Exhibit 99.2
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Third Quarter 2007 Supplemental Data
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Sunrise of Aurora – Aurora, ON
All amounts shown in this report are unaudited and in U.S. dollars unless otherwise noted.
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Triple-Net, Managed and Secured Loan Portfolio – Overview by Type (Dollars in Millions):1
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property Type | | Number of Facilities | | Number of Beds/Units/Square Feet | | Number of States / Provinces | | Ventas Investment | | Cash Flow Coverage | | Occupancy2 | | | Annualized NNN Revenue3 | | | Annualized Operating Property Revenue4 | | | Total Annualized Revenue | | | |
Hospital – Stabilized Triple-Net | | 42 | | 3,844 Beds | | 18 | | $ | 369 | | 2.9x | | 61 | % | | $ | 93 | | | $ | 0 | | | $ | 93 | | | |
Skilled Nursing – Stabilized Triple-Net | | 197 | | 24,687 Beds | | 29 | | $ | 874 | | 1.8x | | 88 | % | | | 176 | | | | 0 | | | | 176 | | | |
Senior Housing – Triple-Net & Loan | | 178 | | 17,912 Units | | 32 | | $ | 2,368 | | 1.3x | | 89 | % | | | 204 | | | | 0 | | | | 204 | | | |
Senior Housing – Operating | | 78 | | 6,284 Units | | 21 | | $ | 1,960 | | N/A | | 93 | % | | | 0 | | | | 354 | | | | 354 | | | |
Medical Office – Stabilized | | 17 | | 841,040 Square Feet | | 8 | | $ | 156 | | N/A | | 97 | % | | | 1 | | | | 20 | | | | 20 | | | |
Medical Office – Lease-Up | | 2 | | 181,903 Square Feet | | 2 | | $ | 40 | | N/A | | 57 | % | | | 0 | | | | 3 | | | | 3 | | | |
Other – Stabilized Triple-Net | | 8 | | 122 Beds | | 1 | | $ | 7 | | 4.0x | | N/A | | | | 1 | | | | 0 | | | | 1 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 522 | | | | | | | 45 | | $ | 5,774 | | 1.8x | | | | | $ | 475 | | | $ | 376 | | | $ | 851 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | 56 | % | | | 44 | % | | | 100 | % | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
Triple-Net, Managed and Secured Loan Portfolio – Overview by State/Province:1 | | | | | | | | | |
| | | | | | |
| | Totals | | | Hospital | | Skilled Nursing | | Senior Housing | | | Medical Office | | | Other |
State/Province | | No. | | % | | | No. | | Beds | | No. | | Beds | | No. | | | Units | | | No. | | | Sq. Feet | | | No. | | Beds |
California | | 42 | | 8 | % | | 5 | | 417 | | | 9 | | 1,159 | | 28 | | | | 3,422 | | | | — | | | | — | | | — | | — |
Massachusetts | | 38 | | 7 | % | | 2 | | 109 | | | 26 | | 2,811 | | 10 | | | | 1,255 | | | | — | | | | — | | | — | | — |
Ohio | | 35 | | 7 | % | | 1 | | 29 | | | 14 | | 1,863 | | 18 | | | | 1,287 | | | | 2 | | | | 143,515 | | | — | | — |
Pennsylvania | | 35 | | 7 | % | | 2 | | 115 | | | 6 | | 797 | | 25 | | | | 1,686 | | | | 2 | | | | 112,269 | | | — | | — |
Kentucky | | 31 | | 6 | % | | 3 | | 760 | | | 27 | | 3,081 | | — | | | | — | | | | 1 | | | | 50,000 | | | — | | — |
Florida | | 28 | | 5 | % | | 6 | | 511 | | | — | | — | | 16 | | | | 1,636 | | | | 6 | | | | 206,644 | | | — | | — |
Indiana | | 23 | | 4 | % | | 1 | | 59 | | | 13 | | 1,968 | | 9 | | | | 1,002 | | | | — | | | | — | | | — | | — |
North Carolina | | 23 | | 4 | % | | 1 | | 124 | | | 16 | | 1,836 | | 6 | | | | 437 | | | | — | | | | — | | | — | | — |
Illinois | | 21 | | 4 | % | | 4 | | 431 | | | — | | — | | 17 | | | | 2,637 | | | | — | | | | — | | | — | | — |
Texas | | 20 | | 4 | % | | 7 | | 496 | | | — | | — | | 2 | | | | 215 | | | | 3 | | | | 78,622 | | | 8 | | 122 |
