Slides
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Third Quarter 2026 Earnings Presentation
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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. Forward-looking statements include, among other things, statements regarding our and our officers’ intent, belief or expectation as id entified 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, 2025, “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, artificial intelligence, international trade and environmental matters, the impact of such policies, laws and regulations on our and our managers’, tenants’ and borrowers’ business and the challenges and expense associated with c omplying with such policies, laws and regulations; (b) the impact of market, macroeconomic and general economic conditions on us, our managers, tenants and borrowers and in areas i n 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, and the actual and perceived state of the real estate markets and public and private capital markets; (c) 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 abil ity to respond to the impact of the U.S. political environment on government funding and reimbursement programs, and the financi al condition or business prospect of our managers, tenants and borrowers; (d) our ability to achieve the anticipated benefits and synergies from, and effectively integrate, our completed or anticipated acquisitions and investments; (e) our ability to identify and consummate future investments in healthcare assets and effectively manage our portfolio opportunities and our investments in co-investment vehicles, joint ventures and minority interests; (f) 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 opera tional limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, susp ension of or nonpayment for new admissions, denial of reimbursement, suspension, decertification or exclusion from federal, state or foreign healthcare programs or the closure of facilities or communities; (g) our reliance on third-party managers and tenants to operate or exert substantial control over properties they manage for, or lease from, us, which limits our control and influence over such properties, their operations and their performance; (h) 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; (i) the risk of bankruptcy, inability to obtain benefits from governmental programs, insolvency or financial deterioration of our managers, tenants, borr owers and other obligors which may, among other things, have an adverse impact on the ability of such parties to make payments o r meet their other obligations to us; (j) our dependency on a limited number of managers and tenants for a significant portion of our revenues and operating income; (k) ou r exposure to various operational risks, liabilities and claims from our operating assets; (l) 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 competitiven ess or financial viability of hospitals on or near the campuses where our outpatient medical buildings are located, our relations hips 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 leas e, air rights or other restrictive agreements; (m) our ownership of properties or operation of business outside of the U.S. that may subject us to different or greater risks than those associated with our domestic operations; (n) 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; (o) the risk that the borrowers under 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 required to incur addi tional expense or indebtedness in connection therewith, that the assets will underperform expectations or that we may not be able to subsequently dispose of all or part of such assets on favorable terms; (p) risks related to the recognition of reserves, allowances, credit losses or impairment charges which are in herently uncertain and may increase or decrease in the future and may not represent or reflect the ultimate value of, or loss that we ultimately realize with respect to, the relevant assets; (q) the risk of exposure to unknown liabilities from our investments in properties or businesses; (r) the impact of m erger, acquisition and investment activity in the healthcare industry or otherwise affecting our managers, tenants or borrowers; (s) risks related to development, redevelopment and const ruction projects, including costs associated with inflation, rising or elevated interest rates, labor conditions and supply chai n pressures, and risks related to increased construction and development in markets in which our properties are located, including adverse effect on our future occupancy rates; (t) o ur 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; (u) increases in our borrowing costs as a result of be coming more leveraged, including in connection with acquisitions or other investment activity and rising or elevated interest ra tes; (v) the risk of potential dilution resulting from future sales or issuances of our equity securities; (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 risks or uncertaint ies relating to the use of, or inability to take advantage of, the benefits of artificial intelligence by us or our managers, tenants or borrowers; (y) the occurrence of cybersecurity threats and incidents that could disrupt our or our managers’, tenants’ or borrower’s operations, result in the loss of