investor presentation: j.p. morgan healthcare conference

EXCELLENCE. SUSTAINED.

INVESTOR PRESENTATIONJANUARY 2017

1

FORWARD-LOOKING STATEMENTS

This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. The forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events. Readers of these materials are cautioned not to put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. The most important factors that could prevent the Company from achieving its stated goals include, but are not limited to: (a) the ability and willingness of the Company’s tenants, operators, borrowers, managers and other third parties to satisfy their obligations under their respective contractual arrangements with the Company, including, in some cases, their obligations to indemnify, defend and hold the Company harmless from and against various claims, litigation and liabilities; (b) the ability of the Company’s tenants, operators, borrowers and managers to maintain the financial strength and liquidity necessary to satisfy theirrespective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (c) the Company’s success in implementing its business strategy and the Company's ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments, including investments in different asset types and outside the United States; (d) macroeconomic conditions such as a disruption of or a lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature and extent of future competition, including new construction in the markets in which the Company’s seniors housingcommunities and medical office buildings are located; (f) the extent of future or pending healthcare reform and regulation, including cost containment measures and changes in reimbursement policies, procedures and rates; (g) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of the Company’s tenants, operators and managers, as applicable, to comply with laws, rules and regulations in the operation of the Company’s properties, to deliver high-quality services, to attract and retain qualified personnel and to attract residents and patients; (i) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (j) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration of the leases, the Company’s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant or manager, and obligations, including indemnification obligations, the Company may incur in connection with thereplacement of an existing tenant or manager; (k) consolidation activity in the seniors housing and healthcare industries resulting in a change of control of, or a competitor’s investment in, one or more of the Company’s tenants, operators, borrowers or managers or significant changes in the senior management of the Company’s tenants, operators, borrowers or managers; and (l) the other factors set forth in the Company‘s periodic filings with the Securities and Exchange Commission.

Ventas & Market Introduction (4-22)

Operational Excellence in Seniors Housing (23-29)

The Hospital Growth Opportunity (30-35)

Our Medical Office Building Platform (36-38)

Our Life Science Platform (39-43)

Post-Acute Portfolio (44-46)

Closing (47)

Appendix

Definitions and SEC Reg. G Compliance (51-59)

2

TABLE OF CONTENTS

VENTAS & MARKET INTRODUCTION


We are the premier provider of capital to leading senior living and healthcare operators and research institutions

Ventas is positioned at the intersection of two large and dynamic markets: healthcare and real estate

• Each represents nearly 20% of U.S. GDP• Demand tailwind of large growing senior population + longevity megatrend• $1T, fragmented real estate market ripe for investment

Excellence Demonstrated: track record of consistent growth and income through cycles for almost two decades

We will sustain excellence with superior People, Properties and Platforms• Diversified business model and financial strength• High-quality portfolio partnered with leading operators across asset classes• Extraordinary external growth opportunities• Attractive dividend yield with room to grow• Outstanding cohesive team

4

VENTAS INVESTMENT THESIS


LONG-TERM SUSTAINABLE GROWTH AND INCOME WITH FINANCIAL STRENGTH

5

2016(E) Net Debt / EBITDA2

Diversified Portfolio4

<1,300Assets

Leading S&P 500Company3

Enterprise Value

1. Source: Company financials. FFO growth based on arithmetic average of annual growth rates from the 2001–2016(E) period. FFO average utilizes 2015 and 2016 Comparable normalized FFO / share growth rates of 9% per the Company’s Q4 and full-year 2015 earnings release and 4%-5% per the Company’s 2016 guidance, respectively. Dividend growth represents annual cash dividends paid per share from the 2001-2016 period, excluding special dividends or share distributions to shareholders.

2. Per the Company’s press release dated 01/10/2017. 3. Total shareholder return represents compound annual growth rate through 12/31/2016. Enterprise value as of 12/31/2016.4. Data per Q3 2016 press release, supplemental and earnings conference call dated 10/28/2016.

$34B

Credit Rating

Annual FFO / ShGrowth since 20011

BBB+

11%

TSR CAGR since12/31/19993

Completed Spin-Offof SNFs in 2015

25%

2016(E) Norm. FFO / Sh Growth2

>$4B

Annual Cash Dividend / ShGrowth since 20011

4%-5%

Enterprise Value

8%

5.7x-5.8x

6

SUPERIOR LONG-TERM RETURNS TO SHAREHOLDERS FROM HIGH-QUALITY DIVERSIFIED PORTFOLIO WITH LEADING OPERATORS

TSR Performance –

Multiple Periods

1-Year TSR Performance

16%

13%

10%

8%

13%

5%

11% 9%

7%

1-Year 3-Year 10-Year

VTR RMZ S&P 500

December January February March April May June July August September October November December

VTR: 16%

RMZ: 8%

S&P: 11%

Source: Bloomberg.

