) Capital expenditures (23,520) (33,536) (33,496) (2,700) (24,987) (25,03) (50,090) Normalized FAD attributable to common stockholders $362,03 $324,90 $305,20,348,047 $39,276 $327,307 $646,583 (0%) Adjustments: Normalized FAD from CCP spin-off ($64,080) ($29,987) $0 ($55,08) $0 $0 $0 Comparable Normalized FAD attributable to common stockholders $297,95 $294,923 $305,20,92,966 $39,276 $327,307 $646,583 0% Merger-related expenses, deal costs and re-audit costs (5,35) (00,548) (659) (52,344) (3,254) (8,550) (,804) FAD attributable to common stockholders $346,896 $224,362 $304,542,95,703 $36,022 $38,757 $634,779 (8%) Adjustments: FAD from CCP spin-off ($6,760) $7,204 $2,333 ($08,677) $489 $48 $637 Comparable FAD attributable to common stockholders $285,36 $23,566 $306,875,087,026 $36,5 $38,905 $635,46 2% Weighted average diluted shares 334, , , , , ,57 340,85 Totals and per share amounts may not add due to rounding. Per share quarterly amounts may not add to annual per share amounts due to material changes in the Company s weighted average diluted share count, if any. 2 CCP impacts calculated based on net income related to discontinued operations, less the de minimis share of discontinued operations net income not related to CCP assets, assuming (a) G&A of $2.5 million in Q 5 and Q2 5 ($0.0 per share per quarter), and $.3 million in Q3 5 ($0.00 per share) and (b) interest expense of $6.9 million in Q 5 and Q2 5 ($0.02 per share per quarter), and $4.3 million in Q3 5 ($0.0 per share); these adjustments differ from the respective amounts found in discontinued operations. 2Q6 SUPPLEMENTAL INFORMATION 24

26 Financial Information Dollars in thousands USD, except per share amounts; totals may not add due to rounding Capitalization As of or for the Quarter Ended June 30, 206 As of or for the Quarter Ended March 3, 206 Debt Revolving credit facility $ 207,355 $ 324,488 Senior notes and term loans 8,923,754 9,070,34 Mortgage and other debt,770,022,852,928 Total debt 0,90,3,247,730 Net debt Total debt $ 0,90,3 $,247,730 Debt on assets held for sale 76,980,3 Cash (57,322) (5,70) Net debt $ 0,920,789 $,207,42 Equity Number of Shares (in 000s) Closing Price Number of Shares (in 000s) Closing Price Common Stock 34, ,485 Redeemable OP Unitholder Interests 2,884 2, ,938 $ ,045, ,385 $ ,430,648 Enterprise Value 2 $ 35,946,724 $ 32,678,378 Credit Statistics Debt / Enterprise Value 30% 34% Secured Debt / Enterprise Value 5% 6% Net Debt / Adjusted Pro Forma EBITDA 3 5.8x 6.0x Adjusted Pro Forma EBITDA, annualized 3 $,876,392 $,870,244 Q debt balances are net of discounts, deferred financing costs and fair market value adjustments. 2 Total debt plus total equity. 3 See page 3 for a reconciliation of adjusted pro forma EBITDA to net income attributable to common stockholders. 2Q6 SUPPLEMENTAL INFORMATION 25

27 Financial Information Dollars in millions USD Debt Maturity Schedule $,00 $,000 $,020 $900 $905 $800 $700 $653 $700 $600 $500 $400 $525 $424 $500 $300 $309 $29 $200 $00 $0 $55 Net Revolver 2 Balance $05 $07 $67 $67 $55 $0 $5 $0 $5 $0 $2 3Q6 4Q6 Q7 2Q7 3Q7 4Q7 Q8 2Q8 3Q8 4Q8 Q9 2Q9 3Q9 4Q9 Q20 2Q20 3Q20 4Q20 Q2 2Q2 Net Revolver Balance Senior Notes & Term Loans Mortgage Debt 2 3 Consolidated debt as of June 30, 206. Excludes normal monthly principal amortization and Ventas share of unconsolidated debt. 2 Revolver balance net of $57.3 million of cash on hand. 3 Excludes maturing mortgage debt of $.0 million in 3Q6 and $66.0 million in Q7 on assets held for sale. 2Q6 SUPPLEMENTAL INFORMATION 26

