Ventas, Inc. · NYSE:VTR
Ventas — Corporate Update (May 2025)
38 slides from Ventas's corporate update, May 28, 2025
Slide 1: May Business Update
May Business Update May 28, 2025
Slide 2: Non-GAAP Financial Measures & Cautionary Statements
Non-GAAP Financial Measures & Cautionary Statements Non-GAAP Financial Measures This presentation of Ventas, Inc. (the “Company,” “we,” “us,” “our” and similar terms) includes certain financial performance measures not defined by generally accepted accounting principles in the United States (“GAAP”)
Slide 3: Table of Contents
Table of Contents 05 Business Update 24 Driving Strong Execution and Cash 07 Delivering Profitable Flow Generation Organic Growth In Throughout The Senior Housing Portfolio 19 External Growth 28 Appendix Opportunities Focused on Senior Housing 3
Slide 4: We Are Executing a Focused Strategy to Drive Growth
We Are Executing a Focused Strategy to Drive Growth 1. 2. 3. Deliver profitable Capture value-creating Drive strong execution organic growth in external growth focused and cash flow generation senior housing on senior housing throughout portfolio 4
Slide 5: Business Update
5 Business Update
Slide 6: Improved 2025 Outlook
IMPROVED 2025 OUTLOOK 1,2 Full Year 2025 Guidance Ranges As of 4/30/25 Full Year 2025 Guidance Ranges As of 5/28/25 Attributable Net Income Per Share $0.42 - $0.53 Attributable Net Income Per Share $0.43 - $0.53 Nareit FFO Per Share $3.27 - $3.38 Nareit FFO Per Share $3.28 - $3.38 Business Update No
Slide 7: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic Growth in Senior Housing 7
Slide 8: Strong 1Q 2025 SHOP Same-Store Performance
1Q 2025 SHOP SAME-STORE CASH NOI KEY TAKEAWAYS ▪ SHOP Same-Store Cash NOI growth of 13.6% YoY, $220.5 above the midpoint of full year guidance range o Led by U.S. growth of 16% Strong 1Q 2025 13.6% o YoY occupancy and rate growth outperformance SHOP Same-Store $194.2 vs. NIC Top 99 Performance1 (As
Slide 9: Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand
Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand (As presented April 30, 2025) Over the next five years, the U.S. is expected to see the largest Construction activity fell to a new record low in 1Q25, further surge in seniors as Baby Boomers begin turning 80 reducing units under c
Slide 10: Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook
Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook (As Presented April 30, 2025) Average Annual Senior Housing Deliveries vs 80+ Population Change1,2 Avg Annual 80+ Population Growth Avg Annual Unit Deliveries 900K GFC Recovery Construction COVID & Multiyear Growth 70
Slide 11: Ventas OI Data Advantage and Analytics Platform
Ventas OITM Data Advantage and Analytics Platform (As Presented April 30, 2025) Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the right combination of markets, assets and operators that combines in-house senior housing operating expertise with d
Slide 12: Data-Driven Market Analysis
Data-Driven Market Analysis MARKET Proprietary market data enables targeted portfolio actions, SHOP Portfolio Composition resulting in net absorption and favorable pricing Favorable Market Selection (As Presented April 30, 2025) Disciplined strategy has significantly upgraded the portfolio by target
Slide 13: NNN-to-SHOP Conversions
NNN-to-SHOP Conversions SHOP SH NNN All Other ~5% 32% 46% Annualized NOI Annualized NOI EXPECTED SH NNN ANNUALIZED 21% 10% as of 4Q19 as of 1Q25 NOI UPON PLANNED CONVERSIONS • 45 SHOP Conversion Communities from 47% BKD Master Lease 44% • 11 SHOP Conversion Communities from UK NNN portfolio Cumulati
Slide 14: SHOP Conversion Communities (~5,700 units)
45 SHOP Conversion Communities (~5,700 units) (As Presented April 30, 2025) Converting Large-scale Communities to SHOP and Transitioning to Aligned, Proven, Local Market-Focused Operators >$50M Expected annualized SHOP NOI upside over time Markets with Strong Tailwinds Favorable market tailwinds dri
