On May 19, 2008, Ventas's Board of Directors declared a regular quarterly cash dividend of $0.5125 per share, payable June 27, 2008 to stockholders of record on June 4, 2008. The dividend is the second quarterly installment of the Company's 2008 annual dividend.
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 |
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)
Ventas currently expects its 2008 normalized FFO to be between $2.75 and $2.82 per diluted common share and FAD to be between $2.56 and $2.63 per diluted common share. Included within the Company's normalized FFO and FAD range is approximately $8 million to $10 million, or $0.06 to $0.07 per diluted share, of non-cash equity compensation.
The Company's normalized FFO and FAD guidance for all periods assumes that all of the Company's tenants, borrowers and managers continue to meet all of their obligations to the Company. In addition, the Company's normalized FFO and FAD guidance (and related U.S. generally accepted accounting principles ("GAAP") earnings projections) excludes (a) gains and losses on the sales of assets, (b) the impact of future, unannounced acquisitions, divestitures (including pursuant to tenant options to purchase) and capital transactions, (c) merger-related benefits, costs and expenses that are not capitalized under GAAP, including transitional expenses, amortization of fees related to acquisition financing and costs, gains and losses for foreign currency hedge agreements, and expenses relating to the Company's lawsuit against HCP, (d) the impact of any expenses related to asset impairment, the write-off of unamortized deferred financing fees, or additional costs, expenses or premiums incurred as a result of early debt retirement, (e) the non-cash effect of income tax benefits, and (f) dilution, if any, resulting from the Company's convertible notes.
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.
2007 NORMALIZED FFO
In 2007, Ventas posted normalized FFO of $2.69 per diluted share, a 10 percent increase over its 2006 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.

