Ventas (VTR) 10-K 19 Feb 10 2009 FY Annual report Financial data

Statement Of Financial Position

Statement Of Financial Position Unclassified - Real Estate Operations (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Real estate investments:
Land	$557,276	$555,015
Buildings and improvements	5,722,837	5,593,024
Construction in progress	12,508	12,591
Real Estate Investment Property, at Cost, Total	6,292,621	6,160,630
Accumulated depreciation	(1,177,911)	(987,691)
Net real estate property	5,114,710	5,172,939
Loans receivable, net	131,887	123,289
Net real estate investments	5,246,597	5,296,228
Cash and cash equivalents	107,397	176,812
Escrow deposits and restricted cash	39,832	55,866
Deferred financing costs, net	29,252	22,032
Other	193,167	220,480
Total assets	5,616,245	5,771,418
Liabilities:
Senior notes payable and other debt	2,670,101	3,136,998
Deferred revenue	4,315	7,057
Accrued interest	17,974	21,931
Accounts payable and other accrued liabilities	186,130	168,198
Deferred income taxes	253,665	257,499
Total liabilities	3,132,185	3,591,683
Ventas stockholders' equity:
Preferred stock, $1.00 par value; 10,000 shares authorized, unissued	0	0
Common stock, $0.25 par value; 300,000 shares authorized; 156,627 and 143,302 shares issued at December 31, 2009 and 2008, respectively	39,160	35,825
Capital in excess of par value	2,573,039	2,264,125
Accumulated other comprehensive income (loss)	19,669	(21,089)
Retained earnings (deficit)	(165,710)	(117,806)
Treasury stock, 15 shares at December 31, 2009 and 2008	(647)	(457)
Total Ventas stockholders' equity	2,465,511	2,160,598
Noncontrolling interest	18,549	19,137
Total equity	2,484,060	2,179,735
Total liabilities and equity	$5,616,245	$5,771,418

1_Statement Of Financial Positi

Statement Of Financial Position Unclassified - Real Estate Operations (Parenthetical) (USD $)
Share data in Thousands, except Per Share data	Dec. 31, 2009	Dec. 31, 2008
Preferred stock, par value	$1	$1
Preferred stock, shares authorized	10,000	10,000
Common stock, par value	0.25	0.25
Common stock, shares authorized	300,000	300,000
Common stock, shares issued	156,627	143,302
Treasury stock, shares	15	15

Statement Of Income Real Estate

Statement Of Income Real Estate Investment Trusts (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Revenues:
Rental income	$501,087	$481,368	$459,046
Resident fees and services	421,058	429,257	282,226
Income from loans and investments	13,107	8,847	2,586
Interest and other income	842	4,226	2,839
Total revenues	936,094	923,698	746,697
Expenses:
Interest	178,503	204,450	196,660
Depreciation and amortization	200,911	230,881	226,517
Property-level operating expenses	302,813	306,944	198,125
General, administrative and professional fees (including non-cash stock-based compensation expense of $11,882, $9,976 and $7,493 for the years ended December 31, 2009, 2008 and 2007, respectively)	38,830	40,651	36,425
Foreign currency loss (gain)	50	(162)	(24,280)
Loss (gain) on extinguishment of debt	6,080	(2,398)	(88)
Merger-related expenses and deal costs	13,015	4,460	2,979
Total expenses	740,202	784,826	636,338
Income before reversal of contingent liability, income taxes, discontinued operations and noncontrolling interest	195,892	138,872	110,359
Reversal of contingent liability	0	23,328	0
Income tax benefit	1,719	15,885	28,042
Income from continuing operations	197,611	178,085	138,401
Discontinued operations	71,749	47,202	142,177
Net income	269,360	225,287	280,578
Net income attributable to noncontrolling interest, net of tax	2,865	2,684	1,698
Preferred stock dividends and issuance costs	0	0	5,199
Net income attributable to common stockholders	$266,495	$222,603	$273,681
Basic:
Income from continuing operations attributable to common stockholders	1.28	1.25	1.07
Discontinued operations	0.47	0.34	1.16
Net income attributable to common stockholders	1.75	1.59	2.23
Diluted:
Income from continuing operations attributable to common stockholders	1.27	1.25	1.07
Discontinued operations	0.47	0.34	1.15
Net income attributable to common stockholders	1.74	1.59	2.22
Weighted average shares used in computing earnings per common share:
Basic	152,566	139,572	122,597
Diluted	152,758	139,912	123,012

2_Statement Of Income Real Esta

Statement Of Income Real Estate Investment Trusts (Parenthetical) (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
General, administrative and professional fees, non-cash stock-based compensation expense	$11,882	$9,976	$7,493

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands	Common Stock Par Value	Capital in Excess of Par Value	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Treasury Stock	Total Ventas Stockholders' Equity	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2006	$26,545	$785,999	$1,037	($84,452)	$0	$729,129	$0	$729,129
Comprehensive Income:
Net income				273,681		273,681	1,698	275,379
Foreign currency translation			18,651			18,651		18,651
Unrealized loss on interest rate swap			(995)			(995)		(995)
Reclassification adjustment for realized gain (loss) on interest rate swap included in net income during the year			(548)			(548)		(548)
Realized gain on marketable securities			(729)			(729)		(729)
Comprehensive income						290,060	1,698	291,758
Net change in noncontrolling interest							29,756	29,756
Dividends to common stockholders-$2.05 in 2009, $2.05 in 2008 and $1.90 in 2007 per share				(240,789)		(240,789)		(240,789)
Issuance of common stock	6,727	1,038,986				1,045,713		1,045,713
Issuance of common stock for stock plans	106	15,395			434	15,935		15,935
Grant of restricted stock, net of forfeitures	38	443			(1,060)	(579)		(579)
Ending Balance at Dec. 31, 2007	33,416	1,840,823	17,416	(51,560)	(626)	1,839,469	31,454	1,870,923
Comprehensive Income:
Net income				222,603		222,603	2,684	225,287
Foreign currency translation			(26,142)			(26,142)		(26,142)
Unrealized loss on interest rate swap			(637)			(637)		(637)
Reclassification adjustment for realized gain (loss) on interest rate swap included in net income during the year			1,103			1,103		1,103
Unrealized gain (loss) on marketable debt securities			(12,887)			(12,887)		(12,887)
Other			58			58		58
Comprehensive income						184,098	2,684	186,782
Net change in noncontrolling interest							(15,001)	(15,001)
Dividends to common stockholders-$2.05 in 2009, $2.05 in 2008 and $1.90 in 2007 per share				(288,849)		(288,849)		(288,849)
Issuance of common stock	2,309	406,231				408,540		408,540
Issuance of common stock for stock plans	64	15,901			1,047	17,012		17,012
Grant of restricted stock, net of forfeitures	36	1,170			(878)	328		328
Ending Balance at Dec. 31, 2008	35,825	2,264,125	(21,089)	(117,806)	(457)	2,160,598	19,137	2,179,735
Comprehensive Income:
Net income				266,495		266,495	2,865	269,360
Foreign currency translation			23,552			23,552		23,552
Unrealized gain (loss) on marketable debt securities			17,327			17,327		17,327
Other			(121)			(121)		(121)
Comprehensive income						307,253	2,865	310,118
Net change in noncontrolling interest		334				334	(3,453)	(3,119)
Dividends to common stockholders-$2.05 in 2009, $2.05 in 2008 and $1.90 in 2007 per share				(314,399)		(314,399)		(314,399)
Issuance of common stock	3,266	295,935				299,201		299,201
Issuance of common stock for stock plans	30	12,819			175	13,024		13,024
Grant of restricted stock, net of forfeitures	39	(174)			(365)	(500)		(500)
Ending Balance at Dec. 31, 2009	$39,160	$2,573,039	$19,669	($165,710)	($647)	$2,465,511	$18,549	$2,484,060

