Ventas, Inc. · NYSE:VTR
Ventas — BofA Global Real Estate Conference 2025
43 slides from Ventas's conference presentation, Sep 10, 2025
Slide 1: BofA Global Real Estate Conference
BofA Global Real Estate Conference September 10, 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 September Business 25 Driving Strong Update Execution and Cash Flow Generation 08 Delivering Profitable Throughout The Organic Growth in Portfolio Senior Housing 29 Second Quarter 2025 20 External Growth Results & 2025 Outlook Opportunities Focused on Senior 32 Appendix Housing
Slide 4: September Business Update
4 September Business Update
Slide 5: Business Update: Reaffirming Full-Year 2025 Guidance
REAFFIRMING FULL-YEAR 2025 GUIDANCE 2 As Presented 7/30/25 ▪ Key Assumptions3: Net Income Attributable to Common o Same-Store Cash NOI Growth Guidance Ranges $0.47 – $0.52 Business Update1 Stockholders (unchanged) Normalized FFO Per Share Guidance • SHOP: 12.0% - 16.0% As of September 10, Range $3.4
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: Ventas 1-2-3 Strategy Driving Enterprise Growth & Creating Value
Ventas 1-2-3 Strategy Driving Enterprise Growth & Creating Value (As presented July 30, 2025) 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 imp
Slide 8: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic Growth in Senior Housing 8
Slide 9: Senior Housing Operating Portfolio
Senior Housing Previously updated and improved SHOP Same-Store Cash NOI guidance on May 28 Operating Portfolio (As presented July 30, 2025) 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 tw
Slide 10: 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 11: SHOP Same-Store Average Occupancy Growth Accelerated Intra-Quarter
SHOP Same-Store Average Occupancy Growth Accelerated Intra-Quarter and Outperformed NIC (As presented July 30, 2025) 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 mov
Slide 12: Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand
Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand (As presented July 30, 2025) 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 construc
Slide 13: Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook
Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook (As presented July 30, 2025) 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
Slide 14: Strong and Durable Multiyear Demand Tailwinds
Strong and Durable Multiyear Demand Tailwinds (As Presented July 30, 2025) 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 o
Slide 15: 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 16: 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 1.3B+ proprietary Data-driven market sel
Slide 17: Data-Driven Market Analysis
Data-Driven Market Analysis MARKET Proprietary market data enables targeted portfolio actions, SHOP Portfolio Composition resulting in net absorption and favorable pricing Favorable Market Selection (As presented July 30, 2025) Disciplined strategy has significantly upgraded the portfolio by targeti
Slide 18: Brookdale NNN-to-SHOP Conversions Have Begun
Brookdale NNN-to-SHOP Conversions Have Begun, with 11 Transitions Completed in September Transitioning BKD NNN Communities to Aligned, Proven, Local Market-Focused Operators with Clustering Strategy Transitions expected to continue through 4Q25 >$50M NOI growth opportunity vs. 3Q24 annualized NOI 45
Slide 19: Expanded SHOP Operator Footprint Supports Multiyear Growth Opportunity
WINNING TOGETHER Expanded SHOP Operator Footprint Strategic expansion, collaborative approach Supports Multiyear Growth Ventas engages and expands with the highest performing operators who 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 & 2025 Investment Guidance
Active Growing Pipeline & 2025 Investment Guidance1 Increasing Investments in Senior Housing VTR Pipeline Growing from Increasing Market Activity & Advantaged Position $0.5B >80% of 2024 + 2025 21% Seller Profile of ~$1.8B Closed YTD Closings September YTD ~$3.7B of Senior Relationship Driven, 62% H
Slide 22: ~$1.8B of Senior Housing Investments Closed Year-to-Date 2025
~$1.8B of Senior Housing Investments Closed Year-to-Date 2025 Anthem Lakes Waterview Senior Living Village on the Park Onion Creek American House Somerset Jacksonville, FL Austin, TX Troy, MI VTR Competitive Relationship Financial Experienced Platform & Ventas Advantages Driven Strength Team OITM Ca
Slide 23: ~$1.8B of Senior Housing Investments Closed Year-to-Date 2025
~$1.8B of Senior Housing Investments Closed Year-to-Date 2025 36 Communities Across 12 States Fast-Growing Markets with Strong Projected Demand Growth ~1,400bp of potential uncapped net demand1, supporting continued NOI growth ~4,500 Units Offering Continuum of Care 25% IL | 54% AL | 20% MC MorningS
Slide 24: Case Study: The Bristal Long Island Portfolio
Case Study: The Bristal Long Island Portfolio HIGH QUALITY ASSETS IN ATTRACTIVE MARKETS 6 The Bristal at Bethpage The Bristal at Mount Sinai Right Market I Strong growth outlook driven by high share of 80+ Communities1 The Bristal at Jericho-Encore population and no new supply within immediate subma
Slide 25: Driving Strong Execution and Cash Flow Generation Throughout The Portfolio
Driving Strong Execution and Cash Flow 25 Generation Throughout The Portfolio
Slide 26: Capital Funding and Leverage
EQUITY FUNDING OF SENIOR HOUSING INVESTMENTS ($B USD) Equity funding attractive, accretive investments and improving the balance sheet ~$2.4B Capital Funding and ~$0.5B Incremental $0.2B FY25 Disposition Guidance Line-of-Sight Leverage ~$0.2B Remaining ~$2.2B $2B of senior housing Equity investment
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. (As presented July 30, 2025). 24% 22% The 65+ population now makes up ~18% of the U.S. population, an all-time Americans expected Population to be over the
Slide 28: Leading National Outpatient Medical Platform
Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages (As presented July 30, 2025) Prime Locations With Strong Credit Tenants Positioned to Take Advantage of Shift to Outpatient Care 2 Consolidated Indexed Outpatient Demand Growth 83%
Slide 29: Second Quarter 2025 Results & Improved 2025 Outlook
Second Quarter 2025 Results & Improved 2025 Outlook (As presented July 30, 2025) 29
Slide 30: 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 31: 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 32: Appendix
Appendix (As presented July 30, 2025) 32
Slide 33: 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 34: 2025 Guidance
Net Income and FFO Attributable to Common Stockholders2 NOI2 2025 Guidance1 FY 2025 FY 2025 - Per Share FY 2025 (As presented July 30, 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 Depreciat
Slide 35: 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 36: 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 37: Senior Housing Operating Portfolio Same-Store Cash Operating Revenue and NOI
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 38: Outpatient Medical and Research Portfolio Same-Store Cash
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 39: 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 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 $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 41: 2025 Guidance (As Updated May 28, 2025)
Net Income and FFO Attributable to Common Stockholders2 SHOP 2025 Guidance1 FY 2025 FY 2025 - Per Share (As Updated May 28, 2025) FY 2025 Low High Low High 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 42: 2025 Guidance (As of April 30, 2025)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2025 Guidance1 (As of April 30, 2025) FY 2025 FY 2025 - Per Share FY 2025 Low High 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 43: 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