Slide 1: Earnings Presentation Second Quarter 2025
Earnings Presentation Second Quarter 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 04 Second Quarter 2025 25 Driving Strong Results & Improved Execution and Cash 2025 Outlook Flow Generation Throughout The 09 Delivering Profitable Portfolio Organic Growth in Senior Housing 29 Appendix 20 External Growth Opportunities Focused on Senior Housing 3
Slide 4: Second Quarter 2025 Results & Improved 2025 Outlook
Second Quarter 2025 Results & 4 Improved 2025 Outlook
Slide 5: Second Quarter 2025 Financial Performance & Highlights
SECOND QUARTER 2025 FINANCIAL PERFORMANCE & HIGHLIGHTS ▪ Second Quarter 2025 Normalized FFO per share of $0.87, an increase of ~9% YoY and led by SHOP NOI growth and accretive senior housing investment activity, consistent with our 1-2-3 strategy ▪ Total Company YoY Same-Store Cash NOI grew 6.6% in
Slide 6: Improved 2025 Outlook
IMPROVED 2025 OUTLOOK FY25 Guidance Ranges As of 4/30/25 As of 5/28/25 As of 7/30/25 ▪ Improved Normalized FFO per share midpoint of $3.44, represents a $0.03 improvement from previous $3.41 midpoint Improved 2025 Attributable Net Income Per Share $0.42 - $0.53 $0.43 - $0.53 $0.47 - $0.52 and is com
Slide 7: 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 7
Slide 8: Ventas 1-2-3 Strategy Driving Enterprise Growth & Creating Value
Ventas 1-2-3 Strategy Driving Enterprise Growth & Creating Value 1,200bp increase in SHOP NOI % of Total VTR NOI over the past 2 years 36% 48% Increased participation in multiyear SHOP growth opportunity is accelerating Normalized FFO per share growth and 9% leverage improvement 13% 36% 48% Expected
Slide 9: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic Growth in Senior Housing 9
Slide 10: Senior Housing Operating Portfolio
Senior Housing Previously updated and improved SHOP Same-Store Cash NOI guidance on May 28 Operating Portfolio SHOP Same-Store average occupancy growth year-over-year accelerated intra-quarter, with normalized move outs and June move ins at the highest level in nearly two years Occupancy strength co
Slide 11: Strong 2Q 2025 SHOP Same-Store Performance
2Q 2025 SHOP SAME-STORE CASH NOI KEY TAKEAWAYS ▪ SHOP Same-Store Cash NOI growth of 13.3% YoY, or 15% YoY $226.1 excluding a $3 million property tax refund received in the second quarter 2024 Strong 2Q 2025 13.3% o Led by U.S. growth of ~16%, or more than 18% YoY also $199.5 SHOP Same-Store excludin
Slide 12: SHOP Same-Store Average Occupancy Growth Accelerated Intra-Quarter and Outperformed NIC
SHOP Same-Store Average Occupancy Growth Accelerated Intra-Quarter and Outperformed NIC TOTAL SHOP SAME-STORE1 U.S. SHOP SAME-STORE1 CANADA SHOP SAME-STORE1 +290bp 88.1% 2Q25 U.S. YoY Average Occupancy Growth 96.5% June Average Occupancy June was the highest month of move ins in +320bp Canada June A
Slide 13: Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand
Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand Over the next five years, the U.S. is expected to see the largest Construction activity remained depressed in 2Q25, further surge in seniors as Baby Boomers begin turning 80 reducing units under construction and deliveries 28% 0.8%
Slide 14: Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook
Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook 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 70K Boom Recovery Opportunity 80
Slide 15: Strong and Durable Multiyear Demand Tailwinds
Strong and Durable Multiyear Demand Tailwinds Strong demand in VTR SHOP portfolio to get progressively stronger as the leading edge of the baby boomer generation turns 80 in 20261, supporting expectations for occupancy growth, favorable 54% Average per annum birth rate of Baby Boomer Generation comp
Slide 16: Ventas OI Data Advantage and Analytics Platform
Ventas OITM Data Advantage and Analytics Platform Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the right combination of markets, assets and operators. Ventas has spent years accumulating ~1.3 billion senior housing data points. Ventas collects
Slide 17: Data-Driven Market Analysis
Data-Driven Market Analysis MARKET Proprietary market data enables targeted portfolio actions, resulting in net absorption and favorable pricing SHOP Portfolio Composition Favorable Market Selection Disciplined strategy has significantly upgraded the portfolio by Ventas OITM actions designed to driv
Slide 18: SHOP Conversion Communities (~5,700 units)
45 SHOP Conversion Communities (~5,700 units) Expected 4Q25 Conversion of BKD NNN Communities to SHOP, Transitioning to Aligned, Proven, Local Market-Focused Operators with Clustering Strategy >$50M NOI growth opportunity vs. 3Q24 annualized NOI 5 Proven high performing, local market- focused operat
Slide 19: Expanded SHOP Operator Footprint Supports Multiyear Growth Opportunity
WINNING TOGETHER Expanded SHOP Operator Strategic expansion, collaborative approach Footprint Supports Multiyear ▪ Ventas engages and expands with the highest performing operators who Growth Opportunity have established local market clusters, product-specific expertise and a high concentration of le
Slide 20: External Growth Opportunities Focused on Senior Housing
External Growth Opportunities Focused on 20 Senior Housing