28 Financial Information Dollars in thousands USD; totals may not add due to rounding Debt Maturities and Scheduled Principal Amortization Revolving Credit Facility and Variable Rate Term Loans Senior Notes Mortgage Debt and Other Total Debt Period Amount Rate Amount Rate Amount 2,3 Rate,4 Amount Rate,4 Debt as a % of Enterprise Value 206 $ 94,530.6% $ 25,24 5.2% $ 9, % 0.3% ,000.3% 407,44 5.9% 707,44 3.9% 2.0% , % 700, % 222, %,335, % 3.7% ,849.6% 909, % 439, %,723, % 4.8% , % 500, % 28, %,428, % 4.0% , % 82, % 782, % 2.2% 2022,293, % 26,09 4.5%,49, % 3.9% ,000 3.% 35,2 4.2% 435,2 3.2%.2% , % 52, % 646, %.8% , % 42, % 642, %.8% 2026 and thereafter,434,23 4.9% 293,54 5.6%,727, % 4.8% Subtotal,687,23.6% 7,525, %,755, % 0,968, % 4 Deferred Financing Costs (0,483) (49,95) (4,855) (65,253) Note Discounts (28,993) (28,993) Fair Market Value 8,83 8,924 27,07 Total $,676,748 $ 7,454,360 $,770,022 $ 0,90,3 Weighted Average Maturity in Years Debt Composition June 30, 206 Amount Rate,4 % of Total Fixed Rate Debt Senior Notes $ 7,525, % 68.6% Swapped Floating Rate Debt 6 200,000 2.%.8% Mortgage Debt and Other,468, % 3.4% Total Fixed Rate Debt 9,93, % 83.8% Variable Rate Debt Revolving Credit Facilities and Term Loans,487,23.5% 3.6% Mortgage Debt 287,45.8% 2.6% Total Variable Rate Debt,774,646.6% 6.2% Total Debt $ 0,968, % 00.0% 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. 2 The Company's joint venture and operating partners' pro rata share of consolidated mortgage debt is approximately $26.5 million, which is included in the above. 3 Excludes maturing mortgage debt of $.0 million in 3Q6 and $66.0 million in Q7 on assets held for sale. 4 The weighted average rate by year assumes the current interest rate swaps are not renewed and the interest rate returns to the face amount. The weighted average rate as of June 30, 206 includes the effective rate of the swap. 5 The revolving credit facility may be extended for an additional period of one year at the Company's option, subject to the satisfaction of certain conditions. 6 Includes the impact of a $200 million notional swap to convert LIBOR-based floating rate debt to fixed rate debt, setting LIBOR at.32 through the swap s maturity of August 3 rd, Q6 SUPPLEMENTAL INFORMATION 27

29 Financial Information Historical Credit Statistics Leverage Fixed Charge Coverage Total Debt / Enterprise Value 40% 35% 30% 25% 20% 5% 0% 5% Secured Debt / Enterprise Value 36% 34% 34% 3% 29% 3% % 0% 7% 6% 30% 5% 4.8x 4.7x 4.6x 4.5x 4.4x 4.3x 4.2x 4.x 4.0x 4.7x 4.2x 4.5x 4.7x 4.5x 4.6x 0% Q6 3.9x Q6 Dividend Payout Ratio Cash Flow From Operations ($ millions) 00%,600 90% 80% 70% 60% 68% 65% 66% 66% 67% 70%,400,200, ,95,255,392 50% 40% % 20% 0% % Q YTD '6 Current Ratings of Baa (Moody's), BBB+ (S&P) and BBB+ (Fitch) 2Q6 SUPPLEMENTAL INFORMATION 28

30 Financial Information Debt Covenants Revolving Credit Facility & Term Loans Required 6/30/6 Total Indebtedness / Gross Asset Value Not greater than 60% 40% Secured Debt / Gross Asset Value Not greater than 30% 7% Unsecured Debt / Unencumb. Gross Asset Value Not greater than 60% 40% Fixed Charge Coverage Not less than.5x 4.6x Senior Notes 2 Required 6/30/6 Incurrence of Debt Not greater than 60% 40% Incurrence of Secured Debt Not greater than 50% 7% Maintenance of Unencumbered Assets Not less than 50% 257% Consolidated EBITDA to Interest Expense Not less than.5x 5.x These calculations are made in accordance with the respective debt agreements and may be different than other covenants or metrics presented. Please refer to the respective agreements for full financial covenant descriptions and calculation methods. 2 These covenants are calculated in accordance with the Indentures dated September 26, 203, September 24, 204, July 6, 205 and all supplemental Indentures. 2Q6 SUPPLEMENTAL INFORMATION 29