confiden tial or personal information or damage our business relationships and reputation; (z) the risk of catastrophic or extreme weather and other natural events; (aa) our ability to a ttract and retain talented employees; (bb) our ability to maintain a positive reputation for quality and service with our key st akeholders; (cc) 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 ou r status as a REIT) that would result if we are not able to comply with such requirements; (dd) the ownership limits contained i n our certificate of incorporation with respect 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; (ee) risks and uncertainties related to the UPREIT Reorganization; 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 2026 Results 06 Improved 2026 Outlook 08 Ventas’s Strategy 14 Delivering Profitable Organic Growth in Senior Housing Table of Contents 3 23 Capture Value- Creating External Growth Focused on Senior Housing 28 Driving Strong Execution and Cash Flow Generation Throughout The Portfolio 32 Appendix
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Third Quarter 2026 Results 4
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Third Quarter and Year to Date 2026 Highlights1 5 YTD HIGHLIGHTS $5.2B Investments focused on senior housing closed YTD3 3Q26 FINANCIAL & PROPERTY PERFORMANCE $0.99 Normalized FFO/share2 Financial Highlights Strong Property Performance, led by Senior Housing Operating Portfolio (“SHOP”) 11% Total Company YoY Same-Store Cash NOI growth 16% SHOP YoY Same-Store Cash NOI growth, 8% Cash Operating Revenue growth and 5% RevPOR growth 1. Some of the financial measures throughout this presentation are non -GAAP measures. For reconciliations to the most directly c omparable GAAP measures, please see the appendix. 2. Beginning with the first quarter 2026, the Company excludes non -cash stock- based compensation expense from the calculation of Normalized FFO. Results for prior periods have been updated to conform to this presentation. 3. Investment volume shown at 100% ownership year -to-date through October 26, 2026. 4. Available Liquidity includes availability under the Company’s unsecured credit facilities, cash and cash equivalents and unsettled equity forward sales agreements outstanding. 17% U.S. SHOP YoY Same-Store Cash NOI growth 31% SHOP Same-Store Cash NOI margin, +190bp YoY 320bp U.S. SHOP YoY Same-Store average occupancy growth $4.7B Equity raised to fund its 2026 investment activity, including $3.9 billion of settled equity forward sales agreements year-to-date 2026 and $0.8 billion of unsettled equity forward sales agreements as of September 2026 $4.5B Available Liquidity as of 3Q264 10% Normalized FFO/share, YoY growth2 4.4x Net Debt to Further Adjusted EBITDA as of 3Q26 290bp SHOP YoY Same-Store average occupancy growth
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Improved 2026 Outlook 6
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Updated and Improved 2026 Outlook1 SELECT GUIDANCE ASSUMPTIONS2 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 Commission. 2. The Company’s guidance is based on the assumptions specifically described herein as well as oth er assumptions that are subject to change, many of which are outside the control of the Company. There can be no assurance that the Company will achieve these results. Additional guidance assumptions can be found in the Appendix. 3. Investment activity show n at 100% ownership year-to-date through October 26, 2026. IMPROVED ENTERPRISE OUTLOOK July 2026 Oct. 2026 Full Year 2026 Guidance Attributable Net Income Per Share Range $0.58 - $0.63 $0.64 - $0.67 Nareit FFO Per Share Range $3.76 - $3.81 $3.83 - $3.86 2026 Normalized FFO Per Share Guidance Range $3.85 - $3.90 $3.87 - $3.90 YoY Growth % 8% - 10% 9% - 10% ▪ The guidance increase of $0.01 per share at the midpoint of the 2026 Normalized FFO per share guidance range is primarily driven by: o +$0.02 per share from 2026 accretive senior housing investment activity o ($0.01) per share impact principally from interest rates and FX ▪ $5.2 billion YTD closed investments vs. prior FY26 guidance of $4.5 billion ▪ YoY Same-Store Cash NOI growth reaffirmed across all segments o YoY SHOP Same-Store Cash NOI growth of 15.0 - 17.0%, led by the U.S., consistent with prior guidance with all component parts unchanged 7 YTD COMPLETED INVESTMENT ACTIVITY FOCUSED ON SENIOR HOUSING3 $0.8B $1.7B $3.4B $5.2B Feb 2026 April 2026 July 2026 Oct 2026 Currently advancing our robust pipeline of actionable SHOP investment opportunities across range of sellers, sizes and types July 2026 Oct. 2026 YoY Same-Store Cash NOI Guidance % Growth % Growth SHOP 15.0% - 17.0% 15.0% - 17.0% Outpatient Medical & Research 2.0% - 3.0% 2.0% - 3.0% Triple-Net 3.75% - 4.75% 3.75% - 4.75% Total Company 9.0% - 10.5% 9.0% - 10.5% PROPERTY GROWTH OUTLOOK
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Ventas’s Strategy 8
