Excellence. Sustained.®
2016 Annual Report
EXCELLENCE. SUSTAINED.
DELIVERS 25%
COMPOUND ANNUAL TSR
FOR 17 YEARS1
TOTAL SHAREHOLDER RETURN (TSR)
4,640%
VENTAS
1999 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
726%
BLOOMBERG HEALTHCARE
REIT INDEX
560%
MSCI US REIT INDEX
112%
S&P 500 INDEX
DELIVERS 16%
TSR IN 2016
GROWTH
5%1
6%2
NORMALIZED FFO PER SHARE
DIVIDEND PER SHARE
ATTRACTIVE INVESTMENTS
AND DISPOSITIONS
$2.6B 3
ACCRETIVE INVESTMENTS
>$600M
PROFITABLE DISPOSITIONS AND LOAN REPAYMENTS
FINANCIAL STRENGTH
5.7x
NET DEBT TO ADJUSTED PRO FORMA
EBITDA4 RATIO
4.8x
FIXED CHARGE COVERAGE
(1) Bloomberg; for the period beginning 12/31/1999 and ending 12/31/2016. Ventas prices adjusted historically for spin-off of skilled nursing facilities (SNF) in 2015.
(1) Represents Comparable normalized Funds From Operations per share growth.
(2) Q4 2016 vs. Q3 2016.
(3) Includes closed and committed investments and new development and redevelopment commitments.
(4) Earnings before interest, taxes, depreciation and amortization.
2 Introduction
2016 Annual Report
2016 Annual Report
Introduction 3
Dear Stakeholder,
In 2016, we solidified our role as the premier provider of capital to leading
senior living and healthcare providers and research institutions, and delivered
outstanding total shareholder return of 16 percent. With focused execution of our
strategic priorities—superior investment activities, opportunistic dispositions and
thoughtful balance sheet strengthening—we delivered value to our shareholders
and to our business partners. And, we sustained excellence.
Atria at Foster Square
Seniors Housing
DEMOGRAPHICS AND LONGEVITY FUEL DEMAND
7x
FASTER GROWTH
IN 75+ POPULATION 1
Economic environments
and public policies change,
but the inexorable demand for
more healthcare from a
rapidly aging population
powers our business.
10K
BABY BOOMERS TURN
65 EACH DAY2
34M
INDIVIDUALS WILL
BE 75+ BY 20301
(1) Source: U.S. Census Bureau, Population Division.
(2) Source: Pew Research Center.
$1T
DOMESTIC
HEALTHCARE
REAL ESTATE
MARKET
5%
10%
15%
39%
n n Outpatient Facilities / MOB
n n Hospitals
n n Private Pay Seniors Housing
n n Post-Acute Facilities
n n Life Science / Biotech Facilities
31%
LONG RUNWAY
FOR GROWTH
FRAGMENTED
MARKET RIPE FOR
CONSOLIDATION WITH
<15%
OF HEALTHCARE
ASSETS HELD
BY REITS
Ventas operates at the intersection of two large and dynamic
industries, healthcare and real estate, which together represent
almost 40 percent of the $17 trillion U.S. gross domestic
product. Megatrends of extended life spans, a burgeoning
senior population marked by the first wave of Baby Boomers
turning 70 and the increasing need for more healthcare, medical
research and senior living choices are energizing demand for
our properties. Our capital and real estate solutions promote
wellness and enhance longevity by providing places where
critical care and comfort are delivered, seniors live with dignity
as their healthcare and social needs are met, and distinguished
universities conduct groundbreaking research.
The U.S. senior living and healthcare real estate market is
enormous—valued at $1 trillion—of which less than 15 percent is
held by REITs; it is fragmented and ripe for continued investment
and consolidation. We are just at the beginning of an inevitable
transition of healthcare assets to efficient long-term owners
like Ventas and we are excited about these prospects.
Since the beginning of 2000, we have delivered industry-leading
25 percent total return to shareholders, powered by our
diversified and balanced portfolio. We have produced consistent
growth and income throughout various economic and regulatory
cycles; we’ve maintained financial strength and flexibility;
we’ve been forward thinking and innovative; we’ve allocated
capital wisely; and we’ve executed our strategy with rigor
and excellence.
The Ventas Advantage sets us apart and has enabled our track
record of consistent success. Our unique combination of high-
quality properties in superior markets, outstanding platforms with
leading operators and research institutions, and our incredible
people and culture will continue to fuel our performance and
sustain excellence going forward.
