Slides
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Earnings Presentation Third Quarter 2025
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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”), such as such as Nareit FFO, Normalized FFO, Net Operating Income (“NOI”), Same - Store Cash NOI, Same-Store Cash NOI Margin, Same-Store Cash NOI Growth, Cash Operating Revenue, SHOP Operating Expenses and Net Debt to Further Adjusted EBITDA. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the Appendix to this presentation. Our definitions and calculations of these non-GAAP measures may not be the same as similar measures reported by other REITs. These non-GAAP financial measures should not be considered as alternatives for, or superior to, financial measures calculated in accordance with GAAP. Cautionary Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, s tatements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. F orward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as identified by the use of phrases or words such as “assume,” “may,” “will,” “project,” “expect,” “believe,” “intend,” “anticipate,” “seek,” “target,” “forecast,” “plan,” “line -of-sight,” “outlook,” “potential,” “opportunity,” “estimate,” “could,” “would,” “should” and other comparable and derivative ter ms or the negatives thereof. Forward-looking statements are based on management’s beliefs as well as on a number of assumptions concerning future events. You should not put undue reliance on these forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements. We do not undertake a duty to update these forward-looking statements, which speak only as of the date on which they a re made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, includi ng those made below and in our filings with the Securities and Exchange Commission, such as in the sections titled “Cautionary Statements — Summary Risk Factors” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, “Management’s Discussion and Analysis of Financ ial Condition and Results of Operations” in our subsequent Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K as we file them with the Securities and Exchange Commission. Certain factors that could affect our future results and our ability to achieve our stated goals include, but are not limited to: (a) our exposure and the exposure of our managers, tenants and borrowers to complex and evolving governmental policy, laws and regulations, including relating to healthcare, data privacy, cybersecurity, international trade and environmental matters, the impact of such policies, laws and regulations on o ur and our managers’, tenants’ and borrowers’ business and the challenges and expense associated with complying with such polici es, laws and regulations; (b) the impact of market, macroeconomic, general economic conditions and fiscal policy on us, our managers, tenants and borrowers and in areas in which our properties are geographically concentrated, including changes in or elevated inflation, interest rates and exchange rates, labor market dynamics and rises in unemployment, tightening of lending standards and reduced availability of credit or capital, events that affect consumer confidence, our occupancy rates and resident fee revenues, and the actual and perceived state of the real estate markets and public and private capital markets; (c) the potential for significant general and commercial claims, legal actions, investigations, regulatory proceedings and enforcement actions that could subject us or our managers, tenants or borrowers to increased operating costs, uninsured liabilities, including fines and other penalties, reputational harm or significant operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of ne ed, suspension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federa l, state or foreign healthcare programs or the closure of facilities or communities; (d) our reliance on third-party managers and tenants to operate or exert substantial control over properties they manage for, or rent from, us, which limits our control and influence over such properties, their oper ations and their performance; (e) our reliance and the reliance of our managers, tenants and borrowers on the financial, credit and capital markets and the risk that those markets may be disrupted or become constrained; (f) our ability, and the ability of our managers, tenants and borrowers, to navigate the trends impacting our or their businesses and the industries in which we or they operate, including their ability to respond to the impact of the U.S. political environment on government funding and reimbursement programs, and the financial condition or business prospect of our managers, tenants and b orrowers; (g) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments; (h) the r isk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our managers , tenants borrowers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments or meet their other obligations to us, which could have an adverse impact on our results of operations and financial condition; (i) the risk that the borrowers un der our loans or other investments default or that, to the extent we are able to foreclose or otherwise acquire the collateral securing our loans or other investments, we will be r equired to incur additional expense or indebtedness in connection therewith, that the assets will underperform expectations or t hat we may not be able to subsequently dispose of all or part of such assets on favorable terms; (j) our current and future amount of outstanding indebtedness, and our ability to access capital and to incur additional debt which is subject to our compliance with covenants in instruments governing our and our subsidiaries’ existing indebtedness; (k) risks related to the recognition of reserves, allowances, credit losses or impairment charges which are inherently uncertain and may increa se or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with res pect to, the relevant assets, which could have an adverse impact on our results of operations and financial condition; (l) the risk that our management agreements or leases are not renewed