Ventas (VTR) 8-K Ventas Reports Fourth Quarter Normalized Ffo of

Exhibit 99.2

Fourth Quarter 2008 Supplemental Data

Sunrise of New City—New City, NY

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

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Table of Contents

Debt Maturity Schedule	1
Debt Covenants	2-3
Triple-Net, Managed and Loan Portfolio	4-7
Operating Portfolio	8-9
Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios	10
Revenue Rollover Schedule	11
Company Development Data	12

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Debt Maturity Schedule:¹

¹ Dollars in millions; data as of February 10, 2009 and excludes normal monthly principal amortization. The Company’s joint venture partners’ pro rata share of total maturities is approximately $141.8 million. Ventas has the ability and intention to extend certain mortgage loans until 2010.

1

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Debt Covenants:

2

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Debt Covenants:

Secured Debt / Gross Asset Value Unsecured Debt / Unencumbered Gross Asset Value

Fixed Charge Coverage Unencumbered Interest Coverage

3

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

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

Property Type	Number of Properties	Number of Beds/Units/Square Feet		Number of States/ Provinces	Ventas Investment		Cash Flow Coverage	Occupancy2		Annualized NNN Revenue3			Annualized Operating Property Revenue3			Total Annualized Revenue3			Annualized NNN NOI3			Annualized Operating Property NOI3			Total Annualized NOI3
Hospital—Stabilized Triple-Net	40	3,479	Beds	17	$	346	2.5x	58.0	%	$	92		$	0		$	92		$	92		$	0		$	92
Skilled Nursing—Stabilized Triple-Net	192	23,358	Beds	28		827	2.0x	89.1	%		177			0			177			177			0			177
Seniors Housing—Triple-Net	165	16,751	Units	31		2,260	1.3x	88.2	%		194			0			194			194			0			194
Seniors Housing—Operating	79	6,513	Units	21		2,033	N/A	90.7	%		0			359			359			0			109			109
Medical Office—Stabilized	19	1,046,169	Square Feet	9		223	N/A	95.6	%		0			28			28			0			18			18
Medical Office—Lease-Up	2	181,952	Square Feet	2		42	N/A	58.9	%		0			3			3			0			1			1
Other—Stabilized Triple-Net	8	122	Beds	1		7	5.0x	N/A			1			0			1			1			0			1
Total	505			45	$	5,738	1.8x			$	464		$	389		$	853		$	464		$	128		$	592
											54	%		46	%		100	%		78	%		22	%		100	%

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

Borrower	Original Investment		Outstanding Principal		Secured/ Unsecured	Borrower/ Asset Type	Effective Interest Rate		Annualized Revenue3
Manor Care	$	99	$	112	Secured	SNF/ALF	L + 533		$	6
HCA		45		50	Unsecured	Hospital	9.2	%		4
Emeritus		10		10	Secured	ILF/ALF/ALZ	8.3	%		1
Other—Secured4		21		14	Secured	ALF	N/A			0
Other—Unsecured		19		20	Unsecured	Hospital	9.1	%		2
Total	$	193	$	207					$	13

Owned Portfolio—Overview by State/Province:¹

	Totals			Hospital		Skilled Nursing		Seniors Housing		Medical Office		Other
State/Province	No.	%		No.	Beds	No.	Beds	No.	Units	No.	Sq. Feet	No.	Beds
California	40	8	%	5	417	9	1,132	26	3,304	0	0	0	0
Pennsylvania	35	7	%	2	115	6	797	25	1,649	2	111,671	0	0
Massachusetts	34	7	%	2	109	26	2,712	6	856	0	0	0	0
Ohio	30	6	%	0	0	12	1,626	16	1,152	2	143,567	0	0
Kentucky	29	6	%	2	424	27	3,054	0	0	0	0	0	0
Florida	26	5	%	6	511	0	0	14	1,453	6	206,641	0	0
Indiana	23	5	%	1	59	13	1,883	9	1,001	0	0	0	0
North Carolina	23	5	%	1	124	16	1,818	6	438	0	0	0	0
Illinois	21	4	%	4	431	0	0	17	2,637	0	0	0	0
Texas	21	4	%	7	496	0	0	3	262	3	78,622	8	122
All Other	223	44	%	10	793	83	10,336	122	10,512	8	687,620	0	0
Total	505	100	%	40	3,479	192	23,358	244	23,264	21	1,228,121	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 3Q08 and occupancy for operating properties is as of 4Q08.