31 Financial Information Revolver & Term Loan Covenants Total Indebtedness / Gross Asset Value Secured Debt / Gross Asset Value 70% 60% Maximum 35% 30% Maximum 50% 40% 39% 42% 42% 42% 40% 25% 20% 30% 5% 20% 0% 8% 8% 8% 7% 7% 0% 5% 0% 2Q5 3Q5 4Q5 Q6 2Q6 0% 2Q5 3Q5 4Q5 Q6 2Q6 Unsecured Debt / Unencumbered Gross Asset Value Fixed Charge Coverage 70% 60% Maximum 5.0x 4.0x 4.7x 4.4x 4.5x 4.6x 4.6x 50% 40% 40% 43% 4% 4% 40% 3.0x 30% 20% 0% 2.0x.0x Minimum 0% 2Q5 3Q5 4Q5 Q6 2Q6 0.0x 2Q5 3Q5 4Q5 Q6 2Q6 These calculations are made in accordance with the respective debt agreements and may be different than other covenants or metrics presented. Please refer to the respective agreements for full financial covenant descriptions and calculation method. 2Q6 SUPPLEMENTAL INFORMATION 30

32 Financial Information Dollars in thousands USD Non-GAAP Financial Measures Reconciliation Adjusted Pro Forma EBITDA For the Three Months Ended June 30, March 3, Income from continuing operations $ 37,849 $ 23,339 Discontinued operations (48) (489) Gain on real estate dispositions 5,739 26,84 Net income 43,440 49,034 Net income attributable to noncontrolling interest Net income attributable to common stockholders 43,62 48,980 Pro forma adjustments for current period investments, capital transactions and dispositions 2,70 6,726 Pro forma net income attributable to common stockholders 45,863 55,706 Add back: Pro forma interest 04,52 02,564 Pro forma depreciation and amortization 222, ,37 Stock-based compensation 5,008 5,029 Gain on real estate dispositions (5,738) (26,84) Loss on extinguishment of debt, net 2, Income (loss) from unconsolidated entities (,48) 98 Pro forma noncontrolling interest Income tax benefit (,549) (8,42) Change in fair value of financial instruments (6) (98) Other taxes 947 (25) Pro forma merger-related expenses, deal costs and re-audit costs 7,024 2,298 Adjusted Pro Forma EBITDA $ 469,098 $ 467,56 Adjusted Pro Forma EBITDA annualized $,876,392 $,870,244 2Q6 SUPPLEMENTAL INFORMATION 3

33 Financial Information Dollars in thousands USD unless otherwise noted; totals may not add due to rounding Non-GAAP Financial Measures Reconciliation Second Quarter 206 Same-Store Cash NOI by Segment For the Three Months Ended June 30, 206 For the Three Months Ended June 30, 205 Triple-Net Seniors Housing - Operating Medical Office Non- Segment Total Triple-Net Seniors Housing - Operating Medical Office Non- Segment Total Total Revenues, excluding Interest and Other Income $ 2,350 $ 464,437 $ 47,456 $ 25,049 $ 848,293 $ 83,45 $ 454,645 $ 48,22 $ 25,735 $ 8,746 Less: Total Property-Level Operating Expenses - (307,989) (43,966) - (35,956) - (299,252) (43,40) - (342,66) Less: Medical Office Building Services Costs - - (,852) - (,852) - - (5,764) - (5,764) Reported Net Operating Income 2,350 56,448 0,638 25, ,486 83,45 55,393 99,047 25, ,320 Adjustments: Plus: 2nd quarter modification fee 3, , Less: NOI not included in same-store 3, ,27 40,064 8,795 2,276 4,825 5,896 Less: Straight-lining of rental income 2,833-2,836 5,669 4,655-3,407 8,062 Less: Non-cash rental income 5,200 - (87) 4,383 4,659 - (779) 3,88 Less: Non-segment NOI ,049 25,049 25,735 25,735 36, ,290 25,049 7,666 8,0 2,276 7,453 25,735 53,574 Same-store cash NOI (USD) $ 74,964 $ 55,508 $ 92,348 $ - $ 422,820 $ 65,035 $ 53,8 $ 9,594 $ - $ 409,747 Percentage increase (USD) 6.0%.6% 0.8% 3.2% NOI impact from change in FX (285) (77) (,055) Constant Currency Same-store cash NOI $ 74,964 $ 55,508 $ 92,348 $ - $ 422,820 $ 64,75 $ 52,347 $ 9,594 $ - $ 408,692 Constant Currency percentage increase 6.2% 2.% 0.8% 3.5% Less: 2nd quarter modification fee rent prepayment 3, , Adjusted Constant Currency Same-store cash NOI $ 7,464 $ 55,508 $ 92,348 $ - $ 49,320 $ 64,75 $ 52,347 $ 9,594 $ - $ 408,692 Adjusted Constant Currency percentage increase 4.% 2.% 0.8% 2.6% 2Q6 Q6 2Q5 GBP ( ) to USD ($) USD ($) to CAD (C$) Q6 SUPPLEMENTAL INFORMATION 32