or are renewed on less favorable terms, that our managers or tenants default under those agreements or that we are unable to replace managers or tenants on a timely basis or on favorable terms, if at all; (m) our ability to identify and consummate future investments in, or dispositions of, healt hcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles, joint ventures and minority interests, including our ability to dispose of such assets on favorable terms as a result of rights of first offer or rights of first refusal in favor of third parties; (n) risk s related to development, redevelopment and construction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chain pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse eff ect on our future occupancy rates; (o) our ability to attract and retain talented employees; (p) the limitations and significant requirements imposed upon our business as a result of our status as a REIT and the adverse consequences (including the possible loss of our status as a REIT) that would result if we are not able to comply with such requirements; (q) the ownership limits contained in our certificate of incorporation with re spect to our capital stock in order to preserve our qualification as a REIT, which may delay, defer or prevent a change of control of our company; (r) increases in our borrowing costs as a result of becoming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest rates; (s) our exposure to various operational risks, liabilities and claims from our operating assets; (t) our dependency on a limited number of managers and t enants for a significant portion of our revenues and operating income; (u) our exposure to particular risks due to our specific asset classes and operating markets, such as adverse changes affecting our specific asset classes and the healthcare real estate sector, the competitiveness or financial viabilit y of hospitals on or near the campuses where our outpatient medical buildings are located, our relationships with universities, the level of expense and uncertainty of our research tenants, and the limitation of our uses of some properties we own that are subject to ground lease, air rights or other restr ictive agreements; (v) our ability to maintain a positive reputation for quality and service with our key stakeholders; (w) the availability, adequacy and pricing of insurance coverage provided by our policies and policies maintained by our managers, tenants, borrowers or other counterparties; (x) the risk of exposure to unknown liabilities from our investments in properties or businesses; (y) the risks or uncertainties relating to th e use of, or inability to take advantage of the benefits of, artificial intelligence by us or our managers, tenants or borrowers; (z) the occurrence of cybersecurity threats and incident s that could disrupt our or our managers’, tenants’ or borrower’s operations, result in the loss of confidential or personal inf ormation or damage our business relationships and reputation; (aa) the failure to maintain effective internal controls, which could harm our business, results of operations an d financial condition; (bb) the impact of merger, acquisition and investment activity in the healthcare industry or otherwise affecting our managers, tenants or borrowers; (cc) disruptions to the management and operations of our business and the uncertainties caused by activist investors; (dd) the risk of catastrophic or extreme weather and other natural events and the physical effects of climate change; (ee) the risk of potential dilutio n resulting from future sales or issuances of our equity securities; and (ff) the other factors set forth in our periodic filings with the Securities and Exchange Commission. 2
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04 Third Quarter 2025 Results & Increased 2025 Guidance 10 Delivering Profitable Organic Growth in Senior Housing 19 External Growth Opportunities Focused on Senior Housing Table of Contents 3 24 Driving Strong Execution and Cash Flow Generation Throughout The Portfolio 28 Appendix
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Third Quarter 2025 Results & Increased 2025 Guidance 4
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5 Third Quarter 2025 Financial Performance & Highlights1 1. Some of the financial measures throughout this presentation are non -GAAP measures. For reconciliations to the most directly comparable GAAP measures, please see the Appendix. 2. The Company’s guidance constitutes forward- looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission. 3. Liquidity includes availability under its unsecured revolving credit facility, cash and cash equivalents and unsettled equity forward sales agreements outstanding THIRD QUARTER 2025 FINANCIAL PERFORMANCE & HIGHLIGHTS Per Share Results 3Q25 3Q24 % Change Attributable Net Income $0.14 $0.05 180% Nareit FFO $0.88 $0.79 11% Normalized FFO $0.88 $0.80 10% Third Quarter 2025 YoY Same-Store Cash NOI % Growth SHOP 15.9% Outpatient Medical & Research 3.7% Triple-Net (2.1%) Total Company 7.8% ▪ Third Quarter 2025 Normalized FFO per share of $0.88, an increase of 10% YoY ▪ Total Company YoY Same-Store Cash NOI grew 8% in the third quarter 2025, led by SHOP o SHOP YoY Same-Store Cash NOI growth of 16%, led by U.S. growth of 19% ▪ Broad-based demand strength during key selling season, which supported SHOP Same-Store sequential average occupancy growth of +160bp vs. 2Q25 and YoY average occupancy growth of +270bp vs. 3Q24 o Led by U.S. with sequential average occupancy growth of +200bp vs. 2Q25 and YoY average occupancy growth of +340bp vs. 3Q24 ▪ Year to date October 2025, closed $2.2 billion of accretive senior housing investments ▪ 2025 senior housing investment guidance increased to $2.5 billion, from previous $2.0 billion 2 ▪ $2.6 billion of equity raised, including $0.5 billion of unsettled forward sales agreements outstanding as of October 2025 ▪ Robust liquidity of $4.1 billion as of September 30, 20253 ▪ Net Debt to Further Adjusted EBITDA strengthened to 5.3x, an improvement of 1.0x compared to 3Q24
