1Q18 Supplemental. Atria at Villages of Windsor Atria Senior Living

Transcription

1 Q8 Supplemental Atria at Villages of Windsor Atria Senior Living

2 DRAFT 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 Office Portfolio Operating Results & Trends Tenant Diversification & Credit Health System Affiliation Acquisition & Disposition Activity Company Redevelopment Company Development Company FAD Capital Expenditures Environmental, Social, Governance (ESG) Financial Information 08 Guidance FFO Reconciliation Including Non-Cash Items Capitalization Debt Maturity & Composition Historical Credit Statistics Debt & Revolver Covenants Non-GAAP Financial Measures Reconciliation The Hallmark Brookdale Q8 SUPPLEMENTAL Senior Living INFORMATION Definition of Terms Rush-Copley Forward Looking Statements Lillibridge Healthcare Services

3 Portfolio Overview Dollars in millions USD; totals may not add due to rounding Owned Portfolio Business Model / Property Type Properties States / Countries 4 Ventas Investment Cash Flow Coverage TTM Results Annualized Revenue Annualized NOI Revenue Quality Mix 5 NNN Operating Total NNN Operating Total Seniors Housing - Operating Consolidated Seniors Housing - Operating 35 33,609 Units 35 $ 0,34 99% $ - $,077 $,077 $ - $ 657 $ 657 Unconsolidated Seniors Housing - Operating Units 5 00% () () Subtotal - Seniors Housing - Operating ,35 Units 35 $ 0,365 99% $ - $,08 $,08 $ - $ 657 $ 657 Triple-Net Seniors Housing ,68 Units 4 $ 5,868.x 95% $ 45 $ - $ 45 $ 45 $ - $ 45 IRFs & LTACs ,4 Beds x 8% Health Systems 9,943 Beds 3,33 3.0x 88% - - Skilled Nursing 7,88 Beds x 34% - - International Hospital 3 Beds 54.x 00% Unconsolidated Joint Venture - - Beds/Units 0 - n/a n/a Subtotal - Triple-Net 44 37,38 Beds/Units 4 $ 8,0.6x 90% $ 74 $ - $ 74 $ 74 $ - $ 74 Office Medical Office Consolidated M Square Feet 3 $ 5,8 00% $ - $ 547 $ 547 $ - $ 377 $ 377 Life Science M Square Feet 9,84 00% Medical Office Unconsolidated 0. M Square Feet 4 00% - - Subtotal - Office M Square Feet 34 $ 7,038 00% $ - $ 74 $ 74 $ - $ 5 $ 5 Total,86 48 $ 5,46 96% $ 74 $,83 $ 3,565 $ 74 $,67 $,90 Loan Portfolio Capacity 3 % 79% 00% 39% 6% 00% Ventas Effective Annual. Interest Type Investment Int. Rate Revenue Balance Sheet Line Coverage 7 Real Estate Secured Loans $,3 9.% $ Loans Receivable.0x Other Loans % 5 Other Assets N/A Total $,69 $ 6 Excludes sold assets, Assets Intended for Disposition, loan repayments, development properties not yet operational and land parcels. Represents trailing -month results as of March 3, 08 for Seniors Housing Operating and Office Portfolios. For Triple-Net Portfolio, represents trailing -month results as of December 3, 07 and excludes Non- Stabilized properties, where Non-Stabilized properties represent approximately % of VTR Annualized 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 -month facility revenue from non-medicaid sources, as reported by tenants/operators. Total and subtotals calculated based on current quarter Annualized NOI. 6 Inpatient Rehabilitation Facility ( IRF ) and Long Term Acute Care Facility ( LTAC ). 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. Q8 SUPPLEMENTAL INFORMATION

4 Same-Store Portfolio Dollars in millions at Constant Currency; totals may not add due to rounding DRAFT Cash NOI Growth Q8 Year-Over-Year Same-Store Business Model Properties Q8 Q7 % Growth Triple-Net 44 $77 $69 4.4% Seniors Housing - Operating % Office % Total,049 $439 $48.6% Q8 SUPPLEMENTAL INFORMATION Brookdale Chatfield Brookdale Senior Living 3

5 Portfolio Diversification Business Model Property / Investment Type Operator / Manager Ventas Investment Office 6% Triple-Net Leased 30% Loans 5% Seniors Housing Operating 39% Loans 5% Health Systems 5% Life Science 7% Medical Office 9% IRFs & LTACs % Skilled Nursing % Int'l Hosp. % Seniors Housing 6% Holiday 3% Pacific Medical 4% ESL 4% Kindred % All Other 4% Ardent 5% Wexford 7% Atria 3% Lillibridge % Sunrise % Brookdale 8% Annualized Revenue Office 0% Triple-Net Leased 0% Loans 3% Seniors Housing Operating 57% Loans 3% IRFs & LTACs 4% Life Science 5% Medical Office 5% Health Systems 3% Skilled Nursing % Int'l Hosp. 0% Seniors Housing 69% Ardent 3% Pacific Medical 3% Brookdale 5% Kindred 3% Wexford 5% Holiday % ESL 7% All Other 5% Lillibridge 9% Atria 30% Sunrise 7% Annualized NOI Office 5% Seniors Housing Operating 3% Loans 6% Triple-Net Leased 37% IRFs & LTACs 7% Loans 6% Life Science 7% Medical Office 9% Health Systems 6% Skilled Nursing % Int'l Hosp. % Seniors Housing 55% ESL 3% Holiday 3% All Other 4% Pacific Medical 4% Ardent 6% Kindred 6% Wexford 7% Brookdale 8% Atria 0% Lillibridge % Sunrise 9% Totals may not add due to rounding. Excludes sold assets, Assets Intended for Disposition, loan repayments, development properties not yet operational and land parcels. Q8 SUPPLEMENTAL INFORMATION 4

6 Portfolio Diversification Dollars in millions USD; totals may not add due to rounding By Business Model DRAFT Owned Ventas Annualized Annualized Business Model Properties Investment % Revenue % NOI % Triple-Net 44 $ 8,0 30% $ 74 0% $ 74 37% Seniors Housing - Operating 355 0,365 39%,08 57% 657 3% Office 390 7,038 6% 74 0% 5 5% Loans N/A,69 5% 6 3% 6 6% Total,86 $ 6,684 00% $ 3,68 00% $,06 00% By Property / Investment Type Owned Ventas Annualized Annualized Property / Investment Type Properties Investment % Revenue % NOI % Seniors Housing 730 $ 6,33 6% $,533 69% $,08 55% Medical Office 36 5,95 9% 548 5% 378 9% IRFs & LTACs % 4 4% 4 7% Life Science 9,84 7% 93 5% 33 7% Loans n/a,69 5% 6 3% 6 6% Health Systems 9,33 5% 3% 6% Skilled Nursing 7 04 % % % International Hospital 3 54 % 5 0% 5 % Total,86 $ 6,684 00% $ 3,68 00% $,06 00% By Operator / Manager Excludes sold assets, Assets Intended for Disposition, loan repayments, development properties not yet operational and land parcels. Q8 SUPPLEMENTAL INFORMATION Owned Ventas Annualized Annualized Operator / Manager Properties Investment % Revenue % NOI % Atria Senior Living 74 $ 6,009 3% $,07 30% $ 397 0% Lillibridge Healthcare Services 44,98 % 344 9% 8 % Sunrise Senior Living 88,856 % 64 7% 78 9% Brookdale Senior Living Solutions 30,060 8% 74 5% 70 8% Wexford Science & Technology 9,84 7% 93 5% 33 7% Kindred Healthcare 3 84 % 6 3% 6 6% Ardent Health Services 0,35 5% 3 3% 3 6% Pacific Medical Buildings 43,07 4% 6 3% 80 4% Holiday Retirement % 6 % 6 3% ESL 73,03 4% 7 7% 6 3% All Other 338 6,435 4% 560 5% 488 4% Total,86 $ 6,684 00% $ 3,68 00% $,06 00% University of Miami Life Science and Technology Park Wexford Science and Technology LEED Gold 5