All Other | | 226 | | 43 | % | | 10 | | 793 | | | 86 | | 11,172 | | 125 | | | | 10,619 | | | | 5 | | | | 431,893 | | | — | | — |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | 522 | | 100 | % | | 42 | | 3,844 | | | 197 | | 24,687 | | 256 | | | | 24,196 | | | | 19 | | | | 1,022,943 | | | 8 | | 122 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 | Totals may not foot due to rounding. |
2 | Occupancy shown for Senior Housing – Operating portfolio excludes communities in lease-up and those securing loans. Occupancy for triple-net properties is as of 2Q07 and occupancy for operating properties is as of 3Q07. |
3 | Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period. |
4 | Revenue reflects Ventas's portion only for joint venture assets. |
1
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Triple-Net Owned, Managed and Secured Loan Portfolio – Property Type Concentration (Dollars in Millions):1
| | | | | | | | | | | | | | |
Property Type | | Property Count | | Ventas Investment | | % | | | Annualized Rent/Revenue2 | | % | |
Senior Housing | | 256 | | $ | 4,328 | | 75 | % | | $ | 558 | | 66 | % |
Skilled Nursing | | 197 | | | 874 | | 15 | % | | | 176 | | 21 | % |
Hospitals | | 42 | | | 369 | | 6 | % | | | 93 | | 11 | % |
Medical Office | | 19 | | | 196 | | 3 | % | | | 23 | | 3 | % |
Other | | 8 | | | 7 | | NM | | | | 1 | | NM | |
| | | | | | | | | | | | | | |
Total | | 522 | | $ | 5,774 | | 100 | % | | $ | 851 | | 100 | % |
| | | | | | | | | | | | | | |
Triple-Net Owned, Managed and Secured Loan Portfolio – Operator Concentration (Dollars in Millions):1
| | | | | | | | | | | | | | |
Operator | | Property Count | | Ventas Investment | | % | | | Annualized Rent/Revenue2 | | % | |
Sunrise Senior Living | | 78 | | $ | 1,960 | | 34 | % | | $ | 354 | | 42 | % |
Brookdale Senior Living | | 83 | | | 1,386 | | 24 | % | | | 123 | | 14 | % |
Kindred Healthcare | | 203 | | | 935 | | 16 | % | | | 237 | | 28 | % |
Senior Care | | 66 | | | 625 | | 11 | % | | | 48 | | 6 | % |
Summerville Senior Living | | 16 | | | 196 | | 3 | % | | | 19 | | 2 | % |
Capital Senior Living | | 10 | | | 153 | | 3 | % | | | 13 | | 1 | % |
NexCore | | 4 | | | 92 | | 2 | % | | | 10 | | 1 | % |
Genesis Healthcare | | 11 | | | 88 | | 2 | % | | | 9 | | 1 | % |
Benchmark Assisted Living | | 4 | | | 55 | | 1 | % | | | 5 | | 1 | % |
Trans Healthcare | | 7 | | | 53 | | 1 | % | | | 7 | | 1 | % |
All Other | | 40 | | | 232 | | 4 | % | | | 26 | | 3 | % |
| | | | | | | | | | | | | | |
Total | | 522 | | $ | 5,774 | | 100 | % | | $ | 851 | | 100 | % |
| | | | | | | | | | | | | | |
Triple-Net Owned, Managed and Secured Loan Portfolio – State/Province Concentration (Dollars in Millions):1
| | | | | | | | |
State/Province | | Property Count | | Annualized Rent/Revenue2 | | % | |
California | | 42 | | $ | 111 | | 13 | % |
Illinois | | 21 | | | 92 | | 11 | % |
Massachusetts | | 38 | | | 53 | | 6 | % |
Pennsylvania | | 35 | | | 48 | | 6 | % |
Ontario | | 8 | | | 44 | | 5 | % |
New Jersey | | 11 | | | 39 | | 5 | % |
Florida | | 28 | | | 37 | | 4 | % |
Ohio | | 35 | | | 30 | | 3 | % |
Colorado | | 14 | | | 29 | | 3 | % |
New York | | 14 | | | 28 | | 3 | % |
All Other | | 276 | | | 341 | | 40 | % |
| | | | | | | | |
Total | | 522 | | $ | 851 | | 100 | % |
| | | | | | | | |
| 1 | Totals may not foot due to rounding. |
| 2 | Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period. Operating asset revenue reflects Ventas's portion only for joint venture assets. |