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6 Increased 2025 Guidance1,2 1. Some of the financial measures throughout this presentation are non -GAAP measures. For reconciliations to the most directly comparable GAAP measures, please see the Appendix. 2. The Company’s guidance constitutes forward- looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission INCREASED 2025 GUIDANCE ▪ SHOP Same-Store Cash NOI growth guidance increased to 14.0- 16.0% from previous 12.0-16.0%, including the following growth assumptions at guidance midpoint: o Average occupancy ~270bp o RevPOR >4.5% o Revenue ~8% o Operating Expense ~5% ▪ Select FY25 Guidance Assumptions: o Senior housing investment volume increased to $2.5 billion, from previous $2.0 billion o G&A expenses of ~$178 million at midpoint o Interest expense of ~$615 million at midpoint o Interest and other income of ~$15 million at midpoint o Full year weighted average diluted share count of 462 million o Disposition proceeds of ~$250 million o FAD capital expenditures of ~$285 million at midpoint FY25 Guidance Ranges As of 7/30/25 As of 10/29/25 Attributable Net Income Per Share $0.47 - $0.52 $0.49 - $0.52 Nareit FFO Per Share $3.38 - $3.43 $3.43 - $3.46 Normalized FFO Per Share $3.41 - $3.46 $3.45 - $3.48 Normalized FFO Per Share YoY Growth at Midpoint ~8% ~9% FY25 Same-Store Cash NOI Growth Guidance Ranges As of 7/30/25 As of 10/29/25 SHOP 12.0% - 16.0% 14.0% - 16.0% Outpatient Medical & Research 2.25% - 2.75% 2.3% - 2.7% Triple-Net (1.0%) – (0.5%) (0.7%) – (0.3%) Total Company 6.0% - 8.0% 7.0% - 8.0% ▪ Increased Normalized FFO per share midpoint of $3.47 represents a $0.03 increase from previous $3.44 midpoint and is composed of increased SHOP NOI, senior housing investments timing and volume and improvements across the enterprise
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We Are Executing a Focused Strategy to Drive Growth 7 1. 2. 3. Deliver profitable organic growth in senior housing Capture value-creating external growth focused on senior housing Drive strong execution and cash flow generation throughout portfolio
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30% 17% 22% 10% 9% 8%1% 4% 49% 9% 19% 8% 6%6% 1%2% Ventas 1-2-3 Strategy Driving Enterprise Growth & Creating Value 8 ~2,000bp increase in SHOP NOI % of VTR Annualized NOI over the past 4 years SHOP SH NNN IRFs & LTACs Health Systems SNFOutpatient Medical OtherResearch Expected SHOP Segment as a % of NOI by YE251 >50% 1. Assuming Brookdale transactions are fully completed 49% Increased participation in multiyear SHOP growth opportunity is accelerating Normalized FFO per share growth and leverage improvement 30% Annualized NOI as of 3Q25 Annualized NOI as of 3Q21 ~2% of 3Q25 Annualized NOI expected to be converted to SHOP by 1/1/26
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Converted communities in NNN structure to SHOP in markets with strong demand Transitioned low occupancy communities to the right operators Invested NOI-Generating Capex to accelerate occupancy growth Acquired high-performing communities with upside 9 U.S. SHOP Portfolio Actively Managed For Significant Occupancy Upside Portfolio Actions Taken Since 2020 1. Inclusive of 45 NNN-to-SHOP conversions of communities that were previously part of the Brookdale master lease OUTSIZED OCCUPANCY UPSIDE OPPORTUNITY IN U.S. SHOP PORTFOLIO ~81% U.S. NNN-to-SHOP Conversions1 ~87% U.S. ex Conversions Canada UK ~85% U.S. avg. occupancy
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Delivering Profitable Organic Growth in Senior Housing 10
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Senior Housing Operating Portfolio 11 Increased FY25 SHOP Same-Store Cash NOI growth guidance to 14% - 16%1 2025 is expected to be fourth consecutive year of double-digit SHOP Same- Store NOI growth during unprecedented multiyear growth opportunity 1. The Company’s guidance constitutes forward -looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission 14%-16%11%-16% FY25 Same-Store Cash NOI Growth Guidance1 12%-16% 13.5% 14.0% 15.0% February 2025 May 2025 October 2025 Midpoint of FY25 SHOP Same-Store Cash NOI growth guidance1 increased to 15.0% from initial 13.5%
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12 1. Top 99 includes communities in Primary and Secondary markets. 2. NIC methodology for quarterly occupancy calculation is an average of the month-end spot occupancy for each month in the quarter. 3. VTR occupancy change reflects Same -Store communities during that time period. 4. Reflects 3Q Same-Store for each year shown. Key selling season is from May to September with sequential occupancy growth ca lculated as September average occupancy vs. April average occupancy Ventas OITM Active Asset Management Initiatives Drive SHOP Occupancy Growth Multiyear Outperformance vs NIC Top 99 1,2,3 Strong 2025 Key Selling Season4 +170bp +210bp +220bp +230bp 2022 2023 2024 2025 Sequential Same-Store Average Occupancy Growth During Key Selling Season4 0 bp 200 bp 400 bp 600 bp 800 bp 1,000 bp 1,200 bp 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2023 2024 2025 VTR SHOP 99 NIC Top 99 Cumulative Occupancy Growth Since 1Q23
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YoY Avg Occupancy 86.3% 89.0% +270bp 13 Strong 3Q 2025 SHOP Same-Store Performance1 STRONG SAME -STORE YOY OCCUPANCY GROWTH, LED BY U.S. 3Q 2025 SHOP SAME -STORE CASH NOI KEY TAKEAWAYS 1. Some of the financial measures throughout this presentation are non -GAAP measures. For reconciliations to the most directly comparable GAAP measures, please see the Appendix. 2. Cash NOI Margin represents Cash NOI divided by Cash Operating Revenue. Cash NOI and Cash Operating Revenue are non-GAAP financial measures. For a reconciliation to the most directly comparable GAAP measure, please see the Appendix. 3. Incremental margin flowthrough calculated as the YoY dollar change in Same-Store Cash NOI divided by the YoY dollar change in Same-Store Cash Operating Revenue $200.5 $232.4 3Q24 3Q25 15.9% FAVORABLE OPERATING LEVERAGE DRIVING MARGIN GROWTH ▪ SHOP Same-Store Cash NOI growth of 16% YoY o Led by U.S. growth of 19% ▪ Strong key selling season ended during third quarter, supporting sequential average occupancy growth of +160bp vs. 2Q25 and led by U.S. sequential average occupancy growth of +200bp o Average occupancy growth of +270bp YoY, led by U.S. average occupancy growth of +340bp YoY o RevPOR growth of +4.7% reflects broad-based pricing strength ▪ SHOP Same-Store Cash NOI Margin2 expanded 200bp YoY, demonstrating favorable incremental margin flowthrough3 and effectiveness of Ventas OITM active asset management approach +270bp +340bp +390bp +300bp SHOP Same-Store Average Occupancy Growth U.S. Average Occupancy Growth U.S. IL Average Occupancy Growth U.S. AL Average Occupancy Growth +200bp 26.3% 28.3% 3Q24 3Q25 Same-Store Cash NOI Margin ▪ Incremental margin flowthrough3 >50% in 3Q25 due to operating leverage