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Healthcare Real Estate ForesightExecute

Early

Grow Platforms with

Winning Operators

2 of 10 credit upgrades during financial crisis

RIDEA

RMZCampaign

7

OUR FORESIGHT AND INNOVATIONCHANGED THE WAY REAL ESTATE INVESTORS THINK ABOUT HEALTHCARE; CHANGING THE WAY LEADING PROVIDERS / OPERATORS THINK ABOUT REAL ESTATE

NO

RM

ALIZ

ED

FFO

($)

/ SH

ARE (

IND

EXED

TO

2001)

Source: Company financials. Based on annual growth rates from the 2001 – 2016(E) period. 2016(E) based on the midpoint of the Company’s normalized FFO / share guidance announced in the Company’s second quarter 2016 earnings release on 07/29/2016. 2015 and 2016 periods utilize Comparable normalized FFO / share growth rates.

http://www.google.com/url?sa=i&rct=j&q=&esrc=s&frm=1&source=images&cd=&cad=rja&docid=3_6lf5xznn15jM&tbnid=g5Xc444TU1qDPM:&ved=0CAUQjRw&url=http://www.lagunawoodsvillage.com/article.cfm?id=5098&ei=52HQUpTmOY_4qAGIyYCAAQ&bvm=bv.59026428,d.aWc&psig=AFQjCNFNCqPeJRfiGeZ2MbhVCteLiV7J5g&ust=1389474662033746


8

INVESTING ACROSS THE CAPITAL STRUCTURE IN DIVERSIFIED ASSET TYPES

Senior Housing

MOBs Acute Care Life Science Post-Acute

NNN Lease

Operating Real Estate

Operator Equity

Investment

Debt Investments

9

Acute Care

• $2B pro forma investment

• Superior risk-adjusted return

• High-quality facilities with significant market

share

• Scalable platform, creating $3B revenue

provider in 6 key markets

• Key not-for-profit relationships

Life Science

• University-based, new life science and

innovation centers with long leases and

strong credit

• Adjacent business line that diversifies cash flows

and is a new channel for growth

• Attractive yield, superior risk adjusted return

• Exclusive capital partner to leading

developer

• Funding significant projects with life science

and innovation centers associated with top

research institutions

Senior Living

• ~$3B initial investment w/ consistent cash flow

growth outperformance

• High-quality real estate in top coastal MSAs with

high wealth, home values and barriers to

entry

• Top 10 national senior care provider

• Nearly doubled investment in ~5 years to

fuel Atria growth

• Trophy development projects underway

• >7x investment growth ~5 years

• Significant multiple expansion since

investment creates valueMOBs

• Largest national MOB business 96% on-

campus / affiliated with leading health

systems

• 92% occupancy

• Stable, growing cash flows

DELIVERING VALUE TO SHAREHOLDERS AND MEETING CUSTOMER NEEDS



10

CONSISTENT OUTSTANDING EXECUTION IN 20161

1. As announced in the Company’s 01/10/2017 press release.2. Represents the quarterly dividend rate increase announced for Q4 2016.

4%-5% Normalized FFO /

Share Growth (Expected)

$1.5B Life Science and Innovation

Center Acquisition with Leading Research Universities and Wexford Platform Growth

6% Dividend / Share Increase2

$3B Revenues Pro Forma Leading

Acute Care Platform in 6 Key Markets with #2 For-Profit Private Hospital Company

5.7x-5.8x Year-End Net Debt /

Adjusted EBITDA

7% Premium Value SNF Disposition to

Facilitate Kindred SNF Exit + 8 Year LTAC Lease Extension

>$600M Strategic Dispositions and

Loan Repayments

$4M Annual Benefit from Positive

Sunrise Agreement

11

DIVERSE AND HIGH-QUALITY VTR PORTFOLIO

1. Data per Q3 2016 press release, supplemental and earnings conference call dated 10/28/2016. Pro forma for the expected $700M sale of 36 Kindred SNFs to Kindred on or prior to October 31, 2018 as announced on 11/14/2016; however there can be no assurance that the sale of the SNFs will occur or the terms or timing of such sale. Pro forma for the $700M loan to Ardent for its acquisition of LHP Hospital Group as announced on 10/05/2016 and expected to close in Q1 2017, pending customary regulatory reviews and approvals. Pro forma for additional anticipated acquisition activity totaling ~$1B, including the aforementioned $700M loan to Ardent, and disposition activity totaling ~$900M, including the aforementioned $700M Kindred SNF sale, as announced in the Company’s preliminary 2017 outlook on 01/10/2017.

Q4 2017(E)1

30%

24%

19%

6%

1%

5%

6% 1%

7% Seniors Housing -Operating

Seniors Housing -NNN

Medical Office

Specialty Hospitals

Skilled Nursing

International Hospitals

$2BNOI

LoansU.S. Acute Care Hospitals

U.S. Acute Care Hospitals

$1.3B Acquisition of Ardent’s Hospital Real Estate Network

Commitment to Fund Ardent’s Acquisition of LHP, Making it a $3B Revenues Provider

Skilled Nursing

>$4B Spin-Off of Majority of Skilled Nursing Portfolio

Kindred SNF Exit

Life Science

Entry into Attractive Institutional-Quality Life Science and Innovation Centers Associated with Leading Research Universities with $1.5B Life Science Acquisition

Growth Including Near-Term Ground-Up Developments

Life Science

12

ATTRACTIVE AND DYNAMIC OPPORTUNITIES

VTR AT THE INTERSECTION OF HEALTHCARE AND REAL ESTATE

Healthcare 20% by 20241

~20% Real Estate2

>$17TU.S. GDP

VTR

• Large and growing aging population increases demand for healthcare and senior living products

• Senior population has immense spending power and wealth

• Healthcare spending projected to grow 5.8% annually (2014–2024)1

• Senior housing and healthcare real estatemarket is large, fragmented and ripe for consolidation ($1T real estate market)

• Healthcare real estate under-owned by REITs– <15% well below other REIT sectors

• Consolidation opportunities – at the early stages of asset migration to REITs (most efficient owners)

1. Source: CMS.2. Source: NAIOP Economic Impacts of Commercial Real Estate, 2015 Edition; represents total economic contribution to GDP (includes multiplier effect).