7 Portfolio Diversification Dollars in millions USD. Excludes loan portfolio; totals may not add due to rounding By State / Country State / Country Prop. Count SHOP Seniors Housing - NNN Medical Office IRFs & LTACs Life Science Health Systems Skilled Nursing Total 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 % Prop. Count Annual. NOI % California 57 $ 35 % 33 $ 58 3% 9 $ 66 7% 6 $ 37 6% - - 0% - - 0% - - 0% 5 $ 96 5% Texas % 8 7 4% 6 5 4% 9 7 9% - - 0% 37 33% - - 0% % New York % 0 4 3% 4 4 % - - 0% - - 0% - - 0% - - 0% % Illinois 8 8 % 5 4 9% % 4 0 5% (0) 0% - - 0% 5% % Florida 5 4 % % 3 8 % 6 6% 9 7% - - 0% - - 0% % Pennsylvania % 7 6 % 0 4 4% % 3 6 % - - 0% % % Canada 4 7 % - - 0% - - 0% - - 0% - - 0% - - 0% - - 0% 4 7 4% North Carolina 8 5 % 4 7 4% 8 3 3% 3 % 8 5 8% - - 0% - - 0% % Connecticut 8 6 3% 6 7 4% - - 0% - - 0% 6 0% - - 0% - - 0% % Washington - - 0% 8 4 9% 0 3% - - 0% - - 0% - - 0% 5 5 3% % Arizona 0 3% 7 9 4% 3 6 4% % - - 0% - - 0% - - 0% % New Mexico 3 0% 5 % - - 0% 6 4% - - 0% % - - 0% % Massachusetts 0 9 4% 5 6 3% - - 0% - - 0% - - 0% - - 0% - - 0% 5 44 % Wisconsin - - 0% % 0 5% - - 0% - - 0% - - 0% - - 0% % Colorado 5 4 % 0 3% 3 5 4% % - - 0% - - 0% 3% % Remaining % % % 6 0 4% % % % % Total 355 $ % 375 $ 45 00% 36 $ % 37 $ 4 00% 9 $ 33 00% 9 $ 00% 7 $ 00%,86 $,90 00% By MSA / Province MSA / Province Prop. Count SHOP Seniors Housing - NNN Medical Office IRFs & LTACs Life Science Health Systems Skilled Nursing Total 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 % Prop. Count Annual. NOI % New York, NY 35 $ 30 0% - - 0% - - 0% - - 0% - - 0% - - 0% - - 0% 35 $ 30 7% Los Angeles, CA % 5 8 % 4 46 % 3 8 3% - - 0% - - 0% - - 0% % Chicago, IL 7 8 % 39 9% 4 6% 4 0 5% (0) 0% - - 0% 5% % Philadelphia, PA 8 4 % 4 5 % 9 9 % % 4 % - - 0% % 8 5 3% Albuquerque, NM 3 0% 3 % - - 0% 6 4% - - 0% % - - 0% % Phoenix, AZ 6 % 4 3% 3 6 4% - - 0% - - 0% - - 0% - - 0% 30 4 % Amarillo, TX - - 0% - - 0% - - 0% - - 0% - - 0% 37 33% - - 0% 37 % Portland, OR 0 0% 6 6% 8 0 3% - - 0% - - 0% - - 0% - - 0% % Ontario % - - 0% - - 0% - - 0% - - 0% - - 0% - - 0% 9 36 % Tulsa, OK - - 0% 0% - - 0% - - 0% - - 0% % - - 0% 5 36 % San Francisco, CA 9 3 3% 7 % 0% 6 4% - - 0% - - 0% - - 0% 36 % Dallas, TX 0 3 % 0 6 % 4 4 % 4 8% - - 0% - - 0% - - 0% 8 35 % Boston, MA 6 3% 3 3 3% - - 0% - - 0% - - 0% - - 0% - - 0% 9 35 % San Diego, CA 4 % 3 6 % 3 3% 3 % - - 0% - - 0% - - 0% 8 33 % New Haven, CT 0% 5 % - - 0% - - 0% 6 0% - - 0% - - 0% 5 33 % Remaining % % % 73 5% % 4 4% 5 65% 873,5 59% Total 355 $ % 375 $ 45 00% 36 $ % 37 $ 4 00% 9 $ 33 00% 9 $ 00% 7 $ 00%,86 $,90 00% Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. Includes three International Hospitals (not shown). Q8 SUPPLEMENTAL INFORMATION 6

8 Revenue Rollover Dollars in millions USD; totals may not add due to rounding Triple-Net and Office Portfolios,,3 Totals Thereafter Medical Office Consolidated: Annualized Revenue Percent of Medical Office Consolidated - Office 4.3%.8% 0.% 3.3% 50.5% Seniors Housing: Lease Rollover Year Annualized Revenue Percent of Seniors Housing - Triple-Net % 4.8% 94.8% Life Science: Annualized Revenue Percent of Life Science - Office 3.8% 9.% 3.9% 4.8% 78.3% IRFs & LTACs: Annualized Revenue Percent of IRFs & LTACs - Triple-Net % % Health Systems: Annualized Revenue Percent of Health Systems - Triple-Net % Skilled Nursing: Annualized Revenue Percent of Skilled Nursing - Triple-Net % 6.9% International Hospital: Annualized Revenue Percent of International Hospital - Triple-Net % Total: Annualized Revenue $,479 $ 85 $ 8 $ 69 $ $, Percent of Total Triple-Net & Office: 00% 6% 6% 5% 8% 76% Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. For Triple-Net, Annualized Revenue represents Ventas share for both consolidated and unconsolidated joint ventures. For Office, Annualized Revenue represents 00% interest for consolidated joint ventures and excludes unconsolidated joint ventures, non-cash market lease amortization, parking and other de minimis revenues. 3 For the Brookdale Senior Living Triple-Net assets, the schedule above reflects annualized rent from Q8 but is adjusted for the new lease maturities. Q8 SUPPLEMENTAL INFORMATION 7

9 Triple-Net Leased Portfolio Lease Segmentation by Cash Flow Coverage Percentage of VTR Annualized NOI Leases Maturity 3 Weighted Avg. Guaranty and/or Sec. Deposit Years 99%.0% 6 9 Years 94% 4.% 4 0 Years 00% 8.9% 3 8 Years 00% 0.8% 3 6 Years 85% 3.4% 7 Years 00% 9.4% 8 7 Years 00% 0.0% 0.8% 0.0% 0.3% 0.% 0 6 Years 00% 0 4 Years 00% 7 Years 00% 6.6% 8 7 Years 99% By Coverage Segment Analysis profiles leases with EBITDARM coverage in each listed range. Excludes sold assets, Assets Intended for Disposition, unconsolidated joint ventures, development properties not yet operational, land parcels and Non-Stabilized properties, where Non-Stabilized properties represent approximately % of VTR Annualized NOI. Leases with multiple property types are categorized based on majority property count. Leases with cross-default provisions are represented as one lease, as are leases with consolidation provisions upon repayment of third-party debt. 3 The schedule is adjusted for the new lease maturities for the Brookdale Senior Living assets. 4 Represents percentage of Annualized NOI in each listed range attributable to leases with a supporting guaranty and/or security deposit. Q8 SUPPLEMENTAL INFORMATION 8

10 Triple-Net Leased Portfolio TTM Same-Store Stabilized Cash Flow Coverage and Occupancy Seniors Housing Portfolio Post-Acute Care Portfolio.0x 00.0%.5x 00.0%.6x 87.% 86.% 85.5% 85.7% 85.6% 90.0%.0x 90.0% Cash Flow Coverage (x).x 0.8x.3x.3x.3x.x.x 80.0% 70.0% 60.0% Average Occupancy (%) Cash Flow Coverage (x).5x.0x.8x 70.4%.7x 7.6%.6x.6x.5x 70.6% 67.6% 67.6% 80.0% 70.0% 60.0% Average Occupancy (%) 0.4x 50.0% 0.5x 50.0% 0.0x 4Q6 Q7 Q7 3Q7 4Q7 40.0% 0.0x 4Q6 Q7 Q7 3Q7 4Q7 40.0% 333 Properties 53 Properties Coverage is calculated on a trailing -month basis while occupancy is calculated on a trailing three month basis. Q8 SUPPLEMENTAL INFORMATION 9

