Prospectus Supplement No.10

File pursuant to Rule 424(b)(7)
Registration No. 333-141605

PROSPECTUS SUPPLEMENT NO. 10

(To prospectus dated March 27, 2007)

1,819,582 Shares

Ventas, Inc.

Common Stock

 

This prospectus supplement no. 10, which supplements the prospectus filed by us on March 27, 2007, as supplemented on April 11, 2007, May 14, 2007, June 12, 2007, July 2, 2007, August 10, 2007, August 31, 2007, September 21, 2007, October 9, 2007 and November 1, 2007, relates to the resale from time to time by selling stockholders of the shares of common stock that may be issued to them upon the conversion of our 3 7/8% Convertible Senior Notes due 2011.

You should read this prospectus supplement in conjunction with the related prospectus, including any amendments or supplements thereto, which should be delivered in conjunction with this prospectus supplement. This prospectus supplement is not complete without, and may not be delivered or used except in conjunction with the prospectus, including any such amendments or supplements. This prospectus supplement is qualified by reference to the prospectus, as previously supplemented, except to the extent that the information provided by this prospectus supplement supercedes information contained in the prospectus, as previously supplemented.

You should read and rely only on the information contained in this prospectus supplement and the related prospectus, as previously supplemented, together with additional information described on page 8 of the related prospectus under the heading “Where You Can Find More Information and Incorporation by Reference.” Neither we nor the selling stockholders have authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither we nor the selling stockholders are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information contained or incorporated by reference in this prospectus supplement or the related prospectus, as previously supplemented, is accurate only as of the date of the documents containing the information.

Investing in our common stock involves risks. See “Risk Factors” beginning on page 1 of the related prospectus.

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy or adequacy of this prospectus supplement or the related prospectus. Any representation to the contrary is a criminal offense.

 

The date of this prospectus supplement is December 11, 2007.

 

The information appearing under the heading “Selling Stockholders” beginning on page 3 of the related prospectus, as previously supplemented, is amended and restated in its entirety by the information below.

SELLING STOCKHOLDERS

Our 3 7/8% Convertible Senior Notes due 2011 (the “notes”) were originally issued by us to and immediately resold by Banc of America Securities LLC and J.P. Morgan Securities, Inc. in transactions exempt from the registration requirements of the Securities Act to persons reasonably believed by the initial purchasers to be “qualified institutional buyers” as defined by Rule 144A under the Securities Act. Selling stockholders, including their transferees, pledgees, donees and successors, may from time to time offer and sell pursuant to this prospectus and any accompanying prospectus supplement any or all of the shares of our common stock that we may issue upon the conversion of the notes.

The table below sets forth the name of each selling stockholder and the number of shares of our common stock that would become beneficially owned by each selling stockholder should we issue our common stock that may be offered pursuant to this prospectus upon conversion of the notes. We have prepared the table below based on information provided to us by or on behalf of the selling stockholders on or prior to December 10, 2007. The selling stockholders may offer all, some or none of the shares of our common stock that we may issue upon the conversion of the notes. Accordingly, we cannot estimate the number of shares of our common stock that will be held by the selling stockholders upon consummation of any of these sales. In addition, the selling stockholders identified below may have acquired, sold, transferred or otherwise disposed of, in transactions exempt from the registration requirements of the Securities Act, all or a portion of their notes or shares of our common stock since the date on which they provided the information regarding their notes.

The number of shares of our common stock issuable upon the conversion of the notes shown in the table below assumes conversion of the full amount of notes held by each selling stockholder at the initial conversion rate of 22.1867 shares of our common stock per $1,000 principal amount of notes and a cash payment in lieu of any fractional share, assuming 10% annual growth in our dividend rate and 25% quarterly growth in the market price of our common stock. Effective December 5, 2007, the conversion rate was adjusted to 22.3615 shares per $1,000 principal amount of notes and is subject to further adjustment in certain events. Accordingly, the number of shares of our common stock issued upon the conversion of the notes may increase or decrease from time to time. The number of shares of our common stock owned by the selling stockholders or any future transferee from any such holder assumes that they do not beneficially own any shares of common stock other than the common stock that we may issue to them upon the conversion of the notes.

Based upon information provided by the selling stockholders, none of the selling stockholders or their affiliates has, or within the past three years has had, any material relationship with us or any of our predecessors or affiliates.

To the extent any of the selling stockholders identified below are broker-dealers, they may be deemed to be, under interpretations of the staff of the Commission, “underwriters” within the meaning of the Securities Act.

Information about the selling stockholders may change over time. Any changed information will be set forth in supplements to this prospectus, if required.

