Ventas, Inc. · NYSE:VTR
Ventas — Investor Presentation (January 2008)
16 slides from Ventas's investor presentation, Jan 15, 2008
Slide 1: Ventas, Inc. Private Pay Senior Housing Recap
Exhibit 99.1 Ventas, Inc. January 2008 Private Pay Senior Housing Recap All footnotes are listed on final slide.
Slide 2: Forward-Looking Statements
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 ex
Slide 3: Ventas Portfolio Overview
Ventas Private Pay Senior Housing Recap I. Ventas Portfolio Overview Diverse, High-Performing Portfolio Operated by Top Care Providers in 43 States and 2 Canadian Provinces 3 1 Total: 518 Owned Facilities 7 3 2 8 1 1 2 7 11 3 9 14 2 26 10 1 8 4 4 2 2 10 6 2 1 2 6 4 2 1 1 4 1 14 25 1 9 1 1 9 1 5 1 4
Slide 4: High Quality Locations for Private Pay Senior Housing – 252 Assets
Ventas Private Pay Senior Housing Recap II. High Quality Locations for Private Pay Senior Housing – 252 Assets 80% of Private Pay Senior Housing Revenue from Top 31 MSAs (as defined by NIC) and 2 Major Canadian Provinces² Top 31 MSAs & Canada Top 31 MSAs & Canada Top 31 MSAs & Canada By Revenue² By
Slide 5: Private Pay Senior Housing Leases with Strong Credit Support: Master Leases
Ventas Private Pay Senior Housing Recap III.Ventas Triple Net Leases For Private Pay Senior Housing (174 Assets) Are Best in Class with Strong Credit Support Combination of Master Leases, Cash Flow Coverage, Corporate Guaranties, Security Deposits, and Unique Covenant Protection Enhance Rent Reliabi
Slide 6: Strong Credit Support: Tenant Guaranties
Ventas Private Pay Senior Housing Recap III.Ventas Triple Net Leases For Private Pay Senior Housing (174 Assets) Are Best in Class with Strong Credit Support (cont.) B. Tenant Guaranties from Creditworthy Entities Enhance Rent Reliability: Leases with Guaranties Leases with Guaranties Leases with Gu
Slide 7: Strong Credit Support: Security Deposits and Contractual Protection
Ventas Private Pay Senior Housing Recap III. Ventas Triple Net Leases For Private Pay Senior Housing (174 Assets) Are Best in Class with Strong Credit Support (cont.) C. Tenant Security Deposits Provide Another Layer of Protection. Private Pay Senior Housing Leases with at Least One Month Security D
Slide 8: Strong Credit Support: Tenant Renewal Options
Ventas Private Pay Senior Housing Recap III.Ventas Triple Net Leases For Private Pay Senior Housing (174 Assets) Are Best in Class with Strong Credit Support (cont.) E. Tenant Renewal Options in Private Pay Senior Housing Leases – Where Renewal Rent is Greater of Fair Market Rent or Escalated Rent:
Slide 9: Ventas Retains Upside: Leases Without Tenant Purchase Option
Ventas Private Pay Senior Housing Recap III. Ventas Triple Net Leases For Private Pay Senior Housing (174 Assets) Are Best in Class with Strong Credit Support (cont.) F. Private Pay Senior Housing Leases – Ventas Retains Upside. Leases With No Tenant Purchase Option: Leases with No P.O. Leases with
Slide 10: Ventas Retains Upside and Value Creation at its Senior Housing Assets
Ventas Private Pay Senior Housing Recap IV.Ventas Retains Upside and Value Creation at its Senior Housing Assets A. Whole Ventas Private Pay Senior Housing Portfolio with No Tenant Purchase Option, or where Tenant Purchase Option Price is > Fair Market Value: Leases with No P.O. or Leases with No P.
Slide 11: Long Term Revenue Rollover Schedule
Ventas Private Pay Senior Housing Recap V. Private Pay Senior Housing Triple Net Leases Have Long Term Revenue Rollover Schedule² 100.0% 87.2% 80.0% 60.0% 40.0% 20.0% 8.6% 1.5% 2.5% 0.2% 0.0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 After 2018 11
Slide 12: Sunrise Private Pay Senior Housing Revenues are Granular and Stable
Ventas Private Pay Senior Housing Recap VI.Sunrise Private Pay Senior Housing Revenues are Granular and Stable with Higher Growth Potential: 42% of VTR Revenue Derived From ~7,000 Individual Seniors² Senior Housing Operating Revenue 42% 12
Slide 13: Limited IL/CCRC Units, Substantially All with Credit Support
Ventas Private Pay Senior Housing Recap VII.Ventas Private Pay Senior Housing Portfolio Has Limited IL/CCRC Units, & Substantially All are in Triple Net Leases with Credit Support A. Resident Needs, Not Unit Designation, Determine Character of Property. Usage Changes Over Time. Capital Senior Living
Slide 14: Portfolio is Primarily Need Based AL/ALZ
Ventas Private Pay Senior Housing Recap VII.Ventas Private Pay Senior Housing Portfolio Has Limited IL/CCRC Units, & Substantially All are in Triple Net Leases with Credit Support (cont.) B. Ventas Private Pay Senior Housing Portfolio is Primarily Need Based AL/ALZ Estimated % of Estimated % of Esti
Slide 15: High Quality Private Pay Senior Housing Portfolio Produces Reliable Cash Flows
Ventas Private Pay Senior Housing Recap VIII.Ventas High Quality Private Pay Senior Housing Portfolio Produces Reliable Cash Flows A. Infill Locations – Top 31 MSAs and 2 Major Canadian Provinces B. Best in Class Lease Structure and Credit Support C. Ventas Retains Asset Ownership Due to Few Tenant
Slide 16: Footnotes
Ventas, Inc. January 2008 (1) Portfolio as of November 8, 2007. (2) Annualized 3Q 2007 Ventas revenue assuming all events occurred at the beginning of the period. (3) Excludes Sunrise REIT Purchase Accounting Adjustments. Sunrise assets valued at $2bn. 16