11 Seniors Housing Operating Portfolio Dollars in millions at Constant Currency except for rate data; totals may not add due to rounding Seniors Housing Operating Portfolio Results Year-Over-Year Comparison Total Same-Store Total 3 Q8 Q7 YoY Δ Q8 Q7 YoY Δ Number of properties: Average number of units: 33,609 8,677 4,93 8,547 8,53 6 Average unit occupancy: 86.8% 89.0% (0 bps) 87.4% 89.0% (60 bps) Average monthly REVPOR: 4 $ 5,79 $ 5,773 (0.9%) $ 5,933 $ 5,779.7% Operating revenue: $500.4 $44. 3.% $444. $ % Less operating expenses: % % Total EBITDARM: % % Less management fees: % % Total EBITDAR / Cash NOI: $60.0 $ % $47. $ % Total EBITDARM margin: 37.% 38.3% (0 bps) 38.3% 38.3% - Total EBITDAR margin: 3.0% 33.% (0 bps) 33.% 33.% (0 bps) Sequential Quarter Comparison Total Same-Store Total 3 Q8 4Q7 Seq Δ Q8 4Q7 Seq Δ Number of properties: Average number of units: 33,609 8,68 4,98 8,547 8,544 3 Average unit occupancy: 86.8% 88.6% (80 bps) 87.4% 88.5% (0 bps) Average monthly REVPOR: 4 $ 5,79 $ 5,758 (0.7%) $ 5,933 $ 5,765.9% Operating revenue: $500.4 $ % $444. $437..6% Less operating expenses: % (0.3%) Total EBITDARM: % % Less management fees: % % Total EBITDAR / Cash NOI: $60.0 $ % $47. $ % Total EBITDARM margin: 37.% 37.% % 37.% + 0 bps Total EBITDAR margin: 3.0% 3.9% + 0 bps 33.% 3.0% + 0 bps Excludes sold assets, Assets Intended for Disposition, unconsolidated joint ventures, development properties not yet operational, and land parcels from all periods. Excludes units for closed buildings during the period of closure. 3 Excludes assets in the process of transitioning to a Triple-Net Lease structure. 4 REVPOR means revenue per occupied room. Q8 SUPPLEMENTAL INFORMATION 0

12 Seniors Housing Operating Portfolio Dollars in millions at Constant Currency except for rate data; totals may not add due to rounding Year-Over-Year Same-Store Total Portfolio Trends EBITDAR / Cash NOI and Unit Occupancy Average Monthly REVPOR % $6,000 $5, % 88.% 88.6% 88.5% 87.4% 90.0% $5,800 $5,600 $5,779 $5,788 $5,785 $5,765 EBITDAR ($M) $46. $47.3 $4.9 $39.7 $ % 70.0% Unit Occupancy (%) $5,400 $5,00 $5,000 $4, % $4, % $4,400 $4, Q7 Q7 3Q7 4Q7 Q8 40.0% $4,000 Q7 Q7 3Q7 4Q7 Q8 73 Properties REVPOR means revenue per occupied room. Q8 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. First Quarter 08 Trade-Area Construction 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 $ %,44 / 0.4% 9 $ % 7.3% $ 0,798 $ 478,43 3.9%.9% 9.7% $ 74,466 $ 405, % Ontario % N/A N/A N/A 5.5%.0% 8,368 N/A 5.% 6.3%.% 79,49 N/A 5.5% Los Angeles, CA % 556 / 8.% % 6.4% 96,793 60,95 4.0% 3.4% 3.9% 69,330 57,35 4.8% San Francisco, CA % 5 / 3.3%.4 4.% 9.5% 04, ,40 3.% 5.% 5.6% 97,974 59, % Boston, MA % 3 / 8.5% % 0.0% 94,80 480, % 3.6%.9% 85, , % Sacramento, CA % 583 / 9.% %.0% 73, , % 4.7% 4.9% 69,48 36, % Atlanta, GA %,86 / 4.7% % 4.7% 7,78 35,53 3.9% 6.5% 8.8% 65,67 99, % British Columbia % N/A N/A N/A 4.9% 8.0% 73,03 N/A 4.4% 6.3% 4.4% 76,309 N/A 4.7% San Diego, CA 3.9.% %.4% 83, , % 4.8% 5.3% 73, , % Ventura, CA % 0 / 0.3% 3..6% 8.4% 06, , % 3.% 3.0% 89,06 535, % Philadelphia, PA % 7 /.%.7 0.9% 8.% 90,838 36,90 3.9%.3% 8.7% 70,56 5,65 5.0% Riverside, CA % 60 / 5.0% % 5.0% 7, , % 4.8% 7.% 6,90 33,50 6.% Dallas, TX % 965 / 4.9% % 4.4% 76,960 45, % 7.7% 6.5% 68,8 88, % San Jose, CA 3.5.9% %.6%,753 77, % 5.% 5.% 3,695 64,865 4.% Detroit, MI 6.5.9% 903 /.% % 6.% 73,89 0,66 3.4% 0.3% 8.6% 60,060 58,66 5.% Phoenix, AZ 6.4.9%,793 /.% % 6.7% 84, ,053.8% 7.% 6.6% 60,64 3,09 3.9% Providence, RI 5.3.9% % 5.7% 73,860 30,79 3.7%.% 7.6% 64, 77, % Houston, TX..9% 5 / 3.5% % 33.6% 94,543 33, % 8.3% 9.4% 67,5 78,69 3.9% Bridgeport, CT % 64 / 4.% % 7.4% 96,936 44,486 5.%.3% 9.% 90, , % Denver, CO %,8 / 9.% % 0.9% 76,40 350,683 3.% 7.7% 5.4% 75, , % Top 0 Markets 5 86 $ % 0,97 / 7.6% 69 $ %.0% $ 93,000 $ 464, % 3.6% 4.0% $ 75,43 $ 386,63 4.5% Remaining % 8,30 / 5.% %.6% 66,908 5, % 3.5% 3.5% 6,775,8 4.% Total 5 35 $ % 9,0 / 6.3% 4 $ %.9% $ 84,67 $ 396,38 3.8% 3.5% 3.8% $ 7,37 $ 333, % Median Household Income Median Household Value Unemploy. % Total Population Growth 75+ Population Growth Median Household Income Median Household Value Unemploy. % US National Average: 3 3.5%.% 6,045 00,0 4.3% 3.5%.% 6,045 00,0 4.3% Excludes sold assets, Assets Intended for Disposition, unconsolidated joint ventures, development properties not yet operational and land parcels. 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 08 projections, unless otherwise noted. Certain Canadian data is unavailable. Population growth reflects Nielsen projections for the United States and 07-0 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. Q8 SUPPLEMENTAL INFORMATION

14 Seniors Housing Operating Portfolio Dollars in millions, except rate data; totals may not add due to rounding First Quarter 08 Year-Over-Year Same-Store (Constant Currency) Unit Occupancy REVPOR EBITDAR / Property NOI By Market / Country Properties Annual. NOI % Properties Q8 Q7 YOY Q8 Q7 YOY Q8 Q7 YOY Primary Markets 86 $ % % 88.% (60 bps) $ 6,655 $ 6,466.9% $ 95.9 $ % Secondary Markets % % 88.% (30 bps) 5,800 5,76 0.7% (6.5%) Other US Markets % % 86.5% (60 bps) 5,30 5,3 3.5% (.5%) United States 30 $ % % 88.% (80 bps) $ 6,355 $ 6,00.5% $ 9. $ % Canada % % 94.% (70 bps) 3,85 3, % % Total 35 $ % % 89.0% (60 bps) $ 5,933 $ 5,779.7% $ 47. $ % Excludes sold assets, Assets Intended for Disposition, unconsolidated joint ventures, development properties not yet operational and land parcels. Primary and Secondary Market classifications as defined by NIC. 3 REVPOR means revenue per occupied room. Q8 SUPPLEMENTAL INFORMATION 3

15 Consolidated Office Portfolio Dollars in millions USD, except for rate data; totals may not add due to rounding Total Portfolio Reported Operating Results Year-Over-Year Comparison Office Total Medical Office Consolidated Total Life Science Total Q8 Q7 YOY Δ Q8 Q7 YOY Δ Q8 Q7 YOY Δ Number of properties: Number of square feet: 5. M 4.0 M. M 9.6 M 9.6 M 0.0 M 5.5 M 4.4 M. M Occupancy, end of period: 9.5% 9.4% (90bps) 90.7% 9.5% (80bps) 94.3% 96.5% (0bps) Annualized average rent per occupied square foot: 3 $3 $3.% $30 $30.0% $34 $33.% Annualized average revenue per occupied square foot: $3 $3.7% $3 $3.8% $36 $35 3.5% Cash Operating revenue: $85.7 $ % $39. $39. 0.% $46.5 $ % Less expenses: % % % Total Cash NOI: $6.8 $ % $95.9 $96.4 (0.5%) $30.9 $ % Less Company's partners' share: (3.6%).3.3 (0.8%) (0.4%) Ventas NOI: $3.6 $7.5 5.% $93.5 $94.0 (0.5%) $30. $ % Total Cash NOI margin: 68.3% 68.7% (40bps) 68.9% 69.3% (40bps) 66.5% 66.6% (0bps) Sequential Quarter Comparison Office Total Medical Office Consolidated Total Life Science Total Q8 4Q7 Seq. Δ Q8 4Q7 Seq. Δ Q8 4Q7 Seq. Δ Number of properties: Number of square feet: 5. M 5. M 0.0 M 9.6 M 9.6 M 0.0 M 5.5 M 5.5 M 0.0 M Occupancy, end of period: 9.5% 9.0% (50bps) 90.7% 9.4% (70bps) 94.3% 94.% + 0bps Annualized average rent per occupied square foot: 3 $3 $3 0.9% $30 $30.4% $34 $34 (0.8%) Annualized average revenue per occupied square foot: $3 $3 0.6% $3 $3.% $36 $36 (.3%) Cash Operating revenue: $85.7 $8.4.4% $39. $ % $46.5 $ % Less expenses: % % % Total Cash NOI: $6.8 $4.6.7% $95.9 $96.3 (0.5%) $30.9 $ % Less Company's partners' share: (.0%).3.3 (.%) (0.6%) Ventas NOI: $3.6 $.4.8% $93.5 $94.0 (0.5%) $30. $ % Total Cash NOI margin: 68.3% 68.7% (40bps) 68.9% 69.6% (70bps) 66.5% 65.9% + 60bps Except where indicated, includes de minimis partners share. Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. Number of square feet may vary for medical office portfolio due to BOMA re-measurement. 3 Includes current period expense recoveries. Q8 SUPPLEMENTAL INFORMATION 4