Slide 15: Ventas U.S. SHOP Markets Expected to Support Strong Net Absorption
VTR U.S. SHOP Communities Are in Markets That Support Potential Net Absorption of 1,000+bp over the Ventas U.S. SHOP Next Few Years1,2 Markets Expected to Support Strong Net Absorption, Occupancy Growth & Affordability (As presented April 30, 2025) • Potential uncapped net demand growth of ~1,500bp
Slide 16: Project Outcomes
Completed Projects 265 253 245 247 240 230 233 SHOP NOI- 221 223 224 224 208 Generating Capex 200 Projects 253 233 235 241 230 218 221 209 211 212 212 188 196 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 Common Area Projects Targeted Unit Upgrade Project
Slide 17: Spotlight on Discovery Senior Living
Winning Together with High-Performing Operators: Spotlight on Discovery Senior Living STRUCTURED FOR SUCCESS PROVEN OUTPERFORMANCE CONSISTENT EXPANSION About Discovery Senior Living Discovery 1Q25 SHOP Same-Store YoY Results2 Strategic Growth in Relationship with Discovery Based on Discovery’s consi
Slide 18: Expanding SHOP Operator Footprint Expected to Support Multiyear Growth
Expanding SHOP Operator Footprint Expected to Support Multiyear Growth (As presented April 30, 2025) Ventas SHOP Operators 33 OPERATOR SELECTION CRITERIA Ventas has nearly tripled its SHOP operator pool, focusing on the Strong product-type acumen highest performing operators with established local m
Slide 19: External Growth Opportunities Focused on Senior Housing
External Growth Opportunities Focused on 19 Senior Housing
Slide 20: Active & Growing Investment Pipeline
Active & Growing Investment Pipeline Seller Profile of ~$2.8B of Senior Housing Investments Closed in 2024 & 2025 YTD 1 Competitive Advantages Investment Process Reviewed ~$30B pipeline1 of senior housing investments Best-in-Class Execution / 26% Reputation Bid on ~$9B1 Owner/Operator of senior hous
Slide 21: ~$900M of Senior Housing Investments Closed Year-to-Date 2025
~$900M of Senior Housing Investments Closed Year-to-Date 2025 (As presented April 30, 2025) 20 Communities Across 8 States Largest investment in attractive Texas locations (11 communities) Fast-Growing Markets with Strong Projected Demand Growth ~1,500bp of potential uncapped net demand1, supporting
Slide 22: ~$900M of Senior Housing Investments Closed Year-to-Date 2025
~$900M of Senior Housing Investments Closed Year-to-Date 2025 (As presented April 30, 2025) ~$2.8B since start of 2024 YTD 2025 Senior Housing Investments: ~$900M • ~7.2% Expected Year-One NOI Yield • 20 Communities Location bubble size 2024 Senior Housing Investments: ~$1.9B corresponds to investme
Slide 23: Ventas OI Market Selection Spotlight: High-Growth Texas Market
Ventas OITM Market Selection Spotlight: High-Growth Texas Market (As presented April 30, 2025) Texas SHOP Communities Located in Markets Positioned for Significant Expected Growth Ventas OI VTR Texas SHOP Strategically Increasing Market Criteria Portfolio Highlights Texas SHOP Footprint for Expected
Slide 24: Driving Strong Execution and Cash Flow Generation Throughout The Portfolio
Driving Strong Execution and Cash Flow 24 Generation Throughout The Portfolio
Slide 25: Liquidity and Capital Funding
AVAILABLE LIQUIDITY 1 ($B USD) EQUITY FUNDING OF SENIOR HOUSING INVESTMENTS ($B USD) Strong liquidity position enhanced to $3.6B with $750M Revolver upsize Equity funding attractive, accretive investments and improving the balance sheet ~$1.5B ~$1.5B Liquidity and In April 2025: FY25 Expected $3.6B
Slide 26: An Essential Role in the Longevity Economy
Expected Growth in the 65+ Population3 An Essential Role in the Longevity Economy By the year 2030 1 in 5 26% 65+ Population Share of Total U.S. (As presented April 30, 2025) 24% 22% Americans expected Population The 65+ population now makes up ~18% of the U.S. population, an all-time to be over the
