Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026
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 First Quarter 2026 23 Capture Value- Results Creating External Growth Focused on 06 Improved 2026 Senior Housing Outlook 29 Driving Strong 09 Ventas’s Strategy Execution and Cash Flow Generation Throughout The 16 Delivering Profitable Portfolio Organic Growth in Senior Housing 3
Slide 4: First Quarter 2026 Results
4 First Quarter 2026 Results
Slide 5: First Quarter and Year-to-Date 2026 Highlights
First Quarter and Year-to-Date 2026 Highlights1 1Q26 FINANCIAL & PROPERTY PERFORMANCE YTD HIGHLIGHTS Financial Highlights $1.7B $0.94 9% 5.0x U.S. Senior Housing Investments Closed YTD3 Net Debt to Further Adjusted EBITDA Normalized FFO/share2 Normalized FFO/share, YoY growth2 as of 1Q26 Strong Prop
Slide 6: Improved 2026 Outlook
6 Improved 2026 Outlook
Slide 7: Improved 2026 Outlook
Improved 2026 Outlook1 INCREASED NORMALIZED FFO PER SHARE GUIDANCE MIDPOINT INCREASED INVESTMENTS FOCUSED ON SENIOR HOUSING $3.86 $3B $3.83 $2.5B Feb 2026 April 2026 Feb 2026 April 2026 INCREASED SHOP YOY SAME-STORE GROWTH ASSUMPTIONS Cash NOI Growth Midpoint 16% Average Occupancy Growth ~300bp Cash
Slide 8: Updated and Improved 2026 Outlook
Updated and Improved 2026 Outlook1 IMPROVED ENTERPRISE OUTLOOK SELECT GUIDANCE ASSUMPTIONS2 Feb 2026 April 2026 ▪ The guidance increase of $0.03 per share at the midpoint of the 2026 Normalized FFO per share guidance range is primarily driven by: Full Year 2026 Guidance Per Sh. Amounts Per Sh. Amoun
Slide 9: Ventas's Strategy
9 Ventas’s Strategy
Slide 10: 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 10
Slide 11: Ventas 1-2-3 Strategy Is Driving Enterprise Growth
SHOP IS 56% OF TOTAL COMPANY NOI Ventas 1-2-3 Strategy Is Driving AND GROWING Enterprise Growth & Creating Value • Fast growing SHOP segment is 56% of total company NOI and is the engine of Ventas’s 56% SHOP growth Senior 61% Housing • 2026 is expected to be the 5th consecutive year 5% of double-dig
Slide 12: Positioned for Significant Multiyear SHOP Occupancy, Rate and NOI Growth
Positioned for Significant Multiyear SHOP Occupancy, Rate and NOI Growth MULTIYEAR GROWTH LEVERS OUTSIZED OCCUPANCY UPSIDE OPPORTUNITY IN U.S. SHOP PORTFOLIO UK Occupancy Growth 1Q26 U.S. Rate Growth Canada ~87% Average Occupancy1 Operating Leverage ~82% ~88% U.S. ex Conversions U.S. NNN-to-SHOP Con
Slide 13: Multiyear SHOP NOI Growth Opportunity Supported by Demand / Supply
Multiyear SHOP NOI Growth Opportunity Supported by Unprecedented Demand / Supply Average Annual 80+ Population Growth vs. Senior Housing Deliveries 1,2 80+ population expected to grow at unprecedented rate Avg Annual 80+ Population Growth Avg Annual Unit Deliveries through 2038 900K GFC Recovery Con
Slide 14: 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 de minimis in 1Q26 Boomers begin turning 80 in 2026 29% Expected 80+ population growth over the next 5 years 0.5% 1Q26 U.S. year-over-ye
Slide 15: Senior Housing Provides Compelling Value Proposition
Senior Housing Provides Compelling Value Proposition to Residents and Families Benefits to Residents At a Comparable Cost • On average, cost of living in a VTR community is Safety Ease of living comparable or favorable to the ~$5,700 - $9,700/mo. cost of aging at home with care1 Socialization Peace
Slide 16: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic 16 Growth in Senior Housing
Slide 17: 1Q YoY Occupancy Growth Accelerating
1Q YoY Occupancy Growth Accelerating Strong demand/supply fundamentals and Ventas OITM platform initiatives driving occupancy growth 1Q SHOP YoY Same-Store Average Occupancy Growth1 SHOP Same-Store Average Occupancy Growth U.S. SHOP Same-Store Average Occupancy Growth Increasing Occupancy Guidance2