13

DEMOGRAPHICS & LONGEVITY FUELING DEMAND

Growing Population of Healthcare Consumers…

…With Immense Wealth and Spending Power…

…And Increasing Care Needs with Age

10,000

7x >$640K

73%

$12T

5x

2.5x

40%

Faster Growth in 75+ Population1

Boomers Turning Medicare Eligible Daily2

Average 75+ Net Worth3

Of U.S. Healthcare Spending from 50+ Population4

Of Wealth Transfer to Boomers over Next 30-40 Years4

More Healthcare Spending from Seniors5

More Physician Office Visits from Seniors6

Of 85+ Cohort Need Help with 3+ Activities of Daily Living4

1. Source: US Census Bureau, Population Division.2. Source: Pew Research Center.3. Federal Reserve Survey of Consumer Finances. 4. Bank of America Merrill Lynch, Thematic Investing (May 2016). 5. ISI Real Estate Research; Bureau of Labor Statistics. 6. Marcus and Millichap, CMS.

34M75+ By 2030 (+14M)1

LIFE SCIENCE INDUSTRY EXPERIENCING CONTINUED GROWTH

University Life Sciences Research Spending

14

Current Life Science Tenants 2014 R&D ($M)

$9B $12B

$15B

$21B$4B

$6B$28B

$38B

2005 2014

Biological sciences Medical sciences Other

+3.6%

+4.0%

+3.7%

+3.2%

CAGRUniversities & Research institutions have increased R&D spending

Chronically Ill Individuals in U.S. (millions)Biotech M&A Market ($ billions)

$78bn $100bn$131bn

$158bn

$150bn$173bn

$210bn

$259bn

2012 2013 2014 2015

Global Healthcare M&A Volume

(deals below $10 billion)

Pharma/Biotech Services Medtech

Pharma/Biotech M&A has grown at a +27% CAGR since 2012

118 125 133 141 149 157 164 171

1995 2000 2005 2010 2015 2020 2025 2030

In 2015, 48% of U.S. population has at least 1 chronic illness and 24% have at least 2

Source: Projection of Chronic Illness Prevalence and Cost Inflation (Wu, Shin-Yi et al. 2000); National Science Foundation; CDA CDERNote: Latest data as of 2014; federal scientific research funding represents total funds that are committed by federal agencies to support science-related research at higher education institutions across the U.S.

Drexel, Old Dominion,

IIT$88

Wake Forest$172 Penn State

$250

Miami$254

Maryland$382

Wash. U.$586 Yale

$640

U. of Penn$656

Duke$868

Current tenants

account for 10% of

university life science R&D

spend (~$4B)

ADVANTAGE

PROPERTIES PLATFORMS

PEOPLE

OUR PEOPLEOUR PROCESSESOUR CULTURE

LEADING OPERATORS ACROSS THE SITES OF CARE

ADVANTAGED REAL ESTATE ASSETS IN

ATTRACTIVE MARKETS

15

THE VENTAS ADVANTAGE

ENSURING EXCELLENCE. SUSTAINED.

16

2016 Expectations Preliminary 2017 Outlook

Highlights

• Approximating the high end of previously announced norm. FFO / share guidance range

• Same-store cash NOI growth in-line

• Continued portfolio enhancement and accelerated capital recycling

• Further strengthening healthy balancesheet and financial position

• Benefit of profits from various transactions and fees

• Continued same-store NOI growth

• Strategic recycling of capital and disposition of nearly all of skilled nursing portfolio at ~$600M gain

• Invest in future growth through new Wexford ground up developments

• Drive an even stronger financial profileand liquidity

• Recurrence of profit benefits not expectedfrom transactions and fees

Key Financial Metrics +

Assumptions

Normalized FFO / ShareApproximating the high end of prior guidance of

$4.10-$4.13$4.12-$4.18

Same-Store Growth (Cash)

Total Company: Within prior 2.5%-3% guidanceSegments: Within previously disclosed ranges

Total Company: 1.5%-2.5%Segments: Each expected to contribute positively

Total Company Same-Store Growth (GAAP)

~2%Typically ~100bps lower than cash driven by

straight-line rent

New Investments (GAAP Yield)

$1.6B (7%-8%) ~$1B (7%-8%)

Asset Sales & Loan Repayments (GAAP Yield)

>$600M (~8%) ~$900M (7%-8%)

(Re)development Funding2 ~$150M ~$300M

Net Debt / EBITDA 5.7x-5.8x Consistent with year-end 2016

Debt Refinancing & Retirement

>$900M $1B with extended tenors

Weighted Average Diluted Shares

348M 358M

2016 EXPECTATIONS & PRELIMINARY 2017 OUTLOOK1

1. As announced in the Company’s 01/10/2017 press release.2. Represents expected VTR cash funding excluding third party debt.

