Ventas (VTR) 8-K Ventas Reports First Quarter Normalized Ffo of $0.67 Per Diluted Share

Exhibit 99.2

First Quarter 2010 Supplemental Data

The Doctors Building Three — Hoffman Estates, IL

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

Ventas, Inc.
First Quarter 2010 Supplemental Data

Table of Contents

Portfolio Overview
Triple-Net, Managed and Loan Portfolio	1-2
Property Type and Operator Revenue/NOI Concentration Charts	3
Private Pay Owned Asset Composition Trend	4
Revenue Rollover Schedule	5
Company Development Data	6
Triple-Net Leased Portfolio
Same-Store Cash Flow Coverage and Occupancy Comparison	7
Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios	8
Cash Flow Coverage and Occupancy Trend Charts	9-11
Medical Office Building Portfolio
Year-over-Year and Sequential Quarter Comparison	12
Stabilized Portfolio Net Operating Income and Occupancy Trend Chart	13
Seniors Housing Operating Portfolio
Year-over-Year and Sequential Quarter Comparison	14
Stabilized Portfolio Net Operating Income, Occupancy and Average Daily Rate Trend Charts	15
Consolidated Financial Information
Historical Normalized FFO/Share	16
Capitalization	17
Debt Maturity Information	18-19
Debt Covenants	20-21
Consolidated Financial Statements	22-26
Funds From Operations (FFO) and Normalized FFO and Funds Available for Distribution (FAD)	27
Normalized FFO and FAD Guidance for the Year Ending December 31, 2010	28
Net Debt to Adjusted EBITDA	29

Ventas, Inc.
First Quarter 2010 Supplemental Data

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

																			Annualized									Annualized
						Number										Annualized			Operating			Total			Annualized			Operating			Total
	Number of		Number of			of States/		Ventas		Cash Flow						NNN			Property			Annualized			NNN			Property			Annualized
Property Type	Properties		Beds/Units/Square Feet			Provinces		Investment		Coverage			Occupancy2			Revenue3			Revenue3			Revenue3			NOI3			NOI3			NOI3
Hospital — Stabilized Triple-Net		40		3,517	Beds		17	$	345		2.4	x		59.2	%	$	94		$	0		$	94		$	94		$	0		$	94
Skilled Nursing — Stabilized Triple-Net		187		22,377	Beds		29		809		1.9	x		89.7	%		179			0			179			179			0			179
Seniors Housing — Triple-Net		164		16,718	Units		31		2,266		1.3	x		88.8	%		196			0			196			196			0			196
Seniors Housing — Operating		80		6,553	Units		22		2,034		N/A			88.4	%		0			371			371			0			116			116
Medical Office — Stabilized		22		1,382,697	Square Feet		9		308		N/A			95.0	%		0			40			40			0			27			27
Medical Office — Lease-Up		4		332,053	Square Feet		4		56		N/A			73.4	%		0			6			6			0			4			4
Other — Stabilized Triple-Net		8		122	Beds		1		7		3.6	x		N/A			1			0			1			1			0			1
Total		505					45	$	5,826		1.8	x				$	471		$	417		$	888		$	471		$	146		$	617
																	53	%		47	%		100	%		76	%		24	%		100	%

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

						Borrower/	Effective
	Original		Outstanding		Secured/	Asset	Interest			Annualized
Borrower	Investment		Principal		Unsecured	Type	Rate			Revenue3		Balance Sheet Line
Manor Care	$	99	$	112	Secured	SNF/ALF		6.0	%	$	6	Loans Receivable
HCA		45		50	Unsecured	Hospital		9.7	%		4	Other Assets
Emeritus Senior Living		13		14	Secured	Seniors Housing		12.5	%		2	Loans Receivable
Other — Secured		34		32	Secured	Various		5.6	%		2	Loans Receivable
Other — Unsecured		14		15	Unsecured	Hospital		9.5	%		1	Other Assets
Total	$	205	$	224						$	15

Owned Portfolio — Overview by State/Province:¹

	Totals					Hospital				Skilled Nursing				Seniors Housing				Medical Office				Other
State/Province	No.		%			No.		Beds		No.		Beds		No.		Units		No.		Sq. Feet		No.		Beds
California		37		7	%		5		455		6		771		26		3,301		0		0		0		0
Pennsylvania		34		7	%		2		115		6		797		24		1,597		2		111,686		0		0
Massachusetts		34		7	%		2		109		26		2,694		6		856		0		0		0		0
Ohio		30		6	%		0		0		12		1,575		16		1,153		2		145,322		0		0
Kentucky		29		6	%		2		424		27		3,054		0		0		0		0		0		0
Florida		26		5	%		6		511		0		0		14		1,454		6		206,658		0		0
Illinois		24		5	%		4		431		1		82		17		2,634		2		164,279		0		0
North Carolina		24		5	%		1		124		16		1,802		7		518		0		0		0		0
Indiana		23		5	%		1		59		13		1,867		9		1,001		0		0		0		0
Texas		21		4	%		7		496		0		0		3		261		3		78,222		8		122
All Other		223		44	%		10		793		80		9,735		122		10,496		11		1,008,583		0		0
Total		505		100	%		40		3,517		187		22,377		244		23,271		26		1,714,750		8		122

1	Totals may not add due to rounding.
2	Occupancy shown for Seniors Housing excludes communities in lease-up. Occupancy for triple-net properties is as of 4Q09 and occupancy for operating properties is as of 1Q10.
3	Annualized first quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Revenue/NOI reflects Ventas’s portion only for joint venture assets.