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RIGHT MARKETS RIGHT OPERATORS RIGHT ASSETS Reporting Systems & BI Dashboards Marketing & Sales Analytics Competitive Intelligence Geospatial Analytics Predictive Analytics Ventas collects data from a variety of sources combining proprietary data from its senior housing operations with external data sources Data is assessed, cleaned, organized, standardized and loaded to the data warehouse Storage in one central location allows for ease of reporting from different analytical groups Data feeds AI models and automated dashboard reporting 14 Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the right combination ofmarkets, assets and operators. Ventas has spent years accumulating 1.3+ billion senior housing data points. AI-Enabled Tools and Automation Increase Operational Efficiency Stronger performance and decision making Ventas OITM Data Advantage and Analytics Platform
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1. Represents amortization of up -front consideration received in 2020 from the Brookdale Master Lease, related to the 45 NNN -to-SHOP conversion communities. Includes de minimis amount of non -cash rental income related to 11 non-core disposition assets either sold or under contract for sale Senior Housing Triple-Net Update 15 Discovery Senior Living Grace Management PLC Senior Lifestyle Sinceri Senior Living TRANSITION OPERATORS Discovery Senior Living Grace Management PLC Sinceri Senior Living Multiple Operators STATES IN WHICH OPERATORS HAVE EXISTING FOOTPRINT 45 FORMER BKD NNN -TO-SHOP COMMUNITIES ▪ 5 aligned, proven, high-performing, local market-focused operators with strong track records of delivering high quality care and services ▪ 45 NNN-to-SHOP conversions underway; 27 completed through October 2025, expected to continue through 4Q25 ▪ Current SHOP-equivalent NOI has grown to now approximate NNN cash rent ▪ >$50M NOI growth opportunity vs. 3Q24 annualized NOI ▪ Expect NOI-Generating Capex of ~$2M per community ▪ $20M of non-cash rental income1 included in 2025 Normalized FFO, will not repeat in 2026 65 BKD NNN LEASED COMMUNITIES ▪ 33% YoY cash rent increase takes effect January 1, 2026 o GAAP impact embedded in 2025 Normalized FFO and NOI ▪ 2Q25 TTM EBITDARM coverage of 1.30x – 1.39x on escalated 2026 cash rent
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0K 2K 4K 6K 8K 10K 12K 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0M 5M 10M 15M 20M 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +151K +501K +854K 2014-2023 2024-2026 2027-2030E 0.6% 3Q25 U.S. year-over-year inventory growth at record lows2 1. 80+ population estimates from Oxford Economics as of September 2025 reflecting growth from 4Q25 to 4Q30. 2. Construction a nd inventory data provided by National Investment Center for Seniors Housing & Care (“NIC”); reflects senior housing within NIC’ s Top 99 Primary and Secondary markets as of 3Q25. 3. Represents U.S. SHOP Same -Store average occupancy as of 4Q14. 4. Represents U.S. SH OP Same-Store average occupancy in 3Q2516 Rapidly Growing U.S. Aging Population Fueling Senior Housing Demand The U.S. is expected to see the largest surge in seniors as Baby Boomers begin turning 80 in 2026 28% Expected 80+ population growth over the next 5 years vs 5% in the 5 years post Financial Crisis Construction activity remained depressed in 3Q25, further reducing units under construction and deliveries 0.8% U.S. rolling 4-quarter starts as a % of inventory, the lowest level on record 40bp below the previous record low in 20102Peak Occupancy3 92% Current Occupancy4 86% U.S. 80+ Population1 Avg Annual US 80+ Population Growth1 U.S. Top 99 Rolling 4-Quarter Average Units Started2
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Expected 80+ Population Growth Significantly Exceeds Senior Housing Supply Outlook 1. Inventory data provided by National Investment Center for Seniors Housing & Care (“NIC”); reflects senior housing within N IC’s Top 99 Primary and Secondary markets as of 3Q25. 2. 80+ population estimates from Oxford Economics as of September 2025. 3. 2020- 2025 average annual unit deliveries includes three quarters of 2025 Average Annual Senior Housing Deliveries vs 80+ Population Change1,2 GFC Recovery Construction Boom COVID & Recovery 17 Multiyear Growth Opportunity High watermark of deliveries over the past two decades (expected to be unlikely given low construction starts) 3 10K 20K 30K 40K 50K 60K 70K 0K 100K 200K 300K 400K 500K 600K 700K 800K 900K 2010-2015 2015-2020 2020-2025 2025-2030E Avg Annual Unit Deliveries Avg Annual 80+ Population Growth Avg Annual 80+ Population Growth Avg Annual Unit Deliveries
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1. Source: National Center for Health Statistics. 2. Source: National Center for Health Statistics, calculated using average annual births per year comparing “Baby Boomer” generation (4.0M) to “Silent Generation (2.6M) Strong and Durable Multiyear Demand Tailwinds Greatest Generation: 2.9M Born Per Year Silent Generation: 2.6M Born Per Year 2 Baby Boomers: 4.0M Born Per Year2 54% Higher2 Average per annum birth rate of Baby Boomer Generation compared to Silent Generation 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 pricing and multiyear NOI growth 18 First Baby Boomers turn 80 in 2026 1.5 M 2.0 M 2.5 M 3.0 M 3.5 M 4.0 M 4.5 M 1909 1925 1946 1964 U.S Births Per Year Number of incremental 80-year-olds projected to increase nearly every year until 2038