2
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Same-Store Triple-Net Portfolio Trend Data for Properties Owned as of April 1, 2006:
| | | | | | | | | | | | | | | | | | | | | | |
| | | | Sequential Quarter Comparison | | | Year Over Year Comparison | |
Property Type | | Number of Facilities | | 1Q07 Cash Flow Coverage | | 2Q07 Cash Flow Coverage | | 1Q07 Occupancy | | | 2Q07 Occupancy | | | 2Q06 Cash Flow Coverage | | 2Q07 Cash Flow Coverage | | 2Q06 Occupancy | | | 2Q07 Occupancy | |
Hospitals | | 40 | | 3.2x | | 2.9x | | 63 | % | | 61 | % | | 3.7x | | 2.9x | | 58 | % | | 61 | % |
Skilled Nursing | | 179 | | 1.8x | | 1.8x | | 88 | % | | 88 | % | | 1.9x | | 1.8x | | 88 | % | | 88 | % |
Senior Housing | | 125 | | 1.3x | | 1.3x | | 91 | % | | 91 | % | | 1.2x | | 1.3x | | 91 | % | | 91 | % |
Other | | 8 | | 3.7x | | 4.0x | | N/A | | | N/A | | | 2.6x | | 4.0x | | N/A | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | |
Total | | 352 | | 1.9x | | 1.9x | | | | | | | | 2.0x | | 1.9x | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Same-Store Triple-Net Portfolio Trend Data for Properties Owned as of January 1, 2007:
| | | | | | | | | | | | |
| | | | Sequential Quarter Comparison | |
Property Type | | Number of Facilities | | 1Q07 Cash Flow Coverage | | 2Q07 Cash Flow Coverage | | 1Q07 Occupancy | | | 2Q07 Occupancy | |
Hospitals | | 42 | | 3.1x | | 2.9x | | 63 | % | | 61 | % |
Skilled Nursing | | 197 | | 1.8x | | 1.8x | | 88 | % | | 88 | % |
Senior Housing | | 172 | | 1.2x | | 1.3x | | 89 | % | | 89 | % |
Other | | 8 | | 3.7x | | 4.0x | | N/A | | | N/A | |
| | | | | | | | | | | | |
Total | | 419 | | 1.8x | | 1.8x | | | | | | |
| | | | | | | | | | | | |
3
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Medical Office Operating Portfolio Statistics:1
| | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Over Year Comparison | |
| | Stabilized2 | | | Same-Store Stabilized2,3 | | | Lease-Up | |
| | 3Q07 | | | 3Q06 | | | 3Q07 | | | 3Q06 | | | 3Q07 | | | 3Q06 | |
Number of properties: | | | 10 | | | | 8 | | | | 8 | | | | 8 | | | | 1 | | | | — | |
Number of square feet: | | | 391,287 | | | | 259,185 | | | | 259,185 | | | | 259,185 | | | | 81,286 | | | | — | |
Occupancy: | | | 96 | % | | | 99 | % | | | 97 | % | | | 99 | % | | | 50 | % | | | — | |
Average annual rate per square foot: | | $ | 28 | | | $ | 27 | | | $ | 29 | | | $ | 27 | | | $ | 23 | | | | — | |
| | | | | | |
Operating revenue: | | $ | 2.6 | | | $ | 1.8 | | | $ | 1.8 | | | $ | 1.8 | | | $ | 0.3 | | | | — | |
Less expenses: | | | 1.2 | | | | 0.7 | | | | 0.7 | | | | 0.7 | | | | 0.1 | | | | — | |
Total NOI: | | | 1.4 | | | | 1.1 | | | | 1.1 | | | | 1.1 | | | | 0.1 | | | | — | |
Less joint venture share: | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | — | |
Ventas NOI: | | $ | 1.4 | | | $ | 1.1 | | | $ | 1.1 | | | $ | 1.1 | | | $ | 0.1 | | | | — | |
| |
| | Sequential Quarter Comparison | |
| | Stabilized2 | | | Same-Store Stabilized2,3 | | | Lease-Up | |
| | 3Q07 | | | 2Q07 | | | 3Q07 | | | 2Q07 | | | 3Q07 | | | CORRECTED 2Q07 | |
Number of properties: | | | 10 | | | | 10 | | | | 8 | | | | 8 | | | | 1 | | | | 1 | |
Number of square feet: | | | 391,287 | | | | 391,287 | | | | 259,185 | | | | 259,185 | | | | 81,286 | | | | 81,286 | |
Occupancy: | | | 96 | % | | | 97 | % | | | 97 | % | | | 98 | % | | | 50 | % | | | 50 | % |
