Ventas, Inc. · NYSE:VTR
Ventas — Q3 2026 Earnings Presentation
40 slides from Ventas's earnings presentation, October 2026
Slide 1: Earnings Presentation Third Quarter 2026
Earnings Presentation Third 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 Third Quarter 2026 23 Capture Value- Results Creating External Growth Focused on 06 Improved 2026 Senior Housing Outlook 28 Driving Strong 08 Ventas’s Strategy Execution and Cash Flow Generation Throughout The 14 Delivering Profitable Portfolio Organic Growth in Senior Housing 3
Slide 4: Third Quarter 2026 Results
4 Third Quarter 2026 Results
Slide 5: Third Quarter and Year to Date 2026 Highlights
Third Quarter and Year to Date 2026 Highlights1 3Q26 FINANCIAL & PROPERTY PERFORMANCE YTD HIGHLIGHTS Financial Highlights $5.2B $0.99 10% 4.4x Investments focused on senior housing closed YTD3 Normalized FFO/share2 Normalized FFO/share, YoY growth2 Net Debt to Further Adjusted EBITDA as of 3Q26 Stro
Slide 6: Improved 2026 Outlook
6 Improved 2026 Outlook
Slide 7: Updated and Improved 2026 Outlook
Updated and Improved 2026 Outlook1 IMPROVED ENTERPRISE OUTLOOK SELECT GUIDANCE ASSUMPTIONS2 July 2026 Oct. 2026 ▪ The guidance increase of $0.01 per share at the midpoint of the 2026 Normalized FFO per share guidance range is primarily driven by: Full Year 2026 Guidance o +$0.02 per share from 2026
Slide 8: Ventas's Strategy
8 Ventas’s Strategy
Slide 9: 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 9
Slide 10: Ventas Has Curated its SHOP Portfolio to Maximize Multiyear NOI Growth Potential
Ventas Has Curated its SHOP Portfolio to Maximize Multiyear NOI Growth Potential Right Markets ▪ 834 consolidated communities1 in 48 U.S. states, Canada and the UK in attractive local markets ▪ Footprint in high-growth markets (Texas, New York, California, Florida, North Carolina) ▪ Strong U.S. proj
Slide 11: Multiyear SHOP NOI Growth Opportunity Supported by Unprecedented 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 Avg Annual 80+ Population Growth Avg Annual Unit Deliveries grow at unprecedented rate through 2038 900K GFC Recovery Con
Slide 12: 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 3Q26 Boomers begin turning 80 in 2026 28% Expected 80+ population growth over the next 5 years 0.4% 3Q26 U.S. year-over-ye
Slide 13: Senior Housing Provides Compelling Value Proposition to Residents and Families
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 ~$6,100 - $10,200/mo. cost of aging at home with care1 Socialization Peace
Slide 14: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic 14 Growth in Senior Housing
Slide 15: Ventas OI Driving Multiyear Occupancy Outperformance vs. Industry Benchmark
Ventas OITM Driving Multiyear Occupancy Outperformance vs. Industry Benchmark Cumulative Occupancy Growth Since 1Q23 1,400 bp VTR SHOP Top 99 NIC Top 99 1,200 bp 1,000 bp +580bp VTR cumulative outperformance vs. NIC Top 99 since 1Q231,2,3 800 bp 600 bp 3Q26 Outperformance Seq. (vs. 2Q26) YoY 400 bp
Slide 16: Strong 3Q 2026 SHOP Same-Store Performance
SHOP SAME-STORE CASH NOI ($M) U.S. LED SAME-STORE OCCUPANCY GROWTH ▪ Led by U.S. SHOP YoY Cash Same-Store NOI growth of 17.1% ▪ +120bp sequential average occupancy growth (vs. 2Q26) in SHOP Same-Store $318.3 Strong 3Q 2026 15.5% +340bp +320bp SHOP Same-Store +300bp +290bp Performance1 $275.7 ▪ 2026
Slide 17: 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 3Q26 U.S. Rate Growth Canada ~89% Average Occupancy1 ~90% U.S. Same-Store Operating Leverage ~85% U.S. Non-Same-Store NOI
Slide 18: Ventas OI Unique Approach and Competitive Advantage
Ventas OITM Unique Approach and Competitive Advantage OPERATOR SELECTION KEY CRITERIA 3 Strong leadership 2 Product-type expertise 4 Collaborative culture 1 Strong local market talent with close 6 Ventas portfolio and operational track and people 5 Growth potential and quality of care focus connecti
Slide 19: Ventas OI Active Asset Management Grounded in Data Analytics
Ventas OITM Active Asset Management Grounded in Data Analytics Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the combination of Right Markets, Right Assets, Right OperatorsTM Data Analytics Drive Performance Active Asset Management Optimization
Slide 20: Continued Investment in Technology to Drive Outperformance
Continued Investment in Technology to Drive Outperformance 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 m
Slide 21: Collaboration at Scale: Ventas OI Enhances Operator Capabilities & Community Execution
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 OI: A Competitive Moat
Ventas OITM: A Competitive Moat The Ventas platform is difficult to replicate and essential to SHOP outperformance in the fragmented senior housing industry Fuels VTR SHOP outperformance and growth opportunities ~500 49 +580bp commercial, multi-site senior housing operators in the U.S. VTR SHOP oper