³ Annualized fourth 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. Excludes assets recently sold to Benchmark and Emeritus, and assets to be sold to the University of Kentucky.

⁴ Outstanding principal is the approximate carrying value. Effective interest rate is the stated contractual rate.

4

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Owned and Loan Portfolio—Property Type Concentration (Dollars in Millions):¹

Investment Type	Owned Property Count	Ventas Investment		%		Annualized Rent/Revenue2		%		Annualized Rent/NOI2		%
Seniors Housing	244	$	4,293	72	%	$	552	64	%	$	303	50	%
Skilled Nursing	192		827	14	%		177	20	%		177	29	%
Hospital	40		346	6	%		92	11	%		92	15	%
Medical Office	21		266	4	%		31	4	%		19	3	%
Other	8		7	NM			1	NM			1	NM
Loans	N/A		207	3	%		13	1	%		13	2	%
Total	505	$	5,945	100	%	$	866	100	%	$	605	100	%

Owned and Loan Portfolio—Operator Concentration (Dollars in Millions):¹

Operator/Manager	Owned Property Count	Ventas Investment		%		Annualized Rent/Revenue2		%		Annualized Rent/NOI2		%
Sunrise Senior Living	79	$	2,033	34	%	$	359	41	%	$	109	18	%
Brookdale Senior Living	83		1,393	23	%		122	14	%		122	20	%
Kindred Healthcare	203		935	16	%		243	28	%		243	40	%
Senior Care	66		625	11	%		50	6	%		50	8	%
Emeritus Senior Living	11		163	3	%		16	2	%		16	3	%
Capital Senior Living	11		158	3	%		14	2	%		14	2	%
Manor Care	N/A		112	2	%		6	1	%		6	1	%
NexCore	4		93	2	%		12	1	%		7	1	%
Formation	11		88	1	%		9	1	%		9	1	%
Greenfield	7		50	1	%		5	1	%		4	1	%
Assisted Living Concepts	8		50	1	%		5	1	%		5	1	%
HCA	N/A		50	1	%		4	NM			4	1	%
All Other	22		195	3	%		21	2	%		15	3	%
Total	505	$	5,945	100	%	$	866	100	%	$	605	100	%

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

State/Province	Owned Property Count	Annualized Rent/Revenue2		%		Annualized Rent/NOI2		%
California	40	$	113	13	%	$	79	13	%
Illinois	21		90	11	%		66	11	%
Massachusetts	34		48	6	%		41	7	%
Ontario	9		46	5	%		13	2	%
Pennsylvania	35		45	5	%		23	4	%
New Jersey	11		38	4	%		15	3	%
Florida	26		37	4	%		35	6	%
Colorado	14		31	4	%		17	3	%
Georgia	16		31	4	%		17	3	%
North Carolina	23		29	3	%		21	4	%
All Other	276		344	40	%		265	45	%
Total	505	$	853	100	%	$	592	100	%

¹ Totals may not add due to rounding. NM = not material.

² Annualized fourth 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. Excludes assets recently sold to Benchmark and Emeritus, and assets to be sold to the University of Kentucky.

5

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Owned and Loan Portfolio—Property Type Concentration:¹

Revenue: NOI:

Owned and Loan Portfolio—Operator Concentration:¹

Revenue: NOI:

¹ Annualized fourth 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. Excludes assets recently sold to Benchmark and Emeritus, and assets to be sold to the University of Kentucky.

6

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 3rd Quarters of 2008 & 2007:^1,2

		Sequential Quarter Comparison								Year-Over-Year Comparison
	Number of Properties	3Q08 Cash Flow Coverage		2Q08 Cash Flow Coverage		3Q08 Occupancy		2Q08 Occupancy		3Q08 Cash Flow Coverage		3Q07 Cash Flow Coverage		3Q08 Occupancy		3Q07 Occupancy
Property Type
Hospital	40	2.5	x	2.6	x	58.0	%	62.4	%	2.5	x	3.0	x	58.0	%	58.3	%
Skilled Nursing	192	2.0	x	2.0	x	89.1	%	88.9	%	2.0	x	1.8	x	89.1	%	88.0	%
Seniors Housing	162	1.3	x	1.3	x	88.2	%	87.0	%	1.3	x	1.3	x	88.2	%	89.4	%
Other	8	5.0	x	4.9	x	N/A		N/A		5.0	x	4.2	x	N/A		N/A
Total	402	1.8	x	1.8	x					1.8	x	1.9	x

