IR October 2016 REITs US REIT 3016 Earnings Preview VTR &rho Normalized FRZI/sh Normalized FADish Operseclisales Teed SS NOIC00wth lush. WO SHOP SS NOI growth (cash. WV) SS Avg occupancy ch NM 55 Avg monthly REVPOR growth ly/yl INN 55 NOI growth (cash. yN) Total Coverage 1.100 SS NOI growth Rash. Wry) End occupancy ch tyay) Avg rent pee occupied SI lyrUI Note consensus data is based on Thomson corn led data as of 10/14/16 Historcal data has not been r stated Updated views on acute ca e hospitals including sector outlook commentary on the recent debt investment in the Ardent/LHP merger, and plans for further expanding hospital exposure • Expect an update on the six development projects VTR had at the end of 2Q and the two in-process developments acquired from Wexford • Updated outlook for future growth opportunities resulting from the exclusive development agreement with Wexford and the 9 development sites VTR acquired • Update on disposition plans. Our model assumes $300MM in 3Q16 and $75MM in 4Q16 • Update on seniors housing supply in VTR's markets, most notably Atlanta, Denver, San Francisco, arid Sacramento 9015 Acta $1 09 2010 MIS SI 04 50 97 50 96 MOW 4 3% Aetna 3 5% 3 2% 2 1% -03% -0 7% 3 5% 39% 57% 1.6x 62% 1 7x 31% 08% .04% -07% 2 6% 09% 3010 Do. SI 01 MW Cane SI 00 SO 90 Meal Dee 2010 Pro 30 Guide Poet 30 Guide Dee Cane 5405 44 13 S4 10 Sil 12 5369 • S3 73 5370 Pre 30 Odds Peet 30 Oulde OB. 2 0% - 3 0% I 5% • 3 0% 35%-40% 10% • 20% • Updated plans to fully fund the Wexford deal and the new Ardent debt investment after a $450MM senior note issuance in September • Operator update including comments on recent Kindred performance • We are updating our model for the recently announced debt investment to help fund the Ardent operating company merger with LHP and recent financing activity. Our 3Q16 normalized and NAREIT FFO/sh estimates are unchanged. Our 2016 norm and NAR