KEY 2017 OUTLOOK DRIVERS1

1. As announced in the Company’s press release on 01/10/2017; tentative, preliminary and subject to change.2. GAAP typically ~100bps lower than cash driven by straight-line rent. 16

$4.12 to $4.18 2017 Normalized FFO Per Share Outlook

1.5% to 2.5% Same-Store Cash NOI Growth2

Carryover Impact of 2016 Acquisitions

$1B 2017 Acquisitions at a 7%-8% GAAP Yield Funded Principally with $900M Disposition Proceeds at a 7%-8% GAAP Yield

Extended duration on ~$1B of refinanced debt and higher rates

2016 deleveraging impact (higher 2017 share count)

Carryover impact of 2016 dispositions + fees from tenants and borrowers

• Domestic market is large and growing

• Early stages of securitized public real estate

• Dynamic policy environment

• Care delivery increasingly interconnected

• Consolidating and fragmented market with significant capital needs

Outpatient Facilities/ MOBs

Life Science / Biotech Facilities

Post-Acute Facilities

Private Pay Seniors Housing

Hospitals

18

A $1T DOMESTIC REAL ESTATE MARKET

ASSETS SHOULD FLOW TO MOST EFFICIENT OWNERS

5%

10%

15%

31%

39%

40%-50%

PERCENTAGE OF REAL ESTATE OWNED BY REITS

Hotels (Top 25)2

20%-25%

Multifamily Housing

(Top 50)1

Healthcare

12%-15%

50%-55%

Malls

1. Based on number of units owned by top 50 multifamily housing owners.2. Based on number of units owned by top 25 hotel owners.

19

SIGNIFICANT RUNWAY FOR GROWTH

EARLY INNINGS OF HEALTHCARE REIT OWNERSHIP

Successful Model for Separating Real Estate

from Operating Business

Leading operators consolidating

+

Care delivery increasingly interconnected

+

Dynamic policy environment

=

Need for broad and deep

CAPITAL AND REAL ESTATE SOLUTIONS

20

HEALTHCARE DELIVERY IS CONVERGING

REQUIRING SOLUTIONS ACROSS SITES OF CARE AND GEOGRAPHIES

Post-AcuteCare

Community-BasedCare

Hospitals

Seniors Housing

Life Science

21

CONSOLIDATION IS ON THE HORIZON

WINNING OPERATORS WILL EMERGE

10% 10%20%

90% 90% 80%

Hospitals1

Top 10 Operators

OtherOperators

Seniors HousingPost-Acute Care2

MARKET SHARE OF TOP 10 OPERATORS Highly fragmented markets

Benefits of scale and integration

Dynamic policy environment

Accelerating consolidation

Winners will emerge

Consolidators will need capital partners

Source: MedPAC, Provider, LTPAC Health IT, ASHA, NIC, Becker's Hospital Review, AHA, Company estimates.1. Includes all community hospitals (nonfederal, short-term general and special hospitals).2. Includes SNF and HH operators.

DRIVE OPERATIONAL EXCELLENCE WITH

LEADING OPERATORS

MOBs and SHOP

BUILD ON ADVANTAGED

PLATFORMS WITHIN ASSET CLASSES

E.g., Hospitals, Life Science and

Redevelopment

EXPLORE NEW MARKETS

New asset classes and geographies

CAPITALIZE ON HEALTHCARE

CONVERGENCE

Real estate solutions across sites of care

22

FUTURE GROWTH PROSPECTS ARE BRIGHT

Opportunity to Change the Way Leading Healthcare Providers Thinkabout Capital Sources

OPERATIONAL EXCELLENCE IN SENIORS HOUSING

EXCELLENCE. EXEMPLIFIED.

24

VENTAS SENIORS HOUSING PORTFOLIO1

• Outstanding SHOP assets in advantaged markets + high-quality NNN leases

• ~50% SHOP / 50% NNN seniors housing portfolio

• Tremendous industry tailwinds

−Growth in the seniors population

−Benefits of communal living

• 1.5%-3% 2016(E) same-store NOI growth


30%

24%

19%

6%

1%

5%

6% 1%

7%

Seniors Housing -Operating


Medical Office

Specialty Hospitals

Skilled Nursing


$2BNOI

Loans


Life Science

Ventas SHOP1,2

Industry benchmarks

Median household income $77,176 $55,5512

Median home value $416,026 $192,4322

75+ population growth 11.8% 11.6%2

Building age 16 213

Note: Demographic figures reflect 3-mile radius from each community.1. SHOP portfolio represents U.S. portfolio; metrics weighted by NOI; from 3Q16 Ventas supplemental.2. Demographic data provided by Nielsen and reflects 2016 projections, unless otherwise noted; certain Canadian data is unavailable; population growth reflects 2016-2021

Nielsen projections.3. 3Q16 NIC data; AL/IL supply excluding new construction.