Same-Store Triple-Net Portfolio Trend Data for Properties Owned for the Full 2nd and 3rd Quarters of 2008:^1,2

		Sequential Quarter Comparison
	Number of Properties	3Q08 Cash Flow Coverage		2Q08 Cash Flow Coverage		3Q08 Occupancy		2Q08 Occupancy
Property Type
Hospital	40	2.5	x	2.6	x	58.0	%	62.4	%
Skilled Nursing	192	2.0	x	2.0	x	89.1	%	88.9	%
Seniors Housing	165	1.3	x	1.3	x	88.2	%	87.1	%
Other	8	5.0	x	4.9	x	N/A		N/A
Total	405	1.8	x	1.8	x

¹ Third quarter 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.

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Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Medical Office Operating Portfolio Statistics:¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	4Q08			4Q074			4Q08			4Q074			4Q08			4Q07
Number of properties:		19			16			15			15			2			2
Number of square feet:		1,046,169			791,109			760,812			760,812			181,952			181,952
Average occupancy:		95.6	%		95.3	%		94.4	%		95.1	%		58.9	%		55.7	%
Average annual rate per square foot:	$	29		$	28		$	28		$	28		$	26		$	27
Operating revenue:	$	7.6		$	5.5		$	5.2		$	5.3		$	0.7		$	0.7
Less expenses:		2.6			2.4			2.1			2.4			0.4			0.6
Total NOI:		4.9			3.1			3.1			2.9			0.4			0.1
Less Company’s partners’ share:		0.4			0.0			0.0			0.0			0.0			0.0
Ventas NOI:	$	4.5		$	3.1		$	3.1		$	2.9		$	0.4		$	0.1

	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2,3						Lease-Up
	4Q08			3Q084			4Q08			3Q084			4Q08			3Q08
Number of properties:		19			19			17			17			2			2
Number of square feet:		1,046,169			1,046,169			870,041			870,041			181,952			181,952
Average occupancy:		95.6	%		95.6	%		95.1	%		95.2	%		58.9	%		57.8	%
Average annual rate per square foot:	$	29		$	27		$	29		$	27		$	26		$	26
Operating revenue:	$	7.6		$	6.3		$	6.3		$	5.9		$	0.7		$	0.8
Less expenses:		2.6			1.9			2.3			1.8			0.4			0.4
Total NOI:		4.9			4.4			4.1			4.1			0.4			0.4
Less Company’s partner’s share:		0.4			0.4			0.4			0.4			0.0			0.0
Ventas NOI:	$	4.5		$	4.0		$	3.7		$	3.7		$	0.4		$	0.4

¹ Dollars in millions except for rate data. Totals may not add due to rounding.

² Includes only those MOBs owned for the full period.

³ Includes only those MOBs owned in both comparison periods.

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

8

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Seniors Housing Operating Portfolio Statistics:¹

	Year-Over-Year Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	4Q08			4Q07			4Q08			4Q07			4Q08			4Q073
Number of properties:		77			72			72			72			2			7
Number of units:		6,220			5,831			5,831			5,831			293			682
Resident day capacity:		677,396			633,972			633,972			633,972			30,728			55,720
Average resident occupancy:		90.7	%		93.1	%		91.0	%		93.1	%		63.7	%		64.7	%
Average daily rate / resident fees:	$	167		$	171		$	168		$	171		$	140		$	169
Operating revenue:	$	102.9		$	100.8		$	96.7		$	100.8		$	2.7		$	6.1
Less expenses:		71.6			68.2			67.3			68.2			1.9			5.0
Total NOI:		31.3			32.6			29.4			32.6			0.9			1.1
Less Company’s partner’s share:		4.7			4.6			4.4			4.6			0.2			0.3
Ventas NOI:	$	26.6		$	28.0		$	25.0		$	28.0		$	0.7		$	0.9
	Sequential Quarter Comparison
	Stabilized						Same-Store Stabilized2						Lease-Up
	4Q08			3Q08			4Q08			3Q08			4Q08			3Q08
Number of properties:		77			76			72			72			2			3
Number of units:		6,220			6,141			5,831			5,831			293			372
Resident day capacity:		677,396			668,656			633,972			633,972			30,728			39,468
Average resident occupancy:		90.7	%		91.5	%		91.0	%		91.7	%		63.7	%		59.1	%
Average daily rate / resident fees:	$	167		$	171		$	168		$	172		$	140		$	160
Operating revenue:	$	102.9		$	104.9		$	96.7		$	100.0		$	2.7		$	3.7
Less expenses:		71.6			69.9			67.3			66.8			1.9			3.5
Total NOI:		31.3			34.9			29.4			33.3			0.9			0.3
Less Company’s partner’s share:		4.7			5.1			4.4			4.8			0.2			0.1
Ventas NOI:	$	26.6		$	29.8		$	25.0		$	28.5		$	0.7		$	0.2

