Dividend and FFO Information

2010 DIVIDEND

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.