Filed pursuant to Rule 424(b)(7)
Registration No. 333-165737

PROSPECTUS SUPPLEMENT NO. 5
(To prospectus dated March 26, 2010)

1,819,582 Shares

Ventas, Inc.

Common Stock

This prospectus supplement no. 5, which supplements the prospectus dated March 26, 2010, as previously supplemented by prospectus supplement no. 1 dated July 30, 2010, prospectus supplement no. 2 dated December 9, 2010, prospectus supplement no. 3 dated June 24, 2011 and prospectus no. 4 dated August 26, 2011 (collectively, the “prospectus”), 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 3⁷/₈% 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, except to the extent that the information provided by this prospectus supplement supercedes information contained in the prospectus.

You should read and rely only on the information contained in this prospectus supplement and the related prospectus, 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 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 2 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 September 26, 2011.

The information appearing under the heading “Selling Stockholders” beginning on page 4 of the related prospectus is amended and restated in its entirety by the information below.

SELLING STOCKHOLDERS

Our 3⁷/₈% 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 September 23, 2011. 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 September 9, 2011, the conversion rate was adjusted to 23.4489 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. Except as otherwise indicated, 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.

						Number of								Number of
		Principal				Shares								Shares
		Amount of				Beneficially				Number of				Beneficially				Percentage
		Notes				Owned				Shares				Owned				of Shares
		Owned Prior				Prior to				Being				After				Outstanding
Name of Selling Stockholder		to Offering				Offering				Offered				Offering(1)				(1)(2)
Admiral Flagship Master Fund, Ltd.			2,000,000				15,822				15,822				—				*
Advent Convertible Arb Master			4,558,000				36,059				36,059				—				*
Alcon Laboratories			493,000				3,900				3,900				—				*
Alphas Managed Accounts Platform III Limited			7,750,000				61,311				61,311				—				*
AQR DELTA Master Account, L.P. (3)			500,000				3,955				3,955				—				*
AQR DELTA Sapphire Fund, L.P. (3)			500,000				3,955				3,955				—				*
Aristeia International Limited			9,883,000				78,186				78,186				—				*
Aristeia Partners LP			8,117,000				64,215				64,215				—				*
Arizona State Retirement Core Plan (4)			85,000				672				672				—				*
Arlington County Employees Retirement System			707,000				5,593				5,593				—				*
Basso Holdings Ltd.			12,554,000				99,317				99,317				—				*
BNP Paribas Arbitrage (5)			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. (6)			2,720,000				21,518				21,518				—				*
Canyon Value Realization Fund, L.P. (6)			1,440,000				11,392				11,392				—				*
Canyon Value Realization MAC 18 Ltd. (6)			160,000				1,265				1,265				—				*
Citigroup Global Markets Inc. (7)			17,000,000				134,490				134,490				—				*
CNH CA Master Account, L.P. (3)			1,000,000				7,911				7,911				—				*
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 (8)			6,000,000				47,467				47,467				—				*
DB RREEF Reflex Master Portfolio LTD (8)			5,000,000				39,556				39,556				—				*
Domestic & Foreign Missionary Society — DFMS			92,000				727				727				—				*
Deutsche Bank Securities (7)			350,000				2,768				2,768				—				*
Ferox BF Limited			10,250,000				81,089				81,089				—				*
FFVA Mutual Insurance Company			45,000				356				356				—				*
Fidelity Financial Trust: Fidelity Convertible Securities Fund (9)			12,000,000				94,934				94,934				—				*
Fidelity Financial Trust: Fidelity Strategic Dividend & Income Fund (9)			9,550,000				75,551				75,551				—				*
Fidelity Fixed-Income Trust: Fidelity High Income Fund (9)			14,285,000				113,011				113,011				—				*
Fidelity Institutional High Yield Fund (4)			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				—				*
Hudson Bay Master Fund Ltd.			16,500,000				130,534				130,534				—				*
Independence Blue Cross			561,000				4,438				4,438				—				*
JPMorgan Securities, Inc. (7)			671,000				6,341				5,308				1,033				*
KBC Financial Products USA Inc. (7)			3,200,000				25,315				25,315				—				*
LDG Limited			222,000				1,756				1,756				—				*
Linden Capital LP			5,000,000				39,556				39,556				—				*
Luxor/Canyon Capital Arbitrage Fund Ltd. (6)			2,000,000				15,822				15,822				—				*
Lyxor Master Trust Fund			210,000				1,661				1,661				—				*
Merrill Lynch, Pierce, Fenner & Smith Incorporated (7)			6,300,000				49,840				49,840				—				*
MSS Convertible Arbitrage 1 Fund c/o TQA Investors, LLC			49,000				387				387				—				*
Nuveen Preferred & Convertible Multi-Strategy #1			250,000				1,977				1,977				—				*
Nuveen Preferred & Convertible Multi-Strategy #2			350,000				2,768				2,768				—				*
Occidental Petroleum Corporation			317,000				2,507				2,507				—				*
Old Lane Cayman Master Fund LP (10)			3,383,000				26,763				26,763				—				*
Old Lane GMA Master Fund LP (10)			920,000				7,278				7,278				—				*
Old Lane HMA Master Fund LP (10)			1,132,000				8,955				8,955				—				*
Old Lane U.S. Master Fund LP (10)			2,839,000				22,459				22,459				—				*
Oregon Convertible Opportunities Bond Fund (3)			500,000				3,955				3,955				—				*

						Number of								Number of
		Principal				Shares								Shares
		Amount of				Beneficially				Number of				Beneficially				Percentage
		Notes				Owned				Shares				Owned				of Shares
		Owned Prior				Prior to				Being				After				Outstanding
Name of Selling Stockholder		to Offering				Offering				Offered				Offering(1)				(1)(2)
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			20,000,000				158,224				158,224				—				*
Silvercreek II Limited			9,000,000				71,200				71,200				—				*
Sunrise Partners Limited Partnership (11)			5,000,000				39,556				39,556				—				*
Swiss Re Financial Products Corporation (12)			33,000,000				261,069				261,069				—				*
Symphony Convertible Bond Fund, L.P.			50,000				395				395				—				*
Tamalpais Asset Management, L.P.			11,000,000				87,023				87,023				—				*
The Assets Management Committee of the Coca-Cola Company Master Retirement Trust (4)			530,000				4,192				4,192				—				*
The Canyon Value Realization Fund (Cayman), Ltd. (6)			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 (13)			4,500,000				84,700				35,600				49,100				*
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 Mac51 Fund, Ltd.			12,110,000				95,804				95,804				—				*
Waterstone Market Neutral Master Fund, Ltd.			21,390,000				169,220				169,220				—				*
Zurich Institutional Benchmarks Master Fund Ltd c/o TQA Investors, LLC			542,000				4,287				4,287				—				*
Total (14)		$	230,000,000