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.

³ 4Q07 occupancy and average daily rate have been corrected.

9

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Kindred Healthcare Same-Store TTM EBITDARM Coverage Ratios:¹

	Number of Properties	Sequential Quarter Comparison				Year-Over-Year Comparison
Ventas - Kindred Master Lease		3Q08		2Q08		3Q08		3Q07
1	83	2.4	x	2.4	x	2.4	x	2.4	x
2	41	2.0	x	2.1	x	2.0	x	2.2	x
3	38	1.9	x	1.9	x	1.9	x	1.9	x
4	41	2.3	x	2.3	x	2.3	x	2.4	x
Total	203	2.2	x	2.2	x	2.2	x	2.2	x
Property Type	Number of Properties	3Q08		2Q08		3Q08		3Q07
Hospitals	38	2.5	x	2.7	x	2.5	x	3.0	x
Skilled Nursing Facilities	165	2.0	x	2.0	x	2.0	x	1.8	x
Total	203	2.2	x	2.2	x	2.2	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 and Pharmacy Divisions has been eliminated from purchased ancillary expenses within the Ventas portfolio. Third quarter is most recent quarter available.

10

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

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

			Lease Rollover Year
	Totals		2009		2010		2011		2012		2013		Thereafter
Hospital—Stabilized Triple-Net:
Annualized Revenue	$	92.0		—	$	43.5		—		—	$	45.8	$	2.7
Skilled Nursing—Stabilized Triple-Net:
Annualized Revenue		177.1		—		81.5		—		1.4		72.9		21.3
Seniors Housing—Stabilized Triple-Net:
Annualized Revenue		193.5		—		—		—		2.7		—		190.9
Medical Office—Stabilized:
Annualized Revenue2		27.3		2.5		3.5		3.3		2.5		1.8		13.7
Medical Office—Lease-Up:
Annualized Revenue2		3.0		—		—		0.1		0.2		0.2		2.5
Other—Stabilized Triple-Net:
Annualized Revenue		1.0		—		1.0		—		—		—		—
Total:
Annualized Revenue	$	493.9	$	2.5	$	129.4	$	3.5	$	6.8	$	120.6	$	231.1

¹ Annualized fourth quarter Ventas revenue assuming all events occurred at the beginning of the period. Dollars in millions. Totals may not add due to rounding. Excludes assets recently sold to Benchmark and Emeritus, and assets to be sold to the University of Kentucky.

² Company’s Partners’ share has not been eliminated from revenue.

11

Ventas, Inc.

Fourth Quarter 2008 Supplemental Data

Company Development Data:

Status

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

In Lease-up

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%

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

62.8 Cdn

52.7 Cdn

8.0%-8.5%

In Development

Bon Secours Greenville MOB2

95%

Greenville

MOB

97,795 RSF

July 2009

September 2008

$

25.0

N/A

7.8%-8.2%

In Development

Parker II MOB2

95%

Denver

MOB

75,087 RSF

November 2009

October 2008

20.0

N/A

7.5%-7.7%

To Be Acquired

Carroll MOB2

90%

Baltimore

MOB

77,242 RSF

December 2009

November 2011

21.0

N/A

8.0%-8.5%

¹ Dollars in millions.

² Development cost is estimated cost to Ventas, subject to adjustments.

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