1

Ventas, Inc.
First Quarter 2010 Supplemental Data

Owned and Loan Portfolio — Property Type Concentration:¹

	Owned
	Property		Ventas					Annualized					Annualized
Investment Type	Count		Investment		%			Rent/Revenue2		%			Rent/NOI2		%
Seniors Housing		244	$	4,300		71	%	$	567		63	%	$	312		49	%
Skilled Nursing		187		809		13	%		179		20	%		179		28	%
Hospital		40		345		6	%		94		10	%		94		15	%
Medical Office		26		365		6	%		46		5	%		30		5	%
Other		8		7	NM				1	NM				1	NM
Loans		N/A		224		4	%		15		2	%		15		2	%
Total		505	$	6,050		100	%	$	903		100	%	$	632		100	%

Owned and Loan Portfolio — Operator Concentration:¹

	Owned
	Property		Ventas					Annualized					Annualized
Operator/Manager	Count		Investment		%			Rent/Revenue2		%			Rent/NOI2		%
Sunrise Senior Living		79	$	2,033		34	%	$	369		41	%	$	116		18	%
Brookdale Senior Living		84		1,403		23	%		122		13	%		122		19	%
Kindred Healthcare		197		906		15	%		244		27	%		244		39	%
Senior Care		65		630		10	%		54		6	%		54		9	%
Emeritus Senior Living		11		168		3	%		18		2	%		18		3	%
Capital Senior Living		11		158		3	%		14		2	%		14		2	%
NexCore		7		154		3	%		21		2	%		13		2	%
Manor Care		N/A		112		2	%		6		1	%		6		1	%
Formation		11		89		1	%		11		1	%		11		2	%
HCA		1		51		1	%		4	NM				4		1	%
Assisted Living Concepts		8		50		1	%		5		1	%		5		1	%
Grubb and Ellis		5		43		1	%		5		1	%		2	NM
All Other		26		253		4	%		31		3	%		23		4	%
Total		505	$	6,050		100	%	$	903		100	%	$	632		100	%

Owned Portfolio — State/Province Concentration:¹

	Owned
	Property		Annualized					Annualized
State/Province	Count		Rent/Revenue2		%			Rent/NOI2		%
California		37	$	112		13	%	$	79		13	%
Illinois		24		95		11	%		68		11	%
Ontario		9		52		6	%		12		2	%
Massachusetts		34		50		6	%		43		7	%
Pennsylvania		34		48		5	%		26		4	%
New Jersey		10		40		5	%		17		3	%
Florida		26		38		4	%		36		6	%
Colorado		16		36		4	%		20		3	%
Georgia		16		30		3	%		17		3	%
New York		14		30		3	%		19		3	%
All Other		285		356		40	%		279		45	%
Total		505	$	888		100	%	$	617		100	%

1	Dollars in millions. Totals may not add due to rounding. NM = not material.
2	Annualized first quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Operating asset revenue/NOI reflects Ventas’s portion only for joint venture assets.

2

Ventas, Inc.
First Quarter 2010 Supplemental Data

¹ Annualized first quarter Ventas revenue/NOI assuming all events occurred at the beginning of the period. Operating asset revenue/NOI reflects Ventas’s portion only for joint venture assets. Totals may not add due to rounding.

3

Ventas, Inc.
First Quarter 2010 Supplemental Data

Private Pay Owned Asset Composition Trend:

Ventas Revenue by Tenant/Operator Underlying Payor Source¹

Ventas isnot a Medicaid or Medicare recipient. Graph depicts Ventas’s revenues times
operator’s/tenant’s underlying source revenue percentage.

¹ Payor source at asset level for Company’s tenants and operators. 4Q09 is most recent data available. All seniors housing is assumed to be private pay. Totals may not add due to rounding.

4

Ventas, Inc.
First Quarter 2010 Supplemental Data

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

				Lease Rollover Year
	Totals			2010			2011			2012			2013			2014			Thereafter
Hospital — Stabilized Triple-Net:
Annualized Revenue	$	94.4			—			—			—		$	46.9			—		$	47.5
Skilled Nursing — Stabilized Triple-Net:
Annualized Revenue		179.1			—			—		$	2.2			70.5		$	2.8			103.6
Seniors Housing — Stabilized Triple-Net:
Annualized Revenue		196.4			—			—			1.7			—			0.5			194.2
Medical Office — Stabilized:
Annualized Revenue2		38.7		$	3.2		$	4.2			3.5			2.8			4.6			20.4
Medical Office — Lease-Up:
Annualized Revenue2		6.8			0.1			0.5			—			—			0.4			5.9
Other — Stabilized Triple-Net:
Annualized Revenue		1.0			1.0			—			—			—			—			—
Total:
Annualized Revenue	$	516.4		$	4.3		$	4.8		$	7.4		$	120.2		$	8.3		$	371.6
Percent of Total:		100	%		1	%		1	%		1	%		23	%		2	%		72	%

1	Annualized first quarter Ventas revenue assuming all events occurred at the beginning of the period. Dollars in millions. Totals may not add due to rounding.
2	Company’s partners’ share has not been eliminated from revenue.

5

Ventas, Inc.
First Quarter 2010 Supplemental Data

Company Development Data:

Ventas

Ventas

Estimated/Actual

Total

Ventas Fixed

Expected

Ownership

Property

Number of

Actual/Projected

Acquisition

Development

Purchase Price

Stabilized

Status

Property Name

%

MSA

Type

Residents or Beds/Units/Square Feet

Opening Date

Date

Cost1

(incl. FPAC)1

Yield

In Lease-up

Sunrise of Thorne Mills on Steeles

80

%

Toronto

IL/AL/ALZ

256 Residents / 229 Units / 210,000 SF

September 2007

December 2007

Cdn $

62.8

Cdn $

52.7

8.0%-8.5%

¹  Dollars in millions.