3_Statement Of Shareholders Equ

Statement Of Shareholders Equity And Other Comprehensive Income (Parenthetical) (USD $)
	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Dividends to common stockholders, per share	2.05	2.05	1.9

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect Real Estate (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Cash flows from operating activities:
Net income	$269,360	$225,287	$280,578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amounts in discontinued operations)	201,254	235,754	235,045
Amortization of deferred revenue and lease intangibles, net	(6,669)	(9,344)	(9,819)
Other amortization expenses	6,353	3,994	5,894
Stock-based compensation	11,882	9,976	7,493
Straight-lining of rental income	(11,879)	(14,652)	(17,311)
Reversal of contingent liability	0	(23,328)	0
Loss (gain) on extinguishment of debt	6,080	(168)	0
Gain on sale of assets (including amounts in discontinued operations)	(67,305)	(39,026)	(129,478)
Net gain on sale of marketable equity securities	0	0	(864)
Loss on bridge financing	0	0	2,550
Income tax benefit	(1,719)	(15,885)	(28,042)
Provision for loan losses	0	5,994	0
Other	(91)	614	(1,476)
Changes in operating assets and liabilities:
(Increase) decrease in other assets	(1,514)	(3,541)	47,528
(Decrease) increase in accrued interest	(3,957)	1,100	(4,906)
Increase in accounts payable and other liabilities	20,306	3,132	17,408
Net cash provided by operating activities	422,101	379,907	404,600
Cash flows from investing activities:
Net investment in real estate property	(45,715)	(53,801)	(1,348,354)
Proceeds from real estate disposals	58,542	104,183	157,400
Investment in loans receivable	(13,803)	(108,826)	0
Purchase of marketable debt securities	0	(63,680)	0
Proceeds from sale of securities	0	0	7,773
Proceeds from loans receivable	8,028	135	15,803
Proceeds from sale of investments	5,000	0	0
Capital expenditures	(13,798)	(16,359)	(8,188)
Other	0	2,092	374
Net cash used in investing activities	(1,746)	(136,256)	(1,175,192)
Cash flows from financing activities:
Net change in borrowings under revolving credit facilities	(292,873)	73,366	176,586
Issuance of bridge financing	0	0	1,230,000
Repayment of bridge financing	0	0	(1,230,000)
Proceeds from debt	365,682	140,262	53,832
Repayment of debt	(525,173)	(416,896)	(184,613)
Debt and preferred stock issuance costs	0	0	(4,300)
Payment of deferred financing costs	(16,655)	(3,857)	(7,856)
Issuance of common stock, net	299,201	408,540	1,045,713
Cash distribution to preferred stockholders	0	0	(3,449)
Cash distribution to common stockholders	(314,399)	(288,849)	(282,739)
Contributions from noncontrolling interest	1,211	0	0
Distributions to noncontrolling interest	(9,869)	(15,732)	(2,974)
Other	2,695	7,187	12,475
Net cash (used in) provided by financing activities	(490,180)	(95,979)	802,675
Net (decrease) increase in cash and cash equivalents	(69,825)	147,672	32,083
Effect of foreign currency translation on cash and cash equivalents	410	806	(4,995)
Cash and cash equivalents at beginning of year	176,812	28,334	1,246
Cash and cash equivalents at end of year	107,397	176,812	28,334
Supplemental disclosure of cash flow information:
Interest paid including swap payments and receipts	175,298	202,360	207,478
Assets and liabilities assumed from acquisitions:
Real estate investments	67,781	33,967	1,199,787
Utilization of escrow funds held for an Internal Revenue Code Section 1031 exchange	(64,995)	0	(5,165)
Other assets acquired	0	1,684	163,030
Debt assumed	0	34,629	970,301
Deferred taxes	0	0	306,225
Noncontrolling interest	2,724	685	32,730
Other liabilities	62	337	48,396
Debt transferred on the sale of assets	$38,759	$6,917	$0

Description of Business

Description of Business
	12 Months Ended Dec. 31, 2009 USD / shares
Description of Business	Note 1Description of Business Ventas, Inc. (together with its subsidiaries, unless otherwise indicated or except where the context otherwise requires, we, us or our) is a real estate investment trust (REIT) with a geographically diverse portfolio of seniors housing and healthcare properties in the United States and Canada. As of December31, 2009, this portfolio consisted of 505 assets: 244 seniors housing communities, 187 skilled nursing facilities, 40 hospitals and 34 medical office buildings (MOBs) and other properties in 43 states and two Canadian provinces. With the exception of our seniors housing communities that are managed by Sunrise Senior Living, Inc. (together with its subsidiaries, Sunrise) pursuant to long-term management agreements and the majority of our MOBs, we lease our properties to healthcare operating companies under triple-net or absolute net leases, which require the tenants to pay all property-related expenses. Kindred Healthcare, Inc. (together with its subsidiaries, Kindred) leased 197 of our properties and Brookdale Senior Living Inc. (together with its subsidiaries, which include Brookdale Living Communities, Inc. (Brookdale) and Alterra Healthcare Corporation (Alterra), Brookdale Senior Living) leased 84 of our properties as of December31, 2009. We also had real estate loan investments relating to seniors housing and healthcare companies or properties as of December31, 2009. We conduct substantially all of our business through our wholly owned subsidiaries, Ventas Realty, Limited Partnership (Ventas Realty), PSLT OP, L.P. and Ventas SSL, Inc. Our primary business consists of acquiring, financing and owning seniors housing and healthcare properties and leasing those properties to third parties or operating those properties through independent third party managers.