 

Name of Selling Stockholder

    Principal
Amount of
Notes
Owned Prior
to Offering		    Number of
Shares
Beneficially
Owned
Prior to
Offering		    Number
of
Shares
Being
Offered		    Number of
Shares
Beneficially
Owned
After
Offering (1)		    Percentage
of Shares
Outstanding
(1)(2)

Advent Convertible Arb Master

    $ 4,558,000    36,059    36,059    —      *

Alcon Laboratories

      493,000    3,900    3,900    —      *

Aristeia International Limited

      9,883,000    78,186    78,186    —      *

Aristeia Partners LP

      8,117,000    64,215    64,215    —      *

 

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Name of Selling Stockholder

    Principal
Amount of
Notes
Owned Prior
to Offering		    Number of
Shares
Beneficially
Owned
Prior to
Offering		    Number
of Shares
Being
Offered		    Number of
Shares
Beneficially
Owned
After
Offering (1)		    Percentage
of Shares
Outstanding
(1)(2)

Arizona State Retirement Core Plan (3)

    85,000    672    672    —      *

Arlington County Employees Retirement System

    707,000    5,593    5,593    —      *

Basso Fund Ltd.

    75,000    593    593    —      *

Basso Holdings Ltd.

    1,775,000    14,042    14,042    —      *

Basso Multi-Strategy Holding Fund Ltd.

    650,000    5,142    5,142    —      *

BNP Paribas Arbitrage (4)

    2,000,000    15,822    15,822    —      *

British Virgin Islands Social Security Board

    163,000    1,289    1,289    —      *

Canyon Capital Arbitrage Master Fund, Ltd. (5)

    2,720,000    21,518    21,518    —      *

Canyon Value Realization Fund, L.P. (5)

    1,440,000    11,392    11,392    —      *

Canyon Value Realization MAC 18 Ltd. (5)

    160,000    1,265    1,265    —      *

CQS Convertible and Quantitative Strategies Master Fund Limited

    11,500,000    90,978    90,978    —      *

Credit Industriel Et Commercial

    2,500,000    19,777    19,777    —      *

DBAG London (6)

    2,440,000    19,303    19,303    —      *

DB RREEF Reflex Master Portfolio LTD (6)

    5,000,000    39,556    39,556    —      *

Domestic & Foreign Missionary Society – DFMS

    92,000    727    727    —      *

FFVA Mutual Insurance Company

    45,000    356    356    —      *

Fidelity Financial Trust: Fidelity Convertible Securities Fund (7)

    12,000,000    94,934    94,934    —      *

Fidelity Financial Trust: Fidelity Strategic Dividend & Income Fund (7)

    9,550,000    75,551    75,551    —      *

Fidelity Fixed-Income Trust: Fidelity High Income Fund (7)

    14,285,000    113,011    113,011    —      *

Fidelity Institutional High Yield Fund (3)

    600,000    4,746    4,746    —      *

Florida Fruit & Vegetable Association

    69,000    545    545    —      *

Georgia Municipal Employee Benefit System

    985,000    7,792    7,792    —      *

GLG Market Neutral Fund

    20,000,000    158,224    158,224    —      *

GMIMCO Trust

    500,000    3,955    3,955    —      *

Grady Hospital Foundation

    135,000    1,068    1,068    —      *

Highbridge Convertible Arbitrage Master Fund LP

    5,000,000    39,556    39,556    —      *

Highbridge International LLC

    15,000,000    118,668    118,668    —      *

HFR CA Opportunity Master Trust

    232,000    1,835    1,835    —      *

Independence Blue Cross

    561,000    4,438    4,438    —      *

KBC Financial Products USA Inc. (8)

    7,000,000    55,378    55,378    —      *

LDG Limited

    222,000    1,756    1,756    —      *

Linden Capital LP

    5,000,000    39,556    39,556    —      *

 

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Name of Selling Stockholder

    Principal
Amount of
Notes Owned
Prior to
Offering		    Number of
Shares
Beneficially
Owned
Prior to
Offering		    Number
of Shares
Being
Offered		    Number of
Shares
Beneficially
Owned
After
Offering (1)		    Percentage
of Shares
Outstanding
(1)(2)

Luxor/Canyon Capital Arbitrage Fund Ltd. (5)

      2,000,000    15,822    15,822    —      *

Lyxor Master Trust Fund

      210,000    1,661    1,661    —      *

MSS Convertible Arbitrage 1 Fund c/o TQA Investors, LLC

      49,000    387    387    —      *

Occidental Petroleum Corporation

      317,000    2,507    2,507    —      *

Old Lane Cayman Master Fund LP (9)

      2,409,000    19,058    19,058    —      *

Old Lane GMA Master Fund LP (9)

      920,000    7,278    7,278    —      *

Old Lane HMA Master Fund LP (9)

      1,132,000    8,955    8,955    —      *

Old Lane U.S. Master Fund LP (9)

      2,839,000    22,459    22,459    —      *

Pro Mutual

      894,000    7,072    7,072    —      *

Redbrick Capital Master Fund LTD

      24,500,000    193,824    193,824    —      *

S.A.C. Arbitrage Fund, LLC

      6,500,000    51,422    51,422    —      *

San Francisco City & County ERS

      1,400,000    11,075    11,075    —      *

Silvercreek Limited Partnership

      8,000,000    63,289    63,289    —      *

Silvercreek II Limited

      4,000,000    31,644    31,644    —      *

Tamalpais Asset Management, L.P .