Slide 27: Leading National Outpatient Medical Platform Has Strong Performance Track Record
Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages (As presented April 30, 2025) Prime Locations With Strong Credit Tenants Positioned to Take Advantage of Shift to Outpatient Care 2 Consolidated Indexed Outpatient v Inpatient Dema
Slide 28: Appendix
28 Appendix
Slide 29: 2025 Guidance (As Updated May 28, 2025)
Net Income and FFO Attributable to Common Stockholders2 SHOP 2025 Guidance1 (As Updated May FY 2025 FY 2025 - Per Share FY 2025 Low High Low High 28, 2025) Low High Net income attributable to common stockholders $196 $245 $0.43 $0.53 SHOP NOI $1,111 $1,151 Depreciation and amortization adjustments 1
Slide 30: 2025 Guidance (As of April 30, 2025)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2025 Guidance1 (As of April 30, FY 2025 FY 2025 - Per Share FY 2025 Low High 2025) Low High Low High Dollars in millions USD, except per Net income attributable to common stockholders $192 $245 $0.42 $0.53 NOI $2,317 $2,383 share amounts,
Slide 31: Senior Housing Operating Portfolio Same-Store Cash NOI Reconciliation
Ap ril YoY C om p arison Senior Housing Ap r 2025 Ap r 2024 Operating Portfolio NOI $ 94,552 $ 70,014 Same-Store Cash NOI Adjustments: Reconciliation 1 64 375 NOI not included in Cash NOI (As Updated May 28, NOI impact from change in FX - (342) 2025) Cash NOI 94,616 70,048 Dollars in thousands USD,
Slide 32: Non-GAAP Financial Measures Reconciliation
For the Year Ended December 31, 2025 SHOP OM&R Triple-Net Non-Segment Total High End Net income attributable to common stockholders $245 Non-GAAP Financial Depreciation and amortization4 1,316 Interest expense, G&A, other income and expenses5 Measures 822 NOI $1,151 $597 $603 $32 $2,383 Reconciliati
Slide 33: Non-GAAP Financial Measures Reconciliation
For the Three Months Q1 YoY Ended March 31, Change 2025 2024 ’25-’24 Net income (loss) attributable to common stockholders $ 46,868 $ (14,312) n/m Non-GAAP Financial Net income (loss) attributable to common stockholders per share 1 $ 0.10 $ (0.04) n/m Adjustments: Measures Depreciation and amortizat
Slide 34: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended March 31, 2025 December 31, 2024 Non-GAAP Net income attributable to common stockholders $ 46,868 $ 56,835 Financial Measures Adjustments: Reconciliation Interest expense 149,356 153,206 Loss on extinguishment of debt, net — 15 Adjusted EBITDA Taxes (including tax amounts
Slide 35: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Net (loss) income attributable to common stockholders $ (14,312) $ 19,387 $ 19,243 $ 56,835 $ 46,868 Net Income to NOI – Adjustments: Trailing 5 Quarters Interest and other income (6,780) (4,8
Slide 36: Senior Housing Operating Portfolio Same-Store Cash NOI Reconciliations
Trailing 5-Quarter Comparison 1Q24 2Q24 3Q24 4Q24 1Q25 Total revenues $ 813,304 $ 817,600 $ 845,532 $ 896,360 $ 968,904 Adjustments: Revenues not included in cash operating revenue1 (20,238) (11,733) (8,057) (3,984) (2,590) Revenue impact from change in FX (7,719) (5,964) (6,522) (3,291) — Senior Ho
Slide 37: Outpatient Medical and Research Portfolio
Trailing 5-Quarter Comparison 1Q24 2Q24 3Q24 4Q24 1Q25 Total revenues $ 219,508 $ 219,559 $ 221,575 $ 216,950 $ 221,999 Outpatient Medical Adjustments: and Research Straight-lining of rental income (3,290) (3,482) (2,394) (1,014) (2,079) Non-cash rental income (2,136) (2,223) (1,935) (1,818) (1,822)
Slide 38: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended March 31, 2025 For the Three Months Ended March 31, 2024 SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 264,504 $ 146,042 $ 152,586 $ 6,155 $ 569,287 $ 203,483 $ 145,570 $ 151,630 $ 3,201 $ 503,884 Non-GAAP Financial Measures Adjustment