Ventas, Inc. · NYSE:VTR
Ventas — Q1 2025 Earnings Presentation
33 slides from Ventas's earnings presentation, May 1, 2025
Slide 1: Earnings Presentation First Quarter 2025
Earnings Presentation First 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 First Quarter 2025 21 Driving Strong Results & Reaffirming Execution and Cash 2025 Outlook Flow Generation Throughout The 07 Delivering Profitable Portfolio Organic Growth In Senior Housing 25 Appendix 16 External Growth Opportunities Focused on Senior Housing 3
Slide 4: First Quarter 2025 Results & Reaffirming 2025 Outlook
First Quarter 2025 Results & 4 Reaffirming 2025 Outlook
Slide 5: First Quarter 2025 Financial Performance and Reaffirming 2025 Outlook
FIRST QUARTER 2025 FINANCIAL PERFORMANCE & KEY HIGHLIGHTS REAFFIRMING 2025 OUTLOOK 2 ▪ First Quarter 2025 Normalized FFO per share of $0.84, an increase of Full Year 2025 Guidance Ranges & Midpoints ~8% YoY and led by SHOP NOI growth and accretive senior housing Attributable Net Income Per Share Ran
Slide 6: 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 6
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 ▪ Co
Slide 9: 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 fell to a new record low in 1Q25, further surge in seniors as Baby Boomers begin turning 80 reducing units under construction and deliveries U.S
Slide 10: 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 11: 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 that combines in-house senior housing operating expertise with data analytics capabilities. Ve
Slide 12: 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 driving strong e
Slide 13: Ventas U.S. SHOP Communities Are in Markets That 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 • Potential uncapped net demand growth of ~1,500bp over the next few years and sc
Slide 14: Expanding SHOP Operator Footprint Expected to Support Multiyear Growth
Expanding SHOP Operator Footprint Expected to Support Multiyear Growth 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 market clusters 10 and product-
Slide 15: SHOP Conversion Communities (~5,700 units)
45 SHOP Conversion Communities (~5,700 units) 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 driving improved master lease EBI
Slide 16: External Growth Opportunities Focused on Senior Housing
External Growth Opportunities Focused on 16 Senior Housing
Slide 17: ~$900M of Senior Housing Investments Closed Year-to-Date 2025
~$900M of Senior Housing Investments Closed Year-to-Date 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 continued NOI growth 2,475 Un
Slide 18: ~$900M of Senior Housing Investments Closed Year-to-Date 2025
~$900M of Senior Housing Investments Closed Year-to-Date 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 investment size • 7.7% 1Q25 NOI Yield1
Slide 19: Ventas OI Market Selection Spotlight: High-Growth Texas Market
Ventas OITM Market Selection Spotlight: High-Growth Texas Market 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 Multiyear DEMAND PROJECTIONS
Slide 20: Active Growing Pipeline & Increased 2025 Investment Guidance
Active Growing Pipeline & Increased 2025 Investment Guidance Seller Profile of ~$2.8B of Senior Housing Investments Closed in 2024 & 2025 YTD 2025 Guidance Investment Process Updated FY Investment Guidance (April 2025) Reviewed ~$30B pipeline of senior housing investments ~$1.5B Incremental $500M vs
Slide 21: Driving Strong Execution and Cash Flow Generation Throughout The Portfolio
Driving Strong Execution and Cash Flow 21 Generation Throughout The Portfolio
Slide 22: Liquidity and Capital Funding
AVAILABLE LIQUIDITY 1 ($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 23: 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 11,200 baby boomers turn 65 every day.1 22
Slide 24: 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 Care2 Consolidated Indexed Outpatient v Inpatient Demand Growth 82% Outpatient Strong
Slide 25: Appendix
25 Appendix
Slide 26: 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 27: 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 $192 $245 $0.42 $
Slide 28: 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 29: 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 30: Senior Housing Operating Portfolio Same-Store Cash
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 31: 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 32: 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
Slide 33: 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