Accounting Policies

Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Accounting Policies	Note 2Accounting Policies On July1, 2009, the Financial Accounting Standards Board (FASB) launched the Accounting Standards Codification (ASC), which changes U.S. generally accepted accounting principles (GAAP) from a standards-based model to a topical-based model. The topics are organized by ASC number and are updated with an Accounting Standards Update. The ASC is the single source of nongovernmental authoritative GAAP for interim and annual periods ending after September15, 2009. The ASC did not have any impact on our Consolidated Financial Statements as it does not change the accounting of or disclosure for transactions, only how GAAP guidance is catalogued and referenced. Principles of Consolidation The accompanying Consolidated Financial Statements include our accounts and the accounts of our wholly owned subsidiaries and the joint venture entities over which we exercise control. All intercompany transactions and balances have been eliminated in consolidation, and net earnings are reduced by the portion of net earnings attributable to noncontrolling interests. We apply FASB guidance for arrangements with variable interest entities (VIEs), which requires the identification of entities for which control is achieved through means other than voting rights and the determination of which a business enterprise is the primary beneficiary of the VIE. A VIE is broadly defined as an entity with one or more of the following characteristics: (a)the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b)as a group the holders of the equity investment at risk lack (i)the ability to make decisions about an entitys activities through voting or similar rights, (ii)the obligation to absorb the expected losses of the entity, or (iii)the right to receive the expected residual returns of the entity; or (c)the equity investors have voting rights that are not proportional to their economic interests, and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights.We consolidate investments in VIEs when we are determined to be the primary beneficiary of the VIE. Changes to our original assessment of a VIE can occur from events such as the modification of contractual arrangements that affects the characteristics or adequacy of the entitys equity investments at risk and the disposal of all or a portion of an interest held by the primary beneficiary.We consider qualitative and quantitative factors when determining whether we are (or are not) the primary beneficiary of a VIE. These factors include, but are not limited to, the form of our ownership interest, our representation on the entitys governing body, the size and seniority of our investment, various cash flow scenarios related to the VIE, our ability to participate in policy making decisions and the rights of the other investors to participate in the decision making process and to replace us as manager and/or liquidate the venture, if applicable. At December31, 2009, we did not have any VIEs that we are not consol

Concentration of Credit Risk

Concentration of Credit Risk
	12 Months Ended Dec. 31, 2009 USD / shares
Concentration of Credit Risk	Note 3Concentration of Credit Risk As of December31, 2009, approximately 38.9%, 21.8% and 14.1% of our properties, based on the gross book value of real estate investments (including assets held for sale), were managed or operated by Sunrise, Brookdale Senior Living and Kindred, respectively. Seniors housing communities and skilled nursing facilities constituted approximately 74.1% and 12.6%, respectively, of our portfolio, based on the gross book value of real estate investments (including assets held for sale), as of December31, 2009, with the remaining properties consisting of hospitals, MOBs and other healthcare assets. These properties were located in 43 states, with properties in only two states accounting for more than 10% of our total revenues (including amounts in discontinued operations related to properties held for sale at December31, 2009) during the year ended December31, 2009, and two Canadian provinces. Properties in two states accounted for more than 10% of our total revenues (including amounts in discontinued operations) for the years ended December31, 2008 and 2007, respectively. Approximately 26.2%, 25.5% and 30.8% of our total revenues and 38.5%, 38.0% and 41.5% of our total NOI (net operating income) (including amounts in discontinued operations) for the years ended December31, 2009, 2008 and 2007, respectively, were derived from our four Kindred Master Leases. Approximately 12.9%, 12.8% and15.7% of our total revenues and 19.1%, 19.2% and 21.2% of our total NOI (including amounts in discontinued operations) for the years ended December31, 2009, 2008 and 2007, respectively, were derived from our lease agreements with Brookdale Senior Living. Each of the Kindred Master Leases and our leases with Brookdale Senior Living is a triple-net lease pursuant to which the tenant is required to pay all insurance, taxes, utilities and maintenance and repairs related to the properties. In addition, the tenants are required to comply with the terms of the mortgage financing documents, if any, affecting the properties. The future contracted minimum rentals, excluding contingent rent escalations, but with straight-line rents where applicable, for all of our triple-net leases are as follows: Kindred Brookdale Senior Living Other Total (In thousands) 2010 $ 246,393 $ 121,547 $ 104,467 $ 472,407 2011 252,773 121,554 106,446 480,773 2012 259,320 121,562 108,462 489,344 2013 179,915 121,569 108,366 409,850 2014 141,519 121,577 109,148 372,244 Thereafter 47,574 505,229 583,009 1,135,812 Total $ 1,127,494 $ 1,113,038 $ 1,119,898 $ 3,360,430 In view of the fact that Kindred and Brookdale Senior Living lease a substantial portion of our triple-net leased properties and are each a significant source of our revenues and operating income, their financial condition and ability and willingness to satisfy their obligations under their respective leases and other agreements with us, as well as their willingness to rene

Acquisitions of Real Estate Pro

Acquisitions of Real Estate Property
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions of Real Estate Property	Note 4Acquisitions of Real Estate Property The following summarizes our acquisitions in 2009, 2008 and 2007. We completed these acquisitions primarily to invest in additional seniors housing and healthcare properties and achieve an expected yield on investment, as well as to diversify our portfolio and revenue base and reduce our dependence on any single operator, geography or asset type for our revenue. 2009 Acquisitions We purchased four MOBs for an aggregate purchase price of $77.7 million, including $1.7 million of noncontrolling interest, increasing our MOB investments to over 1.7million square feet.We own one of these MOBs through a joint venture, which we consolidate, with a partner that provides management and leasing services for the property.The purchase price was allocated between building and improvements, tenant improvements and lease intangibles of $60.9 million, $11.1 million and $5.7 million, respectively. Additionally, in 2009, we purchased one skilled nursing facility for $10.0 million and leased it to Brookdale Senior Living. The purchase price was allocated between land of $0.7 million and building and improvements of $9.3 million. We also completed the development of two MOBs pursuant to an arrangement we entered into with a nationally recognized private developer of MOBs and healthcare facilities in 2008.That arrangement gave us the exclusive right, as part of a joint venture, to develop up to ten identified MOBs on hospital campuses in eight states.As of December31, 2009, we had invested approximately $35.6 million, including $1.4 million of noncontrolling interest, in two MOBs under the arrangement, both of which we consolidate. The investment was allocated between land, building and improvements and tenant improvements of $1.4 million, $25.5 million and $8.7 million, respectively. 2008 Acquisitions We acquired a 47-unit seniors housing community located in Texas for $5.1 million, which is currently being leased to an affiliate of Capital Senior Living Corporation. The purchase price was allocated to building and improvements based upon estimated fair value. We acquired three MOBs for an aggregate purchase price of $66.8 million, inclusive of assumed debt of $34.6 million at the time of the acquisitions. The purchase price was allocated between land, building and improvements, tenant improvements and lease intangibles of $4.6 million, $59.1 million, $3.0 million and $0.1 million, respectively, based upon their estimated fair values. One of these MOBs is owned through a joint venture, which we consolidate, with a partner that provides management and leasing services for the property. As of December31, 2008, we had invested approximately $8.7 million in the two MOBs that were both under development pursuant to our exclusive joint venture arrangement described above. Sunrise REIT Acquisition In 2007, we acquired from Sunrise REIT a portfolio of 77 communities managed by Sunrise for approximately $2.0 billion, including assumed debt. We acquired a 100% ownership interest in eighteen seniors housing communities and a 75% to 85% ownership interest in 59 additional seniors housing communities, w