6

Ventas, Inc.
First Quarter 2010 Supplemental Data

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 4th Quarters of 2009 & 2008: ^1,2

			Sequential Quarter Comparison												Year-Over-Year Comparison
			4Q09			3Q09									4Q09			4Q08
	Number of		Cash Flow			Cash Flow			4Q09			3Q09			Cash Flow			Cash Flow			4Q09			4Q08
Property Type	Properties		Coverage			Coverage			Occupancy			Occupancy			Coverage			Coverage			Occupancy			Occupancy
Hospital		40		2.4	x		2.5	x		59.2	%		57.3	%		2.4	x		2.5	x		59.2	%		59.2	%
Skilled Nursing		186		1.9	x		1.9	x		89.8	%		89.6	%		1.9	x		2.0	x		89.8	%		89.3	%
Seniors Housing		163		1.3	x		1.3	x		88.8	%		87.8	%		1.3	x		1.3	x		88.8	%		88.0	%
Other		8		3.6	x		4.0	x		N/A			N/A			3.6	x		4.5	x		N/A			N/A
Total		397		1.8	x		1.8	x								1.8	x		1.8	x

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 3rd and 4th Quarters of 2009:^1,2

			Sequential Quarter Comparison
			4Q09			3Q09
	Number of		Cash Flow			Cash Flow			4Q09			3Q09
Property Type	Properties		Coverage			Coverage			Occupancy			Occupancy
Hospital		40		2.4	x		2.5	x		59.2	%		57.3	%
Skilled Nursing		187		1.9	x		1.9	x		89.7	%		89.6	%
Seniors Housing		163		1.3	x		1.3	x		88.8	%		87.8	%
Other		8		3.6	x		4.0	x		N/A			N/A
Total		398		1.8	x		1.8	x

1	Fourth quarter 2009 is most recent quarter available.
2	Cash flow coverages are for trailing twelve months or annualized where the Company’s ownership is for a shorter period.

7

Ventas, Inc.
First Quarter 2010 Supplemental Data

Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios: ¹

Ventas - Kindred	Number of		Sequential Quarter Comparison						Year-Over-Year Comparison
Master Lease	Properties		4Q09			3Q09			4Q09			4Q08
1		81		2.3	x		2.3	x		2.3	x		2.3	x
2		40		1.9	x		2.0	x		1.9	x		2.0	x
3		36		1.8	x		1.8	x		1.8	x		1.9	x
4		40		2.3	x		2.3	x		2.3	x		2.3	x
Total		197		2.1	x		2.1	x		2.1	x		2.2	x

	Number of
Property Type	Properties		4Q09			3Q09			4Q09			4Q08
Hospital		38		2.4	x		2.5	x		2.4	x		2.5	x
Skilled Nursing		159		1.9	x		1.9	x		1.9	x		2.0	x
Total		197		2.1	x		2.1	x		2.1	x		2.2	x

¹ Coverage reflects the ratio of Kindred’s EBITDARM to rent. EBITDARM is defined as earnings before interest, income taxes, depreciation, amortization, rent and management fees. In the calculation of trailing twelve months EBITDARM, intercompany profit pertaining to services provided by Kindred’s PeopleFirst Rehabilitation Division has been eliminated from purchased ancillary expenses within the Ventas portfolio. Fourth quarter 2009 is most recent quarter available.

8

Ventas, Inc.
First Quarter 2010 Supplemental Data

Triple-Net Leased Portfolio Trends:

Hospital Portfolio Cash Flow Coverage and Occupancy¹

¹ Cash flow coverages are for trailing twelve months or annualized where the Company’s ownership is for a shorter period. Fourth quarter 2009 is most recent quarter available.

9

Ventas, Inc.
First Quarter 2010 Supplemental Data

Triple-Net Leased Portfolio Trends:

Skilled Nursing Portfolio Cash Flow Coverage and
Occupancy¹

¹ Cash flow coverages are for trailing twelve months or annualized where the Company’s ownership is for a shorter period. Fourth quarter 2009 is most recent quarter available.

10

Ventas, Inc.
First Quarter 2010 Supplemental Data

Triple-Net Leased Portfolio Trends:

Seniors Housing Portfolio Cash Flow Coverage and
Occupancy¹

¹ Cash flow coverages are for trailing twelve months or annualized where the Company’s ownership is for a shorter period. Fourth quarter 2009 is most recent quarter available.

11

Ventas, Inc.
First Quarter 2010 Supplemental Data

Medical Office Portfolio Statistics: ¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	1Q10			1Q09			1Q10			1Q09			1Q10			1Q09
Number of properties:		22			19			18			18			4			2
Number of square feet:4		1,382,697			1,046,169			1,043,437			1,042,069			332,053			181,952
Average occupancy:		95.0	%		94.8	%		94.3	%		94.7	%		73.4	%		61.7	%
Average annual rate per square foot:5	$	30		$	29		$	29		$	29		$	30		$	37
Operating revenue:	$	10.2		$	7.3		$	7.4		$	7.3		$	2.0		$	1.1
Less expenses:		3.4			2.6			2.5			2.6			0.8			0.5
Total NOI:		6.8			4.7			4.9			4.7			1.1			0.6
Less Company’s partners’ share:		0.2			0.4			0.2			0.4			0.3			0.0
Ventas NOI:	$	6.6		$	4.3		$	4.7		$	4.2		$	0.9		$	0.6
Total NOI Margin:		66.9	%		64.6	%		66.5	%		64.5	%		58.2	%		59.9	%