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External Growth Opportunities Focused on Senior Housing 19
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Active Growing Pipeline & 2025 Investment Guidance1 VTR Pipeline Robust from Increasing Market Activity & Advantaged Position Increasing Investments YoY in Senior Housing 63% 19% 7% 11% Owner/Operator Private Equity Developer Institutional >80% of 2024 + 2025 YTD Closings Relationship Driven, Including Follow-On Activity with Operating Partners and Sellers Seller Profile of $4.1B of Senior Housing Investments Closed in 2024 & 2025 Oct. YTD 1. The Company's guidance constitutes forward -looking statements within the meaning of the federal securities laws and is based on a number of assumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company's expectations depending on factors discussed herein and in the Company's filings with the Securi ties and Exchange Commission20 $1.9B $2.5B 2024 Senior Housing Investments 2025 Senior Housing Investment Guidance (Oct. 2025) Intend to Continue to Build on Senior Housing Investment Momentum with Strong Pipeline
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21 $2.2B of Senior Housing Investments Closed YTD 2025
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$2.2B of Senior Housing Investments Closed Year to Date October 2025 Key Financial Criteria 7%+ expected year-one NOI yield Low-to-mid teens unlevered IRR expectation Significant discount to replacement cost 50 Communities Across 15 States Fast-Growing Markets with Strong Projected Demand Growth ~1,300bp of potential uncapped net demand1, supporting continued NOI growth ~6,250 Units Offering Continuum of Care 33% IL | 48% AL | 19% MC Newer Vintage, Purpose Built Communities 9-year average property age Average Acquisition Price of $381K / Unit 15 High-Quality Operators Including forming 10 new relationships with proven, local market focused operators Strong In-Place Performance ~91% in-place occupancy Attractive Underwritten Returns Expected Year-One NOI Yield of ~7.2%; 10-year unlevered IRR in low-to-mid teens 1. Based on analysis of submarket construction data, qualified 80+ population growth and current senior housing penetration r ates with assumed pre-pandemic annual growth in penetration rate22 Picture TBU
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Key Investment Criteria 7%+ Expected Y1 NOI yield Low-to-mid teens Unlevered IRR expectation Discount to est. replacement cost Positive Net absorption markets Operator Alignment Newer Vintage Avg. age of 6 years Case Study: The Bristal Long Island Portfolio 6 Communities1 $600M+ Purchase Price 856 Units High Performing with Upside HIGH QUALITY ASSETS IN ATTRACTIVE MARKETS Right Market I Strong growth outlook driven by high share of 80+ population and no new supply within immediate submarkets plus extremely high barriers to entry and strong pricing opportunity Right Asset I Newer vintage, high-quality assets averaging 6 years in age with 92% current occupancy and full continuum of care in desirable infill locations on Long Island and excellent brand reputation Right Operator I Retaining Ultimate Seniors post-closing, a regional operator with superior local market expertise and strong track record 23 1. One of the properties includes two communities The Bristal at Bethpage The Bristal at West Babylon The Bristal at Holtsville The Bristal at Mount Sinai The Bristal at Jericho-Encore
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Driving Strong Execution and Cash Flow Generation Throughout The Portfolio 24
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6.3x 5.3x 3Q24 3Q25 $2.2B Closed (Oct. YTD) $2.1B Equity Settled (As of October 2025) $0.5B Unsettled Equity 2025 Senior Housing Investment Guidance (Oct. YTD) Funding Sources 25 EQUITY FUNDING OF SENIOR HOUSING INVESTMENTS ($B USD) Capital Funding and Leverage SIGNIFICANT LIQUIDITY TO MANAGE NEAR TERM DEBT MATURITIES Liquidity1 of $4.1B covers consolidated debt maturities through 2026 Fully equity funded 2025 investment guidance as of October YTD $2.6B $2.5B of senior housing investment volume included in 2025 guidance fully funded Oct. YTD IMPROVEMENT IN LEVERAGE WHILE GROWING NFFO PER SHARE $2.5B $4.1B $2.2B 3Q25 Liquidity Maturing Debt Through 2026 4.4% wtd. average GAAP rate2 on debt maturities 1. Liquidity includes availability under its unsecured revolving credit facility, cash and cash equivalents and unsettled equity forward sales agreements outstanding. 2. GAAP Interest Rate includes non-cash impacts of financing costs, amortization of senior note discounts, and fair market value adjustments. 3. Principal balance of consolidated debt maturities, excludes scheduled debt amortization, deferred financing costs, discounts and fair value adjustments 3 ~$0.3B remaining 1.0x reduction in leverage since 3Q24, while growing Normalized FFO per share
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An Essential Role in the Longevity Economy. 2010 2025E2015 2020 2030E 65+ U.S. Population Growth Projections (2010 – 2030)2 40M 47M 54M 63M 71M 10M 20M 30M 40M 50M 60M 70M 80M +17M Expected Growth in the 65+ Population3 By the year 2030 1 in 5 Americans expected to be over the age of 65 1. Retirement Income Institute at the Alliance for Lifetime Income. 2. Population estimates from Oxford Economics 3. Census B ureau. 4. National Center for Health Statistics. 5. Rand Health Quarterly The 65+ population is expected to grow approximately 30% from 2020 to 2030 People 65+ visit the doctor 3x more than the rest of the population4 The 65+ population now makes up ~18% of the U.S. population, an all-time high that is continuing to rise as 11,400 baby boomers turn 65 every day.1 Ventas properties are serving the unprecedented and durable demand from this large and growing aging population. Expected Growth in Americans with at Least One Chronic Condition5 Nearly 93% of Americans 65+ have at least one chronic condition 12% 14% 16% 18% 20% 22% 24% 26% 65+ Population Share of Total U.S. Population 2000 2010 2020 2060E2050E2040E2030E ~130M ~170M 100M 120M 140M 160M 180M 2024 2030E 26