Dispositions

Dispositions
	12 Months Ended Dec. 31, 2009 USD / shares
Dispositions	Note 5Dispositions We present separately, as discontinued operations, in all periods presented the results of operations for all assets held for sale or disposed of during the three-year period ended December31, 2009. 2009 Dispositions and Assets Held for Sale In February 2010, we sold one seniors housing community for approximately $2.5 million. The net book value of this asset, $2.4 million, is reflected as held for sale as of December31, 2009. We do not expect to record any gain or loss from the sale in first quarter of 2010. The operations for this asset have been reported as discontinued operations for the years ended December31, 2009, 2008 and 2007. In June 2009, we sold six skilled nursing facilities to Kindred for total consideration of $58.0 million, consisting of a $55.7 million aggregate sale price and a $2.3 million lease termination fee. The proceeds from the sale were held in a Code Section1031 exchange escrow account with a qualified intermediary and used for our acquisition of three MOBs in December 2009. Cash rent for these assets for the May1, 2008 to April30, 2009 lease year was approximately $5.6 million. We recognized a gain from the sale of these assets of $39.3 million in the second quarter of 2009. During 2009, we also sold five seniors housing communities, one hospital, one MOB and one other property to the existing tenants for an aggregate sale price of $96.2 million and transferred related debt of $38.8 million. We recognized a net gain from the sales of these assets of $27.5 million in 2009. 2008 Dispositions In December 2008, we sold five seniors housing communities to the existing tenant for an aggregate sale price of $62.5 million. We realized a gain from the sale of these assets of $21.5 million in the fourth quarter of 2008, $8.3 million of which was deferred due to a $10.0 million loan we made to the buyer in conjunction with the sale and will be recognized over a period of three years from the date of the sale. We recognized $0.5 million of the gain during the year ended December31, 2009. See Note 6Loans Receivable. In April 2008, we sold seven properties for an aggregate sale price of $69.1 million. We recognized a gain from the sale of these assets of $25.9 million in the second quarter of 2008. In addition, we received a lease termination fee from the tenant of $1.6 million. 2007 Dispositions In June2007, we completed the sale of 22 properties to Kindred for $171.5 million in net cash proceeds. Of these net proceeds, $14.1 million was held in a Code Section1031 exchange escrow account with a qualified intermediary and subsequently used in the second half of 2007 for other acquisitions. SeeNote4Acquisitions. In addition, Kindred paid us a lease termination fee of $3.5 million. We recognized a gain on the sale of assets of $129.5 million during the year ended December31, 2007. Set forth below is a summary of the results of operations of properties sold or held for sale during the years ended December31, 2009, 2008 and 2007 , all of which were included in our triple-net leased properties segment, with the exception of one MOB sold during the first quarter of 2009 (included in

Loans Receivable

Loans Receivable
	12 Months Ended Dec. 31, 2009 USD / shares
Loans Receivable	Note 6Loans Receivable As of December31, 2009, we had $131.9 million of net loans receivable relating to seniors housing and healthcare companies or properties. In June 2008, we purchased $112.5 million principal amount of first mortgage debt issued by a national provider of healthcare services, primarily skilled nursing care.We purchased this debt at a discount for $98.8 million, resulting in an effective interest rate to maturity of LIBOR plus 533 basis points.Interest on the loan is payable monthly at an annual rate of LIBOR plus 125 basis points, and the loan matures in January 2012, but may be extended for one year, at the borrowers option, subject to certain conditions. In 2008, we received a $10.0 million three-year note issued to us as partial consideration for five assets we sold in December 2008. In 2005, we made three first mortgage loans (the Sunwest Loans) in the aggregate principal amount of $20 million to affiliates of Sunwest Management, Inc. (Sunwest).The Sunwest Loans originally accrued interest at a non-default annual rate of 9% and were secured by four seniors housing communities and guaranteed by Sunwest and two of its principals.During 2008, the borrowers defaulted on their obligations under the Sunwest Loans, and we initiated foreclosure actions on the four secured assets.Due to the unfavorable capital markets and economic environment at that time, we recorded a provision for loan losses on the Sunwest Loans of $6.0 million.In September2009, we completed the non-judicial foreclosure of a seniors housing asset related to one of the Sunwest Loans and immediately sold the property to an affiliate of one of our existing tenants for approximately $6.3 million.In connection with the sale, we provided $5.0 million of first mortgage financing to the purchaser, secured by, among other things, the property, and received cash consideration of $1.2 million after expenses. We recorded no gain or loss from this transaction.The loan matures in September 2012, bears interest at a variable rate of 30-day LIBOR plus 6.5%per annum and is guaranteed by our tenant.In December 2009, we obtained ownership through judicial foreclosure of another seniors housing asset related to another Sunwest Loan, which had a carrying amount of $1.1 million.Operations from this property will be consolidated into our consolidated financial statements beginning in 2010.The net carrying value of the remaining Sunwest Loan, secured by two seniors housing assets, as of December31, 2009 was $7.9 million. As of December 31, 2009, the remainder of our loans receivable consisted of a $6.5 million first mortgage loan receivable originated under our sourcing and services agreement with a third party to acquire or originate a diversified pool of mortgage loans secured by stable, cash flowing seniors housing and MOB assets. Subsequent to December31, 2009, we acquired another $15.8 million in first mortgage investments identified by such third party under the sourcing and services agreement.

Intangibles

Intangibles
	12 Months Ended Dec. 31, 2009 USD / shares
Intangibles	Note 7Intangibles At December31, 2009, intangible lease assets, comprised of above market resident leases, in-place resident leases and other intangibles, were $10.5 million, $96.3 million and $2.5 million, respectively. At December31, 2008, these intangible lease assets were $7.4 million, $88.6 million and $2.2 million, respectively. At December31, 2009 and 2008, the accumulated amortization of the intangible assets was $92.6 and $89.2 million, respectively. The weighted average amortization period of our lease-related intangible assets at December31, 2009 was approximately 8.0 years. At December31, 2009 and 2008, intangible lease liabilities, comprised of below market resident leases, were $15.1 million and $12.2 million, respectively. At December31, 2009 and 2008, the accumulated amortization of the intangible liabilities was $10.8 million and $10.0 million, respectively. The weighted average amortization period of intangible liabilities at December31, 2009 was approximately 8.3 years.