	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	1Q10			4Q09			1Q10			4Q09			1Q10			4Q09
Number of properties:		22			21			18			18			4			5
Number of square feet:4		1,382,697			1,281,357			1,043,437			1,042,728			332,053			432,742
Average occupancy:		95.0	%		94.7	%		94.3	%		94.4	%		73.4	%		74.4	%
Average annual rate per square foot:5	$	30		$	30		$	29		$	29		$	30		$	30
Operating revenue:	$	10.2		$	8.0		$	7.4		$	7.3		$	2.0		$	2.2
Less expenses:		3.4			2.7			2.5			2.5			0.8			0.8
Total NOI:		6.8			5.3			4.9			4.8			1.1			1.4
Less Company’s partners’ share:		0.2			0.2			0.2			0.2			0.3			0.2
Ventas NOI:	$	6.6		$	5.1		$	4.7		$	4.6		$	0.9		$	1.2
Total NOI Margin:		66.9	%		65.9	%		66.5	%		66.0	%		58.2	%		63.3	%

1	Dollars in millions except for rate data. Totals may not add due to rounding.
2	Includes only those MOBs owned for the full period.
3	Includes only those MOBs owned in both comparison periods.
4	Number of square feet may vary due to BOMA re-measurement.
5	Average annual rate includes CAM adjustments.

12

Ventas, Inc.
First Quarter 2010 Supplemental Data

Medical Office Stabilized Portfolio Trends:

NOI and Occupancy¹

¹ Total property NOI, does not take into account Company’s partners’ share.

13

Ventas, Inc.
First Quarter 2010 Supplemental Data

Seniors Housing Operating Portfolio Statistics: ¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	1Q10			1Q09			1Q10			1Q09			1Q10			1Q09
Number of properties:		78			78			78			78			1			1
Number of units:		6,284			6,284			6,284			6,284			229			229
Resident day capacity:		670,230			669,690			670,230			669,690			23,040			23,040
Average resident occupancy:		88.4	%		89.0	%		88.4	%		89.0	%		85.1	%		63.8	%
Average daily rate / resident fees:	$	178		$	170		$	178		$	170		$	141		$	121
Operating revenue:	$	105.4		$	101.2		$	105.4		$	101.2		$	2.8		$	1.8
Less expenses:		72.3			71.1			72.3			71.1			2.0			1.4
Total NOI:		33.1			30.1			33.1			30.1			0.7			0.4
Less Company’s partner’s share:		4.7			4.5			4.7			4.5			0.2			0.1
Ventas NOI:	$	28.3		$	25.6		$	28.3		$	25.6		$	0.6		$	0.3
Total NOI Margin:		31.4	%		29.7	%		31.4	%		29.7	%		26.9	%		22.1	%

	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	1Q10			4Q09			1Q10			4Q09			1Q10			4Q09
Number of properties:		78			78			78			78			1			1
Number of units:		6,284			6,284			6,284			6,284			229			229
Resident day capacity:		670,230			685,124			670,230			685,124			23,040			23,552
Average resident occupancy:		88.4	%		88.8	%		88.4	%		88.8	%		85.1	%		77.7	%
Average daily rate / resident fees:	$	178		$	174		$	178		$	174		$	141		$	139
Operating revenue:	$	105.4		$	105.7		$	105.4		$	105.7		$	2.8		$	2.5
Less expenses:		72.3			73.0			72.3			73.0			2.0			1.9
Total NOI:		33.1			32.7			33.1			32.7			0.7			0.6
Less Company’s partner’s share:		4.7			4.9			4.7			4.9			0.2			0.1
Ventas NOI:	$	28.3		$	27.8		$	28.3		$	27.8		$	0.6		$	0.5
Total NOI Margin:		31.4	%		30.9	%		31.4	%		30.9	%		26.9	%		23.9	%

1	Dollars in millions except for rate data. Totals may not add due to rounding.
2	Includes only those communities stabilized in both comparison periods.

14

Ventas, Inc.
First Quarter 2010 Supplemental Data

Seniors Housing Stabilized Operating Portfolio Trends:

¹ Total community NOI, does not take into account Company’s partner’s share.

15

Ventas, Inc.
First Quarter 2010 Supplemental Data

Historical Normalized FFO/Share:¹

¹ See Company’s public filings for a definition of normalized FFO.

16

Ventas, Inc.
First Quarter 2010 Supplemental Data

Capitalization:

					As of							As of
					March 31,							December 31,
(In thousands, except per share amounts)					2010							2009
Debt1
Revolving credit facilities					$	38,204						$	8,466
Senior / convertible notes						1,111,983							1,109,929
Mortgage debt						1,547,984							1,551,706
Total debt					$	2,698,171						$	2,670,101
Enterprise Value
Total debt					$	2,698,171						$	2,670,101
Cash, including cash escrows pertaining to debt						(140,174	)						(114,639	)
Net debt						2,557,997							2,555,462
	Number of Shares		Closing Price					Number of Shares		Closing Price
Common Stock		156,853	$	47.48		7,447,380			156,612	$	43.74		6,850,209
Enterprise Value2					$	10,005,377						$	9,405,671
Credit Statistics
Debt / Enterprise Value						27	%						28	%
Secured Debt / Enterprise Value						15	%						16	%
Net Debt / Adjusted EBITDA						4.1	x						4.1	x
Adjusted EBITDA, annualized					$	623,768						$	625,640

1	Debt balances are net of discounts and fair market value.
2	Total debt plus total equity.

17

Ventas, Inc.
First Quarter 2010 Supplemental Data

Debt Maturity Schedule:¹

¹ Dollars in millions; data as of March 31, 2010 and excludes normal monthly principal amortization. The Company’s joint venture partners’ pro rata share of total maturities is approximately $143 million.