PUT IT ALL TOGETHER AND
YOU HAVE THE VENTAS ADVANTAGE
—OUR SUPERIOR PROPERTIES,
PLATFORMS AND PEOPLE—
THAT ENABLES US TO PRODUCE CONSISTENT
GROWTH AND INCOME THROUGH CYCLES.
2016 Annual Report
Our Properties 5
Alexion Pharmaceuticals Global Headquarters
Life Science and Innovation Center
Enduring Values and Performance
Our Properties
Our carefully curated portfolio has
been built with discipline and intent,
focused on a balanced mixture of
properties that will deliver reliable and
growing cash flows. With our flexible
and innovative approaches, we invest
with leading operators across multiple
asset types—seniors housing, acute
care facilities, medical office buildings, life science and innovation
centers, and post-acute care properties—to create growth for our
business partners and value for our shareholders.
OUR DIFFERENTIATED, DIVERSE AND HIGH-QUALITY
PORTFOLIO IS EXPERTLY OPERATED BY LEADING CARE
PROVIDERS AND RESEARCH INSTITUTIONS
NOI BY PROPERTY TYPE
n n Seniors Housing Operating (SHOP)
n n Seniors Housing Triple Net (NNN)
n n Medical Office Buildings (MOB)
n n Life Science and Innovation Centers
n n Skilled Nursing Facilities (SNF)
n n U.S. Acute Care Hospitals
n n Loans
n n International Hospitals
n n Specialty Hospitals
1%
6%
7%
1%
5%
6%
29%
$2B
NOI
20%
25%
93%
~1%
PRIVATE PAY REVENUE
SNF NOI CONTRIBUTION
Totals may not add due to rounding. Excludes sold assets
and assets intended for disposition. Represents pro forma Q4 2017.
During the year, we continued to elevate the quality and mix
of our portfolio by creating a new channel for growth when we
invested $1.5 billion in life science and innovation centers affiliated
with some of the most revered names in education, scientific
research and academic medical centers. Our new tenants include
Yale University, Duke University, Wake Forest University, Penn
Medicine and Washington University—market leaders that in total
account for 10 percent of all university life science research and
development spending in the U.S. We are extremely proud to
be the owner of assets where these world-class institutions are
fulfilling their core mission of healthcare-driven research to help
people live longer and healthier lives.
Our investment added over 4 million square feet of newly
constructed real estate to our portfolio, including 14
LEED-certified buildings, at an excellent risk-adjusted return.
The properties are well occupied, with the lion’s share of revenues
coming from universities and other research institutions with
excellent credit profiles. About 5 percent of our net operating
income, all private pay, now emanates from our life science
and innovation centers. We expect to see increasing demand
from our existing tenant base and from many other universities
that are seeking efficient capital from an experienced and
long-term partner.
These life science properties—with high occupancy levels and
distinguished tenants—should deliver superior shareholder returns
through reliable and growing cash flows.
INVESTED $1.5B IN LIFE SCIENCE
AND INNOVATION CENTERS
100%
PRIVATE PAY REVENUE
97%
SPACE LEASED
73%
OF REVENUE FROM
EXCELLENT CREDIT TENANTS
10-YEAR
WEIGHTED-AVERAGE
LEASE TERM
6 Our Properties
2016 Annual Report
Our highly productive portfolio of advantaged seniors housing assets
are in desirable North American markets with leading operators.
Our outstanding private pay seniors housing portfolio accounts
for over half of our business. As a leader in seniors housing in
the U.S. and Canada, our strategy is to focus on well-chosen
markets with high-quality properties, working with top-notch
operators who have stellar reputations for providing
excellent care.
About 70 percent of our seniors housing operating portfolio
NOI comes from properties located in high barrier-
to-entry coastal markets with best-in-class operators.
Increasing demand from a rapidly aging population is spurring
growth of seniors housing. Families are beginning to recognize the
strong value proposition that seniors housing offers: community
living that enables residents to thrive and age gracefully in place.