16 Consolidated Office Portfolio Dollars in millions USD, except for rate data; totals may not add due to rounding Same-Store Portfolio Reported Operating Results Year-Over-Year Comparison Same-Store Office Same-Store Medical Office Consolidated Same-Store Life Science Q8 Q7 YOY Δ Q8 Q7 YOY Δ Q8 Q7 YOY Δ Number of properties: Number of square feet:.5 M.5 M 0.0 M 8. M 8. M 0.0 M 4.3 M 4.3 M 0.0 M Occupancy, end of period: 9.6% 9.8% (0bps) 9.5% 9.9% (40bps) 97.3% 96.6% + 70bps Annualized average rent per occupied square foot: 3 $3 $3.3% $30 $30.9% $35 $34 3.4% Annualized average revenue per occupied square foot: $3 $3.6% $3 $30.% $37 $36 4.0% Cash Operating revenue: $67.7 $63.9.3% $9.3 $7.3.5% $38.4 $ % Less expenses: % % % Total Cash NOI: $5.3 $.8.% $90. $88.4.0% $5. $4.4 3.% Less Company's partners' share:.9 3. (4.%).. (.5%) (0.4%) Ventas NOI: $.4 $09.7.4% $88. $86.3.% $4.3 $ % Total Cash NOI margin: 68.8% 68.8% % 69.4% + 30bps 65.5% 66.7% (0bps) Sequential Quarter Comparison Same-Store Office Same-Store Medical Office Consolidated Same-Store Life Science Q8 4Q7 Seq. Δ Q8 4Q7 Seq. Δ Q8 4Q7 Seq. Δ Number of properties: Number of square feet: 3. M 3. M 0.0 M 8. M 8. M 0.0 M 4.8 M 4.8 M 0.0 M Occupancy, end of period: 9.5% 9.9% (40bps) 9.5% 9.0% (50bps) 96.3% 96.4% (0bps) Annualized average rent per occupied square foot: 3 $3 $3.0% $30 $30.5% $35 $33 3.6% Annualized average revenue per occupied square foot: $3 $3.% $3 $3.% $37 $35 4.7% Cash Operating revenue: $7. $69.5.6% $9.4 $ % $4.8 $ % Less expenses: % % % Total Cash NOI: $8.5 $ % $90.3 $90.4 (0.%) $8. $7. 4.% Less Company's partners' share: (.7%).. (.%) (0.6%) Ventas NOI: $5.4 $ % $88. $88. (0.%) $7.4 $ % Total Cash NOI margin: 68.8% 69.3% (50bps) 69.7% 70.4% (70bps) 66.0% 66.% (0bps) Except where indicated, includes de minimis partners share. Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. Number of square feet may vary for medical office portfolio due to BOMA re-measurement. 3 Includes current period expense recoveries. Q8 SUPPLEMENTAL INFORMATION 5

17 Consolidated Office Portfolio Year-Over-Year Same-Store Cash NOI and Occupancy Trends Medical Office Consolidated Portfolio Life Science Portfolio % % 97.5% 97.5% 97.4% 97.3% 00.0% % 9.0% 9.7% 9.0% 9.5% % % Cash NOI ($M) $88.4 $88.7 $88.5 $90.3 $ % 70.0% 60.0% End of Period Occupancy (%) Cash NOI ($M) $4.4 $5.3 $5. $4.9 $ % 70.0% 60.0% End of Period Occupancy (%) % % Q7 Q7 3Q7 4Q7 Q8 40.0% 0.0 Q7 Q7 3Q7 4Q7 Q8 40.0% 339 Properties 3 Properties Includes de minimis partners share. Q8 SUPPLEMENTAL INFORMATION 6

18 Consolidated Office Portfolio Dollars in millions USD; totals may not add due to rounding Tenant Diversification and Credit Medical Office Consolidated Total Portfolio Life Science Total Portfolio Annualized Base Rent % of Total Tenant Credit Annualized Base Rent % of Total Tenant Credit Ascension Health $3.6 6% AA+ Wake Forest University $3.4 % AA Advocate Aurora Health 6.6 4% AA+ Alexion Pharmaceuticals, Inc % $B+ Market Cap Providence St. Joseph Health 6.3 4% AA- Yale University 8.3 7% AAA United Healthcare 9.9 % A+ University of Pennsylvania 7.3 6% AA+ OhioHealth 9.6 % AA+ University of Maryland 5.8 5% AA+ Bon Secours Health System 9. % A Old Dominion University 4.6 4% A+ SSM Health Care 7.6 % A+ Eisai Inc % $B+ Market Cap Remaining Tenants % Remaining Tenants % Total $ % Total $5.8 00% Except where indicated, includes de minimis partners share. Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. Reflects annualized cash base rent. Q8 SUPPLEMENTAL INFORMATION 7

19 Consolidated Medical Office Portfolio Dollars in millions USD, except for rate data; totals may not add due to rounding Health System Affiliation (Q8 Results) Consolidated Medical Office Portfolio Health System Affiliation On-Campus Off-Campus Total Affiliated % Affiliated % Affiliated % Unaffiliated % Total Cons. Medical Office Affiliated Health System Credit Rating Investment Grade plus HCA % Other % Number of Properties: % 5 60% 5 35% 0 6% % 74 % Number of Square Feet: 8.7 M 95% 3.6 M 70% 5.0 M 6% 0.9 M 5% 9.6 M 5.8 M 85%.9 M 5% Occupancy, end of period: 90.9% 89.5% 94.8% 87.4% 90.7% 90.9% 9.% Annualized average rent per occupied square foot: 3 $30 $3 $8 $30 $30 $3 $8 Annualized average revenue per occupied square foot: $3 $3 $8 $3 $3 $3 $8 Operating Revenue: $3.9 95% $99. 7% $33.8 4% $6.3 5% $39. $4.0 86% $9.0 4% Less expenses: 4. 95% % 7.4 7%. 5% % 4.7 % Total Cash NOI: $9.8 96% $ % $6.4 8% $4. 4% $95.9 $ % $4.3 6% Total Cash NOI Margin: 69.% 65.9% 78.% 64.7% 68.9% 68.0% 75.3% Includes de minimis partner's share. Excludes sold assets, Assets Intended for Disposition, development properties not yet operational and land parcels. Affiliated properties defined as on-campus or off-campus assets with significant hospital sponsorship and/or healthcare companies. 3 Includes current period expense recoveries. Q8 SUPPLEMENTAL INFORMATION 8