34 Definition of Terms Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted. Adjusted Pro Forma EBITDA Adjusted Pro Forma EBITDA is consolidated earnings before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense), excluding (i) gains or losses on extinguishment of debt, (ii) Deal Costs, (iii) net gains or losses on real estate activity, (iv) gains or losses on re-measurement of equity interest upon acquisition and changes in the fair value of financial instruments, (v) income or loss from non-controlling interest, (vi) income or loss from unconsolidated entities and (vii) other immaterial or identified items. Considers the pro forma effects of transactions and events that were completed during the period, as if the transaction or event had been consummated at the beginning of the relevant period. Annualized Revenue & NOI A period s reported revenue and Property NOI, extrapolated on a per diem, monthly or quarterly basis to an annualized result. Results may be adjusted for certain one-time or out-of-period items, reflect only Ventas s share of ownership and are presented in US dollars ( USD ) based on the applicable exchange rates where revenue and expenses are translated from a foreign currency. Assets Intended for Disposition Properties that are included in discontinued operations, designated as held for sale, or for which there is an active intent to sell such properties. Such assets are excluded from property counts, concentration statistics and performance metrics for all periods. Results from these assets are included in the Company s financial results and GAAP reconciliations. Cash Flow Coverage For Triple-Net Stabilized assets, operator-reported EBITDARM divided by cash rent for a period. Operatorreported EBITDARM and rent may be adjusted for certain one-time events or out-of-period items. Because Triple-Net financials are delivered to Ventas following the reporting period, Cash Flow Coverage is reported in arrears. Cash NOI Reported Property NOI for consolidated assets, typically on a Constant Currency basis, excluding the impact of non-cash items such as straight-line rent and the amortization of lease intangibles. In certain cases results may be adjusted to reflect non-recurring items and the receipt of cash payments and fees not fully recognized as Property NOI in the period. Constant Currency To normalize for exchange rate movements, all portfolio performance-based disclosures assume constant exchange rates across comparable periods, using the following methodology: the current period s results are shown in actual reported USD, while prior comparison period s results are adjusted and converted to USD based on the average exchange rate for the current period. 2Q6 SUPPLEMENTAL INFORMATION 33

35 Definition of Terms Deal Costs Merger-related costs and expenses, including amortization of intangibles, transition and integration expenses, expenses related to the re-audit and re-review in 204 of the Company s historical financial statements and related matters, and deal costs and expenses, including expenses and recoveries relating to acquisition lawsuits. Deals may include, but are not limited to, pending or consummated merger and spin-off activity, acquisitions, investments, dead deals and other corporate transactions. Funds Available for Distribution ( FAD ) Normalized FAD after subtracting Deal Costs. FAD Capex Ventas-invested capital expenditures, whether routine or non-routine, that extend the useful life of a property but are not expected to generate incremental income for the Company, Medical Office Building and Triple- Net leasing commissions paid to third-party agents and capital expenditures for second-generation tenant improvements. NAREIT Funds from Operations ( FFO ) Net income attributable to common stockholders (computed in accordance with GAAP) excluding gains (or losses) from sales of real estate property, including gain (or loss) on re-measurement of equity method investments and impairment write-downs of depreciable real estate, 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. The Company believes that income from continuing operations is the most comparable GAAP measure. Non-Stabilized Properties (i) that have recently been developed, (ii) where major renovation or redevelopment is underway, (iii) where operations have been impacted by a materially disruptive event such as flood or fire, or (iv) in the case of Triple-Net assets, that have undergone an operator transition. Normalized FAD Normalized FFO excluding non-cash components and straight-line rental adjustments, and deducting FAD Capex. 2Q6 SUPPLEMENTAL INFORMATION 34