Borrowing Arrangements

Borrowing Arrangements
	12 Months Ended Dec. 31, 2009 USD / shares
Borrowing Arrangements	Note 8Borrowing Arrangements The following is a summary of our long-term debt and certain interest rate and maturity information as of December31, 2009 and 2008: 2009 2008 (In thousands) Unsecured revolving credit facilities $ 8,466 $ 300,207 83/4% Senior Notes due 2009 49,807 63/4% Senior Notes due 2010 1,375 122,980 37/8% Convertible Senior Notes due 2011 230,000 230,000 9% Senior Notes due 2012 82,433 191,821 65/8% Senior Notes due 2014 71,654 175,000 71/8% Senior Notes due 2015 142,669 170,000 61/2% Senior Notes due 2016 400,000 200,000 63/4% Senior Notes due 2017 225,000 225,000 Mortgage loans and other 1,540,064 1,474,325 Total 2,701,661 3,139,140 Unamortized fair value adjustment 11,642 14,256 Unamortized commission fees and discounts (43,202 ) (16,398 ) Senior notes payable and other debt $ 2,670,101 $ 3,136,998 Unsecured Revolving Credit Facilities Our aggregate borrowing capacity under the unsecured revolving credit facilities is $1.0 billion, of which $800.0 million matures on April26, 2012 and $200.0 million matures on April26, 2010. Borrowings under our unsecured revolving credit facilities bear interest at a fluctuating rate per annum (based on U.S. or Canadian LIBOR, Canadian Bankers Acceptance rate, or the U.S. or Canadian Prime rate) plus an applicable percentage based on our consolidated leverage. At December31, 2009, the applicable percentage was 0.75% for 2010 maturities and 2.80% for 2012 maturities. Our unsecured revolving credit facilities have a 20 basis point facility fee. At December31, 2009, we had $8.5 million outstanding under our unsecured revolving credit facilities and approximately $988.4 million of availability. Convertible Senior Notes As of December31, 2009, we had $230.0 million aggregate principal amount of our 37/8% convertible notes due 2011 outstanding. The convertible notes are convertible at the option of the holder (i)prior to September15, 2011, upon the occurrence of specified events and (ii)on or after September11, 2011, at any time prior to the close of business on the second business day prior to the stated maturity (December 1, 2011), in each case into cash up to the principal amount of the convertible notes and cash or shares of our common stock, at our election, in respect of any conversion value in excess of the principal amount at the current conversion rate of 22.9457 shares per $1,000 principal amount of notes (which equates to a conversion price of approximately $43.58 per share). The conversion rate is subject to adjustment in certain circumstances, including the payment of a quarterly dividend in excess of $0.395 per share. To the extent the market price of our common stock exceeds the conversion price, our earnings per share will be diluted. The convertible notes had a minimal dilutive impact per share for the year ended December31, 2009. See Note 13Earnings Per Share. The convertible notes are

Fair Values of Financial Instru

Fair Values of Financial Instruments
	12 Months Ended Dec. 31, 2009 USD / shares
Fair Values of Financial Instruments	Note 9Fair Values of Financial Instruments As of December31, 2009 and 2008, the carrying amounts and fair values of our financial instruments were as follows: 2009 2008 Carrying Amount Fair Value Carrying Amount Fair Value (In thousands) Cash and cash equivalents $ 107,397 $ 107,397 $ 176,812 $ 176,812 Loans receivable, net 131,887 129,512 123,289 111,942 Marketable debt securities 65,038 65,038 51,550 51,550 Senior notes payable and other debt, gross (2,701,661 ) (2,780,405 ) (3,139,140 ) (2,949,268 ) Fair value estimates are subjective in nature and depend on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange. At December31, 2009, we held marketable debt securities, classified as available-for-sale, with an aggregate amortized cost basis and fair value of $60.6 million and $65.0 million, respectively. At December31, 2008, these securities had an aggregate amortized cost basis and fair value of $64.4 million and $51.6 million, respectively. The contractual maturities of our marketable debt securities range from October1, 2012 to April15, 2016. We do not intend to sell these securities and it is more likely than not that we will not be required to sell these securities prior to maturity.

Stock-Based Compensation

Stock-Based Compensation
	12 Months Ended Dec. 31, 2009 USD / shares
Stock-Based Compensation	Note 10Stock-Based Compensation Compensation Plans We have four plans under which outstanding options to purchase common stock and/or shares or units of restricted stock have been, or may be, granted to officers, employees and non-employee directors, one plan under which executive officers may receive common stock in lieu of compensation and two plans under which certain directors have received or may receive common stock in lieu of director fees (the following are collectively referred to as the Plans): (1)the 2000 Incentive Compensation Plan (Employee Plan); (2)the 2004 Stock Plan for Directors; (3)the Common Stock Purchase Plan for Directors (the Directors Stock Purchase Plan); (4)the Executive Deferred Stock Compensation Plan; (5)the Nonemployee Directors Deferred Stock Compensation Plan; (6)the 2006 Incentive Plan; and (7)the 2006 Stock Plan for Directors. During the year ended December31, 2009, option and restricted stock grants and stock issuances could only be made under the Executive Deferred Stock Compensation Plan, the Nonemployee Directors Deferred Stock Compensation Plan, the 2006 Incentive Plan and the 2006 Stock Plan for Directors. The 2000 Incentive Compensation Plan (Employee Plan) and the 2004 Stock Plan for Directors expired on December31, 2006, and no additional grants were permitted under those Plans after that date. In addition, the Directors Stock Purchase Plan terminated in accordance with its terms during 2007. The number of shares reserved and the number of shares available for future grants or issuance under these Plans as of December31, 2009 are as follows: Executive Deferred Stock Compensation Plan500,000 shares are reserved for issuance to our executive officers in lieu of the payment of all or a portion of their salary, at their option, and, as of December31, 2009, 500,000 shares were available for future issuance. Nonemployee Directors Deferred Stock Compensation Plan500,000 shares are reserved for issuance to nonemployee directors in lieu of the payment of all or a portion of their retainer and meeting fees, at their option, and, as of December31, 2009, 459,004 shares were available for future issuance. 2006 Incentive Plan5,000,000 shares are reserved for grants or issuance to employees and 3,271,378 were available for future grants or issuance as of December31, 2009. This plan replaced the 2000 Incentive Compensation Plan (Employee Plan). 2006 Stock Plan for Directors400,000 shares are reserved for grants or issuance to non-employee directors and 279,272 were available for future grants or issuance as of December31, 2009. This plan replaced the 2004 Stock Plan for Directors. Under the Plans (other than the Executive Deferred Stock Compensation Plan, the Directors Stock Purchase Plan and the Nonemployee Director Deferred Stock Compensation Plan), options are exercisable at the market price on the date of grant, expire ten years from the date of grant, and vest over varying periods ranging from one to five years. Vesting of certain options may accelerate upon a change of control of Ventas, as defined in the applicable Plan, and other events. C

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes	Note 11Income Taxes We have elected to be taxed as a REIT under the Code commencing with the year ended December31, 1999. We have elected for certain of our subsidiaries to be treated as taxable REIT subsidiaries (TRS or TRS entities), which are subject to federal and state income taxes. The TRS entities were created or acquired in connection with the Sunrise REIT acquisition. All entities other than the TRS entities are collectively referred to as the REIT within this Note 11. We intend to continue to operate in such a manner as to enable us to qualify as a REIT. Our actual qualification and taxation as a REIT depends upon our ability to meet, on a continuing basis, distribution levels, stock ownership, and the various qualification tests. During the years ended December31, 2009, 2008 and 2007, our tax treatment of distributions per common share was as follows: 2009 2008 2007 Tax treatment of distributions: Ordinary income $ 1.8356 $ 1.9025 $ 1.2872 Long-term capital gain 0.1510 0.0712 0.9621 Unrecaptured Section1250 gain 0.0634 0.0763 0.0457 Distribution reported for 1099-DIV purposes 2.0500 2.0500 2.2950 Less: Dividend declared in prior year and taxable in current year (0.3950 ) Distributions declared per common share outstanding $ 2.0500 $ 2.0500 $ 1.9000 We believe we have met the annual REIT distribution requirement by payment of at least 90% of our estimated taxable income for 2009, 2008 and 2007. As a result of the TRS entities created and acquired in 2007, the consolidated provision (benefit) for income taxes for the years ended December31, 2009, 2008 and 2007 is as follows: 2009 2008 2007 (In thousands) Current $ 2,166 $ 3,010 $ 908 Deferred (3,885 ) (18,895 ) (28,950 ) Total $ (1,719 ) $ (15,885 ) $ (28,042 ) The deferred tax benefit for the years ended December31, 2009, 2008 and 2007 was reduced by income tax expense of $1.7 million, $1.7 million and $1.1 million, respectively, related to the noncontrolling interest share of net income. For the tax years ended December31, 2009, 2008 and 2007, the Canadian income tax benefit included in the consolidated benefit for income taxes was $2.0 million, $3.3 million and $7.1 million, respectively. Although the TRS entities did not pay any federal income taxes for the year ended December31, 2009, federal income tax payments for these TRS entities may increase in future years as we exhaust net operating loss carryforwards and as our senior living operations segment grows. Such increases could be significant. Income tax expense computed by applying the federal corporate tax rate for the years ended December31, 2009, 2008 and 2007 is reconciled to the income tax benefit as follows: 2009 2008 2007 (In thousands) Tax at statutory rate on earnings from continuing operations before noncontrollin