20 Acquisition & Disposition Activity Dollars in thousands USD, except for per bed/unit/sf data; totals may not add due to rounding Investment Activity for st Quarter and YTD 08 Investment Amount / Project Costs Expected Yield New Investments Month Closed Relationship Owned Props. Capacity Total Per Bed / Unit / SF Ownership % 3 Cash GAAP Development / Redevelopment Commitments Development - Seniors Housing Operating March Existing 90 Units $44,095 $490k 3% 8.5% 9.% Redevelopment - Office - Medical March Existing 70k SF 8,60 00% 7.6% 9.3% Total Q8 Investments $5,355 35% 8.% 9.% Development / Redevelopment Commitments Redevelopment - Seniors Housing NNN April Existing 3 58 Units $3,300 00% 7.3% 8.0% Redevelopment - Seniors Housing Operating April Existing 3 Units 7,698 00% 9.0% 9.0% Redevelopment - Health Systems April Existing 9,943 Beds 4,64 00% 7.5% 7.5% Total Subsequent Investments 3 $5,638 00% 8.5% 8.6% Total YTD Investments 5 $77,994 56% 8.3% 8.8% Disposition & Loan Repayment Activity for st Quarter and YTD 08 Proceeds Cap Rate 4 Disposition and Loan Repayment Summary Month Closed Properties Capacity Gross 5 Per Bed / Unit / SF Ownership % 3 Cash GAAP Real Estate Sales Senior Housing - SHOP Various 5 56 Units $45,400 $59k 00% 4.4% 4.4% Office - Medical March 94k SF 3, %.9%.9% Senior Housing - NNN Various 6 3 Units 0,00 8k 00% N/A N/A Subtotal 3 $68,846 00% 4.0% 4.0% Debt Repayments Secured Debt March $,699 00% 0.0% 0.0% Subtotal $,699 00% 0.0% 0.0% Total Q8 Dispositions & Loan Repayments 3 $90,546 00% 6.5% 6.5% Real Estate Sales Office - Medical April 43k SF $,500 $87 00% 5.9% 8.7% Subtotal $,500 00% 5.9% 8.7% Total Subsequent Dispositions $,500 00% 5.9% 8.7% Total YTD Dispositions & Loan Repayments 4 $303,046 00% 6.5% 6.6% 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. For current quarter and YTD totals, represents the weighted average expected yield for applicable investments. Reflects the total investment amount for new acquisitions and debt investments, and the total project costs for new development / redevelopment commitments. For acquisitions and debt investments, the full investment amount will generally be booked / funded in the period(s) listed; for development / redevelopment commitments, the investment 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 Estimated lost NOI based on historical performance and / or agreements divided by gross proceeds on real estate sales and principal on loan repayments. Prepayment fees not included in yield calculations. 5 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. Q8 SUPPLEMENTAL INFORMATION 9

21 Company Redevelopment DRAFT Dollars in millions USD; totals may not add due to rounding Active & Committed Projects Property Name MSA(s) LEED Ownership % Project Costs Total Total VTR Share Current Qtr. VTR Share 3 Life-to-Date VTR Share 3 Seniors Housing Operating Atria Great Neck New York, NY 00% $7.3 $7.3 $3.7 $7.9 Atria Hillsdale San Francisco, CA 00% Atria Center City Philadelphia, PA 00% Atria Stamford Bridgeport, CT 00% Atria Covell Gardens Sacramento, CA 00% Atria Shaker Albany, NY 00% Atria Park of Encino 4 Los Angeles, CA 3% Atria Newport Beach 4 Los Angeles, CA 3% Apartment Upgrades 5 Various 00% Other SHOP Redevelopments Various 00% Seniors Housing Operating $378. $303.7 $3.3 $79. Seniors Housing Triple-Net Villa Santa Barbara (Capital Senior Living) Santa Maria, CA 00% $5.8 $5.8 - $3.6 Other NNN Redevelopments Various 00% Health Systems Ardent Health Services Various 00% Triple-Net Leased $73.3 $73.3 $4.7 $59. Office Atlanta Doctors Center Atlanta, GA 00% $7.6 $7.6 $0.9 $3.6 Broadway Medical Center Kansas City, MO 00% Other Office Redevelopments Various 00% Office $8.7 $8.7 $.7 $4.3 Total Active & Committed Projects $480.0 $405.7 $9.7 $4.8 Ventas percentage of total costs (debt and equity). Amount reflects 00% of total estimated project costs. 3 Funding as of March 3, Total project cost includes acquisition costs. 5 Apartment upgrades constitute majority of remaining committed project costs; amounts reflect major construction and cost of ongoing apartment upgrades. Seeking LEED Certification Q8 SUPPLEMENTAL INFORMATION 0

22 Company Redevelopment DRAFT Dollars in millions USD; totals may not add due to rounding Projects Completed During st Quarter 08 Property Name MSA(s) LEED Ownership % Project Costs Total Seniors Housing Operating Total VTR Share Current Qtr. VTR Share 3 Life-to-Date VTR Share 3 Other SHOP Redevelopments Various 00% Seniors Housing Operating $5.0 $5.0 $0. $4.8 Seniors Housing Triple-Net Other NNN Redevelopments Various 00% $3.0 $3.0 $0.3 $.7 Triple-Net Leased $3.0 $3.0 $0.3 $.7 Office Other MOB Redevelopments Various 00% $7.6 $7.6 - $.4 Office $7.6 $7.6 $0.0 $.4 Total Completed Projects $5.6 $5.6 $0.4 $9.0 Ventas percentage of total costs (debt and equity). Amount reflects 00% of total estimated project costs. 3 Funding as of March 3, 08. Q8 SUPPLEMENTAL INFORMATION

23 Company Development DRAFT Dollars in millions USD; totals may not add due to rounding Active & Committed Projects Property Name MSA(s) LEED Capacity Ownership % Project Costs Total Total VTR Share Life-to-Date VTR Share 3 Expected Completion Expected Stabilization Expected Stable Cash Yield 4 Seniors Housing Operating Atria at Lafayette Hill Philadelphia, PA 5 Units % $5.9 $.4 $ % 0% Sunrise of West Hills New York, NY 90 Units 3% % 0% Sunrise of Issaquah Seattle, WA 8 Units 3% % 0% Sunrise of Summit New York, NY 80 Units 3% % 0% Sunrise of Bridgewater New York, NY 84 Units 3% % 0% Other SHOP Developments Various Various Various Various Various Various Various Seniors Housing Operating 46 Units $07.6 $46.4 $.6 Seniors Housing Triple-Net Sterling Inn (Koelsch Senior Communities) Riverside, CA 37 Units 00% $8.7 $8.7 $ % 00% Other NNN Developments Various N/A 00% Various Various Various Various Triple-Net Leased 37 Units $8.8 $8.8 $.0 Office Sutter Van Ness (PMB) 5 San Francisco, CA 33K Square Feet 89% $66.4 $47.5 $ % 5% 3675 Market Street (Wexford) Philadelphia, PA 344K Square Feet 89% % 5% Brown Academic/R&D (Wexford) Providence, RI 96K Square Feet 00% % 80% 40 Duncan (Wexford) 5 St. Louis, MO 8K Square Feet 95% % 60% Other Office Developments Various N/A 00% Various Various Various Various Office 773K Square Feet $44.5 $403. $85.7 Total Active & Committed Projects $657.9 $458.4 $99.3 Projects Completed Property Name MSA(s) LEED Capacity Ownership % Project Costs Total Office Total VTR Share Life-to-Date VTR Share 3 Expected Stabilization Expected Stable Cash Yield 4 Chesterfield (Wexford) Durham, NC 86K Square Feet 00% $83.7 $83.7 $ % 88% 79% Bailey Power Plant (Wexford) Winston-Salem, NC K Square Feet 00% % 54% 34% Other Office Development Various N/A 00% Various Various Various Various Office 86K Sq. Ft. $.4 $.4 $99.8 Total Completed Projects $.4 $.4 $99.8 % Leased % Leased % Placed in Service 6 Ventas percentage of total costs (debt and equity). Amount reflects 00% of total estimated project costs. 3 Funding as of March 3, Represents expected stabilized year one yield upon stabilization. 5 Ventas Share is variable and currently reflects latest projections. 6 Represents the percentage of total square feet placed in service. Seeking LEED Certification Q8 SUPPLEMENTAL INFORMATION

24 DRAFT Company FAD Capital Expenditures Dollars in thousands USD; totals may not add due to rounding FAD Capital Expenditures st Quarter 08 Total Portfolio Seniors Housing Operating Office Triple-Net Leased Total Routine & Non-Routine $0,640 $4,77 $403 $5,30 Tenant Improvements - 5,97-5,97 Third Party Leasing Commissions -,66 -,66 Total Reported $0,640 $,90 $403 $,33 Excludes unconsolidated joint ventures. Cash paid for leasing commissions included in the change in other assets on the quarterly consolidated statement of cash flows; excludes leasing commissions related to development or redevelopment projects. Q8 SUPPLEMENTAL INFORMATION Aventura Heart & Health Lillibridge Healthcare Services 3

