Slide 1: Earnings Presentation Third Quarter 2025
Earnings Presentation Third 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 Third Quarter 2025 24 Driving Strong Results & Increased Execution and Cash 2025 Guidance Flow Generation Throughout The 10 Delivering Profitable Portfolio Organic Growth in Senior Housing 28 Appendix 19 External Growth Opportunities Focused on Senior Housing 3
Slide 4: Third Quarter 2025 Results & Increased 2025 Guidance
Third Quarter 2025 Results 4 & Increased 2025 Guidance
Slide 5: Third Quarter 2025 Financial Performance & Highlights
THIRD QUARTER 2025 FINANCIAL PERFORMANCE & HIGHLIGHTS ▪ Third Quarter 2025 Normalized FFO per share of $0.88, an increase of 10% YoY ▪ Total Company YoY Same-Store Cash NOI grew 8% in the third quarter 2025, led by SHOP o SHOP YoY Same-Store Cash NOI growth of 16%, led by U.S. growth of 19% Third Qu
Slide 6: Increased 2025 Guidance
INCREASED 2025 GUIDANCE FY25 Guidance Ranges As of 7/30/25 As of 10/29/25 ▪ Increased Normalized FFO per share midpoint of $3.47 represents a $0.03 increase from previous $3.44 midpoint and Increased 2025 Attributable Net Income Per Share $0.47 - $0.52 $0.49 - $0.52 is composed of increased SHOP NOI
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 ~2,000bp increase in SHOP NOI % of VTR Annualized NOI over the past 4 years 30% 49% ~2% of 3Q25 Annualized NOI expected to be converted to SHOP by 1/1/26 Increased participation in multiyear SHOP growth opportunity is 17% 9% accelerati
Slide 9: U.S. SHOP Portfolio Actively Managed For Significant Occupancy Upside
OUTSIZED OCCUPANCY UPSIDE OPPORTUNITY IN U.S. SHOP PORTFOLIO U.S. SHOP Portfolio Actively Managed UK For Significant Occupancy Upside Portfolio Actions Taken Since 2020 Canada Converted communities in NNN structure to SHOP in markets with strong demand Transitioned low occupancy communities ~87% ~81
Slide 10: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic Growth in Senior Housing 10
Slide 11: Senior Housing Operating Portfolio
Senior Housing Increased FY25 SHOP Same-Store Cash NOI growth guidance to 14% - 16%1 Operating Portfolio 2025 is expected to be fourth consecutive year of double-digit SHOP Same- Store NOI growth during unprecedented multiyear growth opportunity Midpoint of FY25 SHOP Same-Store Cash NOI growth guida
Slide 12: Ventas OI Active Asset Management Initiatives Drive SHOP Occupancy Growth
Ventas OITM Active Asset Management Initiatives Drive SHOP Occupancy Growth Multiyear Outperformance vs NIC Top 99 1,2,3 Strong 2025 Key Selling Season4 Cumulative Occupancy Growth Since 1Q23 Sequential Same-Store Average Occupancy Growth During Key Selling Season4 1,200 bp +230bp VTR SHOP 99 +220bp
Slide 13: Strong 3Q 2025 SHOP Same-Store Performance
3Q 2025 SHOP SAME-STORE CASH NOI KEY TAKEAWAYS ▪ SHOP Same-Store Cash NOI growth of 16% YoY $232.4 o Led by U.S. growth of 19% ▪ Strong key selling season ended during third quarter, supporting Strong 3Q 2025 sequential average occupancy growth of +160bp vs. 2Q25 and SHOP Same-Store 15.9% led by U.S
Slide 14: 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 15: Senior Housing Triple-Net Update
Senior Housing Triple-Net Update 45 FORMER BKD NNN-TO-SHOP COMMUNITIES ▪ 5 aligned, proven, high-performing, local market-focused operators with strong track records of delivering high quality care and services ▪ 45 NNN-to-SHOP conversions underway; 27 completed through October 2025, expected to con
Slide 16: Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand
Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand The U.S. is expected to see the largest surge in seniors as Baby Construction activity remained depressed in 3Q25, further Boomers begin turning 80 in 2026 reducing units under construction and deliveries 28% 0.6% Expected 80+ popul
Slide 17: 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 18: 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 19: External Growth Opportunities Focused on Senior Housing
External Growth Opportunities Focused on 19 Senior Housing
Slide 20: Active Growing Pipeline & 2025 Investment Guidance
Active Growing Pipeline & 2025 Investment Guidance1 Increasing Investments YoY in Senior Housing VTR Pipeline Robust from Increasing Market Activity & Advantaged Position Intend to Continue to Build on Senior Housing Investment Momentum with Strong Pipeline >80% of 2024 + 2025 19% Seller Profile of