Slide 23: Capture Value-Creating External Growth Focused on Senior Housing
Capture Value-Creating External 23 Growth Focused on Senior Housing
Slide 24: External Growth Focused on U.S. Senior Housing Has Added >35% Additional SHOP Units
External Growth Focused on U.S. Senior Housing Has Added >35% Additional SHOP Units since January 2024 >$10 Billion Right Markets ▪ Investments focused on markets with attractive senior housing demand/supply fundamentals, wealth and favorable local economies o Communities located in markets with pro
Slide 25: $5.2 Billion U.S. Investments Closed Year to Date 2026 Focused on Senior Housing
$5.2 Billion U.S. Investments Closed Year to Date 20261 Focused on Senior Housing 117 SHOP Communities Across 22 States 14,170 units Fast-Growing Markets with Strong Projected Demand Growth ~1,300bp of projected uncapped net demand2, supporting continued NOI growth Communities Offering Continuum of
Slide 26: Competitive Advantages Power Transactions with a Wide Variety of Senior Housing Sellers
Competitive Advantages Power Transactions with a Wide Variety of Senior Housing Sellers 92% Relationship-Driven Private Equity Owner-Operators Diversified Real Estate Funds & Operators Who Control Real Estate Senior Housing Specialists Communities are financed with third-party Finite-life vehicles r
Slide 27: Relationship-Based Senior Housing Investment Momentum Continues
Relationship-Based Senior Housing Investment Momentum Continues Currently advancing our robust pipeline of actionable SHOP investment opportunities across range of sellers, sizes and types YTD COMPLETED INVESTMENT ACTIVITY FOCUSED ON SENIOR HOUSING1 VTR INVESTMENT COMPETITIVE ADVANTAGES EXPANDING $5
Slide 28: Drive Strong Execution and Cash Flow Generation Throughout The Portfolio
Drive Strong Execution and Cash Flow 28 Generation Throughout The Portfolio
Slide 29: 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 continue
Slide 30: Leading National Outpatient Medical Platform Has Strong Performance Track Record
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 95% Affiliated with Health Syste
Slide 31: Ventas At a Glance
Ventas At a Glance Ventas is a leading S&P 500 company with approximately 1,500 properties that benefit a 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 within the 25+ Years o
Slide 32: Appendix
32 Appendix
Slide 33: 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 2026 2025 ’26-’25 2026 2025 ’26-’25 Net income attributable to common stockholders $ 65,380 $ 66,047 (1%) $ 191,862 $ 181,179 6% Net income attributable to common stockholders per share $ 0.
Slide 34: 2026 Guidance
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 Low High Low High Low High Dollars in millions USD, except per share amounts, totals may not sum due to rounding, unaudited Net income attributable to common stockholders $324 $339 $0.64 $
Slide 35: Non-GAAP Financial Measures Reconciliation: Adjusted EBITDA and Further Adjusted EBITDA
For the Three Months Ended, September 30, 2026 June 30, 2026 Non-GAAP Net income attributable to common stockholders $ 65,380 $ 70,570 Adjustments: Financial Measures Interest expense 161,388 160,034 Reconciliation Loss on extinguishment of debt, net 14 83 Taxes (including tax amounts in general, ad
Slide 36: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net Income to NOI – Net income attributable to common stockholders $ 66,047 $ 70,202 $ 55,912 $ 70,570 $ 65,380 Trailing 5 Quarters Adjustments: Reconciliation Interest and other income (4
Slide 37: Senior Housing Operating Portfolio Same-Store Cash Operating Revenue and NOI Reconciliations
Trailing 5-Quarter Comparison 3Q25 4Q25 1Q26 2Q26 3Q26 Total revenues $ 1,088,546 $ 1,185,999 $ 1,292,790 $ 1,363,498 $ 1,450,802 Adjustments: Revenues not included in cash operating revenues1 (17,076) (16,500) (13,759) (11,963) (10,014) Revenue impact from change in FX (2,268) (374) (2,925) (1,496)
Slide 38: Outpatient Medical and Research Portfolio Same-Store Cash Operating Revenue and NOI Reconciliations
Trailing 5-Quarter Comparison 3Q25 4Q25 1Q26 2Q26 3Q26 Total revenues $ 226,881 $ 227,535 $ 230,904 $ 229,313 $ 233,962 Outpatient Medical Adjustments: and Research Straight-lining of rental income (3,564) (2,836) (2,865) (2,817) (4,078) Non-cash rental income (2,594) (2,853) (2,979) (3,208) (4,136)
Slide 39: Third Quarter 2026 Same-Store Cash NOI by Segment
For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 Non-GAAP Financial SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total Measures NOI $ 429,970 $ 153,433 $ 126,283 $ 13,788 $ 723,474 $ 302,296 $ 147,745 $ 157,038 $ 7,818 $ 614,897 R
Slide 40: 2026 Guidance (As of July 29, 2026)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 (As of July 29, 2026) Low High Low High Low High Dollars in millions USD, except per Net income attributable to common stockholders $291 $317 $0.58 $0.63 NOI $2,751 $2,803 share amounts, t