SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       ----------------------------------

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                Date of Report (Date of earliest event reported):
                                 January 7, 2004

                                  VENTAS, INC.
                                  ------------
             (Exact name of registrant as specified in its charter)



   Delaware                        1-10989                       61-1055020
 ------------                    -----------                   ------------
(State or other                (Commission File                 (IRS Employer
jurisdiction of                    Number)                   Identification No.)
incorporation)


         10350 Ormsby Park Place, Suite 300, Louisville, Kentucky 40223
         --------------------------------------------------------------
         (Address of principal executive offices)             (Zip Code)

                                 (502) 357-9000
                                 --------------
              (Registrant's telephone number, including area code)




Item 5. Other Events
        ------------

     On January 7, 2004, Ventas, Inc. (the "Company") announced that beginning
with its 2004 first quarter dividend, it will offer a two percent discount on
the purchase price of its stock to shareholders who reinvest their dividends
and/or make optional cash purchases of the Company's common stock through the
Company's Distribution Reinvestment and Stock Purchase Plan.

     A copy of the press release issued by the Company on January 7, 2004 is
included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated
in this Item 5 by reference.

                           FORWARD-LOOKING STATEMENTS

     This Current Report on Form 8-K includes 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. All statements
regarding the Company's and its subsidiaries' expected future financial
position, results of operations, cash flows, FFO, dividends and dividend plans,
financing plans, business strategy, budgets, projected costs, capital
expenditures, competitive positions, growth opportunities, expected lease
income, continued qualification as a real estate investment trust, plans and
objectives of management for future operations and statements that include words
such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend,"
"may," "could," "should," "will" and other similar expressions are
forward-looking statements. Such forward-looking statements are inherently
uncertain, and security holders must recognize that actual results may differ
from the Company's expectations. The Company does not undertake a duty to update
such forward-looking statements.

     Actual future results and trends for the Company may differ materially
depending on a variety of factors discussed in the Company's filings with the
Securities and Exchange Commission. Factors that may affect the plans or results
of the Company include, without limitation, (a) the ability and willingness of
Kindred Healthcare, Inc. ("Kindred") and certain of its affiliates to continue
to meet and/or perform their obligations under their contractual arrangements
with the Company and the Company's subsidiaries, including without limitation
the lease agreements and various agreements entered into by the Company and
Kindred at the time of the Company's spin off of Kindred on May 1, 1998 (the
"1998 Spin Off"), as such agreements may have been amended and restated in
connection with Kindred's emergence from bankruptcy on April 20, 2001, (b) the
ability and willingness of Kindred to continue to meet and/or perform its
obligation to indemnify and defend the Company for all litigation and other
claims relating to the healthcare operations and other assets and liabilities
transferred to Kindred in the 1998 Spin Off, (c) the ability of Kindred and the
Company's other operators to maintain the financial strength and liquidity
necessary to satisfy their respective obligations and duties under the leases
and other agreements with the Company, and their existing credit agreements, (d)
the Company's success in implementing its business strategy and the Company's
ability to identify and consummate diversifying acquisitions




or investments, including without limitation, its proposed acquisition of
ElderTrust, (e) the nature and extent of future competition, (f) the extent of
future healthcare reform and regulation, including cost containment measures and
changes in reimbursement policies, procedures and rates, (g) increases in the
cost of borrowing for the Company, (h) the ability of the Company's operators to
deliver high quality care and to attract patients, (i) the results of litigation
affecting the Company, (j) changes in general economic conditions and/or
economic conditions in the markets in which the Company may, from time to time,
compete, (k) the ability of the Company to pay down, refinance, restructure,
and/or extend its indebtedness as it becomes due, (l) the movement of interest
rates and the resulting impact on the value of and the accounting for the
Company's interest rate swap agreement, (m) the ability and willingness of the
Company to maintain its qualification as a REIT due to economic, market, legal,
tax or other considerations, (n) final determination of the Company's taxable
net income for the year ending December 31, 2003, (o) the ability and
willingness of the Company's tenants to renew their leases with the Company upon
expiration of the leases and the Company's ability to relet its properties on
the same or better terms in the event such leases expire and are not renewed by
the existing tenants, and (p) the impact on the liquidity, financial condition
and results of operations of Kindred and the Company's other operators resulting
from increased operating costs and uninsured liabilities for professional
liability claims, and the ability of Kindred and the Company's other operators
to accurately estimate the magnitude of such liabilities. Many of such factors
are beyond the control of the Company and its management.

Item 7. Financial Statements and Exhibits.
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     (a) Financial statements of businesses acquired.

          Not applicable.

     (b) Pro forma financial information.

          Not applicable.

     (c) Exhibits:

          99.1  Press Release dated January 7, 2004.




                                    SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        VENTAS, INC.
                                        (Registrant)

Date: January 8, 2004

                                        By: /s/ T. Richard Riney
                                            ------------------------------
                                            Name:  T. Richard Riney
                                            Title: Executive Vice President and
                                                   General Counsel




                                  EXHIBIT INDEX

                  Exhibit               Description
                  -------               -----------

                  99.1                  Press Release dated January 7, 2004.