Slide 21: $2.2B of Senior Housing Investments Closed YTD 2025
$2.2B of Senior Housing Investments Closed YTD 2025 21
Slide 22: $2.2B of Senior Housing Investments Closed Year to Date October 2025
$2.2B of Senior Housing Investments Closed Year to Date October 2025 50 Communities Across 15 States Fast-Growing Markets with Strong Projected Demand Growth ~1,300bp of potential uncapped net demand1, supporting continued NOI growth ~6,250 Units Offering Continuum of Care 33% IL | 48% AL | 19% MC N
Slide 23: Case Study: The Bristal Long Island Portfolio
Case Study: The Bristal Long Island Portfolio HIGH QUALITY ASSETS IN ATTRACTIVE MARKETS 6 The Bristal at Bethpage The Bristal at Mount Sinai Right Market I Strong growth outlook driven by high share of 80+ Communities1 The Bristal at Jericho-Encore population and no new supply within immediate subma
Slide 24: Driving Strong Execution and Cash Flow Generation Throughout The Portfolio
Driving Strong Execution and Cash Flow 24 Generation Throughout The Portfolio
Slide 25: Capital Funding and Leverage
EQUITY FUNDING OF SENIOR HOUSING INVESTMENTS ($B USD) Fully equity funded 2025 investment guidance as of October YTD Capital Funding and $2.5B $2.6B Leverage ~$0.3B remaining $0.5B Unsettled Equity $2.5B of senior housing investment volume included $2.2B $2.1B in 2025 guidance fully funded Closed Eq
Slide 26: Expected Growth in the 65+ Population
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 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 Prime Locations With Strong Credit Tenants Positioned to Take Advantage of Shift to Outpatient Care 2 Consolidated Indexed Outpatient Demand Growth 82% Strong Credit Investment Gra
Slide 28: Appendix
28 Appendix
Slide 29: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended Q3 YoY For the Nine Months Ended YTD YoY September 30, Change September 30, Change 2025 2024 ’25-’24 2025 2024 ’25-’24 Net income attributable to common stockholders $ 66,047 $ 19,243 243% $ 181,179 $ 24,318 645% Net income attributable to common stockholders per share $ 0
Slide 30: 2025 Guidance
Net Income and FFO Attributable to Common Stockholders2 NOI2 2025 Guidance1 FY 2025 FY 2025 - Per Share FY 2025 Dollars in millions USD, except per Low High Low High Low High share amounts, totals may not sum due to rounding, unaudited Net income attributable to common stockholders $225 $239 $0.49 $
Slide 31: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended September 30, 2025 2024 Net income attributable to common stockholders $ 66,047 $ 19,243 Non-GAAP Adjustments: Financial Measures Interest expense 158,124 150,437 Reconciliation Loss on extinguishment of debt, net 119 — Taxes (including tax amounts in general, administrati
Slide 32: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Net income attributable to common stockholders $ 19,243 $ 56,835 $ 46,868 $ 68,264 $ 66,047 Net Income to NOI – Adjustments: Trailing 5 Quarters Interest and other income (8,204) (8,305) (
Slide 33: Senior Housing Operating Portfolio Same-Store Cash
Trailing 5-Quarter Comparison 3Q24 4Q24 1Q25 2Q25 3Q25 Total revenues $ 845,532 $ 896,360 $ 968,904 $ 1,032,714 $ 1,088,546 Adjustments: Revenues not included in cash operating revenues1 (11,387) (7,168) (5,665) (5,071) (4,929) Revenue impact from change in FX (1,254) 2,185 5,476 712 — Senior Housin
Slide 34: Outpatient Medical and Research Portfolio
Trailing 5-Quarter Comparison 3Q24 4Q24 1Q25 2Q25 3Q25 Total revenues $ 221,575 $ 216,950 $ 221,999 $ 221,487 $ 226,881 Outpatient Medical Adjustments: Straight-lining of rental income (2,394) (1,014) (2,079) (2,620) (3,564) and Research Non-cash rental income (1,935) (1,818) (1,822) (1,994) (2,594)
Slide 35: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024 Non-GAAP Financial SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total Measures NOI $ 302,296 $ 147,745 $ 157,038 $ 7,818 $ 614,897 $ 213,982 $ 144,096 $ 150,970 $ 4,102 $ 513,150 Re
Slide 36: 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 $239 Non-GAAP Financial Depreciation and amortization4 1,432 Interest expense, G&A, other income and expenses5 Measures 734 NOI $1,196 $591 $588 $30 $2,405 Reconciliati