Commitments and Contingencies

Commitments and Contingencies
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingencies	Note 12Commitments and Contingencies Assumption of Certain Operating Liabilities and Litigation As a result of the structure used to acquire the Sunrise REIT properties, we may be subject to various liabilities arising out of the ownership or operation of those properties prior to the acquisition. If the liabilities we have assumed are greater than expected, or if there are obligations relating to the Sunrise REIT properties of which we were not aware at the time of completion of the acquisition, such liabilities and/or obligations could have a Material Adverse Effect on us. Similarly, we have assumed various liabilities in connection with other past acquisitions, including liabilities arising out of the ownership or operation of properties acquired in a merger. If the liabilities we have assumed are greater than expected, or if there are obligations relating to the acquired properties of which we were not aware at the time we completed those acquisitions, such liabilities and/or obligations could have a Material Adverse Effect on us. Brookdale Leases Subject to certain limitations and restrictions, and provided Brookdale has not waived its rights, if during the first six years of the initial term of our Brookdale leases (affecting 21 properties) assumed in connection with the Provident acquisition (i.e., through December 2010) we, either voluntarily or at Brookdales request, obtain new mortgage debt or refinance existing mortgage debt on property covered by a Brookdale lease, then we may be required to pay Brookdale the net proceeds from any such mortgage debt financing or refinancing. Also, subject to certain limitations and conditions, and provided Brookdale has not waived its rights, Brookdale may request that we obtain new mortgage debt or refinance existing mortgage debt on the property covered by the Brookdale leases, and we have agreed to use commercially reasonable efforts to pursue any such financing or refinancing from the holder of the then existing mortgage debt on the applicable Brookdale property. In connection with any such financing or refinancing, the rent for the applicable Brookdale property will be increased using a recomputed lease basis increased by an amount equal to the net financed proceeds paid to Brookdale plus (with limited exceptions) any fees, penalties, premiums or other costs related to such financing or refinancing. If the monthly debt service on any financed or refinanced proceeds paid to Brookdale exceeds the rent increase attributable to those financed or refinanced proceeds, then Brookdale is required to pay the excess. Under certain circumstances, Brookdale will also be required to pay additional amounts relating to increases in debt service and other costs relating to any such financing or refinancing. Other We have certain operating and ground lease obligations that generally require fixed monthly or annual rent payments and may also include escalation clauses and renewal options. These leases have terms that expire during the next 85 years, excluding extension options. Future minimum lease obligations under non-cancelable operating and ground leases as of December31, 2009 were $2.1

Earnings Per Share

Earnings Per Share
	12 Months Ended Dec. 31, 2009 USD / shares
Earnings Per Share	Note 13Earnings Per Share The following table shows the amounts used in computing basic and diluted earnings per common share: For the Year Ended December31, 2009 2008 2007 (Inthousands,exceptpershareamounts) Numerator for basic and diluted earnings per share: Income from continuing operations attributable to common stockholders $ 194,746 $ 175,401 $ 131,504 Discontinued operations 71,749 47,202 142,177 Net income attributable to common stockholders $ 266,495 $ 222,603 $ 273,681 Denominator: Denominator for basic earnings per share weighted average shares 152,566 139,572 122,597 Effect of dilutive securities: Stock options 126 223 383 Restricted stock awards 64 17 14 Convertible notes 2 100 18 Dilutive potential common stock 192 340 415 Denominator for diluted earnings per share adjusted weighted average shares 152,758 139,912 123,012 Basic earnings per share: Income from continuing operations attributable to common stockholders $ 1.28 $ 1.25 $ 1.07 Discontinued operations 0.47 0.34 1.16 Net income attributable to common stockholders $ 1.75 $ 1.59 $ 2.23 Diluted earnings per share: Income from continuing operations attributable to common stockholders $ 1.27 $ 1.25 $ 1.07 Discontinued operations 0.47 0.34 1.15 Net income attributable to common stockholders $ 1.74 $ 1.59 $ 2.22 There were 975,500, 940,500 and 222,200 anti-dilutive options outstanding for the years ended December31, 2009, 2008 and 2007, respectively.

Litigation

Litigation
	12 Months Ended Dec. 31, 2009 USD / shares
Litigation	Note 14Litigation Legal Proceedings Defended and Indemnified by Third Parties Kindred, Brookdale Senior Living, Sunrise and our other tenants, operators and managers are parties to certain legal actions and regulatory investigations arising in the normal course of their business. In certain cases, the tenant, operator or manager, as applicable, has agreed to indemnify, defend and hold us harmless against these actions and investigations. However, the resolution of any litigation or investigations, either individually or in the aggregate, could have a material adverse effect on Kindreds, Brookdale Senior Livings, Sunrises or such other tenants, operators and managers liquidity, financial condition or results of operations, which, in turn, could have a Material Adverse Effect on us. Litigation Related to the Sunrise REIT Acquisition On May3, 2007, we filed a lawsuit against HCP, Inc. (HCP) in the United States District Court for the Western District of Kentucky, entitled Ventas, Inc. v. HCP, Inc., Case No.07-cv-238-JGH. We asserted claims of tortious interference with contract and tortious interference with prospective business advantage. Our complaint alleged that HCP interfered with our purchase agreement to acquire the assets and liabilities of Sunrise REIT and with the process for unitholder consideration of the purchase agreement. The complaint alleged, among other things, that HCP made certain improper and misleading public statements and/or offers to acquire Sunrise REIT and that HCPs actions caused us to suffer substantial damages, including, among other things, the payment of materially greater consideration to acquire Sunrise REIT resulting from the substantial increase in the purchase price above the original contract price necessary to obtain unitholder approval and increased costs associated with the delay in closing the acquisition, including increased costs to finance the transaction as a result of the delay. HCP brought counterclaims against us alleging misrepresentation and negligent misrepresentation by Sunrise REIT related to its sale process, claiming that we were responsible for those actions as successor. HCP sought compensatory and punitive damages. On March25, 2009, the District Court granted us judgment on the pleadings against all counterclaims brought by HCP and dismissed HCPs counterclaims with prejudice. Thereafter, the District Court confirmed the dismissal of HCPs counterclaims. On July16, 2009, the District Court denied HCPs summary judgment motion as to our claim for tortious interference with business expectation, permitting us to present that claim against HCP at trial. The District Court granted HCPs motion for summary judgment as to our claim for tortious interference with contract and dismissed that claim. The District Court also ruled that we could not seek to recover a portion of our alleged damages. On September4, 2009, the jury unanimously held that HCP tortiously interfered with our business expectation to acquire Sunrise REIT at the agreed price by employing significantly wrongful means such as fraudulent misrepresentation, deceit and coercion. The jury awarded us $101.6 million