Average annual rate per square foot: | | $ | 28 | | | $ | 27 | | | $ | 29 | | | $ | 27 | | | $ | 23 | | | $ | 23 | |
| | | | | | |
Operating revenue: | | $ | 2.6 | | | $ | 2.6 | | | $ | 1.8 | | | $ | 1.8 | | | $ | 0.3 | | | $ | 0.2 | |
Less expenses: | | | 1.2 | | | | 1.2 | | | | 0.7 | | | | 0.7 | | | | 0.1 | | | | 0.1 | |
Total NOI: | | | 1.4 | | | | 1.4 | | | | 1.1 | | | | 1.1 | | | | 0.1 | | | | 0.1 | |
Less joint venture share: | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | | | | 0.0 | |
Ventas NOI: | | $ | 1.4 | | | $ | 1.4 | | | $ | 1.1 | | | $ | 1.1 | | | $ | 0.1 | | | $ | 0.1 | |
1 | Dollars in millions except for rate data. |
2 | Excludes one non-operating triple-net MOB classified as an operating MOB in prior Company disclosures. |
3 | Includes only those MOBs owned in both comparison periods. |
4
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Senior Housing Operating Portfolio Statistics:1
| | | | | | | | | | | | | | | | |
| | | | | CORRECTED | |
| | Stabilized 3Q07 | | | Lease-Up 3Q07 | | | Stabilized 2Q072 | | | Lease-Up 2Q072 | |
Number of properties: | | | 72 | | | | 6 | | | | 72 | | | | 6 | |
Number of units: | | | 5,831 | | | | 453 | | | | 5,831 | | | | 453 | |
Resident day capacity: | | | 633,972 | | | | 50,600 | | | | 420,351 | | | | 28,650 | |
Average resident occupancy:3 | | | 93 | % | | | 61 | % | | | 92 | % | | | 48 | % |
Average daily rate / resident fees:3 | | $ | 167 | | | $ | 169 | | | $ | 163 | | | $ | 177 | |
| | | | |
Operating revenue: | | $ | 98.7 | | | $ | 5.2 | | | $ | 63.7 | | | $ | 2.4 | |
Less expenses: | | | 65.7 | | | | 4.2 | | | | 42.6 | | | | 2.6 | |
Total NOI: | | | 33.0 | | | | 1.0 | | | | 21.0 | | | | (0.2 | ) |
Less joint venture share: | | | 4.7 | | | | 0.2 | | | | 3.0 | | | | 0.0 | |
Ventas NOI: | | $ | 28.3 | | | $ | 0.8 | | | $ | 18.0 | | | ($ | 0.2 | ) |
1 | Dollars in millions except for Average daily rate resident fees. |
2 | Results reflect May and June 2007 only. |
3 | 2Q07 Average daily rate / resident fees and average resident occupancy for the lease-up communities have been revised based on the corrected occupancy and resident day capacity for the period. |
5
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios:1
| | | | | | | | | | |
| | Number of Facilities | | Sequential Quarter Comparison | | Year Over Year Comparison |
Ventas – Kindred Master Lease | | | 1Q07 | | 2Q07 | | 2Q06 | | 2Q07 |
1 | | 83 | | 2.3x | | 2.2x | | 2.5x | | 2.2x |
2 | | 41 | | 2.4x | | 2.2x | | 2.9x | | 2.2x |
3 | | 38 | | 2.1x | | 1.9x | | 2.5x | | 1.9x |
4 | | 41 | | 2.5x | | 2.3x | | 2.6x | | 2.3x |
| | | | | | | | | | |
Total | | 203 | | 2.3x | | 2.2x | | 2.6x | | 2.2x |
| | | | | | | | | | |
| | | | | |
Property Type | | Number of Facilities | | 1Q07 | | 2Q07 | | 2Q06 | | 2Q07 |
Hospitals | | 38 | | 3.2x | | 2.9x | | 3.7x | | 2.9x |
Skilled Nursing Facilities | | 165 | | 1.8x | | 1.8x | | 1.9x | | 1.8x |
| | | | | | | | | | |
Total | | 203 | | 2.3x | | 2.2x | | 2.6x | | 2.2x |
| | | | | | | | | | |
1 | Coverage reflects the ratio of Kindred's EBITDARM to rent. EBITDARM is defined as earnings before interest, income taxes, depreciation, amortization, rent and management fees. In the calculation of trailing twelve months EBITDARM, intercompany profit pertaining to services provided by Kindred's PeopleFirst Rehabilitation and Pharmacy Divisions for the twelve months ended June 30, 2007 has been eliminated from purchased ancillary expenses within the Ventas portfolio. |
6
Ventas, Inc.