SENIORS HOUSING IS DRIVEN BY AN AGING POPULATION
THAT HAS IMMENSE WEALTH AND SPENDING POWER
40%
OF 85+ COHORT NEED
HELP WITH 3+ ACTIVITIES
OF DAILY LIVING1
$12T
OF WEALTH
TRANSFER TO BABY
BOOMERS OVER NEXT
30-40 YEARS1
>$640K
AVERAGE 75+
NET WORTH 2
Our MOB portfolio generates stable and reliable cash
fl ows, benefi ting from our long-standing relationships with a
multitude of leading healthcare providers across the country.
With more than 20 million square feet, our outpatient and medical offi ce building business is
a national portfolio that stretches across 32 states and Washington, D.C. As a market
leader for more than two decades, we have an in-depth understanding of healthcare,
physicians, real estate and fi nance. Our MOB assets are prospering from the
increasing number of people using healthcare services.
Sutter Castro Valley Care Center
Medical Offi ce Building
The Sutter Castro Valley Care Center—100 percent leased to Sutter Health entities—offers
a wide range of physician services, including an urgent care center that brings together
patient-centered care, state-of-the-art technology and sophisticated design. Built in 2012
through a joint venture with Pacifi c Medical Buildings, this 76,000-square-foot building is
LEED Silver certifi ed.
OUR STELLAR
MOB PORTFOLIO
96%
AFFILIATED OR
ON CAMPUS
92%
TOTAL OCCUPANCY
85%
OF AFFILIATIONS ARE
INVESTMENT-GRADE
HEALTH SYSTEMS AND HCA
20M
SQUARE FEET
(1) Source: Bank of America Merrill Lynch, Thematic Investing (May 2016).
(2) Source: Federal Reserve Survey of Consumer Finances.
Focused on Sustainability: Good for the Planet, Good for Our Investors
Atria at Foster Square
Seniors Housing
Foster Square, our newest ground-
up seniors housing development
in the desirable San Francisco Bay
Area, boasts the latest in high-end
amenities such as a bar, fi tness
center and theater.
31
PROPERTIES BUILT TO
LEED STANDARDS
69
ENERGY STAR®
CERTIFIED
PROPERTIES
“WE LEVERAGE OUR PEOPLE AND PLATFORMS TO IMPLEMENT
SUSTAINABLE BEST PRACTICES ACROSS OUR HIGH-QUALITY
PORTFOLIO. TOGETHER WITH OUR OPERATING PARTNERS, WE ARE
MAKING MEASURABLE PROGRESS IN REDUCING OUR CARBON
FOOTPRINT AND PROVIDING A HEALTHY ENVIRONMENT FOR THE
EMPLOYEES, RESIDENTS AND PATIENTS IN OUR BUILDINGS.”
Kelly Meissner, Director of Sustainability
~$480M
ACTIVE LEED
DEVELOPMENT AND
REDEVELOPMENT PROJECTS
ON TRACK TO MEET OUR ENVIRONMENTAL IMPACT
REDUCTION TARGETS (2013-2023)
ENERGY AND GREENHOUSE GAS EMISSIONS -10%
WATER -5% WASTE -4%
2016 Annual Report
Our Platforms 9
Enduring
Relationships
Our Platforms
O ur leading platforms are the strong,
long-standing and strategic
relationships we share with the
industry’s top care providers,
researchers and developers.
We align with successful operators
who are the best at what they do.
Then we fund their capital needs as
they seek growth and expansion. Our strategy is to find, establish
and build out these advantaged platforms. We bring our expert
understanding of our partners’ goals, our ability to craft innovative
and customized capital solutions for their opportunities, and our
commitment to their strength and stability.
In 2016, we grew our powerful and scalable acute care
hospital platform—Ardent Health Services—with our
commitment of $700 million to enable Ardent to finance
its acquisition of LHP Hospital Group, Inc. The acquisition,
completed in early 2017, is a clear demonstration of our strategy
to fuel our partners’ growth and create attractive risk-adjusted
returns for our shareholders. Our capital solution of a loan
provided an attractive return; at the same time we brought
expertise, relationships and speed to help Ardent win the
LHP acquisition. The deal is a great fit for Ardent because
of LHP’s high-quality real estate, strong margins and market
share, and valuable not-for-profit healthcare relationships.
Ardent is now a $3 billion revenue business with a diversified
base of operations in six states.