Capital Stock

Capital Stock
	12 Months Ended Dec. 31, 2009 USD / shares
Capital Stock	Note 15Capital Stock At December31, 2009 and 2008, our authorized capital stock consisted of 300,000,000 shares of common stock, par value $0.25 per share, and 10,000,000 shares of preferred stock, par value $1.00 per share. In April 2009, we filed an automatic shelf registration statement on Form S-3 with the Commission relating to the sale, from time to time, of an indeterminate amount of debt securities and related guarantees, common stock, preferred stock, depositary shares and warrants. The registration statement replaced our previous automatic shelf registration statement, which expired pursuant to the Commissions rules. In April 2009, we issued and sold 13,062,500 shares of our common stock in an underwritten public offering pursuant to the shelf registration statement. We received $312.2 million in aggregate proceeds from the sale, which we used, together with our net proceeds from the sale of our senior notes due 2016, to fund our cash tender offers with respect to the outstanding senior notes, to repay debt and for general corporate purposes. In 2008, we issued and sold 9,236,083 shares of our common stock in two underwritten public offerings pursuant to our previous shelf registration statement. We received $409.0 million in aggregate proceeds from the sales, which we used to repay indebtedness outstanding under our unsecured revolving credit facilities and for working capital and other general corporate purposes. Excess Share Provision In order to preserve our ability to maintain REIT status, our Certificate of Incorporation provides that if a person acquires beneficial ownership of more than 9% of our outstanding common stock or 9.9% of our outstanding preferred stock, the shares that are beneficially owned in excess of such limit are deemed to be excess shares. These shares are automatically deemed transferred to a trust for the benefit of a charitable institution or other qualifying organization selected by our Board of Directors. The trust is entitled to all dividends with respect to the shares and the trustee may exercise all voting power over the shares. We have the right to buy the excess shares for a purchase price equal to the lesser of (i)the price per share in the transaction that created the excess shares, or (ii)the market price on the date we buy the shares, and we may defer payment of the purchase price for the excess shares for up to five years. If we do not purchase the excess shares, the trustee of the trust is required to transfer the excess shares at the direction of the Board of Directors. The owner of the excess shares is entitled to receive the lesser of the proceeds from the sale of the excess shares or the original purchase price for such excess shares; any additional amounts are payable to the beneficiary of the trust. Our Board of Directors is empowered to grant waivers from the excess share provisions of our Certificate of Incorporation. Distribution Reinvestment and Stock Purchase Plan We have in effect a Distribution Reinvestment and Stock Purchase Plan (DRIP), under which existing stockholders may purchase shares of common stock by reinvesting all or a portion of the ca

Related Party Transactions

Related Party Transactions
	12 Months Ended Dec. 31, 2009 USD / shares
Related Party Transactions	Note 16Related Party Transactions We currently lease eight personal care facilities to Tangram Rehabilitation Network, Inc. (Tangram), a wholly owned subsidiary of Res-Care, Inc. (Res-Care). The properties are leased pursuant to a master lease agreement which is guaranteed by Res-Care, of which a member of our Board of Directors serves as Chairman of the Board. For the years ended December31, 2009, 2008 and 2007, Tangram has paid us approximately $980,900, $949,800 and $917,000, respectively, in base rent payments.

Quarterly Financial Information

Quarterly Financial Information (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Financial Information (Unaudited)	Note 17Quarterly Financial Information (Unaudited) Summarized unaudited consolidated quarterly information for the years ended December31, 2009 and 2008 is provided below. For the Year Ended December31, 2009 First Quarter Second Quarter Third Quarter Fourth Quarter (In thousands, except per share amounts) Revenues (1) $ 229,377 $ 231,924 $ 235,767 $ 239,026 Income from continuing operations attributable to common stockholders (1) $ 45,189 $ 46,134 $ 49,656 $ 53,767 Discontinued operations (1) 29,039 42,247 149 314 Net income attributable to common stockholders $ 74,228 $ 88,381 $ 49,805 $ 54,081 Earnings per share: Basic: Income from continuing operations attributable to common stockholders $ 0.32 $ 0.30 $ 0.32 $ 0.35 Discontinued operations 0.20 0.27 0.00 0.00 Net income attributable to common stockholders $ 0.52 $ 0.57 $ 0.32 $ 0.35 Diluted: Income from continuing operations applicable to common shares $ 0.32 $ 0.30 $ 0.32 $ 0.35 Discontinued operations 0.20 0.27 0.00 0.00 Net income applicable to common shares $ 0.52 $ 0.57 $ 0.32 $ 0.35 Dividends declared per share $ 0.5125 $ 0.5125 $ 0.5125 $ 0.5125 (1) The amounts presented for the three months ended March31, 2009,June30, 2009 and September30, 2009 are not equal to the same amounts previously reported in our Quarterly Reports on Form 10-Q as a result of discontinued operations consisting of properties sold in 2009 and properties reflected as held for sale as of December31, 2009. For the Three Months Ended March31, 2009 June30, 2009 September30, 2009 (In thousands, except per share amounts) Revenues, previously reported in Form 10-Q $ 229,440 $ 231,988 $ 235,830 Revenues, previously reported in Form 10-Q, subsequently reclassified to discontinued operations (63 ) (64 ) (63 ) Total revenues disclosed in Form 10-K $ 229,377 $ 231,924 $ 235,767 Income from continuing operations attributable to common stockholders, previously reported in Form 10-Q $ 45,215 $ 46,162 $ 49,685 Income from continuing operations attributable to common stockholders, previously reported in Form 10-Q, subsequently reclassified to discontinued operations (26 ) (28 ) (29 ) Income from continuing operations attributable to common stockholders disclosed in Form 10-K $ 45,189 $ 46,134 $ 49,656 Discontinued operations, previously reported in Form 10-Q $ 29,013 $ 42,219 $ 120 Discontinued operations from properties sold subsequent to the respective reporting period 26