Third Quarter 2007 Supplemental Data
| | | | | | | | | | | | | | | | | | | | | |
| | | | Lease Rollover Year (Excluding Sunrise Operating Communities)1 |
| | Totals | | 2007 | | 2008 | | 2009 | | 2010 | | 2011 | | Thereafter |
Hospital - Stabilized Triple-Net: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 92.9 | | | — | | | — | | | — | | $ | 42.2 | | | — | | $ | 50.6 |
| | | | | | | |
Skilled Nursing - Stabilized Triple-Net: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 176.5 | | | — | | $ | 0.9 | | | — | | $ | 79.2 | | | — | | $ | 96.4 |
| | | | | | | |
Senior Housing - Stabilized Triple-Net: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 202.0 | | | — | | | — | | | — | | | — | | | — | | $ | 202.0 |
| | | | | | | |
Medical Office - Stabilized: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 20.5 | | $ | 0.7 | | $ | 2.3 | | $ | 2.0 | | $ | 2.5 | | $ | 2.3 | | $ | 10.6 |
| | | | | | | |
Medical Office - Lease-Up: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 3.0 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | $ | 0.0 | | $ | 0.2 | | $ | 2.8 |
| | | | | | | |
Other - Stabilized Triple-Net: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 0.9 | | | — | | | — | | | — | | $ | 0.9 | | | — | | | — |
| | | | | | | |
Total: | | | | | | | | | | | | | | | | | | | | | |
Annualized Revenue | | $ | 495.8 | | $ | 0.7 | | $ | 3.2 | | $ | 2.0 | | $ | 124.8 | | $ | 2.4 | | $ | 362.5 |
1 | Annualized third quarter Ventas revenue assuming all events occurred at the beginning of the period. Dollars in millions. Totals may not foot due to rounding. |
7
Ventas, Inc.
Third Quarter 2007 Supplemental Data
Company Development Data:
Properties in Lease-up:
| | | | | | | | | | | | | | | | | | | | |
Property Name | | Company Ownership % | | MSA | | Property Type | | Number of Residents or Beds/Units/ Square Feet | | Actual/Projected Opening Date | | Ventas Estimated/Actual Acquisition Date | | Total Development Cost1 | | Ventas Fixed Purchase Price (incl. FPAC)1 | | Expected Stabilized Yield |
Sunrise of Hillcrest | | 80% | | Dallas | | AL/ALZ | | 90 Residents /77 Units /56,500 SF | | June 2006 | | April 2007 | | $ | 14.6 | | $ | 12.3 | | 10.0% |
Sunrise of Bloomfield Hills | | 80% | | Detroit | | AL/ALZ | | 92 Residents /76 Units /58,600 SF | | July 2006 | | April 2007 | | | 21.3 | | | 17.9 | | 10.5% |
Sunrise of Staten Island | | 80% | | New York | | AL/ALZ | | 100 Residents /78 Units /63,000 SF | | November 2006 | | June 2007 | | | 29.7 | | | 25.0 | | 9.5%-10.0% |
Sunrise of Sandy | | 80% | | Salt Lake City | | AL/ALZ | | 95 Residents /79 Units /58,000 SF | | November 2006 | | April 2007 | | | 18.0 | | | 15.1 | | 9.5%-10.0% |
Sunrise of Scottsdale | | 80% | | Phoenix | | AL/ALZ | | 95 Residents /79 Units /60,000 SF | | March 2007 | | April 2007 | | | 20.2 | | | 17.0 | | 9.5%-10.0% |
Sunrise of Rocklin | | 80% | | Sacramento | | AL/ALZ | | 78 Residents /64 Units /48,000 SF | | April 2007 | | April 2007 | | | 18.6 | | | 15.7 | | 8.25%-8.75% |
|
Properties to be Acquired: |
| | | | | | | | | |
Sunrise of Thorne Mills on Steeles | | 0% | | Toronto | | IL/AL/ALZ | | 256 Residents /229 Units /210,000 SF | | August 2007 | | 4Q07 | | | 62.8 Cdn | | | 52.7 Cdn | | 8.0%-8.5% |
Casper Wyoming Hospital & MOB | | 0% | | Casper, WY | | Hosp/MOB | | 28 Beds / N/A Units / 50,132 SF | | 2Q08 | | 2Q08 | | | 28.6 | | | 28.6 | | 10.5% |
8