18

Ventas, Inc.
First Quarter 2010 Supplemental Data
Debt Summary as of March 31, 2010

Debt Maturities and Scheduled Principal Amortization¹

	Revolving Credit Facilities					Senior/Convertible Notes						Mortgage Debt					Total Debt
Period	Amount		Rate2			Amount			Rate2			Amount3		Rate2			Amount			Rate2
2010	$	—		—		$	1,375			6.8	%	$	195,924		4.4	%	$	197,299			4.4	%
2011		—		—			230,000			3.9	%		97,773		4.8	%		327,773			4.2	%
2012		38,204		3.0	%		82,433			9.0	%		329,403		6.2	%		450,040			6.5	%
2013		—		—			—			—			168,335		5.9	%		168,335			5.9	%
2014		—		—			71,654			6.6	%		52,651		5.4	%		124,305			6.1	%
2015		—		—			142,669			7.1	%		80,619		6.0	%		223,288			6.7	%
2016		—		—			400,000			6.5	%		204,818		6.1	%		604,818			6.4	%
2017		—		—			225,000			6.8	%		47,403		6.1	%		272,403			6.6	%
2018		—		—			—			—			20,297		6.5	%		20,297			6.5	%
2019		—		—			—			—			257,127		5.9	%		257,127			5.9	%
Thereafter		—		—			—			—			82,654		5.1	%		82,654			5.1	%
Subtotal		38,204		3.0	%		1,153,131			6.3	%		1,537,004		5.7	%		2,728,339			5.9	%
Discounts and Fair Market Value, net		—					(41,148	)					10,980					(30,168	)
Total	$	38,204				$	1,111,983					$	1,547,984				$	2,698,171
Weighted Average Maturity in Years		1.4					4.9						5.1					5.0

Debt Composition¹

	March 31, 2010
	Amount		Rate2			% of Total
Fixed Rate Debt
Senior/Convertible Notes	$	1,153,131		6.3	%		42.3	%
Mortgage Debt		1,319,835		6.3	%		48.4	%
Total Fixed Rate Debt	$	2,472,966		6.3	%		90.6	%
Variable Rate Debt
Revolving Credit Facilities	$	38,204		3.0	%		1.4	%
Mortgage Debt		217,169		1.6	%		8.0	%
Total Variable Rate Debt		255,373		1.8	%		9.4	%
Total Debt	$	2,728,339		5.9	%		100.0	%

1	Dollars in thousands.
2	Rates are based on the cash interest paid on the outstanding debt and do not include amortization of discounts, fair market value or debt costs.
3	The Company’s joint venture partners’ pro rata share of total mortgage debt is approximately $159 million.

19

Ventas, Inc.
First Quarter 2010 Supplemental Data

Debt Covenants:

	Credit Facilities
	Required	03/31/10
Total Liabilities / Gross Asset Value	Not greater than 60%		38	%
Secured Debt / Gross Asset Value	Not greater than 30%		22	%
Unsecured Debt / Unencumb. Gross Asset Value	Not greater than 60%		27	%
Fixed Charge Coverage	Not less than 1.75x		3.2	x
Unencumbered Interest Coverage	Not less than 2.00x		5.2	x

	Bonds due 2012
	Required	03/31/10
Incurrence of Debt	Not greater than 60%		31	%
Incurrence of Secured Debt	Not greater than 40%		10	%
Total Unencumbered Assets	Not less than 150%		362	%
Consolidated Income Available for Debt Service to Debt Service	Not less than 2.00x		5.2	x

20

Ventas, Inc.
First Quarter 2010 Supplemental Data

Debt Covenants:

21

CONSOLIDATED BALANCE SHEETS
As of March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009
(In thousands, except per share amounts)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2010			2009			2009			2009			2009
Assets
Real estate investments:
Land	$	557,370		$	557,276		$	557,123		$	552,712		$	554,286
Buildings and improvements		5,735,896			5,722,837			5,641,309			5,603,042			5,592,051
Construction in progress		4,370			12,508			8,611			18,319			21,176
		6,297,636			6,292,621			6,207,043			6,174,073			6,167,513
Accumulated depreciation		(1,226,252	)		(1,177,911	)		(1,126,516	)		(1,075,293	)		(1,036,617	)
Net real estate property		5,071,384			5,114,710			5,080,527			5,098,780			5,130,896
Loans receivable, net		147,725			131,887			125,410			125,106			130,076
Net real estate investments		5,219,109			5,246,597			5,205,937			5,223,886			5,260,972
Cash and cash equivalents		132,729			107,397			70,889			46,523			95,806
Escrow deposits and restricted cash		41,023			39,832			96,477			94,470			38,275
Deferred financing costs, net		27,964			29,252			27,804			29,569			29,935
Other		213,000			193,167			186,203			176,413			168,858
Total assets	$	5,633,825		$	5,616,245		$	5,587,310		$	5,570,861		$	5,593,846
Liabilities and equity
Liabilities:
Senior notes payable and other debt	$	2,698,171		$	2,670,101		$	2,615,142		$	2,616,304		$	2,942,401
Accrued interest		35,773			17,974			35,481			16,952			42,121
Accounts payable and other liabilities		183,574			190,445			179,753			169,964			168,082
Deferred income taxes		252,687			253,665			254,622			255,175			255,570
Total liabilities		3,170,205			3,132,185			3,084,998			3,058,395			3,408,174
Commitments and contingencies
Equity:
Ventas stockholders’ equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued		—			—			—			—			—
Common stock, $0.25 par value; 156,862, 156,627, 156,605, 156,539 and 143,453 shares issued at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively		39,341			39,160			39,155			39,138			35,867
Capital in excess of par value		2,578,577			2,573,039			2,570,146			2,565,933			2,267,440
Accumulated other comprehensive income (loss)		25,154			19,669			15,080			(1,411	)		(18,322	)
Retained earnings (deficit)		(196,972	)		(165,710	)		(139,478	)		(109,012	)		(117,124	)
Treasury stock, 10, 15, 0, 0 and 2 shares at March 31, 2010, December 31, 2009, September 30, 2009, June 30, 2009 and March 31, 2009, respectively		(467	)		(647	)		—			(5	)		(53	)
Total Ventas stockholders’ equity		2,445,633			2,465,511			2,484,903			2,494,643			2,167,808
Noncontrolling interest		17,987			18,549			17,409			17,823			17,864
Total equity		2,463,620			2,484,060			2,502,312			2,512,466			2,185,672
Total liabilities and equity	$	5,633,825		$	5,616,245		$	5,587,310		$	5,570,861		$	5,593,846