25 Environmental, Social and Governance (ESG) DRAFT % Energy Sustainability Emphasis: A systematic approach to reduce the energy, water and landfill waste footprint from across our diverse, high-quality property portfolio Objectives: Protecting the planet while lowering operating costs and improving the efficiency of our portfolio TARGETS -0% Greenhouse Gas Emissions -5% Water -4% Landfill Waste Diversity Gender An S&P 500 leader in Board diversity with 30% women An intentionally developed and diverse workforce with an employee mix by gender balanced at 48% female to 5% male Positive pipeline of leadership diversity reflected in 4% female 58% male mix at manager level and above Governance Proxy access is the # corporate governance and shareholder proposal topic Ventas voluntarily adopted a Proxy access bylaw in January 07 Additional information can be found on ventasreit.com Property Type ENERGY STAR Certified 3 LEED Certified 4 SHOP 44 3 Medical Office 3 6 Life Science N/A 8 NNN 0 TOTAL: Recognition The only healthcare REIT included on the 08 list Reflects Industry Leadership, Exemplary Stewardship and World-Class Team The definitive report card on corporate reputations - Fortune Q8 SUPPLEMENTAL INFORMATION. Data as of /3/ Number of buildings with an ENERGY STAR label (earned in current or prior years). ENERGY STAR is updating the Medical Office certification program and is not issuing new certifications. Energy Star Certification is not available for Life Science properties. 4. Includes seven developments where LEED certification is pending. 4

26 08 Guidance, Dollars in millions USD, except per share amounts Income, FFO & FAD Attributable to Common Stockholders Same-Store Cash & Reported Segment NOI FY 08 Guidance Tentative / Preliminary & Subject to Change Tentative / Preliminary & FY08 - Guidance FY08 - Per Share Subject to Change Low High Low High Low High Income from Continuing Operations $435 $453 $. $.6 Total Same-Store Cash NOI Growth 0.5%.5% Gain on Real Estate Dispositions NNN.0% 3.0% Other Adjustments 3 (5) (6) (0.0) (0.0) SHOP (4.0%) (.0%) Net Income Attributable to Common Stockholders $459 $486 $.8 $.35 Office.75%.75% Depreciation & Amortization Adjustments Low High Gain on Real Estate Dispositions (9) (39) (0.08) (0.) Total Reported Segment NOI 4 $,993 $,05 Other Adjustments NNN FFO (NAREIT) Attributable to Common Stockholders $,350 $,379 $3.76 $3.84 SHOP Merger-Related Expenses, Deal Costs & Re-Audit Costs Office (Gain) Loss on Extinguishment of Debt, Net Non-Segment Other Adjustments 3,4 (3) (3) (0.0) (0.03) Normalized FFO Attributable to Common Stockholders $,43 $,46 $3.99 $4.07 % Year-Over-Year Growth (4%) (%) Non-Cash Items Included in Normalized FFO 4 Capital Expenditures (39) (48) Normalized FAD Attributable to Common Stockholders $,97 $,35 Merger-Related Expenses, Deal Costs & Re-Audit Costs (40) (35) Other Adjustments 3 (5) (4) FAD Attributable to Common Stockholders $,5 $,76 Weighted Average Diluted Shares (in millions) Key Guidance Assumptions $.5B in proceeds from asset dispositions and loan repayments at a GAAP rate of over 8%, the proceeds of which will principally be used to retire debt Proactive debt refinancing with longer-duration fixed rate debt to exceed $B for the full year 08 Invest in future growth by funding $45M in high-quality development and redevelopment projects, mostly in Ventas s attractive university-based life science business No further undisclosed material acquisitions or dispositions, loan repayments or capital activity are included in guidance Key Guidance Changes Incorporates announced Brookdale transaction Retain 00% ownership of the ESL portfolio Disposition guidance includes sale of minority interest in a portfolio of SNF assets 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. 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 table titled Funds From Operations (FFO) and Funds Available for Distribution (FAD) Reconciliation for detailed breakout of adjustments. 4 Includes adjustments related to one-time write-offs of straight-line rent, market lease intangibles and deferred revenue, all related to Brookdale Agreement. 5 Totals may not add due to minor corporate-level adjustments. Q8 SUPPLEMENTAL INFORMATION 5

27 Financial Information Dollars in thousands USD, except per share amounts; totals may not add due to rounding FFO and FAD Reconciliation YoY 08 Growth Q Q Q3 Q4 FY Q '7-'8 Income from continuing operations $55,9 $5,7 $56,930 $78,835 $643,949 $80,060 (49%) Income from continuing operations per share $0.44 $0.4 $0.44 $0.50 $.80 $0. (50%) Discontinued operations (53) (3) (9) (5) (0) (0) Gain on real estate dispositions 43, ,80 4,985 77,73 48 Net income 99,48 5,968 65,9 393,805,36, 80,098 Net income attributable to noncontrolling interests,0,37,33,5 4,64,395 Net income attributable to common stockholders $ 98,7 $ 5,83 $ 63,958 $ 39,554 $,356,470 $ 78,703 (60%) Net income attributable to common stockholders per share $0.55 $0.4 $.7 $.09 $3.78 $0. (60%) 07 Adjustments: Depreciation and amortization on real estate assets 5,96,347,784 30,996 88,088 3,495 Depreciation on real estate assets related to noncontrolling interests (,995) (,87) (,9) (,84) (7,565) (,8) Depreciation on real estate assets related to unconsolidated entities,87, ,3,030 Impairment on equity method investment ,708 Gain on re-measurement of equity interest upon acquisition, net (3,07) (3,07) - Gain on real estate dispositions (43,89) (79) (458,80) (4,985) (77,73) (48) Loss (gain) on real estate dispositions related to unconsolidated entities 3 (8) (986) () (,057) - Gain on real estate dispositions related to noncontrolling interests Subtotal: FFO add-backs 68,860,87 (48,50) 4,888 56,45 66,374 Subtotal: FFO add-backs per share $0.47 $0.6 ($0.69) $0.04 $0.44 $0.74 FFO (NAREIT) attributable to common stockholders $ 366,987 $ 373,08 $ 365,438 $ 407,44 $,5,885 $ 345,077 (6%) FFO (NAREIT) attributable to common stockholders per share $.03 $.04 $.0 $.3 $4. $0.96 (7%) Adjustments: Change in fair value of financial instruments 3 (53) 8 8 (4) (9) Non-cash income tax benefit (4,45) (,959) (8,55) (6,768) (,387) (3,675) Impact of tax reform (36,539) (36,539) - Loss (gain) on extinguishment of debt, net (97) 839 0,987 Loss (gain) on non-real estate dispositions related to unconsolidated entities 4 (6) () (5) (39) 4 Merger-related expenses, deal costs and re-audit costs 3,9 7,036,74,97 4,83 9,45 Amortization of other intangibles , Other items related to unconsolidated entities 80,07,489 3,88,847 Non-cash impact of changes to equity plan 999,7,37,37 5,453,58 Natural disaster expenses (recoveries), net - - 9,80,79,60 (383) Subtotal: normalized FFO add-backs,063 6,3 7,45 (36,433) (,644) 30,843 Subtotal: normalized FFO add-backs per share $0.00 $0.0 $0.0 ($0.0) ($0.06) $0.09 Normalized FFO attributable to common stockholders $ 368,050 $ 379,39 $ 37,853 $ 37,009 $,49,4 $ 375,90 % Normalized FFO attributable to common stockholders per share $.03 $.06 $.04 $.03 $4.6 $.05 % Non-cash items included in normalized FFO: Amortization of deferred revenue and lease intangibles, net (5,05) (5,834) (5,434) (4,54) (0,537) (3,865) Other non-cash amortization, including fair market value of debt,460 4,4 4,60 4,87 6,058 3,777 Stock-based compensation 5,70 4,984 5,55 5,49,090 5,543 Straight-lining of rental income, net (5,377) (5,778) (6,9) (5,750) (3,34) (3,6) Subtotal: non-cash items included in normalized FFO (,30) (,504) (,906) 7 (6,53),833 Capital expenditures (4,99) (33,48) (30,899) (49,8) (38,778) (,33) Normalized FAD attributable to common stockholders $ 340,90 $ 343,677 $ 340,048 $ 3,34 $,345,940 $ 355,50 4% Merger-related expenses, deal costs and re-audit costs (3,9) (7,036) (,74) (,97) (4,83) (9,45) Other items related to unconsolidated entities () (80) (,07) (,489) (3,88) (,847) FAD attributable to common stockholders $ 337,560 $ 336,36 $ 336,00 $ 37,908 $,37,99 $ 333,48 (%) Weighted average diluted shares 357,57 358,3 359, ,84 358, ,853 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. Q8 SUPPLEMENTAL INFORMATION 6