Slide 18: 1Q 2026 SHOP Same-Store Cash NOI
1Q 2026 SHOP SAME-STORE CASH NOI STRONG SAME-STORE YOY OCCUPANCY GROWTH, LED BY U.S. +460bp $286.9 +370bp Strong 1Q 2026 15.4% +310bp +320bp SHOP Same-Store Performance1 $248.5 1Q25 1Q26 SHOP Same-Store U.S. Average U.S. IL Average U.S. AL Average Average Average Occupancy Occupancy Growth Occupancy
Slide 19: Ventas OI Active Asset Management Approach, Grounded in Data Analytics
Ventas OITM Active Asset Management Approach, Grounded in Data Analytics Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the combination of Right Markets, Assets and OperatorsTM High Frequency, Impactful Dynamic Engagement Pricing Real Time Automa
Slide 20: End-to-End Technology Drives Enhanced Execution Across SHOP
End-to-End Technology Drives Enhanced Execution Across SHOP Advancing value- Delivering strong Supporting AI-enabled Driving profitable creating external execution and cash tool adoption within the organic growth growth flow generation senior housing industry Proprietary operational and Data-driven
Slide 21: Collaboration at Scale: Ventas OI Enhances Operator Capabilities
Collaboration at Scale: Ventas OITM Enhances Operator Capabilities & Community Execution Digitally-integrated operational insights platform creates a competitive moat SEAMLESS SUPPORTING CUSTOM DIGITAL ONGOING INTEGRATION GROWTH READINESS ENGAGEMENT COLLABORATION Ventas OITM is designed to Once on t
Slide 22: Ventas Competitive Advantage from Large Diverse Network of SHOP Operators
WINNING TOGETHER Ventas Competitive Advantage from Strategic expansion, collaborative approach Large Diverse Network of SHOP ▪ Ventas engages and expands with the highest performing operators Operators who have established local market clusters, product-specific expertise and a high concentration of
Slide 23: Capture Value-Creating External Growth Focused on Senior Housing
Capture Value-Creating External 23 Growth Focused on Senior Housing
Slide 24: $1.7B of Senior Housing Investments Closed Year-to-Date 2026
$1.7B of Senior Housing Investments1 Closed Year-to-Date 2026 44 Communities Across 15 States Fast-Growing Markets with Strong Projected Demand Growth ~1,400bp of potential uncapped net demand2, supporting continued NOI growth 5,146 Units Offering Continuum of Care 48% IL | 38% AL | 14% MC Recent Vi
Slide 25: Case Study: High-Growth $540M Revel Investment
Case Study: High-Growth $540M Revel Investment Sizeable, value-add lease-up deal provides opportunity to deploy Ventas OITM to drive outperformance at luxury, amenity-rich IL portfolio Investment Mid-70% in-Place Occupancy Mid-Teens 5.7% Year-One Significant Discount Highlights Significant Multiyear
Slide 26: External Growth Has Added >25% Additional Units in SHOP since 4Q24
External Growth Has Added >25% Additional Units in SHOP since 4Q24 RIGHT MARKETS $5.7 Billion ▪ Investments focused on markets with attractive senior housing demand/supply fundamentals, wealth and favorable local economies o Communities located in markets with uncapped net demand of U.S. Senior Hous
Slide 27: Investment Focus on Markets With Attractive Fundamentals and Growth Outlook
Investment Focus on Markets With Attractive Fundamentals and Growth Outlook $5.7 Billion of U.S. Senior Housing Investments Closed Since 4Q24 Expanding SHOP footprint by strategically targeting attractive high-growth U.S. markets ~1,300bp of expected uncapped net demand over the next three years1 Re
Slide 28: Large & Growing Pipeline → Increased Investment Guidance