22

CONSOLIDATED STATEMENTS OF INCOME
For the three months ended March 31, 2010 and 2009
(In thousands, except per share amounts)

	2010			2009
Revenues:
Rental income	$	129,179		$	122,398
Resident fees and services		108,486			102,939
Income from loans and investments		3,617			3,281
Interest and other income		263			286
Total revenues		241,545			228,904
Expenses:
Interest		44,300			45,930
Depreciation and amortization		52,476			49,498
Property-level operating expenses		78,879			75,468
General, administrative and professional fees (including non-cash stock-based compensation expense of $3,032 and $3,059 for the three months ended March 31, 2010 and 2009, respectively)		10,683			10,598
Foreign currency gain		(106	)		(6	)
Loss on extinguishment of debt		—			105
Merger-related expenses and deal costs		2,319			2,054
Total expenses		188,551			183,647
Income before income taxes, discontinued operations and noncontrolling interest		52,994			45,257
Income tax (expense) benefit		(286	)		547
Income from continuing operations		52,708			45,804
Discontinued operations		460			29,165
Net income		53,168			74,969
Net income attributable to noncontrolling interest (net of tax of $419 and $390 for the three months ended March 31, 2010 and 2009, respectively)		549			741
Net income attributable to common stockholders	$	52,619		$	74,228
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders	$	0.34		$	0.32
Discontinued operations		0.00			0.20
Net income attributable to common stockholders	$	0.34		$	0.52
Diluted:
Income from continuing operations attributable to common stockholders	$	0.34		$	0.32
Discontinued operations		0.00			0.20
Net income attributable to common stockholders	$	0.34		$	0.52
Weighted average shares used in computing earnings per common share:
Basic		156,453			143,091
Diluted		156,967			143,145
Dividends declared per common share	$	0.535		$	0.5125

23

QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)

	2010 First			2009 Quarters
	Quarter			Fourth		Third		Second		First
Revenues:
Rental income	$	129,179		$	126,720	$	125,466	$	124,612	$	122,398
Resident fees and services		108,486			108,205		106,515		103,399		102,939
Income from loans and investments		3,617			3,279		3,214		3,333		3,281
Interest and other income		263			349		99		108		286
Total revenues		241,545			238,553		235,294		231,452		228,904
Expenses:
Interest		44,300			44,456		43,497		43,994		45,930
Depreciation and amortization		52,476			51,892		50,146		48,643		49,498
Property-level operating expenses		78,879			78,443		76,338		72,564		75,468
General, administrative and professional fees (including non-cash stock-based compensation expense of $3,032, $2,667, $3,078, $3,078 and $3,059, respectively)		10,683			8,220		9,657		10,355		10,598
Foreign currency (gain) loss		(106	)		19		32		5		(6	)
Loss on extinguishment of debt		—			—		—		5,975		105
Merger-related expenses and deal costs		2,319			1,565		5,894		3,502		2,054
Total expenses		188,551			184,595		185,564		185,038		183,647
Income before income taxes, discontinued operations and noncontrolling interest		52,994			53,958		49,730		46,414		45,257
Income tax (expense) benefit		(286	)		367		410		395		547
Income from continuing operations		52,708			54,325		50,140		46,809		45,804
Discontinued operations		460			453		290		42,374		29,165
Net income		53,168			54,778		50,430		89,183		74,969
Net income attributable to noncontrolling interest (net of tax of $419, $422, $387, $541 and $390, respectively)		549			697		625		802		741
Net income attributable to common stockholders	$	52,619		$	54,081	$	49,805	$	88,381	$	74,228
Earnings per common share:
Basic:
Income from continuing operations attributable to common stockholders	$	0.34		$	0.35	$	0.32	$	0.30	$	0.32
Discontinued operations		0.00			0.00		0.00		0.27		0.20
Net income attributable to common stockholders	$	0.34		$	0.35	$	0.32	$	0.57	$	0.52
Diluted:
Income from continuing operations attributable to common stockholders	$	0.34		$	0.35	$	0.32	$	0.30	$	0.32
Discontinued operations		0.00			0.00		0.00		0.27		0.20
Net income attributable to common stockholders	$	0.34		$	0.35	$	0.32	$	0.57	$	0.52
Weighted average shares used in computing earnings per common share:
Basic		156,453			156,296		156,250		154,441		143,091
Diluted		156,967			156,692		156,516		154,510		143,145
Dividends declared per common share	$	0.535		$	0.5125	$	0.5125	$	0.5125	$	0.5125

24

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended March 31, 2010 and 2009
(In thousands)

