On February 12, 2009, Ventas’s Board of Directors declared a regular quarterly cash dividend of $0.5125 per share, payable in cash on March 31, 2009 to stockholders of record on March 18, 2009.

2008 DIVIDEND

In 2008, Ventas declared quarterly reportable dividends of $0.5125 per share for a total dividend of $2.05.  The following is a summary of all dividends paid in 2008:

Date Paid	2008  REIT   Dividend	2008 Taxable Income	Box 1a Ordinary Dividend	Box 2a Capital Gain Distr.	Box 2b Unrecap. Section 1250 Gain (Included in Box 2a)
Mar. 28, 2008	$0.51250	$0.51250	$0.47563	$0.03687	$0.01908
June 27, 2008	$0.51250	$0.51250	$0.47563	$0.03687	$0.01908
Sept. 30, 2008	$0.51250	$0.51250	$0.47563	$0.03687	$0.01908
Dec. 30, 2008	$0.51250	$0.51250	$0.47563	$0.03687	$0.01908
Total	$2.05000	$2.05000	$1.90252	$0.14748	$0.07632

No amount of the 2008 paid dividends is expected to be considered return of capital (i.e. nontaxable distribution).

Stockholders are encouraged to consult their own tax advisors regarding the tax consequences of these dividends.

(Updated January 12, 2009)

2007 DIVIDEND

In 2007, Ventas declared quarterly reportable dividends of $0.475 per share for a total dividend of $1.90.  The following is a summary of all dividends paid in 2007:

Date Paid	2006  REIT   Dividend	2007  REIT   Dividend	2007 Taxable Income	Box 1a Ordinary Dividend	Box 2a Capital Gain Distr.	Box 2b Unrecap. Section 1250 Gain (Included in Box 2a)
Jan. 12, 2007	$0.395		$0.395	$0.22155	$0.17345	$0.00786
Mar. 30, 2007		$0.475	$0.475	$0.26642	$0.20858	$0.00945
June 29, 2007		$0.475	$0.475	$0.26642	$0.20858	$0.00945
Sept. 28, 2007		$0.475	$0.475	$0.26642	$0.20858	$0.00945
Dec. 28, 2007		$0.475	$0.475	$0.26642	$0.20858	$0.00945
Total		$1.900	$2.295	$1.28723	$1.00777	$0.04566

The fourth quarter 2006 dividend that was paid on January 12, 2007 will be taxable to stockholders as part of their 2007 (not 2006) taxable income.  All other dividends paid in 2007 are also taxable income in 2007. 

No amount of the 2007 paid dividends is expected to be considered return of capital (i.e. nontaxable distribution).

Stockholders are encouraged to consult their own tax advisors regarding the tax consequences of these dividends.

(Updated January 9, 2008)

2006 DIVIDEND

In 2006, Ventas declared quarterly reportable dividends of $0.395 per share for a total dividend of $1.58 as follows:

Amount	Date Declared	Date of Record	Date Paid
$0.3950	February 27, 2006	March 7, 2006	March 30, 2006
$0.3950	May 19, 2006	June 7, 2006	June 28, 2006
$0.3950	September 7, 2006	September 18, 2006	September 29, 2006
$0.3950	December 5, 2006	January 2, 2007	January 12, 2007

The fourth quarter 2006 dividend that was paid on January 12, 2007 will be taxable to stockholders as part of their 2007 (not 2006) taxable income. Similarly, the fourth quarter 2005 dividend that was declared on December 6, 2005 ($0.3600 per share -- see below), was taxable to stockholders as part of their 2006 (not 2005) dividend income. Accordingly, four dividends totaling $1.545 will be reported as ordinary dividends on Form 1099-DIV for 2006.

Regarding the four dividends included in the 2006 Form 1099-DIV: (A) no amount is considered to be "qualified dividends" (i.e. eligible for the lower individual tax rates); (B) no amount is considered to be capital gain distribution; (C) no amount is considered to be return of capital; and (D) they are reported on Form 1099-DIV as ordinary dividends.

(Updated November 27, 2007)

2005 DIVIDEND

In 2005, Ventas declared quarterly reportable dividends of $0.36 per share for a total dividend of $1.44 as follows:

Amount	Date Declared	Date of Record	Date Paid
$0.3600	February 28, 2005	March 24, 2005	April 5, 2005
$0.3600	May 24, 2005	June 6, 2005	June 29, 2005
$0.3600	September 8, 2005	September 20, 2005	October 5, 2005
$0.3600	December 6, 2005	January 3, 2006	January 13, 2006

The fourth quarter 2005 dividend that was declared on December 6, 2005 will be taxable to stockholders as part of their 2006 (not 2005) dividend income. Similarly, the fourth quarter 2004 dividend that was declared on December 3, 2004 ($0.3250 per share) was taxable to stockholders as part of their 2005 (not 2004) dividend income. Accordingly, four dividends totaling $1.4050 will be reported as ordinary dividends on Form 1099-DIV for 2005.

Regarding the four dividends included in the 2005 Form 1099-DIV: (A) no amount is considered to be "qualified dividends" (i.e. eligible for the lower individual tax rates); (B) no amount is considered to be capital gain distribution; (C) no amount is considered to be return of capital; and (D) they are reported on Form 1099-DIV as ordinary dividends.

(Updated January 11, 2006)

2009 NORMALIZED FFO GUIDANCE

Ventas currently expects its 2009 normalized FFO per diluted share to be between $2.48 and $2.58, as compared to previous 2009 guidance of $2.55 to $2.65 per diluted share. This per share adjustment in expectations is due to the Company’s successful offering of $480 million in equity and senior notes, the extension and amendment of its Credit Facilities, and announced acquisitions and dispositions. The Company continues to expect its 79 high-quality seniors housing assets operated by Sunrise to generate between $110 million and $125 million in NOI for the full year.

The Company's normalized FFO guidance for all periods assumes that all of the Company's tenants and borrowers continue to meet all of their obligations to the Company. In addition, the Company's normalized FFO guidance (and related GAAP earnings projections) excludes (a) gains and losses on the sales of assets, (b) the impact of future unannounced acquisitions or divestitures (including pursuant to tenant options to purchase) and capital transactions, (c) merger-related costs and expenses that are not capitalized under GAAP, including expenses relating to the Company’s lawsuit against HCP, (d) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts or premiums incurred as a result of early retirement or payment of the Company’s debt, (e) the non-cash effect of income tax benefits or expenses, (f) deal costs and expenses and earnout payments required by GAAP to be expensed rather than capitalized into asset cost, and (g) the reversal or incurrence of contingent liabilities.

The Company's guidance is based on a number of other assumptions, which are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.

Reconciliation of the FFO guidance to the Company's projected GAAP earnings is set forth here.

2008 NORMALIZED FFO

In 2008, Ventas posted normalized FFO of $2.74 per diluted share, a 2 percent increase over its 2007 normalized FFO per diluted share.

Assumptions

The Company's dividend and FFO guidance is based on a number of other assumptions, which are subject to change and many of which are outside the control of the Company. If actual results vary from these assumptions, the Company's expectations may change. There can be no assurance that the Company will achieve these results.