We also see tremendous opportunities to deploy capital
through our exclusive arrangement with our partner Wexford
Science & Technology, LLC, the leader in university-based life
science real estate solutions. This year, we are opening two
Atria Walnut Creek
Seniors Housing
new assets encompassing 400,000 square feet with significant
in-place tenancy affiliated with Duke University and Wake Forest
University. And we recently closed on an acquisition of a stunning
historic renovation, 100 percent leased by Brown University and
the Nursing Education Center. The building houses state-of-the-
art facilities for academic, medical and research uses, and will
serve as a catalyst for redevelopment of the entire area.
With our ownership of ten sites for future development, and
increasing demand from existing university clients and other
established research and development universities, we are
excited about the future growth of this platform and working
with our tenants.
Collaborating with operators is an
important part of our corporate culture.
We strive to advance their interests
and support their strategic goals as
well as our own.
In 2016, we modified our agreement with well-known seniors
housing operator Sunrise Senior Living, LLC to provide it with
long-term stability and confidence in our management
contract and improved financial terms for our shareholders.
Most important, these changes enabled Sunrise and its on-site
teams to focus on doing what they do best—caring for seniors—
and aligned the two companies toward profitable growth.
While endeavoring to be a good partner and simultaneously
protecting and benefiting our shareholders, we collaborated
with our longest-standing operator, Kindred Healthcare, Inc.,
on its strategic exit from the skilled nursing business. With the
expected completion of this transaction in 2017, our portfolio mix
will be further enhanced by reducing the NOI from skilled nursing
facilities to just 1 percent of our total NOI, completing a process
that began in 2015 with the value-creating, innovative spin-off of
Capital Care Properties, Inc.
Our platforms are about positive collaborations with leading
operators to invest in their growth, help with dispositions and
arrange other transactions that enhance the productivity of our
assets. And we succeed together.
Our Platforms 11
INVESTING IN DEVELOPMENT
AND REDEVELOPMENT
PROJECTS WILL HELP DRIVE
OUR FUTURE GROWTH.
OUR PRUDENT CAPITAL ALLOCATION IS AT THE HEART OF OUR SUCCESS.
WE LOOK TO INVEST IN OUR FUTURE GROWTH AND HIGH-QUALITY
ASSET BASE THROUGH SELECTIVE DEVELOPMENT AND REDEVELOPMENT, NOTABLY
WITH OUR VIBRANT LIFE SCIENCE AND INNOVATION CENTERS AND
PREMIER SENIOR LIVING COMMUNITIES AND MEDICAL OFFICE BUILDINGS.
Property Name
Description
IN 2016, WE SPENT $150M ON DEVELOPMENT AND REDEVELOPMENT PROJECTS AND
OUR PROJECT PIPELINE FOR THE NEXT SEVERAL YEARS EXCEEDS $500M.
Wake Forest Biotech Place
Wake Forest University
Life Science and Innovation Center
Enduring Teamwork
Our People
O ur most distinguishing
characteristic—and our winning
competitive edge—is our people.
The Ventas culture is consistent,
collaborative, cohesive, creative
and committed to shareholders.
Our talented, long-tenured and
highly skilled team sets us apart.
And because we are always focused on a unified goal,
we know how to get things done. Our interdisciplinary
approach towards transactions, asset management, finance,
capital markets, sustainability and overall governance feeds
our culture of innovation and imbues it with trust.
We extend our special culture and commitment to improving
the world around us through charitable giving and sustainable,
ethical business practices. We recently enhanced the resources
we devote to sustainability and our employees undergo
rigorous training programs on ethics and compliance in keeping
with our commitment to best practices for environmental, social
responsibility and governance criteria.
The Ventas Charitable Foundation supports organizations that
are important to our employees, customers and communities.
One of our most significant partnerships is with the Greater
Chicago Food Depository. As the strategic partner of its
program to end senior hunger, our commitment supports food
delivery to 6,500 seniors each month so they will not go hungry
or be forced to choose between medicines and nutrition.
Last year our foundation provided grants to more than
100 local and national organizations, including many where
our employees are actively involved as volunteers.
2016 Annual Report
Our People 13
Our interdisciplinary teams work collaboratively and focus on value creation.
“EXPERTLY NEGOTIATING A DEAL IS ONE THING,
BUT OUR SWEET SPOT IS WORKING SEAMLESSLY
WITH OUR COLLEAGUES ACROSS DEPARTMENTS TO
ENSURE A GREAT DEAL. THAT’S HOW WE WON THE
$1.5B ACQUISITION OF PROPERTIES OPERATED BY
WEXFORD—THE PREMIER DEVELOPER OF UNIVERSITY-
BASED LIFE SCIENCE AND INNOVATION CENTERS.
