Slide 1: Earnings Presentation Second Quarter 2026
Earnings Presentation Second 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 Second Quarter 2026 23 Capture Value- Results Creating External Growth Focused on 06 Improved 2026 Senior Housing Outlook 29 Driving Strong 08 Ventas’s Strategy Execution and Cash Flow Generation Throughout The 15 Delivering Profitable Portfolio Organic Growth in Senior Housing
Slide 4: Second Quarter 2026 Results
4 Second Quarter 2026 Results
Slide 5: Second Quarter and Year to Date 2026 Highlights
Second Quarter and Year to Date 2026 Highlights1 2Q26 FINANCIAL & PROPERTY PERFORMANCE YTD HIGHLIGHTS Financial Highlights $3.4B $0.97 9% 4.7x Investments focused on senior housing closed YTD3 Normalized FFO/share2 Normalized FFO/share, YoY growth2 Net Debt to Further Adjusted EBITDA as of 2Q26 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 Feb. 2026 April 2026 July 2026 ▪ The guidance increase of $0.02 per share at the midpoint of the 2026 Normalized Full Year 2026 Guidance FFO per share guidance range is primarily driven by: Attributable Net I
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 1-2-3 Strategy Is Driving Enterprise Growth & Creating Value
SHOP IS 57% OF TOTAL COMPANY Ventas 1-2-3 Strategy Is Driving ANNUALIZED NOI AND GROWING Enterprise Growth & Creating Value ▪ Fast growing SHOP segment is 57% of total company Annualized NOI and is the engine of Ventas’s growth 57% SHOP ▪ 2026 is expected to be the 5th consecutive year of double- Se
Slide 11: 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 ✓ 807 consolidated communities1 in 48 U.S. states, Canada and the UK in attractive local markets ✓ Footprint in high-growth markets (Top 5: Texas, New York, California, Florida, North Carolina) ✓ Strong U.
Slide 12: 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 13: 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 2Q26 Boomers begin turning 80 in 2026 29% Expected 80+ population growth over the next 5 years 0.5% 2Q26 U.S. year-over-ye
Slide 14: 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 - $10,200/mo. cost of aging at home with care1 Socialization Peace
Slide 15: Delivering Profitable Organic Growth in Senior Housing
Delivering Profitable Organic 15 Growth in Senior Housing
Slide 16: 2Q 2026 SHOP Same-Store Cash NOI and Operating Leverage
2Q 2026 SHOP SAME-STORE CASH NOI ($M) FAVORABLE OPERATING LEVERAGE AT HIGHER OCCUPANCY LEVELS ▪ Higher YoY incremental margin flow-through2 achieved at higher occupancy levels $305 55% Strong 2Q 2026 16% SHOP Same-Store 48% 49% 50% Performance1 $262 2Q25 2Q26 FY24 3 FY25 3 1Q26 2Q26 Average Average
Slide 17: U.S. SHOP Occupancy Positioned for Continued Outsized Growth
U.S. SHOP Occupancy Positioned for Continued Outsized Growth Significant growth achieved in U.S. SHOP occupancy, with expected future demand accelerating as Baby Boomers begin turning 80 in 2026 Multiyear growth & value 100% creation opportunity U.S. Same-Store Average Occupancy1 ▪ 80+ population 95
Slide 18: 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 2Q26 U.S. Canada ~87% Average Occupancy1 Rate Growth ~89% Operating Leverage U.S. Same-Store ~83% U.S. Non-Same-Store NOI
Slide 19: 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 who Operators have established local market clusters, product-specific expertise and a high concentration of
Slide 20: 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, Right Assets, Right OperatorsTM Data Analytics Drive Performance Active Asset Management Opt
Slide 21: 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 22: 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 23: Capture Value-Creating External Growth Focused on Senior Housing
Capture Value-Creating External 23 Growth Focused on Senior Housing
Slide 24: External Growth Has Added >30% Additional SHOP Units since January 2024
External Growth Has Added >30% Additional SHOP Units since January 2024 RIGHT MARKETS $8.2 Billion ▪ Investments focused on markets with attractive senior housing demand/supply fundamentals, wealth and favorable local economies o Communities located in markets with projected uncapped net demand of I
Slide 25: $8.2 Billion of Investments Closed Since January 2024 Focused on Senior Housing
$8.2 Billion of Investments Closed Since January 20241 Focused on Senior Housing Investments Focused on Markets with Attractive Fundamentals and Growth Outlook Expanding SHOP by strategically targeting attractive high-growth U.S. markets ~23,000 units across 174 communities since the start of 2024 A