	2010			2009
Cash flows from operating activities:
Net income	$	53,168		$	74,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)		52,537			49,908
Amortization of deferred revenue and lease intangibles, net		(1,549	)		(1,858	)
Other amortization expenses		2,154			608
Stock-based compensation		3,032			3,059
Straight-lining of rental income		(2,449	)		(2,938	)
Loss on extinguishment of debt		—			158
Net gain on sale of real estate assets (including amounts in discontinued operations)		(184	)		(27,871	)
Income tax expense (benefit)		286			(547	)
Other		53			157
Changes in operating assets and liabilities:
(Increase) decrease in other assets		(3,772	)		1,688
Increase in accrued interest		17,799			20,190
Decrease in accounts payable and other liabilities		(5,514	)		(3,967	)
Net cash provided by operating activities		115,561			113,556
Cash flows from investing activities:
Net investment in real estate property		(11,860	)		(8,387	)
Investment in loans receivable		(15,796	)		(7,373	)
Proceeds from real estate disposals		754			56,614
Proceeds from loans receivable		1,192			1,650
Capital expenditures		(4,295	)		(3,870	)
Net cash (used in) provided by investing activities		(30,005	)		38,634
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		29,089			(87,046	)
Proceeds from debt		196			9,201
Repayment of debt		(7,807	)		(74,357	)
Payment of deferred financing costs		(1,113	)		(9,567	)
Cash distribution to common stockholders		(83,881	)		(73,546	)
Contributions from noncontrolling interest		265			—
Distributions to noncontrolling interest		(1,989	)		(1,414	)
Other		4,169			3,649
Net cash used in financing activities		(61,071	)		(233,080	)
Net increase (decrease) in cash and cash equivalents		24,485			(80,890	)
Effect of foreign currency translation on cash and cash equivalents		847			(116	)
Cash and cash equivalents at beginning of period		107,397			176,812
Cash and cash equivalents at end of period	$	132,729		$	95,806
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments	$	496		$	8,307
Utilization of escrow funds held for an Internal Revenue Code Section 1031 exchange		—			(9,295	)
Other assets acquired		(355	)		82
Other liabilities		141			(1,886	)
Noncontrolling interest		—			980
Debt transferred on the sale of assets		—			38,759

25

QUARTERLY CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	2010 First			2009 Quarters
	Quarter			Fourth			Third			Second			First
Cash flows from operating activities:
Net income	$	53,168		$	54,778		$	50,430		$	89,183		$	74,969
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)		52,537			52,092			50,347			48,907			49,908
Amortization of deferred revenue and lease intangibles, net		(1,549	)		(1,518	)		(1,564	)		(1,729	)		(1,858	)
Other amortization expenses		2,154			2,058			1,921			1,766			608
Stock-based compensation		3,032			2,667			3,078			3,078			3,059
Straight-lining of rental income		(2,449	)		(2,918	)		(2,971	)		(3,052	)		(2,938	)
Loss on extinguishment of debt		—			—			—			5,922			158
Net gain on sale of real estate assets (including amounts in discontinued operations)		(184	)		(294	)		(120	)		(39,020	)		(27,871	)
Income tax expense (benefit)		286			(367	)		(410	)		(395	)		(547	)
Other		53			(178	)		99			(169	)		157
Changes in operating assets and liabilities:
(Increase) decrease in other assets		(3,772	)		2,763			(5,703	)		(262	)		1,688
Increase (decrease) in accrued interest		17,799			(17,507	)		18,529			(25,169	)		20,190
(Decrease) increase in accounts payable and other liabilities		(5,514	)		7,328			14,419			2,526			(3,967	)
Net cash provided by operating activities		115,561			98,904			128,055			81,586			113,556
Cash flows from investing activities:
Net investment in real estate property		(11,860	)		(21,987	)		(4,370	)		(10,971	)		(8,387	)
Investment in loans receivable		(15,796	)		(6,430	)		—			—			(7,373	)
Proceeds from real estate disposals		754			740			1,188			—			56,614
Proceeds from loans receivable		1,192			120			207			6,051			1,650
Proceeds from sale of investments		—			5,000			—			—			—
Capital expenditures		(4,295	)		(6,614	)		(3,156	)		(158	)		(3,870	)
Net cash (used in) provided by investing activities		(30,005	)		(29,171	)		(6,131	)		(5,078	)		38,634
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities		29,089			(1,417	)		(1,528	)		(202,882	)		(87,046	)
Proceeds from debt		196			61,480			3,087			291,914			9,201
Repayment of debt		(7,807	)		(8,642	)		(13,515	)		(428,659	)		(74,357	)
Payment of deferred financing costs		(1,113	)		(3,233	)		—			(3,855	)		(9,567	)
Issuance of common stock, net		—			—			—			299,201			—
Cash distribution to common stockholders		(83,881	)		(80,313	)		(80,271	)		(80,269	)		(73,546	)
Contributions from noncontrolling interest		265			576			329			306			—
Distributions to noncontrolling interest		(1,989	)		(2,373	)		(2,472	)		(3,610	)		(1,414	)
Other		4,169			692			(3,454	)		1,808			3,649
Net cash used in financing activities		(61,071	)		(33,230	)		(97,824	)		(126,046	)		(233,080	)
Net increase (decrease) in cash and cash equivalents		24,485			36,503			24,100			(49,538	)		(80,890	)
Effect of foreign currency translation on cash and cash equivalents		847			5			266			255			(116	)
Cash and cash equivalents at beginning of period		107,397			70,889			46,523			95,806			176,812
Cash and cash equivalents at end of period	$	132,729		$	107,397		$	70,889		$	46,523		$	95,806
Supplemental schedule of non-cash activities:
Assets and liabilities assumed from acquisitions:
Real estate investments	$	496		$	59,326		$	148		$	—		$	8,307
Utilization of escrow funds held for an Internal Revenue Code Section 1031 exchange		—			(55,700	)		—			—			(9,295	)
Other assets acquired		(355	)		—			(82	)		—			82
Other liabilities		141			1,948			—			—			(1,886	)
Noncontrolling interest		—			1,677			67			—			980
Debt transferred on the sale of assets		—			—			—			—			38,759

26

QUARTERLY FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO AND FUNDS AVAILABLE FOR DISTRIBUTION (FAD)
(In thousands, except per share amounts)