OUR EXPERIENCE, SPEED AND FINANCIAL STRENGTH
ENABLE US TO DO COMPLEX DEALS THAT
DRIVE GROWTH AND SHAREHOLDER VALUE.”
John D. Cobb
Executive Vice President,
Chief Investment Officer
“OUR TEAM DESIGNED A FINANCING PLAN
THAT MADE THE LIFE SCIENCE DEAL EVEN
MORE VALUABLE. WE RAISED OVER
$1 BILLION IN THE CAPITAL MARKETS
ON HIGHLY ATTRACTIVE TERMS AND
OUR EXECUTION WAS IMPECCABLE.
IN FACT, WE ISSUED THE BEST
10-YEAR BOND IN OUR HISTORY.”
Robert F. Probst
Executive Vice President,
Chief Financial Officer
14 Our People
2016 Annual Report
GROWTH AND INCOME
ON A STRONG BALANCE
SHEET, YEAR AFTER YEAR
8%
DIVIDEND
PER SHARE GROWTH
SINCE 2001
11%
NORMALIZED FFO
PER SHARE GROWTH
SINCE 2001
25%
TOTAL SHAREHOLDER
RETURN SINCE 2000
Enduring Competitive Advantage
Our strong, diverse and independent Board of Directors is part of our
competitive advantage. Our shareholders benefit greatly from this talented
group who work diligently on their behalf. In 2016, we refreshed and
diversified our Board with the election of two highly qualified new directors,
Roxanne M. Martino and Walter C. Rakowich. Consistent with best practices
in governance, we improved our average director tenure during 2016 and
strengthened our capabilities. The Board constantly challenges us to perform,
to manage risk and to sustain excellence for our shareholders. We are grateful
for their knowledge, guidance and support.
Enduring Excellence
As we look ahead to 2017, we are proud to be the leading capital provider at the
exciting intersection of healthcare and real estate. Our carefully curated portfolio
and asset mix are balanced and diversified, our operators are the best in their
respective sectors, and our people lead the industry. We remain confident from
our long track record of consistent success and performance through cycles,
humble in the face of the changing times, yet fully energized by the incredible
opportunities we see in this $1 trillion fragmented market. Thank you for your
continuing support; we are truly grateful for the trust and capital you place with
us. The unique Ventas Advantage of superior properties, platforms and people
will enable us to sustain excellence and outstanding performance for you in the
years ahead.
Debra A. Cafaro
Chairman and Chief Executive Officer
March 22, 2017
Modern Healthcare
names Ventas’s CEO
ONE OF HEALTHCARE’S
100
MOST INFLUENTIAL PEOPLE
FOR THE THIRD TIME
Harvard Business Review
names Ventas’s CEO
ONE OF
THE TOP 50
BEST-
PERFORMING
CEOs IN THE
WORLD
FOR THE THIRD
CONSECUTIVE YEAR
Forbes
names Ventas’s CEO
ONE OF THE
WORLD’S 100 MOST
POWERFUL
WOMEN
IN 2016
Supplemental Data
Funds From Operations (FFO) and Normalized FFO
Per diluted share (1)
Net Debt to Adjusted Pro Forma EBITDA
Total Portfolio Same-Store Constant Currency Cash NOI
For the Year Ended December 31,
(In thousands, except per share amounts)
Income from continuing operations
Discontinued operations
Gain on real estate dispositions
Net income
Net income attributable to noncontrolling interest
Net income attributable to common stockholders
Adjustments:
Real estate depreciation and amortization
Real estate depreciation related to noncontrolling interest
Real estate depreciation related to unconsolidated entities
Loss on re-measurement of equity interest
upon acquisition, net
Gain on real estate dispositions
(Gain) loss on real estate dispositions related to
unconsolidated entities
Discontinued operations:
Loss (gain) on real estate dispositions
Real estate depreciation and amortization
Adjustments:
Change in fair value of financial instruments
Non-cash income tax benefit
Loss on extinguishment of debt, net
Gain on non-real estate dispositions related to
unconsolidated entities
Merger-related expenses, deal costs and re-audit costs
Amortization of other intangibles
NORMALIZED FFO
attributable to common stockholders
COMPARABLE NORMALIZED FFO
attributable to common stockholders
Weighted average diluted shares
(1) Per share amounts may not add due to rounding.