Slide 26: $3.4 Billion Investments Closed Year to Date 2026 Focused on Senior Housing
$3.4 Billion Investments Closed Year to Date 20261 Focused on Senior Housing 66 SHOP Communities Across 18 States 8,783 units Fast-Growing Markets with Strong Projected Demand Growth ~1,300bp of projected uncapped net demand2, supporting continued NOI growth Communities Offering Continuum of Care 49
Slide 27: Competitive Advantages Power Transactions with a Wide Variety of Senior Housing Sellers
Competitive Advantages Power Transactions with a Wide Variety of Senior Housing Sellers 94% 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 28: Investment Momentum Drives Increased Guidance & Actionable Senior Housing Pipeline
Investment Momentum Drives Increased Guidance & Attractive and Actionable Senior Housing Pipeline Increased 2026 Investment Guidance1 VTR Investment Competitive Advantages $4.5B Relationship-Driven Pipeline $3B Ventas OITM Platform & Capabilities $2.5B Experienced Team & Track Record Financial Stren
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; Leverage Ratio Continues to Improve
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 31: Driving Strong Execution and Cash Flow Generation
OUTPATIENT MEDICAL PLATFORM HAS STRONG PERFORMANCE OUTPATIENT MEDICAL PORTFOLIO POSITIONED TO BENEFIT FROM SHIFT TRACK RECORD AND SIGNIFICANT COMPETITIVE ADVANTAGES TO OUTPATIENT CARE 2 Outpatient Medical Retention & Sequential Occupancy Growth Indexed Outpatient Demand Growth 2Q26 is the 8th consec
Slide 32: Ventas At a Glance
Ventas At a Glance Ventas is a leading S&P 500 company with approximately 1,450 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 33: Appendix
33 Appendix
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 $291 $317 $0.58 $
Slide 35: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended Q2 YoY For the Six Months Ended YTD YoY June 30, Change June 30, Change 2026 2025 ’26-’25 2026 2025 ’26-’25 Net income attributable to common stockholders $ 70,570 $ 68,264 3% $ 126,482 $ 115,132 10% Net income attributable to common stockholders per share $ 0.14 $ 0.15 (7
Slide 36: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended June 30, 2026 2025 Non-GAAP Net income attributable to common stockholders $ 70,570 $ 68,264 Financial Measures Adjustments: Interest expense 160,034 150,298 Reconciliation Loss on extinguishment of debt, net 83 — Adjusted EBITDA Taxes (including tax amounts in general, ad
Slide 37: Net Income to NOI – Trailing 5 Quarters Reconciliation
For the Three Months Ended June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Net Income to NOI – Net income attributable to common stockholders $ 68,264 $ 66,047 $ 70,202 $ 55,912 $ 70,570 Trailing 5 Quarters Adjustments: Reconciliation Interest and other income (5,871)
Slide 38: Senior Housing Operating Portfolio Same-Store Cash
Trailing 5-Quarter Comparison 2Q25 3Q25 4Q25 1Q26 2Q26 Total revenues $ 1,032,714 $ 1,088,546 $ 1,185,999 $ 1,292,790 $ 1,363,498 Adjustments: Revenues not included in cash operating revenues1 (9,704) (9,918) (8,536) (5,323) (4,192) Revenue impact from change in FX (109) (843) 1,075 (1,450) — Senior
Slide 39: Outpatient Medical and Research Portfolio
Trailing 5-Quarter Comparison 2Q25 3Q25 4Q25 1Q26 2Q26 Total revenues $ 221,487 $ 226,881 $ 227,535 $ 230,904 $ 229,313 Outpatient Medical Adjustments: Straight-lining of rental income (2,620) (3,564) (2,836) (2,865) (2,817) and Research Non-cash rental income (1,994) (2,594) (2,853) (2,979) (3,208)
Slide 40: Non-GAAP Financial Measures Reconciliation
For the Three Months Ended June 30, 2026 For the Three Months Ended June 30, 2025 Non-GAAP Financial SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total Measures NOI $ 403,499 $ 151,532 $ 121,714 $ 8,463 $ 685,208 $ 286,412 $ 146,486 $ 148,736 $ 6,492 $ 588,126 Reconciliati
Slide 41: 2026 Guidance (As of April 27, 2026)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 (As of April 27, 2026) Low High Low High Low High Dollars in millions USD, except per Net income attributable to common stockholders $282 $317 $0.56 $0.63 NOI $2,729 $2,785 share amounts,
Slide 42: 2026 Guidance (As of February 5, 2026)
Net Income and FFO Attributable to Common Stockholders2 NOI2 2026 Guidance1 FY 2026 FY 2026 - Per Share FY 2026 (As of February 5, 2026) Low High Low High Low High Net income attributable to common stockholders $260 $310 $0.52 $0.62 NOI $2,707 $2,773 Dollars in millions USD, except per share amounts