25

ATTRACTIVE SHOP ASSETS

VTR SHOP PORTFOLIO HAS HIGH-QUALITY ASSETS IN ATTRACTIVE LOCATIONS

Top 30 MSAs

SHOP

44%East Coast

NOI1

22%West Coast

NOI1

• >65% of SHOP NOI in high-barrier-to-entry coastal markets1

• Median home values 2.2x national average

• Median household income 1.4xnational average

• 3Q16 occupancy 100bps higher than NIC industry average2

Note: Data as of the second quarter ended 9/30/2016, unless otherwise noted.1. Percentage of U.S. SHOP NOI in coastal markets as shown on map.2. 3Q16 NIC Primary and Secondary Market data.

26

SHOP ASSETS IN ATTRACTIVE LOCATIONS

Focused on building scalewith winners driving operational excellence

Offers partner for future growth and redevelopment

Reduces intra-portfolio competition and portfolio overlap

Builds deeper strategic relationships

Atria 5-year NOI CAGR nearly 400bps better than industry average

VTR SHOP STRATEGYVTR SHOP1

61%Atria

32%Sunrise

All Others

>90%Two Focused

Operators

1. NOI diversification; Data as of the third quarter ended 09/30/2016.

27

VENTAS SHOP STRATEGY

WE HAVE A FOCUSED SHOP PARTNERSHIP STRATEGY

SAVINGS REALIZED ACROSS

CORPORATE AND LOCAL COSTS

ROBUST PROCESSES FOCUSED ON ATTRACTING,

DEVELOPING AND RETAINING TALENT

9%

11% Collateral production savings

via in-house print shop

Property management savings

via national service contracts

22% Insurance savings through VTR

aggregation

13% Food savings through national

culinary program1

TransitionSupport

RobustTraining

GrowthOpportunities

Incentives

Source: Atria internal data, 2010-2014.1. Food cost savings represent change from 2010 costs relative to CPI index for food (2010-2014).

28

NATIONAL SCALE DRIVES EFFICIENCY

EXAMPLE: ATRIA DRIVES EFFICIENCY THROUGH HR AND COST SAVINGS

Exercise /PhysicalActivity

SocialLife

EmergencyAssistance

Housekeeping

TransportationIndependence

Dining

Assisted living 40-60% cheaper than re-creating benefits at home

High-cost market: New York, NYRe-create benefits at home1: $12,011Assisted Living rent2: $5,752

Low-cost market: Phoenix, AZRe-create benefits at home1: $7,388Assisted Living rent2: $4,098

1. APFM national average (05/06/2015) adjusted based on local COLA adjustments from Sperling's Best Places (New York: 1.46, Phoenix: 1.04); includes home health rate inflation (24%) based on Department of Social Services CT daily rate for Medicaid covered client adjustment.

2. 3Q16 NIC Average Rent by market (New York, NY and Phoenix, AZ).

29

SALES AND MARKETING OPPORTUNITIES

EXAMPLE: ATRIA SELLS VALUE PROPOSITION OF SENIORS HOUSING THROUGH MARKETING

~1% Penetration Rate Increase = Full U.S. Occupancy

THE HOSPITAL GROWTH OPPORTUNITY

EXCELLENCE. FORWARD.

31

VENTAS ACUTE CARE HOSPITAL PORTFOLIO1

• Ardent-LHP business model well positioned for post-ACA environment

−1/3 Ardent + 1/4 LHP Medicaid expansion states

• ~3x EBITDARM coverage (operator cash flow / rent)

• 6 diversified states with strong market share

• Well-capitalized tenant with ≥1x net debt / EBITDA and ~4x net debt / adjusted EBITDAR

• Ardent: strong performance through Q3 2016

−Good margins; improving with LHP

• VTR Ardent-LHP Loan: sale-leaseback potential and strong risk adjusted return


30%

24%

19%

6%

1%

5%

6% 1%



Medical Office

Specialty Hospitals

Skilled Nursing


$2BNOI


Life Science

800

850

900

0

2000 2005 2010

872

796

1995

802 805

U.S. NUMBER OF HOSPITAL BEDS (000s)

2015

787

2020F

824 900

1,000

950

850

800

750

1,050

50

0

2020F2015F

985

2010

849

1995 2005

809

1,043

2000

973

DAILY VOLUMES (000s)1

929

32

DEMOGRAPHIC FUNDAMENTALS

SUPPLY CONSTRAINED AND UTILIZATION INCREASING

Source: AHA Hospital Statistics.1. Daily volumes is "US Adjusted Average Daily Census (000s)" – average number of patients receiving care each day during a reported period, adjusted for inpatient vs.

outpatient.

HOSPITALS remain the NERVE CENTER of healthcare delivery

SHORTER LENGTHS OF STAY

HIGHER VOLUMES

HIGHEST ACUITY CARE

33

HOSPITALS ARE EVOLVING

0%

2%

4%

6%

8%

HOSPITALS INCREASINGLY CONSOLIDATING

CONSOLIDATED HOSPITALS HAVE STRONGER MARGINS...