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90.4% 90.6% 2Q25 3Q25 90.1% 90.6% 3Q24 3Q25 27 Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages Positioned to Take Advantage of Shift to Outpatient Care2Prime Locations With Strong Credit Tenants 94% Affiliated with Health System or Hospital 82% Strong Credit Investment Grade 68% On-Campus Consolidated 2-3% Typical Average Annual Same- Store Cash NOI1 Growth Rate A+ Health Systems Median Credit Rating +50bpYoYSequential +20bp Outpatient Medical Same-Store Occupancy Growing Sequentially & YoY in 3Q25 1. Some of the financial measures throughout this presentation are non -GAAP measures. Refer to the non -GAAP reconciliations at the end of this presentation for a reconciliation of Same -Store Cash NOI Growth. 2. Kaiser Family Foundation (KFF) Key Facts Abou t Hospitals published February 19, 2025. Outpatient measured as outpatient visits per 1,000. Hospital utilization data are bas ed on the most recent available information from the American Hospital Association (AHA) Annual Survey Database, which includes data through calendar year 2023 Indexed Outpatient Demand Growth
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Appendix 28
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Non-GAAP Financial Measures Reconciliation FFO and Operating FAD 29 In thousands, except per share amounts, dollars in USD, totals may not sum due to rounding, unaudited 1 For 2025, principally due to the net non-cash revenue impact of changed revenue recognition from cash to straight-line related to a Senior Housing Triple-Net tenant. For the Three Months Ended September 30, Q3 YoY Change For the Nine Months Ended September 30, YTD YoY Change 2025 2024 ’25-’24 2025 2024 ’25-’24 Net income attributable to common stockholders $ 66,047 $ 19,243 243% $ 181,179 $ 24,318 645% Net income attributable to common stockholders per share $ 0.14 $ 0.05 180% $ 0.40 $ 0.06 567% Adjustments: Depreciation and amortization on real estate assets 355,453 303,599 1,021,865 942,399 Depreciation on real estate assets related to noncontrolling interests (4,252) (3,942) (12,396) (11,536) Depreciation on real estate assets related to unconsolidated entities 20,812 12,890 55,523 36,707 Gain on real estate dispositions (1,283) (271) (35,268) (50,282) Gain on real estate dispositions related to noncontrolling interests — — — 9 Gain on real estate dispositions related to unconsolidated entities (28,003) (34) (28,027) (34) Subtotal: Nareit FFO adjustments 342,727 312,242 1,001,697 917,263 Subtotal: Nareit FFO adjustments per share $ 0.74 $ 0.74 $ 2.19 $ 2.22 Nareit FFO attributable to common stockholders $ 408,774 $ 331,485 23% $ 1,182,876 $ 941,581 26% Nareit FFO attributable to common stockholders per share $ 0.88 $ 0.79 11% $ 2.59 $ 2.28 14% Adjustments: Loss (gain) on derivatives, net 8,478 1,489 (980) (6,463) Non-cash impact of income tax (expense) benefit (8,970) 1,157 (22,002) 2,535 Loss on extinguishment of debt, net 119 — 119 672 Transaction, transition and restructuring costs 5,472 8,580 16,081 16,143 Amortization of other intangibles 115 96 358 289 Non-cash impact of changes to executive equity compensation plan (2,787) (2,599) 5,643 2,596 Significant disruptive events, net 1,161 2,104 6,185 5,627 Recovery of allowance on loans receivable and investments, net — (56) — (166) Normalizing items related to noncontrolling interests and unconsolidated entities, net 8,111 (7,737) 9,060 (1,010) Other normalizing items, net 1 (14,298) — (14,299) 18,411 Subtotal: Normalized FFO adjustments (2,599) 3,034 165 38,634 Subtotal: Normalized FFO adjustments per share $ (0.01) $ 0.01 $ — $ 0.09 Normalized FFO attributable to common stockholders $ 406,175 $ 334,519 21% $ 1,183,041 $ 980,215 21% Normalized FFO attributable to common stockholders per share $ 0.88 $ 0.80 10% $ 2.59 $ 2.37 9% Adjustments: Deferred revenue and lease intangibles, net (12,923) (13,782) (32,287) (41,195) Other non-cash amortization, including fair market value of debt 8,424 7,495 22,484 22,347 Stock-based compensation 8,692 6,867 26,772 23,748 Straight-lining of rental income (10,374) (1,119) (22,921) (6,469) FAD capital expenditures (81,132) (62,459) (196,069) (174,967) Subtotal: Operating FAD adjustments (87,313) (62,998) (202,021) (176,536) Operating FAD attributable to common stockholders $ 318,862 $ 271,521 17% $ 981,020 $ 803,679 22% Weighted average diluted shares 463,415 419,474 456,392 412,785
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30 1 The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number ofassumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission. 2 Totals may not add due to minor corporate-level adjustments. 3 Other adjustments include the categories of adjustments presented in our FFO and FAD Reconciliation. Dollars in millions USD, except per share amounts, totals may not sum due to rounding, unaudited 2025 Guidance1 Net Income and FFO Attributable to Common Stockholders2 NOI2 Select 2025 Guidance Assumptions FY 2025 FY 2025 - Per Share Low High Low High Net income attributable to common stockholders $225 $239 $0.49 $0.52 Depreciation and amortization 1,426 1,426 $3.08 $3.08 Gain on real estate dispositions (63) (63) ($0.14) ($0.14) Nareit FFO attributable to common stockholders $1,588 $1,602 $3.43 $3.46 Other adjustments3 8 8 $0.02 $0.02 Normalized FFO attributable to common stockholders $1,596 $1,610 $3.45 $3.48 % Year-over-year growth 8% 9% Weighted average diluted shares (in millions) 462 462 FY 2025 Low High NOI $2,381 $2,405 SHOP $1,180 $1,196 Outpatient Medical & Research $588 $591 Triple-Net $585 $588 Non-Segment $28 $30 • The Company’s guidance incorporates the following assumptions: o Senior housing investments increased to $2.5 billion, from previous $2.0 billion ▪ ~$2.6 billion of equity raised, including ~$0.5 billion of unsettled equity forward sales agreements outstanding as of October 2025 o General and administrative expenses of ~$178 million at midpoint o Interest expense of ~$615 million at midpoint o Interest and other income of ~$15 million at midpoint o Full year weighted average diluted share count of 462 million o Disposition proceeds of ~$250 million o FAD capital expenditures of ~$285 million at midpoint