28 Financial Information Dollars in thousands USD, except share amounts; totals may not add due to rounding Capitalization As of or for the Quarter Ended March 3, 08 As of or for the Quarter Ended December 3, 07 Debt Revolving credit facility $ 783,605 $ 53,890 Senior notes and term loans 8,854,58 9,443,784 Mortgage, construction credit facility and other debt,40,689,308,388 Total debt,039,8,76,06 Net debt Total debt $,039,8 $,76,06 Debt on assets held for sale 59,06 59, Cash (9,543) (8,355) Restricted cash pertaining to debt (6,843) (70,753) Partner's share of consolidated debt (3,996) (76,668) Ventas share of non-consolidated debt 57,69 90,57 Net debt $ 0,93,65 $,96,764 Equity Number of Shares (in 000s) Closing Price Number of Shares (in 000s) Closing Price Common Stock 356, ,86 Redeemable OP Unitholder Interests,4, ,78 $ ,767, ,63 $60.0,50,99 Enterprise Value $ 8,807,60 $ 3,797,053 Credit Statistics Debt / Enterprise Value 38% 34% Secured Debt / Enterprise Value 5% 4% Net Debt / Adjusted Pro Forma EBITDA 3 5.5x 5.7x Adjusted Pro Forma EBITDA, annualized 3 $,968,57 $,975,444 Debt balances are net of discounts, deferred financing costs and fair market value adjustments. Total debt plus total equity. 3 See page 33 for a reconciliation of Adjusted Pro Forma EBITDA to net income attributable to common stockholders. Q8 SUPPLEMENTAL INFORMATION 7

29 Financial Information Dollars in millions USD Debt Maturity Schedule $mm $,00 $,000 $900 $905 $800 $794 $700 $70 $700 $675 $600 $589 $500 $400 $45 $500 $300 $00 $00 $0 Net Revolver Balance $39 $50 $07 $67 $59 $55 $47 $4 $5 $0 $0 $7 $0 Q8 3Q8 4Q8 Q9 Q9 3Q9 4Q9 Q0 Q0 3Q0 4Q0 Q Q 3Q 4Q Q Q 3Q 4Q Q3 Net Revolver Balance Senior Notes & Term Loans Mortgage Debt Secured Revolver Data as of March 3, 08. Excludes normal monthly principal amortization and Ventas share of unconsolidated debt. Revolver balance net of $9.5 million of cash on hand. Q8 SUPPLEMENTAL INFORMATION 8

30 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, Construction Credit Facility and Other Total Debt Period Amount Rate Amount Rate Amount Rate,3 Amount Rate,3 Debt as a % of Enterprise Value 08 $ % $ % $ 03, % $ 03, % 0.4 % , , , , , ,8 4.3,478, , , ,54 5.,580, ,93, , 4.4,44, ,03, ,08 4.3,36, , , , , , , , , , , , , , , , and thereafter 934, , ,0, Subtotal,694,368.5 % 8,043, %,405, %,43, % Deferred Financing Costs (3,098) (5,89) (0,045) (75,036) Note Discounts (3,789) (3,789) Sr Notes FV Adj Swap (0,80) (0,80) Fair Market Value 7,833 6,369 4,0 Total $,68,69 $ 7,956,854 $,40,689 $,039,8 Weighted Average Maturity in Years Debt Composition March 3, 08 Amount Rate,3 % of Total Fixed Rate Debt Senior Notes $ 7,643, % 68.6 % Swapped Term Loan 4 00, Mortgage Debt and Other 7,076, Total Fixed Rate Debt 8,99, % 80.0 % Variable Rate Debt Swapped Senior Note 6 400,000.7 % 3.6 % Revolving Credit Facilities 794, Term Loans 700, Secured Construction Revolver 8, Mortgage Debt and Other 30, Total Variable Rate Debt,3,47.7 % 0.0 % Total Debt $,43, % 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. The Company's joint venture partner's pro rata share of consolidated mortgage debt is approximately $4 million. 3 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 March 3, 08 includes the effective rate of the swap. 4 Includes the impact of a $00 million notional swap to convert LIBOR-based floating rate debt to fixed rate debt, setting LIBOR at.3% through the swap's maturity of August 3, 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 $400 million notional swap to convert 3.0% fixed rate debt to 3 month LIBOR-based floating rate debt through the swap's maturity of January 5, Excludes $57.4 million in debt held for sale. Q8 SUPPLEMENTAL INFORMATION 9

31 Financial Information Historical Credit Statistics Leverage Fixed Charge Coverage Total Debt / Enterprise Value 45% Secured Debt / Enterprise Value 4.8x 4.8x 40% 35% 36% 34% 34% 33% 34% 38% 4.8x 4.7x 4.7x 30% 5% 4.7x 4.6x 4.6x 4.6x 0% 5% 4.6x 4.5x 4.5x 4.5x 0% 5% 0% 7% 6% 5% 4% 5% 4.5x 4.4x 0% Q8 4.4x Q8 Dividend Payout Ratio Cash Flow From Operations ($ millions) 00%,600 90% 80% 70% 66% 66% 67% 7% 76% 75%,400,00,96,53,40,355,49 60%,000 50% % % 0% % 00 0% Q YTD'8 Current Ratings of Baa (Moody's), BBB+ (S&P) and BBB+ (Fitch) Q8 SUPPLEMENTAL INFORMATION 30

32 Financial Information Debt Covenants Revolving Credit Facility & Term Loans Required March 3, 08 December 3, 07 Total Indebtedness / Gross Asset Value Not greater than 60% 38% 38% Secured Debt / Gross Asset Value Not greater than 30% 5% 5% Unsecured Debt / Unencumb. Gross Asset Value Not greater than 60% 38% 38% Fixed Charge Coverage Not less than.5x 4.6x 4.6x Senior Notes Required March 3, 08 December 3, 07 Incurrence of Debt Not greater than 60% 38% 38% Incurrence of Secured Debt Not greater than 50% 5% 5% Maintenance of Unencumbered Assets Not less than 50% 69% 66% Consolidated EBITDA to Interest Expense Not less than.5x 5.0x 5.0x 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. These covenants are calculated in accordance with the Indentures dated September 6, 03, September 4, 04, July 6, 05 and all supplemental Indentures. Q8 SUPPLEMENTAL INFORMATION 3

33 Financial Information Revolver & Term Loan Covenants Total Indebtedness / Gross Asset Value Secured Debt / Gross Asset Value 70% 60% Maximum 35% 30% Maximum 50% 5% 40% 40% 40% 39% 38% 38% 0% 30% 5% 0% 0% 0% 5% 6% 5% 5% 5% 5% 0% Q7 Q7 3Q7 4Q7 Q8 0% Q7 Q7 3Q7 4Q7 Q8 Unsecured Debt / Unencumbered Gross Asset Value Fixed Charge Coverage 70% 60% Maximum 5.0x 4.0x 4.6x 4.6x 4.6x 4.6x 4.6x 50% 40% 4% 40% 39% 38% 38% 3.0x 30% 0% 0%.0x.0x Minimum 0% Q7 Q7 3Q7 4Q7 Q8 0.0x Q7 Q7 3Q7 4Q7 Q8 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. Q8 SUPPLEMENTAL INFORMATION 3

34 Financial Information Dollars in thousands USD Non-GAAP Financial Measures Reconciliation Adjusted Pro Forma EBITDA For the Three Months Ended March 3, December 3, Income from continuing operations $ 80,060 $ 78,835 Discontinued operations (0) (5) Gain on real estate dispositions 48 4,985 Net income 80, ,805 Net income attributable to noncontrolling interests,395,5 Net income attributable to common stockholders 78,703 39,554 Adjustments: Interest,363,95 Loss (gain) on extinguishment of debt, net 0,977 (0) Taxes (including tax amounts in general, administrative and professional fees) (,390) (45,678) Depreciation and amortization 33,50 3,650 Non-cash stock-based compensation expense 7,4 6,60 Merger-related expenses, deal costs and re-audit costs 8,737,65 Net income (loss) attributable to noncontrolling interests, net of consolidated joint venture partners' share of EBITDA (3,03) (3,87) (Income) loss from unconsolidated entities, net of Ventas share of EBITDA from unconsolidated entities 44,939,4 Gain on real estate dispositions (48) (4,985) Unrealized foreign currency losses Change in fair value of financial instruments (89) 8 Natural disaster expenses (recoveries), net (383),79 Adjusted EBITDA 499,48 495,056 Pro forma adjustments for current period activity (7,85) (,95) Adjusted Pro Forma EBITDA $ 49,43 $ 493,86 Adjusted Pro Forma EBITDA annualized $,968,57 $,975,444 Q8 SUPPLEMENTAL INFORMATION 33