2016
2015
2016
2015
For the Year Ended December 31,
2016
2015
(Dollars in thousands)
(In thousands)
$
554,209
$
389,539
$
(922)
98,203
651,490
2,259
649,231
891,985
(7,785)
5,754
—
(98,203)
(439)
1
—
11,103
18,580
419,222
1,379
417,843
887,126
(7,906)
7,353
176
(18,580)
19
(231)
79,608
62
(34,227)
2,779
(557)
28,290
1,752
460
(42,384)
15,797
—
152,344
2,058
1.59
0.00
0.28
1.87
0.01
1.86
2.56
(0.02)
0.02
—
(0.28)
0.00
0.00
—
4.13
0.00
(0.10)
0.01
0.00
0.08
0.01
$
1.17
0.03
0.06
1.26
0.00
1.25
2.66
(0.02)
0.02
0.00
(0.06)
0.00
0.00
0.24
4.09
0.00
(0.13)
0.05
—
0.46
0.01
Net income attributable to common stockholders
207,637
Income from continuing operations
Discontinued operations
Gain on real estate dispositions
Net income
Net income attributable to noncontrolling interest
Pro forma adjustments for current period investments,
capital transactions and dispositions
Pro forma net income attributable to common stockholders
for the three months ended December 31, 2016
Add back:
Interest
Depreciation and amortization
Stock-based compensation
Gain on real estate dispositions
Loss on extinguishment of debt, net
Income from unconsolidated entities, net of Ventas share
of EBITDA from unconsolidated entities
Net income attributable to noncontrolling interest,
$
142,575
Income from continuing operations
$ 554,209
$ 389,539
(167)
66,424
208,832
1,195
Adjustments:
Interest and other income
Interest
Depreciation and amortization
General, administrative and professional fees
Loss on extinguishment of debt, net
(876)
419,740
898,924
126,875
2,779
(1,052)
367,114
894,057
128,035
14,411
Merger-related expenses and deal costs
24,635
102,944
9,623
Other
9,988
17,957
(Income) loss from unconsolidated entities
(4,358)
1,420
Income tax benefit
(31,343)
(39,284)
217,260
107,370
217,282
5,073
(66,424)
1
4,309
Reported Segment NOI
Adjustments:
Modification fee
NOI not included in same-store
Straight-lining of rental income
Non-cash rental income
Non-segment NOI
NOI impact from change in FX
2,000,573
1,875,141
3,500
5,200
(359,987)
(281,808)
(27,988)
(18,383)
(101,214)
—
(33,708)
(15,456)
(89,176)
(3,631)
(504,072)
(418,579)
net of consolidated joint venture partners’ share of EBITDA
(3,390)
Income tax benefit
Change in fair value of financial instruments
Unrealized foreign currency gains
Other taxes
Merger-related expenses, deal costs and re-audit costs
(2,837)
152
(509)
921
(600)
Same-Store Cash NOI (USD)
1,496,501
1,456,562
Percentage increase (USD)
2.7%
Adjusted Pro Forma EBITDA
478,608
Less: Modification fee
(3,500)
(5,200)
Adjusted Pro Forma EBITDA annualized
$
1,914,432
Adjusted Same-Store Cash NOI
$ 1,493,001
$ 1,451,362
Adjusted percentage increase
2.9%
FFO attributable to common stockholders
1,440,544
1,365,408
Normalized FFO from CCP Spin-off
—
(173,400)
—
(0.52)
$ 1,438,643
$ 1,493,683
$
4.13
$
4.47
As of December 31, 2016:
$ 1,438,643
$ 1,320,283
$
4.13
$
3.95
Debt
Cash
Restricted cash pertaining to debt
Consolidated joint venture partners’ share of debt
$ 11,127,326
(286,707)
(22,324)
(80,863)
348,390
334,007
Ventas share of debt from unconsolidated entities
122,037
Net debt
$ 10,859,469
Net debt to Adjusted Pro Forma EBITDA
5.7x
FFO, normalized FFO, net debt to adjusted pro forma EBITDA and same-store cash NOI presented herein may not be identical to those presented by other real estate companies due to the fact that not all real estate companies use the same
definitions. FFO, normalized FFO, net debt to adjusted pro forma EBITDA and same-store cash NOI should not be considered as alternatives to net income or income from continuing operations (both determined in accordance with GAAP) as
indicators of our financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of our liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of our needs.