Segment Information

Segment Information
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Information	Note 18Segment Information As of December31, 2009, we operated through two reportable business segments: triple-net leased properties and senior living operations. Our triple-net leased properties segment consists of acquiring, financing and owning seniors housing and healthcare properties in the United States and leasing those properties to healthcare operating companies under triple-net or absolute-net leases, which require the tenants to pay all property-related expenses. Our senior living operations segment consists of investments in seniors housing communities located in the United States and Canada for which we engage Sunrise to manage the operations. We acquired the senior living operations segment on April26, 2007, pursuant to the purchase of the Sunrise REIT properties. With the addition of these properties, we believed segment differentiation would be appropriate based on the different economic and legal structures used to acquire and own those assets. Prior to the acquisition, we operated through one reportable segmentinvestment in real estatewhich included the triple-net leased properties and our MOBs. Our MOB segment consists of leasing space primarily to physicians and other healthcare businesses and engaging third parties to manage those operations. Due to our limited operation of and allocation of capital to the MOBs, we separated them from the triple-net leased properties segment during 2007. However, the MOBs segment is not individually reported and is included in All Other because it does not meet necessary quantitative thresholds at the current time. We evaluate performance of the combined properties in each segment based on net operating income before interest (excluding income from loans and investments), income taxes, depreciation and amortization, rent reset costs, reversal of contingent liability, foreign currency gains/losses, general, administrative and professional fees, merger-related expenses and noncontrolling interest. There are no intersegment sales or transfers. All other revenues consist primarily of rental income related to the MOBs, income from loans and investments and other miscellaneous income. All other assets consist primarily of MOB assets and corporate assets including cash, restricted cash, deferred financing costs, notes receivable, and miscellaneous accounts receivable. Summary information by business segment is as follows: For the year ended December31, 2009: Triple-Net Leased Properties Senior Living Operations All Other Total (In thousands) Revenues: Rental income $ 465,165 $ $ 35,922 $ 501,087 Resident fees and services 421,058 421,058 Income from loans and investments 13,107 13,107 Interest and other income 494 24 324 842 Total revenues $ 465,659 $ 421,082 $ 49,353 $ 936,094 Segment net operating income $ 465,165 $ 131,013 $ 36,261 $ 632,439 Interest and other income 494 24 3

Condensed Consolidating Informa

Condensed Consolidating Information
	12 Months Ended Dec. 31, 2009 USD / shares
Condensed Consolidating Information	Note 19Condensed Consolidating Information We and certain of our direct and indirect wholly owned subsidiaries (the Wholly Owned Subsidiary Guarantors) have fully and unconditionally guaranteed, on a joint and several basis, the obligation to pay principal and interest with respect to the senior notes of the Issuers. Ventas Capital Corporation is a wholly owned direct subsidiary of Ventas Realty that was formed to facilitate the offering of the senior notes and has no assets or operations. In addition, Ventas Realty and the Wholly Owned Subsidiary Guarantors have fully and unconditionally guaranteed, on a joint and several basis, the obligation to pay principal and interest with respect to our convertible notes. In April 2009, ElderTrust Operating Limited Partnership (ETOP), of which we owned substantially all of the partnership units, was liquidated and dissolved. Accordingly, the financial results of ETOP and its wholly owned subsidiaries are no longer separately reported but are now included among the Subsidiary Guarantors. We have other subsidiaries (Non-Guarantor Subsidiaries) that are not included among the Guarantors, and such subsidiaries are not obligated with respect to the senior notes or the convertible notes. Contractual and legal restrictions, including those contained in the instruments governing certain Non-Guarantor Subsidiaries outstanding indebtedness, may under certain circumstances restrict our ability to obtain cash from our Non-Guarantor Subsidiaries for the purpose of meeting our debt service obligations, including our guarantee of payment of principal and interest on the senior notes and our primary obligation to pay principal and interest on the convertible notes. Certain of our real estate assets are also subject to mortgages. The following summarizes our condensed consolidating information as of December31, 2009 and 2008 and for the years ended December31, 2009, 2008, and 2007: CONDENSED CONSOLIDATING BALANCE SHEET As of December31, 2009 Ventas, Inc. Wholly Owned Subsidiary Guarantors Issuers Non- Guarantor Subsidiaries Consolidated Elimination Consolidated (In thousands) Assets Net real estate investments $ 9,496 $ 2,185,897 $ 769,857 $ 2,281,347 $ $ 5,246,597 Cash and cash equivalents 4,332 82,886 20,179 107,397 Escrow deposits and restricted cash 215 9,093 12,766 17,758 39,832 Deferred financing costs, net 1,192 1,407 15,577 11,076 29,252 Investment in and advances to affiliates 1,169,609 1,308,403 (2,478,012 ) Other 3 76,154 82,346 34,664 193,167 Total assets $ 1,180,515 $ 2,276,883 $ 2,271,835 $ 2,365,024 $ (2,478,012 ) $ 5,616,245 Liabilities and stockholders equity Liabilities: Senior notes payable and other debt $ 220,942 $ 3

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
	12 Months Ended Dec. 31, 2009 USD / shares
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	VENTAS, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December31, 2009 (Dollars in Thousands) For the Years Ended December31, 2009 2008 2007 (In thousands) Reconciliation of real estate: Carrying cost: Balance at beginning of period $ 6,160,630 $ 6,292,181 $ 3,707,837 Additions during period: Acquisitions 108,376 93,901 2,619,050 Capital expenditures 13,798 16,359 8,188 Dispositions: Sale of assets (34,525 ) (173,399 ) (82,274 ) Foreign currency translation 44,342 (68,412 ) 39,380 Balance at end of period $ 6,292,621 $ 6,160,630 $ 6,292,181 Accumulated depreciation: Balance at beginning of period $ 987,691 $ 816,352 $ 659,584 Additions during period: Depreciation expense 198,789 200,132 175,494 Acquisitionsnoncontrolling interest share 20,482 Dispositions: Sale of assets (11,469 ) (30,355 ) (40,212 ) Foreign currency translation 2,900 1,562 1,004 Balance at end of period $ 1,177,911 $ 987,691 $ 816,352 VENTAS, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December31, 2009 (Dollars in Thousands) Property # Property Name Location Initial Cost to Company Costs Capitalized Subsequentto Acquisition Gross Amount Carried at Close of Period Total Accumulated Depreciation NBV Year of Construction Year Acquired Life on Which Depreciation in Income Statement isComputed City State / Province Land Buildings and Improvements Land Buildings and Improvements BROOKDALESENIORSHOUSINGCOMMUNITIES 3225 Clare Bridge of Oro Valley OroValley AZ $ 666 $ 6,169 $ $ 666 $ 6,169 $ 6,835 $ 1,341 $ 5,494 1998 2005 35years 3236 Clare Bridge of Tempe Tempe AZ 611 4,066 611 4,066 4,677 884 3,793 1997 2005 35 years 3219 Sterling House of Mesa Mesa AZ 655 6,998 655 6,998 7,653 1,521 6,132 1998 2005 35 years 3227 Sterling House of Peoria Peoria AZ 598 4,872 598 4,872 5,470 1,059 4,411 1998 2005 35 years 3238 SterlingHouseonEastSpeedway Tucson AZ 506 4,745 506 4,745 5,251 1,032 4,219 1998 2005 35 years 2424 The Springs of East Mesa Mesa AZ 2,747 24,918 2,747 24,918 27,665 5,513 22,152 1986 2005 35 years 2429 Brookdale Place SanMarcos CA 4,288 36,204 4,288 36,204 40,492 8,253 32,239 1987 2005 35 years 2428 The Atrium

Document Information

Document Information
	12 Months Ended Dec. 31, 2009 USD / shares
Document Type	10-K
Amendment Flag	false
Document Period End Date	2009-12-31

Entity Information

Entity Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 15, 2010	Jun. 30, 2009
Trading Symbol	VTR
Entity Registrant Name	VENTAS INC
Entity Central Index Key	0000740260
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		156,706,398
Entity Public Float			$4,600,000,000