Large & Growing Pipeline → Increased Investment Guidance Ventas Competitively Advantaged with Relationship-Driven, High-Quality Investments Increased 2026 Investment Guidance1 $3B >90% Relationship-Driven $2.5B $1.7B2 Closed Senior Housing Investments YTD >60% Off-Market 2026 >40% Repeat seller Feb
Slide 29: Drive Strong Execution and Cash Flow Generation Throughout The Portfolio
Drive Strong Execution and Cash Flow 29 Generation Throughout The Portfolio
Slide 30: Balance Sheet Strength and Flexibility
BALANCE SHEET STRENGTH AND FLEXIBILITY LEVERAGE RATIO CONTINUES TO IMPROVE Balance sheet strength and strong access to capital provides liquidity Multiyear organic growth and equity funding of investments resulting and flexibility to fund external growth and refinance debt maturities in continued le
Slide 31: Leading National Outpatient Medical Platform
Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages Positioned to Take Advantage of Shift to Outpatient Care 1 Prime Locations With Strong Credit Tenants Indexed Outpatient Demand Growth Consolidated 96% Affiliated with Health Syste
Slide 32: Ventas: At a Glance
Ventas: At a Glance Ventas is a leading S&P 500 company with more than 1,400 properties that benefit a 25+ years of operation large and growing aging population. As the world’s second largest owner of senior housing, we create environments where seniors thrive and investments flourish. properties wi
Slide 33: Appendix
33 Appendix
Slide 34: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended March 31, Q1 YoY Change 2026 2025 ’26-’25 Net income attributable to common stockholders $ 55,912 $ 46,868 19% Non-GAAP Financial Net income attributable to common stockholders per share $ 0.11 $ 0.10 10% Adjustments: Measures Depreciation and amortization on real estate a
Slide 35: 2026 Guidance
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 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 $282 $317 $0.56 $
Slide 36: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended March 31, 2026 December 31, 2025 Non-GAAP Financial Net income attributable to common stockholders $ 55,912 $ 70,202 Measures Adjustments: Interest expense 156,142 154,468 Reconciliation Loss on extinguishment of debt, net 449 53 Adjusted EBITDA and Taxes (including tax am
Slide 37: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 Net Income to NOI – Net income attributable to common stockholders $ 46,868 $ 68,264 $ 66,047 $ 70,202 $ 55,912 Trailing 5 Quarters Adjustments: Reconciliation Interest and other income (3,078
Slide 38: Senior Housing Operating Portfolio Same-Store Cash Reconciliations
Trailing 5-Quarter Comparison 1Q25 2Q25 3Q25 4Q25 1Q26 Total revenues $ 968,904 $ 1,032,714 $ 1,088,546 $ 1,185,999 $ 1,292,790 Adjustments: Revenues not included in cash operating revenues1 (7,360) (6,468) (6,414) (5,696) (2,646) Revenue impact from change in FX 6,016 1,261 566 2,542 — Senior Housi
Slide 39: Outpatient Medical and Research Portfolio Same-Store Cash Reconciliations
Trailing 5-Quarter Comparison 1Q25 2Q25 3Q25 4Q25 1Q26 Total revenues $ 221,999 $ 221,487 $ 226,881 $ 227,535 $ 230,904 Outpatient Medical and Research Portfolio Adjustments: Straight-lining of rental income (2,079) (2,620) (3,564) (2,836) (2,865) Same-Store Cash Non-cash rental income (1,822) (1,99
Slide 40: Same-Store Cash NOI by Segment Reconciliation
For the Three Months Ended March 31, 2026 For the Three Months Ended March 31, 2025 SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total Non-GAAP Financial NOI $ 374,458 $ 150,603 $ 120,170 $ 5,847 $ 651,078 $ 264,504 $ 146,042 $ 152,586 $ 6,155 $ 569,287 Measures Reconcilia