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31 Dollars in thousands USD, totals may not sum due to rounding, unaudited Non-GAAP Financial Measures Reconciliation Adjusted EBITDA and Further Adjusted EBITDA 1 Principally due to the net non-cash revenue impact of changed revenue recognition from cash to straight-line related to a Senior Housing Triple-Net tenant. For the Three Months Ended September 30, 2025 2024 Net income attributable to common stockholders $ 66,047 $ 19,243 Adjustments: Interest expense 158,124 150,437 Loss on extinguishment of debt, net 119 — Taxes (including tax amounts in general, administrative and professional fees) (5,210) 3,324 Depreciation and amortization 357,173 304,268 Non-cash stock-based compensation expense 5,905 4,268 Transaction, transition and restructuring costs 5,472 8,580 Net income attributable to noncontrolling interests, adjusted for partners’ share of consolidated entity EBITDA (8,061) (7,268) Income from unconsolidated entities, adjusted for Ventas’ share of EBITDA from unconsolidated entities 18,238 21,178 Gain on real estate dispositions (1,283) (271) Unrealized foreign currency loss (gain) 234 (3,687) Loss on derivatives, net 8,362 1,489 Significant disruptive events, net 1,161 2,104 Recovery of allowance on loans receivable and investments, net — (56) Other normalizing items, net (1) (14,298) — Adjusted EBITDA $ 591,983 $ 503,609 Adjustment for current period activity 5,269 4,888 Further Adjusted EBITDA $ 597,252 $ 508,497 Further Adjusted EBITDA annualized $ 2,389,008 $ 2,033,988 Total Debt $ 12,571,614 $ 13,668,871 Cash and cash equivalents (188,617) (1,104,733) Restricted cash pertaining to debt (36,515) (32,892) Partners’ share of consolidated debt (324,932) (311,685) Ventas’s share of unconsolidated debt 724,279 650,166 Net Debt $ 12,745,829 $ 12,869,727 Net Debt / Further Adjusted EBITDA 5.3x 6.3x
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32 Dollars in thousands USD, totals may not sum due to rounding, unaudited Net Income to NOI – Trailing 5 Quarters Reconciliation For the Three Months Ended September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Net income attributable to common stockholders $ 19,243 $ 56,835 $ 46,868 $ 68,264 $ 66,047 Adjustments: Interest and other income (8,204) (8,305) (3,078) (5,871) (4,184) Interest expense 150,437 153,206 149,356 150,298 158,124 Depreciation and amortization 304,268 308,772 321,525 347,719 357,173 General, administrative and professional fees 35,092 41,434 53,149 42,856 40,387 Loss on extinguishment of debt, net — 15 — — 119 Transaction, transition and restructuring costs 8,580 4,226 5,982 4,627 5,472 Recovery of allowance on loans receivable and investments, net (56) — — — — Other expense 3,935 38,855 1,412 5,839 13,370 Net income attributable to noncontrolling interests 1,753 1,892 1,488 3,198 2,661 (Income) loss from unconsolidated entities (4,629) (6,969) 3,311 1,138 (16,644) Income tax expense (benefit) 3,002 (45,539) (10,557) 3,874 (6,345) Gain on real estate dispositions (271) (6,727) (169) (33,816) (1,283) NOI $ 513,150 $ 537,695 $ 569,287 $ 588,126 $ 614,897 SHOP $ 213,982 $ 234,677 $ 264,504 $ 286,412 $ 302,296 OM&R 144,096 143,332 146,042 146,486 147,745 Triple-Net 150,970 153,197 152,586 148,736 157,038 Non-Segment 4,102 6,489 6,155 6,492 7,818 NOI $ 513,150 $ 537,695 $ 569,287 $ 588,126 $ 614,897
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33 Dollars in thousands USD, totals may not sum due to rounding, unaudited Senior Housing Operating Portfolio Same-Store Cash Operating Revenue, Operating Expense and NOI Reconciliations 1 Includes consolidated properties. Excludes sold assets, assets owned by unconsolidated real estate entities, assets held for sale, development properties not yet operational and land parcels from all periods. Assets that have undergone business model transitions are reflected within the new business segment as of the transition date. Trailing 5-Quarter Comparison 3Q24 4Q24 1Q25 2Q25 3Q25 Total revenues $ 845,532 $ 896,360 $ 968,904 $ 1,032,714 $ 1,088,546 Adjustments: Revenues not included in cash operating revenues1 (11,387) (7,168) (5,665) (5,071) (4,929) Revenue impact from change in FX (1,254) 2,185 5,476 712 — Cash operating revenue 832,891 891,377 968,715 1,028,355 1,083,617 Adjustments: Cash operating revenue not included in Same-Store (70,738) (118,864) (170,256) (220,849) (260,986) Cash operating revenue impact from change in FX not in Same-Store 45 (107) (272) (129) — Same-Store Cash Operating Revenue $ 762,198 $ 772,406 $ 798,187 $ 807,377 $ 822,631 Percentage increase YoY 7.9 % Percentage increase Seq 1.9 % 3Q24 4Q24 1Q25 2Q25 3Q25 Property-level operating expenses $ 631,550 $ 661,683 $ 704,400 $ 746,302 $ 786,250 Adjustments: Management fees (43,105) (47,369) (50,611) (54,421) (56,978) Property-level operating expenses not included in SHOP operating expenses (11,694) (8,076) (5,818) (5,647) (5,669) Property-level operating expense impact from change in FX (658) 1,191 2,967 420 — SHOP operating expenses 576,093 607,429 650,938 686,654 723,603 Adjustments: SHOP operating expenses not included in Same-Store (53,685) (83,224) (117,348) (150,932) (177,203) SHOP operating expense impact from change in FX not in Same-Store 21 (64) (145) (97) — Same-Store SHOP Operating Expenses $ 522,429 $ 524,141 $ 533,445 $ 535,625 $ 546,400 Percentage increase YoY 4.6 % Percentage increase Seq 2.0 % 3Q24 4Q24 1Q25 2Q25 3Q25 NOI $ 213,982 $ 234,677 $ 264,504 $ 286,412 $ 302,296 Adjustments: NOI not included in Cash NOI1 831 1,271 452 853 1,006 NOI impact from change in FX (521) 864 2,190 248 — Cash NOI 214,292 236,812 267,146 287,513 303,302 Adjustments: Cash NOI not included in Same-Store (13,829) (29,745) (44,666) (58,914) (70,909) NOI impact from change in FX not in Same-Store 21 (37) (110) (25) — Same-Store Cash NOI $ 200,484 $ 207,030 $ 222,370 $ 228,574 $ 232,393 Percentage increase YoY 15.9 % Percentage increase Seq 1.7 % 3Q24 4Q24 1Q25 2Q25 3Q25 USD ($) to CAD (C$) 1.3640 1.3996 1.4350 1.3834 1.3771 GBP (£) to USD ($) 1.3016 1.2812 1.2598 1.3359 1.3486