... AND HAVE BETTER CREDIT

100

0

50

% o

f Com

munity H

ospitals

MHS

Unaffiliatedhospitals

2012

65%

35%

2007

60%

40%

2000

50%

50%

1990

38%

62%

Tota

l M

arg

in1

(%)

Tax-Exempt Hospitals

1.9%

4.7%

Investor-Owned

Hospitals

3.1%

6.3%

Non-MHS

MHS

0

3

6

9

12

15

3B+3BBB+BBBB-B+BB-CCC+

Log R

evenue

($M

)

Credit Rating2

34

MARKET CONSOLIDATION RESULTS IN BETTER MARGINS AND CREDIT

Sources: AHA Chartbook, Journal of Healthcare Finance, "How Prepared are US Hospitals for the Affordable Care Act," Capital IQ.1. Net income / Total Revenues.2. n =24 ; all healthcare providers.

Ardent-LHP Synergies Will Improve Margins

20%

21%Investor-owned

State and local government

Non-government,tax-exempt

59%

GROWTH OPPORTUNITIES

Public companies looking to spin off assets

Private capital-backed hospital systems

Grow with tax-exempt hospitals

~5,000 HOSPITALS

35

CAPITAL SOURCE TO PROVIDERS TO HELP THEM GROW, CONSOLIDATE AND SERVE PATIENTSCONSOLIDATION OPPORTUNITIES GREATER THAN EVER / VTR FINANCIAL STRENGTH, KNOWLEDGE AND RELATIONSHIPS CREATE ADVANTAGE

LHP provides entrée with valuable not-for-profit partnerships

VTR Will Remain Selective / Focus on High-Quality

Investments

OUR MEDICAL OFFICE BUILDING PLATFORM

EXCELLENCE. ESTABLISHED.

37

VENTAS MEDICAL OFFICE PORTFOLIO1


2. Represents cash NOI from assets with investment-grade systems and HCA.

• Top platform

• 400+ customers

• ~92% total occupancy

• 96% affiliated or on campus

• 85% of affiliations are investment-grade health systems and HCA2

• Core business with reliable cash flow

30%

24% 19%

6%

1%

5%

6% 1%



Medical Office

Specialty Hospitals

Skilled Nursing


$2BNOI

Loans


Life Science

10,000New seniors eligible for

Medicare daily1

INCREASING POPULATION

Number of visits 65+ cohort makes to physician offices relative to the rest of the

population3

2.5x

GROWING PHYSICIAN VISITS

HIGHER SPENDING

Seniors 65+ spend 5x more per person4

$0

$2,000

$4,000

$6,000

65-74Years Old

<25 Years Old

$1,000

$5,200

38

SECULAR TRENDS ATTRACTIVE

INCREASING POPULATION, INCREASING VISITS, INCREASING SPEND

1. Congressional Budget Office.2. Source: US Census Bureau, Population Division.3. Marcus and Millichap, CMS.4. ISI Real Estate Research and Bureau of Labor Statistics.

34M75+ individuals by 2030

(+14M)2

OUR LIFE SCIENCE PLATFORM


40

VENTAS LIFE SCIENCE PORTFOLIO1

• 6% pro forma 2017 VTR NOI

• 73% of revenue from excellent credit tenants

−11 universities with avg. Aa2 rating

−Investment grade companies

−Public companies with >$1B equity market capitalization

• Favorable NNN lease structures

−10 year weighted average lease term

−2% annual rent escalators

• Exclusive pipeline agreement for growth

−Near-term development opportunities


30%

24%

19%

6%

1%

5%

6% 1%



Medical Office

Specialty Hospitals

Skilled Nursing


$2BNOI

Loans


Life Science

HIGH-QUALITY OPERATING PORTFOLIO WITH INSTITUTIONAL-QUALITY TENANTS

4.1 million square feet of purpose-built real estate with average age of 6 years

Located on or contiguous to major campuses

High-quality Properties New Relationships with Institutional-quality Tenants

41

13 LEED-certified buildings

Class-A Operating Properties Excellent Amenities for Tenants

Note: Statistics represent 23 operating properties.

ADDITIONAL GROWTH FROM NEAR-TERMDEVELOPMENT PROPERTIES

The Chesterfield

Duke(Durham, NC)

W.F. Innovation Quarter –Bailey Power Plant

Property

University

Endowment1

Life sciences R&D spend2

Location

Square feet

Tenants

Opening

42

$7.3 billion

$868 million

On-campus

286K

2017

Duke University

Wake Forest(Winston Salem, NC)

$1.2 billion

$172 million

Adjacent to campus

111K

2017 / 2018

Wake Forest

1. 2015 endowments; National Association of College and University Business Officers and Commonfund Institute.2. 2014 data from National Science Foundation

ENHANCES VENTAS’S RELATIONSHIPS WITH LEADING UNIVERSITIES, ACADEMIC MEDICAL CENTERS AND RESEARCH COMPANIES

43

Geographic Presence and University Affiliations Key Highlights for Leading Tenants

MSA with Lillibridge presence

No. Tenant Sq. ft. (000s)Credit Rating / market cap

1 Wake Forest 661 Aa3

2 Alexion 517 $27B1

3 Yale 283 Aaa

4 Penn Medicine 268 Aa1

5 Univ. of Maryland 145 Aa1

6 Old Dominion 122 A12

7 Inmar 243 B2

8 Therapeutic Proteins 86 NR

9 Paragon 58 NR

10 Eisai, Inc. 169 $16B3

Total 2,552

Top 10 Tenants by Revenue

Relationships with 11 top research universities that account for 10% of all university life science R&D spending

Average university credit rating of Aa2 (49% of rev.)

