On February 18, 2010, Ventas’s Board of Directors declared a regular quarterly cash dividend of $0.535 per share, payable March 31, 2010 to stockholders of record on March 12, 2010. This new dividend rate represents a 4.4 percent increase in the Company’s indicated annual dividend to $2.14 per share, compared with the annual dividend of $2.05 per share that was paid in 2009.

2009 DIVIDEND

In 2009, 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 2009:

Date Paid	2009  REIT   Dividend	2009 Taxable Income	Box 1a Ordinary Dividend	Box 2a Capital Gain Distr.	Box 2b Unrecap. Section 1250 Gain (Included in Box 2a)
Mar. 31, 2009	$0.51250	$0.51250	$0.45890	$0.05360	$0.01584
June 30, 2009	$0.51250	$0.51250	$0.45890	$0.05360	$0.01584
Sept. 30, 2009	$0.51250	$0.51250	$0.45890	$0.05360	$0.01584
Dec. 30, 2009	$0.51250	$0.51250	$0.45890	$0.05360	$0.01584
Total	$2.05000	$2.05000	$1.83560	$0.21440	$0.06336

No amount of the 2009 paid dividends is considered to be 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, 2010)

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 considered to be a 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)

2010 NORMALIZED FFO GUIDANCE

Ventas currently expects its 2010 normalized FFO per diluted share to range between $2.69 and $2.75 per diluted common share and normalized FAD to be between $2.55 and $2.62 per diluted common share.

The Company's normalized FFO and FAD guidance (and related GAAP earnings projections) 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 and FAD guidance excludes (a) gains and losses on the sales of assets, (b) merger-related costs and expenses, deal costs and expenses, and earnout payments, including expenses relating to the Company’s lawsuit against HCP, (c) the impact of any expenses related to asset impairment and valuation allowances, the write-off of unamortized deferred financing fees, or additional costs, expenses, discounts or premiums incurred as a result of early retirement or payment of the Company’s debt, (d) the non-cash effect of income tax benefits or expenses, (e) net proceeds, if any, the Company may receive from its lawsuit against HCP related to the acquisition of Sunrise Senior Living REIT, (f) the impact of future unannounced acquisitions or divestitures (including pursuant to tenant options to purchase) and capital transactions, 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.

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.