36 Definition of Terms Normalized FFO NAREIT FFO excluding the following income and expense items (which may be recurring in nature): (i) Deal Costs, (ii) 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, make whole payments, penalties or premiums incurred as a result of early retirement or payment of the Company s debt, (iii) the non-cash effect of income tax benefits or expenses and derivative transactions that have non-cash mark to market impacts on the Company s income statement, (iv) the financial impact of contingent consideration, severance-related costs and charitable donations to the Ventas Charitable Foundation, (v) gains and losses for non-operational foreign currency hedge agreements and changes in the fair value of financial instruments and (vi) gains and losses on non-real estate dispositions related to unconsolidated entities. Occupancy For seniors housing and post-acute properties, generally reflects average operator-reported unit and bed occupancy, respectively, for the reporting period. For medical office properties, reflects occupied square footage divided by net rentable square footage as of the end of the reporting period. Because Triple-Net financials are delivered to Ventas following the reporting period, Occupancy is reported in arrears. Property Net Operating Income ( Property NOI ) For owned assets, reported property-level revenues less reported property-level operating expenses. For debt investments, total interest income. Same-Store Properties owned, consolidated, and operational for the full period in both comparison periods. Excludes Assets Intended for Disposition and, for the Seniors Housing Operating Portfolio, those properties that transitioned operators after the start of the prior comparison period. Stabilized Properties that do not meet the definition of Non-Stabilized, including those that were once Non-Stabilized and were reclassified upon the earlier of (i) the properties achieving requisite levels of occupancy, and (ii) a predetermined amount of time between substantial completion of work (in the case of developments and redevelopments) or the event date (in the case of operator transitions and materially disruptive events). Ventas Investment For owned assets, the current quarter s reported gross book value, which reflects the initial book value of an investment at the date of acquisition, adjusted in accordance with GAAP for items such as additional capital investment and/or asset impairments. Figures reflect Ventas s share of ownership for both consolidated and unconsolidated joint ventures and are presented in USD based on the exchange rates as of the last day of the reporting quarter for non-us assets. For debt investments, the current quarter s reported net book value, adjusted in accordance with GAAP for fair value, reserves, discounts and deferred income. 2Q6 SUPPLEMENTAL INFORMATION 35

37 Forward-Looking Statements DRAFT This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 933, as amended, and Section 2E of the Securities Exchange Act of 934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on management s beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. The most important factors that could prevent the Company from achieving its stated goals include, but are not limited to: (a) the ability and willingness of the Company s tenants, operators, borrowers, managers and other third parties to satisfy 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 tenants, operators, 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 and investments, including investments in different asset types and outside the United States; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature and extent of future competition, including new construction in the markets in which the Company s seniors housing communities and medical office buildings are located; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of the Company s tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the Company s properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients; (i) the Company s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (j) the ability and willingness of the Company s tenants to renew their leases with the Company upon expiration of the leases, the Company s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant or manager, and obligations, including indemnification obligations, the Company may incur in connection with the replacement of an existing tenant or manager; (k) consolidation activity in the seniors housing and healthcare industries resulting in a change of control of, or a competitor s investment in, one or more of the Company s tenants, operators, borrowers or managers or significant changes in the senior management of the Company s tenants, operators, borrowers or managers; and (l) the other factors set forth in the Company s periodic filings with the Securities and Exchange Commission. 2Q6 SUPPLEMENTAL INFORMATION 36

38 Financial Information DRAFT Ventas, Inc. 353 North Clark Street, Suite 3300 Chicago, Illinois (NYSE: VTR) ventasreit.com Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of nearly,300 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, skilled nursing facilities, hospitals and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at and