1. Alexion is not rated; has market capitalization of $27 billion.2. Only rated by S&P; Moody’s equivalent rating is displayed.3. Eisai is a Japanese company not rated by Moody’s or S&P; has market

capitalization of US $16 billion.

POST-ACUTE PORTFOLIO

EXCELLENCE. EVOLVED.

45

PRO FORMA VENTAS POST-ACUTE PORTFOLIO1

1. Data per Q3 2016 press release, supplemental and earnings conference call dated 10/28/2016. Pro forma for the expected $700M sale of 36 Kindred SNFs to Kindred on or prior to October 31, 2018 as announced on 11/14/2016; however there can be no assurance that the sale of the SNFs will occur or the terms or timing of such sale. Pro forma for the $700M loan to Ardent for its acquisition of LHP Hospital Group as announced on 10/05/2016 and expected to close in Q1 2017, pending customary regulatory reviews and approvals. .

2. Calculated as Kindred’s net debt (long-term debt plus 2016 guided rent expenses multiplied by 6) less cash and cash equivalents, divided by 2016 guided Core EBITDAR. Based on Kindred’s Q3 2016 earnings release and conference call on 11/08/2016.

• 1% SNFs post-sale – successful de-emphasis of SNF starting with CCP spin off

• Strong 2x Q3 specialty hospital EBITDARM coverage (operator cash flow / rent)

• ~5.8x Kindred adjusted net debt / EBITDAR2

−SNF sale deleveraging and accretive

• Guaranteed leases

• Cash flow stability – no rent rollover until 2023

30%

24%

19%

6%

1% 5%

6% 1%



Medical Office

Specialty Hospitals

Skilled Nursing


$2BNOI


Life Science

10%39%

13%

88%

85%

23%

12%

2%

38%

Kindred Genesis HCRMC

HomeHealth

& Hospice

SNF

LTAC

Rehab2

HCRMC3Genesis2Kindred1

46

KINDRED HEALTHCARE

1. Based on YTD Q3 2016 revenue before eliminations. Pro forma for Kindred’s announced plan to exit its SNF business. 2. Based on YTD Q3 2016 revenue. SNF category corresponds to inpatient services in Genesis 10K and includes AL facilities. Pro forma for the sale of Genesis’s home health and hospice

business. 3. Based on 2015 revenue. Rehab revenue reported as 'Other' in ManorCare Annual Report. SNF revenue reported as 'Long-Term Care' in ManorCare Annual report and includes the

operations of SNFs, ALFs and Memory Care facilities.4. Information based on Kindred’s third quarter 2016 earnings conference call on 11/08/2016. 5. Excludes the impact of timing, lease escalations and organic operator EBITDARM growth.

Impact of LTAC Criteria4Diverse Business Mix

Pro Forma Revenues for Announced Exit of SNF Business

• KND ~$50M end of 2017

run-rate EBITDARM impact

• ~0.1x-0.2x5 impact to VTR

specialty hospital

EBITDARM coverage

• “Win-win” sale of 7 LTACs

• Successful transition Q3

Q3'15 TTM VTR

Post-Acute

EBITDARM Coverage

Q3'15 TTM VTR

Pro Forma

Post-Acute

EBITDARM Coverage

Cash Rent

2x 1.8x-1.9x

Impact Expected to Improve through 2018

EBITDARM

Q2’16 TTM VTR Specialty Hospital

EBITDARM Coverage

Q2’16 TTM VTR Pro Forma

Specialty Hospital EBITDARM Coverage

KND MitigatedRun-Rate Impact

(End of 2017)

VTR = 31/82 KND LTACs

~$50M KND

Impact

Ventas is an S&P 500 diversified provider of capital to leading senior living and healthcare operators and research institutions.

Ventas has a long and successful history of outperformance, stability, growth and income with a strong balance sheet.

Massive, fragmented healthcare real estate market with strong demand tailwinds and longevity megatrend provide opportunities for growth.

The “Ventas Advantage” of people, platforms and properties will fuel Ventas’s continued success.

47

SUMMARY

1 Welcome Overviewv9.ppt 48


DEFINITIONS AND SEC REG. G COMPLIANCE

50

DEFINITION OF TERMS

NAREIT Funds from Operations (“FFO”)

Net income attributable to common stockholders (computed in accordance with GAAP) excluding gains (or losses) from sales of real estate

property, including gain (or loss) on re-measurement of equity method investments and impairment write-downs of depreciable real estate, plus real

estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated

partnerships and joint ventures will be calculated to reflect FFO on the same basis. The Company believes that income from continuing operations

is the most comparable GAAP measure.

Normalized FFO

We consider normalized FFO to be an appropriate measure of the operating performance of an equity REIT. This measure of operating

performance allows investors, analysts and our management to compare operating performance to the operating performance of other real estate

companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events

such as transactions and litigation.