	2010 First			2009 Quarters
	Quarter			Fourth			Third			Second			First
Net income attributable to common stockholders	$	52,619		$	54,081		$	49,805		$	88,381		$	74,228
Adjustments:
Depreciation and amortization on real estate assets		52,247			51,708			49,981			48,472			49,328
Depreciation on real estate assets related to noncontrolling interest		(1,726	)		(1,653	)		(1,580	)		(1,496	)		(1,620	)
Discontinued operations:
Gain on sale of real estate assets		(184	)		(294	)		(120	)		(39,020	)		(27,871	)
Depreciation and amortization on real estate assets		61			200			203			266			410
FFO		103,017			104,042			98,289			96,603			94,475
Merger-related expenses and deal costs		2,319			1,565			5,894			3,502			2,054
Income tax benefit		(133	)		(789	)		(797	)		(936	)		(937	)
Loss on extinguishment of debt		—			—			—			5,975			105
Normalized FFO		105,203			104,818			103,386			105,144			95,697
Straight-lining of rental income		(2,449	)		(2,918	)		(2,971	)		(3,052	)		(2,938	)
Routine capital expenditures		(597	)		(4,233	)		(2,058	)		(632	)		(1,144	)
Normalized FAD	$	102,157		$	97,667		$	98,357		$	101,460		$	91,615
Per diluted share(1):
Net income attributable to common stockholders	$	0.34		$	0.35		$	0.32		$	0.57		$	0.52
Adjustments:
Depreciation and amortization on real estate assets		0.33			0.33			0.32			0.31			0.34
Depreciation on real estate assets related to noncontrolling interest		(0.01	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Discontinued operations:
Gain on sale of real estate assets		(0.00	)		(0.00	)		(0.00	)		(0.25	)		(0.19	)
Depreciation and amortization on real estate assets		0.00			0.00			0.00			0.00			0.00
FFO		0.66			0.66			0.63			0.63			0.66
Merger-related expenses and deal costs		0.01			0.01			0.04			0.02			0.01
Income tax benefit		(0.00	)		(0.01	)		(0.01	)		(0.01	)		(0.01	)
Loss on extinguishment of debt		—			—			—			0.04			0.00
Normalized FFO		0.67			0.67			0.66			0.68			0.67
Straight-lining of rental income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
Routine capital expenditures		(0.00	)		(0.03	)		(0.01	)		(0.00	)		(0.01	)
Normalized FAD	$	0.65		$	0.62		$	0.63		$	0.66		$	0.64

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

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, many industry investors have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. To overcome this problem, the Company considers FFO and normalized FFO and FAD appropriate measures of performance of an equity REIT. The Company uses the NAREIT definition of FFO. NAREIT defines FFO as net income, computed in accordance with GAAP, excluding gains (or losses) from sales of property, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company defines normalized FFO as FFO excluding certain income and expense items as listed below. Normalized FAD represents normalized FFO excluding straight-line rental adjustments and routine capital expenditures.

FFO and normalized FFO and FAD presented herein are not necessarily comparable to FFO and normalized FFO and FAD presented by other real estate companies due to the fact that not all real estate companies use the same definitions. FFO and normalized FFO and FAD should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of the Company’s financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of the Company’s liquidity, nor are FFO and normalized FFO and FAD necessarily indicative of sufficient cash flow to fund all of the Company’s needs. The Company believes that in order to facilitate a clear understanding of the consolidated historical operating results of the Company, FFO and normalized FFO and FAD should be examined in conjunction with net income as presented elsewhere herein.

The Company’s normalized FFO excludes (a) gains and losses on the sales of assets, (b) merger-related costs and expenses and deal costs and expenses, including expenses relating to the Company’s lawsuit against HCP, Inc., (c) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts or premiums incurred as a result of early debt retirement or payment of the Company’s debt and (d) the non-cash effect of income tax benefits/expenses.

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NORMALIZED FFO AND FAD GUIDANCE FOR THE YEAR ENDING DECEMBER 31, 2010

The following table illustrates the Company’s normalized FFO and FAD per diluted common share guidance for the year ending December 31, 2010:

	GUIDANCE
	For the Year
	Ending
	December 31, 2010
Net income attributable to common stockholders	$	1.38		–	$	1.47
Adjustments:
Depreciation and amortization on real estate assets, depreciation related to noncontrolling interest and gain/loss on sale of real estate assets, net		1.28		–		1.28
FFO		2.66		–		2.75
Adjustments:
Income tax benefit (net of noncontrolling interest), gain/loss on extinguishment of debt and merger-related expenses and deal costs, net		0.03		–		0.00
Normalized FFO		2.69		–		2.75
Straight-lining of rental income and routine capital expenditures		(0.14	)	–		(0.13	)
Normalized FAD	$	2.55		–	$	2.62

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NET DEBT TO ADJUSTED EBITDA

The following information considers the pro forma effect on net income, interest and depreciation of the Company’s investments and other capital transactions that were completed during the three months ended March 31, 2010, as if the transactions had been consummated as of the beginning of the period. The following table illustrates net debt to pro forma earnings before interest, taxes, depreciation and amortization (including of non-cash stock-based compensation), excluding merger-related expenses and deal costs and gains or losses on real estate disposals (“Adjusted EBITDA”) (dollars in thousands):

Pro forma net income for the three months ended March 31, 2010	$	53,199
Add back:
Pro forma interest (including discontinued operations)		44,459
Pro forma depreciation and amortization (including discontinued operations)		52,581
Stock-based compensation		3,032
Income tax expense		286
Net gain on real estate disposals		(184	)
Other taxes		250
Merger-related expenses and deal costs		2,319
Adjusted EBITDA	$	155,942
Adjusted EBITDA annualized	$	623,768
As of March 31, 2010:
Debt	$	2,698,171
Cash, including cash escrows pertaining to debt		(140,174	)
Net debt	$	2,557,997
Net debt to Adjusted EBITDA		4.1	x

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

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