We believe that in order to facilitate a clear understanding of our consolidated historical operating results, FFO, normalized FFO, net debt to adjusted pro forma EBITDA and same-store cash NOI should be examined in conjunction with net income and
income from continuing operations as presented in our Consolidated Financial Statements. Please refer to our Annual Report on Form 10-K for the year ended December 31, 2016 for information about how we define these financial measures and why
we believe these financial measures are useful to investors.
Investor Information
Corporate Offices
Annual Meeting
353 North Clark Street
Suite 3300
Chicago, IL 60654
312.660.3800
10350 Ormsby Park Place
Suite 300
Louisville, KY 40223
502.357.9000
2050 Main Street
Suite 260
Irvine, CA 92614
949.718.4400
The Annual Meeting of Stockholders will
convene May 18, 2017, at 8:00 a.m.
local (Central) time at 353 North Clark
Street, James C. Tyree Auditorium,
Chicago, IL 60654.
Stock Information
Ventas, Inc. is traded on the NYSE
under the ticker symbol “VTR.”
As of March 22, 2017, Ventas had
354.9 million shares outstanding.
Transfer Agent
and Registrar
Wells Fargo Shareowner Services
P.O. Box 64874
St. Paul, MN 55164-0854
800.468.9716
shareowneronline.com
Information
Copies of our 2016 Form 10-K
and other filings with the Securities and
Exchange Commission may be obtained
without charge by contacting our
Chicago corporate office or through
our website at ventasreit.com.
Independent Auditors
Member
KPMG LLP
National Association of
Real Estate Investment Trusts
Directors and Executive Offi cers
Directors
Debra A. Cafaro
Chairman and Chief Executive Offi cer
Ventas, Inc.
James D. Shelton
Presiding Director of Ventas, Inc.
Former Chairman
Omnicare, Inc.
Melody C. Barnes
Co-Founder and Principal
MB Squared Solutions LLC
Jay M. Gellert
Former President and Chief Executive Offi cer
Health Net, Inc.
Richard I. Gilchrist
Senior Advisor
The Irvine Company
Matthew J. Lustig
Managing Partner of North American
Investment Banking and Head of Real Estate,
Gaming and Lodging
Lazard Freres & Co., LLC
Roxanne M. Martino
Managing Partner
OceanM19
Douglas M. Pasquale
Chief Executive Offi cer
Capstone Enterprises Corporation
Walter C. Rakowich
Former Chief Executive Offi cer
Prologis, Inc.
Robert D. Reed
Former Senior Vice President and
Chief Financial Offi cer
Sutter Health
Glenn J. Rufrano
Chief Executive Offi cer
VEREIT, Inc.
Committees of the Board
Audit and Compliance Committee
Reed (Chair), Rakowich, Rufrano
Executive Committee
Shelton (Chair), Cafaro, Gellert,
Lustig, Reed
Executive Compensation Committee
Gellert (Chair), Gilchrist, Martino, Shelton
Investment Committee
Gilchrist (Chair), Cafaro, Gellert,
Lustig, Pasquale
Nominating and Corporate
Governance Committee
Shelton (Chair), Barnes, Gilchrist
Executive Offi cers
Debra A. Cafaro
Chairman and Chief Executive Offi cer
John D. Cobb
Executive Vice President
and Chief Investment Offi cer
Todd W. Lillibridge
Executive Vice President,
Medical Property Operations and
President and Chief Executive Offi cer,
Lillibridge Healthcare Services, Inc.
Robert F. Probst
Executive Vice President
and Chief Financial Offi cer
T. Richard Riney
Executive Vice President,
Chief Administrative Offi cer,
General Counsel and Ethics
and Compliance Offi cer
Ventas, Inc.
353 North Clark Street, Suite 3300
Chicago, Illinois 60654
(NYSE: VTR)
VE N TASRE IT.CO M
Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of
approximately 1,300 assets in the United States, Canada and the United Kingdom consists of seniors
housing communities, medical offi ce buildings, life science and innovation centers, skilled nursing
facilities, specialty hospitals and general acute care hospitals. Through its Lillibridge subsidiary,
Ventas provides management, leasing, marketing, facility development and advisory services to
highly rated hospitals and health systems throughout the United States.