Normalized FFO is calculated as NAREIT FFO excluding the following income and expense items (which may be recurring in nature): (i) Deal

Costs, (ii) 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, make whole payments, penalties or premiums incurred as a result of early retirement or payment of the

Company’s debt, (iii) the non-cash effect of income tax benefits or expenses and derivative transactions that have non-cash mark to market impacts

on the Company’s income statement, (iv) the financial impact of contingent consideration, severance-related costs and charitable donations to the

Ventas Charitable Foundation, (v) gains and losses for non-operational foreign currency hedge agreements and changes in the fair value of

financial instruments and (vi) gains and losses on non-real estate dispositions related to unconsolidated entities.

Comparable Results

Reported results excluding from all current and prior periods the effects of the CCP spin-off as if the Spin-Off had been completed at the beginning

of the prior period; provides comparable baseline of results for current period relative to prior period results.

51

DEFINITION OF TERMS (CONT’D)

Seniors Housing Operating Portfolio (“SHOP”)

In our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage

independent operators, such as Atria and Sunrise, to manage those communities pursuant to long-term management agreements. Ventas realizes

the income and expense, including the management fees paid to its independent operators, of the SHOP portfolio in its financial statements.

Triple-Net Leased (“NNN”) Portfolio

Under our triple-net leased properties segment, we invest in seniors housing and healthcare properties throughout the United States and the United

Kingdom and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all

property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. The NNN portfolio includes leased

seniors housing assets, specialty hospitals, skilled nursing facilities, U.S. acute care hospitals and international hospitals.

Office Operations Portfolio

In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and life science and innovation centers throughout

the United States.

Loan Portfolio

In our loan portfolio, we make secured and non-mortgage loans relating to seniors housing and healthcare operators or properties.

Annualized Revenue & NOI

A period’s reported revenue and Property NOI, extrapolated on a per diem, monthly or quarterly basis to an annualized result. Results may be

adjusted for certain one-time or out-of-period items, reflect only Ventas’s share of ownership and are presented in U.S. dollars (“USD”) based on the

applicable exchange rates where revenue and expenses are translated from a foreign currency.

Property Net Operating Income (“Property NOI”)

For owned assets, reported property-level revenues less reported property-level operating expenses. For debt investments, total interest income.

52

EPS, FFO & FAD GUIDANCE ATTRIBUTABLE TO COMMON SHAREHOLDERS

2016 GUIDANCE & PRELIMINARY 2017 OUTLOOK1,2,3

1. The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company's expectations depending on factors discussed in the Company’s filings with the Securities and Exchange Commission.

2. Totals and per share amounts may not add due to rounding. Per share quarterly amounts may not add to annual per share amounts due to changes in the Company's weighted average diluted share count, if any. Same-store Cash NOI is at constant currency.

3. See page 25 of the Q3 2016 supplemental for detailed breakout of adjustments for each respective category.

Low High Low High Low High Low High

Income from Continuing Operations $525 $568 $1.51 $1.63 $613 $633 $1.71 $1.77

Gain on Real Estate Dispositions 100 90 0.29 0.26 649 679 1.81 1.89

Other Adjustments3 (2) (2) (0.01) (0.01) (6) (8) (0.02) (0.02)

Net Income Attributable to Common Stockholders $623 $656 $1.79 $1.89 $1,256 $1,304 $3.50 $3.64

Depreciation & Amortization Adjustments 901 870 2.59 2.50 871 887 2.43 2.48

Gain on Real Estate Dispositions (100) (90) (0.29) (0.26) (649) (679) (1.81) (1.89)

Other Adjustments3 0 0 0.00 0.00 (13) (15) (0.04) (0.04)

FFO (NAREIT) Attributable to Common Stockholders $1,424 $1,436 $4.09 $4.13 $1,465 $1,497 $4.09 $4.18

Merger-Related Expenses, Deal Costs & Re-Audit Costs 29 31 0.08 0.09 15 10 0.04 0.03

Other Adjustments3 (27) (31) (0.08) (0.09) (3) (9) (0.01) (0.03)

Normalized FFO Attributable to Common Stockholders $1,426 $1,436 $4.10 $4.13 $1,477 $1,498 $4.12 $4.18

% Year-Over-Year Comparable Growth 4% 5% 0% 1%

Non-Cash Items Included in Normalized FFO (16) (18) 1 (2)

Capital Expenditures (111) (116) (131) (141)

Normalized FAD Attributable to Common Stockholders $1,299 $1,302 $1,347 $1,355

Merger-Related Expenses, Deal Costs & Re-Audit Costs (29) (31) (15) (10)

FAD Attributable to Common Stockholders $1,270 $1,271 $1,332 $1,346

Weighted Average Diluted Shares 347,897 347,897 358,491 358,491

Same-Store Cash NOI Growth Guidance

Low High Low High

Total Same-Store Cash NOI Growth 2.5% 3.0% 1.5% 2.5%

FY2016 - GuidanceFY2017 - Preliminary

Outlook2017 - Per Share2016 - Per Share

Tentative / Preliminary & Subject to Change

2016 Guidance Preliminary 2017 Outlook

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investor presentation: j.p. morgan healthcare conference

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