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34 Dollars in thousands USD, unless otherwise noted, totals may not sum due to rounding, unaudited Outpatient Medical and Research Portfolio Same-Store Cash Operating Revenue and NOI Reconciliations 1 Includes consolidated properties. Excludes sold assets, assets owned by unconsolidated real estate entities, assets held for sale, development properties not yet operational and land parcels from all periods. 2 Includes consolidated properties. Excludes sold assets, assets owned by unconsolidated real estate entities, assets held for sale, development properties not yet operational, land parcels and third-party management revenues from all periods. Trailing 5-Quarter Comparison 3Q24 4Q24 1Q25 2Q25 3Q25 Total revenues $ 221,575 $ 216,950 $ 221,999 $ 221,487 $ 226,881 Adjustments: Straight-lining of rental income (2,394) (1,014) (2,079) (2,620) (3,564) Non-cash rental income (1,935) (1,818) (1,822) (1,994) (2,594) Cash payments, fees and other consideration — — 950 1,043 2,615 Third party management revenues (618) (751) (680) (673) (681) Revenues not included in cash operating revenues1 (2,389) (2,204) (2,136) (1,862) (228) Cash operating revenue 214,239 211,163 216,232 215,381 222,429 Adjustments: Cash operating revenue not included in Same-Store (9,381) (8,977) (9,322) (9,328) (11,052) Same-Store Cash Operating Revenue $ 204,858 $ 202,186 $ 206,910 $ 206,053 $ 211,377 Percentage increase YoY 3.2 % Percentage increase Seq 2.6 % 3Q24 4Q24 1Q25 2Q25 3Q25 NOI $ 144,096 $ 143,332 $ 146,042 $ 146,486 $ 147,745 Adjustments: Straight-lining of rental income (2,394) (1,014) (2,079) (2,620) (3,564) Non-cash rental income (1,935) (1,818) (1,822) (1,994) (2,594) Cash payments, fees and other consideration — — 950 1,043 2,615 NOI not included in Cash NOI2 (1,716) (1,954) (1,851) (1,598) (202) Cash NOI 138,051 138,546 141,240 141,317 144,000 Adjustments: Cash NOI not included in Same-Store (4,674) (4,542) (4,651) (4,820) (5,742) Same-Store Cash NOI $ 133,377 $ 134,004 $ 136,589 $ 136,497 $ 138,258 Percentage increase YoY 3.7 % Percentage increase Seq 1.3 %
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35 Dollars in thousands USD, unless otherwise noted, totals may not sum due to rounding, unaudited Non-GAAP Financial Measures Reconciliation Third Quarter 2025 Same-Store Cash NOI by Segment 1 Includes consolidated properties. Excludes sold assets, assets owned by unconsolidated real estate entities, assets held for sale, loan repayments, development properties not yet operational, land parcels and third-party management revenues from all periods. Assets that have undergone business model transitions are reflected within the new business segment as of the transition date For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024 SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 302,296 $ 147,745 $ 157,038 $ 7,818 $ 614,897 $ 213,982 $ 144,096 $ 150,970 $ 4,102 $ 513,150 Adjustments: Straight-lining of rental income — (3,564) (22,673) — (26,237) — (2,394) 1,276 — (1,118) Non-cash rental income — (2,594) (8,963) — (11,557) — (1,935) (11,841) — (13,776) Cash payments, fees and other consideration — 2,615 — — 2,615 — — — — — NOI not included in Cash NOI 1 1,006 (202) (1,500) — (696) 831 (1,716) (18,205) — (19,090) Non-segment NOI — — — (7,818) (7,818) — — — (4,102) (4,102) NOI impact from change in FX — — — — — (521) — 124 — (397) Cash NOI 303,302 144,000 123,902 — 571,204 214,292 138,051 122,324 — 474,667 Adjustments: Cash NOI not included in Same -Store (70,909) (5,742) (19,203) — (95,854) (13,829) (4,674) (15,344) — (33,847) NOI impact from change in FX not in Same -Store — — — — — 21 — — — 21 (70,909) (5,742) (19,203) — (95,854) (13,808) (4,674) (15,344) — (33,826) Same-Store Cash NOI $ 232,393 $ 138,258 $ 104,699 $ — $ 475,350 $ 200,484 $ 133,377 $ 106,980 $ — $ 440,841 Percentage increase (decrease) 15.9% 3.7% (2.1%) 7.8% 3Q25 3Q24 USD ($) to CAD (C$) 1.3771 1.3640 GBP (£) to USD ($) 1.3486 1.3016
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36 Dollars in millions USD, unless otherwise noted, totals may not sum due to rounding, unaudited Non-GAAP Financial Measures Reconciliation 2025 Guidance: Year-Over-Year Same-Store Cash NOI by Segment1,2,3 1 The Company’s guidance constitutes forward-looking statements within the meaning of the federal securities laws and is based on a number ofassumptions that are subject to change and many of which are outside the control of the Company. Actual results may differ materially from the Company’s expectations depending on factors discussed herein and in the Company’s filings with the Securities and Exchange Commission. 2 See Same-Store Cash NOI by Segment reconciliation for a detailed breakout of adjustments for each respective category. 3 Total may not sum across due to minor corporate-level adjustments. 4 Includes real estate depreciation and amortization, corporate depreciation and amortization and amortization of other intangibles. 5 See Consolidated Statements of Income for a detailed breakout of additional items. For the Year Ended December 31, 2025 SHOP OM&R Triple-Net Non-Segment Total High End Net income attributable to common stockholders $239 Depreciation and amortization4 1,432 Interest expense, G&A, other income and expenses5 734 NOI $1,196 $591 $588 $30 $2,405 Non-cash and non-same-store adjustments (297) (46) (163) (30) (535) Same-Store Cash NOI $899 $545 $425 – $1,870 Percentage increase 16.0% 2.7% (0.3%) NM 8.0% Low End Net income attributable to common stockholders $225 Depreciation and amortization4 1,432 Interest expense, G&A, other income and expenses5 724 NOI $1,180 $588 $585 $28 $2,381 Non-cash and non-same-store adjustments (297) (45) (162) (28) (528) Same-Store Cash NOI $883 $543 $423 – $1,853 Percentage increase 14.0% 2.3% (0.7%) NM 7.0% For the Year Ended December 31, 2024 SHOP OM&R Triple-Net Non-Segment Total Prior Year Net income attributable to common stockholders $81 Depreciation and amortization4 1,285 Interest expense, G&A, other income and expenses5 703 NOI $866 $579 $606 $17 $2,069 Non-cash, non-same-store & FX adjustments (92) (49) (180) (17) (338) Same-Store Cash NOI $775 $530 $426 – $1,731 FY25 GBP (£) to USD ($) 1.32 USD ($) to CAD (C$) 1.40