Slide 21: Active Growing Pipeline & Increased 2025 Investment Guidance
Active Growing Pipeline & Increased 2025 Investment Guidance Increased 2025 Investment Guidance1 VTR Pipeline Growing from Increasing Market Activity & Advantaged Position $2.0B 26% $1.9B ~75% of 2024 + 2025 $1.5B Seller Profile of YTD Closings ~$3.0B of Senior Relationship Driven, Housing $1.1B Clo
Slide 22: $1.1B YTD Senior Housing Investments Closed
$1.1B YTD Senior Housing Investments Closed, Including $350M Closed During 2Q and 3Q QTD Anthem Lakes Waterview Senior Living Avanti at Flower Mound American House Somerset Jacksonville, FL Flower Mound, TX Troy, MI VTR Competitive Relationship Financial Experienced Platform & Ventas Advantages Driv
Slide 23: $1.1B of Senior Housing Investments Closed Year-to-Date 2025
$1.1B of Senior Housing Investments Closed Year-to-Date 2025 29 Communities Across 11 States Fast-Growing Markets with Strong Projected Demand Growth ~1,600bp of potential uncapped net demand1, supporting continued NOI growth ~3,400 Units Offering Continuum of Care TBU 27% IL | 53% AL | 20% MC photo
Slide 24: Recent Acquisition Case Study – Avanti Portfolio
Recent Acquisition Case Study – Avanti Portfolio Demonstrates Attractive Opportunity in “High Performing with Upside” Profile Acquisitions Transaction Summary Purchase Price $147.7M Number of Properties 5 Total Units 447 Care Mix 15% IL | 45% AL | 40% MC Price Per Unit $330K Expected Y1 Cash NOI Yie
Slide 25: Driving Strong Execution and Cash Flow Generation Throughout The Portfolio
Driving Strong Execution and Cash Flow 25 Generation Throughout The Portfolio
Slide 26: Liquidity and Capital Funding
LIQUIDITY AS OF JUNE 30, 2025 ($B USD) EQUITY FUNDING OF SENIOR HOUSING INVESTMENTS ($B USD) Strong liquidity position of $4.7B Equity funding attractive, accretive investments and improving the balance sheet ~$2B Liquidity and $4.7B ~$2B Capital Funding $0.2 FY25 Disposition Guidance ~$0.9 Remainin
Slide 27: 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. 24% The 65+ population now makes up ~18% of the U.S. population, an all-time high that is continuing to rise as 11,400 baby boomers turn 65 every day.1 22
Slide 28: Leading National Outpatient Medical Platform
Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages Prime Locations With Strong Credit Tenants Positioned to Take Advantage of Shift to Outpatient Care 2 Consolidated Indexed Outpatient Demand Growth 83% Strong Credit Investment Gra
Slide 29: Appendix
29 Appendix
Slide 30: Non-GAAP Financial Measures Reconciliation
For the Three Months Q2 YoY For the Six Months YTD YoY Ended June 30, Change Ended June 30, Change 2025 2024 ’25-’24 2025 2024 ’25-’24 Net income attributable to common stockholders $ 68,264 $ 19,387 252% $ 115,132 $ 5,075 2,169% Net income attributable to common stockholders per share $ 0.15 $ 0.05
Slide 31: 2025 Guidance (As of July 30, 2025)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2025 Guidance1 (As of July 30, 2025) FY 2025 FY 2025 - Per Share FY 2025 Low High Low High Low High Net income attributable to common stockholders $215 $238 $0.47 $0.52 NOI $2,346 $2,388 Dollars in millions USD, except per Depreciation and
Slide 32: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 Net income attributable to common stockholders $ 68,264 $ 46,868 $ 56,835 Non-GAAP Adjustments: Interest expense 150,298 149,356 153,206 Financial Measures Loss on extinguishment of debt, net — — 15 Reconciliation Taxes (inclu
Slide 33: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 Net income attributable to common stockholders $ 19,387 $ 19,243 $ 56,835 $ 46,868 $ 68,264 Net Income to NOI – Adjustments: Trailing 5 Quarters Interest and other income (4,825) (8,204) (8,305
Slide 34: Senior Housing Operating Portfolio Same-Store Cash
Trailing 5-Quarter Comparison 2Q24 3Q24 4Q24 1Q25 2Q25 Total revenues $ 817,600 $ 845,532 $ 896,360 $ 968,904 $ 1,032,714 Adjustments: Revenues not included in cash operating revenues1 (15,261) (11,387) (7,168) (5,665) (5,071) Senior Housing Revenue impact from change in FX (1,393) (1,835) 1,604 4,8
Slide 35: Outpatient Medical and Research Portfolio
Trailing 5-Quarter Comparison 2Q24 3Q24 4Q24 1Q25 2Q25 Total revenues $ 219,559 $ 221,575 $ 216,950 $ 221,999 $ 221,487 Outpatient Medical Adjustments: and Research Straight-lining of rental income (3,482) (2,394) (1,014) (2,079) (2,620) Non-cash rental income (2,223) (1,935) (1,818) (1,822) (1,994)
Slide 36: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended June 30, 2025 For the Three Months Ended June 30, 2024 SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 286,412 $ 146,486 $ 148,736 $ 6,492 $ 588,126 $ 214,241 $ 146,273 $ 150,428 $ 3,412 $ 514,354 Non-GAAP Financial Measures Adjustments:
Slide 37: 2025 Guidance (For the Year Ended December 31, 2025)
For the Year Ended December 31, 2025 SHOP OM&R Triple-Net Non-Segment Total High End Net income attributable to common stockholders $238 Non-GAAP Financial Depreciation and amortization4 1,382 Interest expense, G&A, other income and expenses5 Measures 768 NOI $1,163 $592 $584 $49 $2,388 Reconciliati
Slide 38: 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 39: 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 40: 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