      11,000,000    87,023    87,023    —      *

The Assets Management Committee of the Coca-Cola Company Master Retirement Trust (3)

      530,000    4,192    4,192    —      *

The Canyon Value Realization Fund (Cayman), Ltd. (5)

      3,680,000    29,113    29,113    —      *

The City University of New York

      141,000    1,115    1,115    —      *

The Grable Foundation

      65,000    514    514    —      *

The Police & Fire Retirement System of the City of Detroit

      418,000    3,306    3,306    —      *

Thrivent Financial for Lutherans (10)

      1,500,000    93,866    11,866    —      *

TQA Master Fund, Ltd.

      1,421,000    11,241    11,241    —      *

TQA Master Plus Fund, Ltd

      815,000    6,447    6,447    —      *

Trustmark Insurance Company

      266,000    2,104    2,104    —      *

UBS O’Connor LLC f/b/o O’Connor Global Convertible Arbitrage Master Limited

      6,820,000    53,954    53,954    —      *

UBS O’Connor LLC f/b/o O’Connor Global Convertible Arbitrage II Master Limited

      680,000    5,379    5,379    —      *

Vicis Capital Master Fund

      4,000,000    31,644    31,644    —      *

Waterstone Market Neutral Mac 51 Fund, Ltd.

      8,988,000    71,105    71,105    —      *

Waterstone Market Neutral Master Fund, Ltd.

      17,012,000    134,585    134,585    —      *

Zurich Institutional Benchmarks Master Fund Ltd c/o TQA Investors, LLC

      542,000    4,287    4,287    —      *
                  

Total (11)

    $ 230,000,000            

 

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 * Less than 1%.

 

(1) The beneficial ownership in this column assumes that the selling stockholder sells all of the shares offered by this prospectus that are beneficially owned by the selling stockholder and that prior to the sale of such shares the selling stockholder does not acquire additional shares or dispose of shares beneficially owned by the stockholder that are not being offered pursuant to this prospectus.

 

(2) The percentage of outstanding shares is based on 133,490,108 shares of common stock outstanding as of November 1, 2007.

 

(3) Notes indicated as owned by the selling stockholder are owned directly by various private investment accounts, primarily employee benefit plans, for which Fidelity Management Trust Company (“FMTC”) serves as trustee or managing agent. FMTC is a wholly owned subsidiary of FMR Corp. and a bank, as defined in Section 3(a)(6) of the Exchange Act.

 

(4) The selling stockholder is under common ownership with BNP Paribas Securities Corp., a registered broker-dealer.

 

(5) The selling stockholder’s investment advisor, Canyon Capital Advisors, LLC, is under common ownership with Canyon Partners Incorporated, a registered broker-dealer. The selling stockholder has reported an open short position in our common stock as follows: Canyon Capital Arbitrage Master Fund, Ltd. – 30,859 shares; Canyon Value Realization Fund, L.P. – 16,337 shares; Canyon Value Realization MAC 18 Ltd. – 1,815 shares; Luxor/Canyon Capital Arbitrage Fund Ltd. – 20,487 shares; and The Canyon Value Realization Fund (Cayman), Ltd. – 37,702 shares.

 

(6) The selling stockholder is affiliated with Deutsche Bank Securities Inc., a registered broker-dealer.

 

(7) The selling stockholder is a registered investment fund advised by Fidelity Management & Research Company (“FMR Co.”), an investment advisor registered under Section 203 of the Investment Advisers Act of 1940, as amended, and a wholly owned subsidiary of FMR Corp. The selling stockholder is an affiliate of a registered broker-dealer.

 

(8) The selling stockholder is a registered broker-dealer and consents to being named as an underwriter.

 

(9) The selling stockholder is under common ownership with Citigroup Inc., a registered broker-dealer.

 

(10) Thrivent Investment Management, Inc., a registered broker-dealer, is a wholly owned subsidiary of the selling stockholder.

 

(11) Because certain of the selling stockholders may have sold, transferred or otherwise disposed of, in transactions exempt from the registration requirements of the Securities Act, all or a portion of their notes since the date on which they provided the information presented in this table, this prospectus may not reflect the exact amount of notes held by each selling stockholder on the date hereof. The aggregate principal amount of notes issued by us was $230,000,000.

Additional selling stockholders not named in this prospectus will not be able to use this prospectus for resales until they are named in the table above by prospectus supplement or post-effective amendment. Transferees, successors and donees of identified selling stockholders will not be able to use this prospectus for resales until they are named in the table above by prospectus supplement or post-effective amendment. If required, we will add transferees, successors and donees by prospectus supplement in instances where the transferee, successor or donee has acquired its shares from holders named in this prospectus after the effective date of this prospectus.

 

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