35 Financial Information Dollars in thousands USD unless otherwise noted; totals may not add due to rounding Non-GAAP Financial Measures Reconciliation First Quarter 08 Same-Store Cash NOI by Segment For the Three Months Ended March 3, 08 For the Three Months Ended March 3, 07 Triple-Net Seniors Housing - Operating Office Non- Segment Total Triple-Net Seniors Housing - Operating Office Non- Segment Total Income from continuing operations $ 80,060 $ 55,9 Adjustments: Interest and other income (9,634) (48) Interest expense,363 08,804 Depreciation and amortization 33,50 7,783 General, administrative and professional fees 37,74 33,96 Loss on extinguishment of debt, net 0, Merger-related expenses and deal costs 7,336,056 Other 3,0,88 Loss (income) from unconsolidated entities 40,739 (3,50) Income tax benefit (3,4) (3,45) Reported segment NOI 9,783 6,533 34,994 3,733 5,043 0,53 5,5 30,74 0,46 53,37 Adjustments: Modification fee Normalizing adjustment for technology costs NOI not included in same-store (,994) (5,747) (5,46) - (44,03) (36,600) (6,8) (,544) - (55,965) Straight-lining of rental income 73 - (4,345) - (3,6) (666) - (4,7) - (5,377) Non-cash rental income (,74) - (89) - (3,030) (4,63) - (8) - (4,750) Non-segment NOI (3,733) (3,733) (0,46) (0,46) NOI impact from change in FX ,376 (5,0) (5,38) (9,665) (3,733) (8,79) (4,9) (6,05) (7,373) (0,46) (85,3) Same-store cash NOI - constant currency $ 76,77 $ 47,5 $ 5,39 $ - $ 439,5 $ 69,4 $ 46,063 $,80 $ - $ 48,05 Percentage increase - constant currency 4.4% 0.7%.%.6% Q8 4Q7 Q7 GBP ( ) to USD ($) USD ($) to CAD (C$) Represents costs expensed by one operator related to implementation of new software. Q8 SUPPLEMENTAL INFORMATION 34

36 Financial Information Dollars in millions USD unless otherwise noted; totals may not add due to rounding Non-GAAP Financial Measures Reconciliation, 08 Same-Store Cash NOI Guidance by Segment For the Twelve Months Ended December 3, 08 High End Triple-Net Seniors Housing - Operating Office Non- Segment Total Income from Continuing Operations $453 Depreciation & Amortization Interest Expense, G&A, Other Income & Expenses Reported Segment NOI 5 $739 $64 $54 $05 $,05 Normalizing Adjustment for Technology Costs Non-Cash & Non-Same-Store Adjustments (33) (74) (85) (05) (97) Same-Store Cash NOI ,79 Percentage Increase 3.0% (.0%).75% NM.5% Modification Fees (3) - (0) - (3) Adjusted Same-Store Cash NOI 5 $703 $568 $457 - $,76 Adjusted Percentage Increase.6% (.0%).7% NM.3% Low End Triple-Net Seniors Housing - Operating Office Non- Segment Total Income from Continuing Operations $435 Depreciation & Amortization Interest Expense, G&A, Other Income & Expenses 4 66 Reported Segment NOI 5 $73 $64 $537 $89 $,993 Normalizing Adjustment for Technology Costs Non-Cash & Non-Same-Store Adjustments (33) (74) (84) (89) (8) Same-Store Cash NOI ,73 Percentage Increase.0% (4.0%).75% NM 0.5% Modification Fees (3) - (0) - (3) Adjusted Same-Store Cash NOI 5 $696 $55 $453 - $,70 Adjusted Percentage Increase.6% (4.0%).7% NM 0.3% Prior Year Triple-Net Seniors Housing - Operating Office Non- Segment Total Income from Continuing Operations $644 Depreciation & Amortization Interest Expense, G&A, Other Income & Expenses Reported Segment NOI $845 $593 $55 $9 $,08 Normalizing Adjustment for Technology Costs Non-Cash & Non-Same-Store Adjustments (6) (5) (80) (9) (386) NOI impact from change in FX Same-Store Cash NOI ,704 Modification Fees Adjusted Same-Store Cash NOI $685 $574 $445 - $, GBP ( ) to USD ($).4 USD ($) to CAD (C$).6 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. See page 34 of supplemental for a detailed breakout of adjustments for each respective category. 3 Includes real estate depreciation and amortization, corporate depreciation and amortization and amortization of other intangibles. 4 Includes interest expense, general and administrative expenses (including stock based compensation), loss on extinguishment of debt, merger-related expenses and deal costs, income from unconsolidated entities, income tax benefit, and other income and expenses. 5 Totals may not add across due to minor corporate-level adjustments. 6 Represents costs expensed by one operator related to implementation of new software. Q8 SUPPLEMENTAL INFORMATION 35

37 Definition of Terms Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted. Adjusted Pro Forma Earnings Before Interest Taxes Depreciation and Amortization ( EBITDA ) Adjusted Pro Forma EBITDA is consolidated earnings, which includes amounts in discontinued operations, before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense), excluding (i) gains or losses on extinguishment of debt, (ii) consolidated joint venture partners share of EBITDA, (iii) Deal Costs, (iv) net gains or losses on real estate activity, (v) gains or losses on remeasurement of equity interest upon acquisition, (vi) changes in the fair value of financial instruments, (vii) unrealized foreign currency gains or losses and (viii) net expenses or recoveries related to natural disasters, and including (i) VTR s share of EBITDA from unconsolidated entities and (ii) 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 & Net Operating Income ( NOI ) A period s reported revenue and Reported Segment 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 Segment 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 Reported Segment 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. Q8 SUPPLEMENTAL INFORMATION 36

38 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 04 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 and unusual items related to unconsolidated entities. FAD Capex FAD Capex is (i) 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; (ii) Office Building and Triple-Net leasing commissions paid to third-party agents and (iii) capital expenditures for second-generation tenant improvements. It excludes costs for a first generation lease (e.g., a development project) or related to properties that have undergone redevelopment. 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. Non-Stabilized Properties (i) that have recently been developed or redeveloped, (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 or business model transition. Normalized FAD Normalized FFO excluding non-cash components and straight-line rental adjustments, and deducting FAD Capex. 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, the non-cash impact of changes to the Company s executive equity compensation plan 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, (vi) gains and losses on non-real estate dispositions and other unusual items related to unconsolidated entities and (vii) net expenses or recoveries related to natural disasters. 37 Q8 SUPPLEMENTAL INFORMATION

39 Definition of Terms Occupancy For seniors housing and post-acute properties, generally reflects average operator-reported unit and bed occupancy, respectively, for the reporting period. For Office properties, generally 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. Reported Segment NOI The Company defines Reported Segment NOI as total revenues, less interest and other income, propertylevel operating expenses and office building services costs. For debt investments, total interest income. Cash receipts may differ due to straight-line recognition of certain rental income and the application of other GAAP policies. Same-Store Properties owned, consolidated, operational and reported under a consistent business model (i.e. lease or management contract) for the full period in both comparison periods. Excludes (i) Assets Intended for Disposition; (ii) for the Seniors Housing Operating Portfolio, those properties that transitioned operators after the start of the prior comparison period and (iii) for the Office Portfolio, those properties that incur major property-level expenditures to maximize value, increase net operating income, maintain a market-competitive position and/or achieve property stabilization. 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 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. Q8 SUPPLEMENTAL INFORMATION 38

40 Forward-Looking Statements DRAFT This presentation contains forward-looking statements within the meaning of Section 7A of the Securities Act of 933, as amended, and Section E 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. Q8 SUPPLEMENTAL INFORMATION 39

41 Financial Information DRAFT Ventas, Inc. 353 North Clark Street, Suite 3300 Chicago, Illinois (NYSE: VTR) ventasreit.com Ventas, Inc., Inc., an an S&P S&P company, company, is is a a leading leading real real estate estate investment investment trust. trust. Its Its diverse diverse portfolio of of approximately more than,00,300 assets assets in the in the United United States, States, Canada Canada and and the the United United Kingdom consists Kingdom of consists seniors of housing seniors communities, housing communities, medical office medical buildings, office life buildings, science and life science innovation centers, and innovation inpatient centers, rehabilitation inpatient and rehabilitation long-term acute and care long-term facilities, acute health care systems facilities, and health skilled systems nursing facilities. and skilled Through nursing its Lillibridge facilities. Through subsidiary, its Ventas Lillibridge provides subsidiary, management, Ventas provides leasing, management, marketing, facility leasing, development marketing, and facility advisory development services to and highly advisory rated hospitals services and to highly health rated systems hospitals throughout and health the United systems States. throughout References the to United Ventas States. or the References Company to mean Ventas or Ventas, the Company Inc. and its mean consolidated Ventas, subsidiaries Inc. and its unless consolidated otherwise subsidiaries expressly unless noted. otherwise More expressly information noted. about More Ventas information and Lillibridge about can Ventas be found and at Lillibridge can be found and at and