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We Are Executing a Focused Strategy to Drive Growth… 9 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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Ventas Has Curated its SHOP Portfolio to Maximize Multiyear NOI Growth Potential 1. As of September 2026. 2. Based on analysis of submarket construction data, qualified 80+ population growth and current sen ior housing penetration rates with assumed pre- pandemic annual growth in penetration rate. 3. Reflects income and net worth relative to cost to the resident for an average length of stay. ▪ 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. projected uncapped net demand of ~1,200bp over next 3 years2 ▪ In VTR SHOP markets, residents have the financial resources to cover the cost for the expected stay 6 – 7x3 ▪ Nearly 400 community refresh capex projects completed since 2020 ▪ Large scale communities averaging 115 units / community ▪ Continuum of care, balance of 51% IL / 38% AL / 11% MC 10 Right Markets Right Assets Right Operators ▪ 49 institutional, national and emerging regional operators1, all with local-market focus
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Multiyear SHOP NOI Growth Opportunity Supported by Unprecedented Demand / Supply 1. U.S. 80+ population estimates from Oxford Economics as of September 2026. 2. Inventory data provided by National Investmen t Center for Seniors Housing & Care (“NIC”); reflects senior housing within NIC’s Top 99 Primary and Secondary markets as of 3Q2 6. 3. NIC estimate of 2026 deliveries in Top 99 markets based on NIC -projected open date for projects under construction, as of 3Q26. Average Annual 80+ Population Growth vs. Senior Housing Deliveries 1,2 GFC Recovery Construction Boom COVID & Recovery 80+ population expected to grow at unprecedented rate through 2038 Multiyear Growth Opportunity through 2030+ 2026E deliveries3 High watermark of deliveries over the past two decades 10K 20K 30K 40K 50K 60K 70K 0K 100K 200K 300K 400K 500K 600K 700K 800K 900K 2011-2015 2016-2020 2021-2025 2026-2030E Avg Annual Unit Deliveries Avg Annual 80+ Population Growth Avg Annual 80+ Population Growth Avg Annual Unit Deliveries 11
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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 2026 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 2031 1. 80+ population estimates from Oxford Economics as of September 2026 reflecting growth from 4Q26 to 4Q38. 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 3Q26. 3. Represents U.S. SHOP Same -Store average occupancy as of 4Q14. 4. Represents U.S. SH OP Same-Store average occupancy as of 3Q26. 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 6% in the 5 years post Financial Crisis Peak Occupancy3 92% Current Occupancy4 90% U.S. 80+ Population1 Avg Annual U.S. 80+ Population Growth1 0.4% 3Q26 U.S. year-over-year inventory growth continues to hover at record lows2 Construction activity remained de minimis in 3Q26 0.9% U.S. rolling 4-quarter starts as a % of inventory, near historic lows2 U.S. Top 99 Rolling 4-Quarter Average Units Started2 80+ population growing annually by 818K seniors for the next decade+ +204K +545K +818K 2014-2023 2024-2026 2027-2038E 12 What is the process, every 5 years there is a big revision? – Oxford had a significant restatement to prior years data going back to 2014, caused significant enough change to cause the chart to change
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Senior Housing Provides Compelling Value Proposition to Residents and Families Benefits to Residents Safety Socialization Professional Care and Services Peace of Mind High Customer Satisfaction / Net Promoter Scores 1. Source: American Seniors Housing Association (ASHA) 2026 report. 2. Reflects income and net worth relative to cost to the resident for an average length of stay. Amenities ▪ On average, cost of living in a VTR community is comparable or favorable to the ~$6,100 - $10,200/mo. cost of aging at home with care1 ▪ Replacement expense to living at home with additional valuable benefits to residents and their families ▪ In VTR SHOP markets, residents have the financial resources to cover the cost for the expected stay 6 – 7x2 At a Comparable Cost Ease of living 13
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Delivering Profitable Organic Growth in Senior Housing 14
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0 bp 200 bp 400 bp 600 bp 800 bp 1,000 bp 1,200 bp 1,400 bp 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2023 2024 2025 2026 VTR SHOP Top 99 NIC Top 99 15 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 calculated on a comparable basis and reflect 3Q26 same-store communities indexed to 1Q23. Ventas OITM Driving Multiyear Occupancy Outperformance vs. Industry Benchmark Cumulative Occupancy Growth Since 1Q23 +580bp VTR cumulative outperformance vs. NIC Top 99 since 1Q231,2,3 Seq. (vs. 2Q26) YoY VTR SHOP in Top 99 vs NIC Top 99 +70bp +120bp 3Q26 Outperformance
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Same-Store Cash NOI Margin 28.8% 30.7% +190bp 16 Strong 3Q 2026 SHOP Same-Store Performance1 $275.7 $318.3 3Q25 3Q26 15.5% 1. Some of the financial measures throughout this presentation are non -GAAP measures. For reconciliations to the most directly comparable GAAP measures, please see the Appendix. 2. The Company’s guidance is based on the assumptions specifically described herein as well as other assumptions that are subject to change, many of which are outside the control of the Company. There can be no assurance that the Company will achieve these results. Additional guidance assumptions can be found in the Appendix. 3. Represents same-store as reported in supplemental of each quarter. 4. Incremental YoY SHOP Same-Store Cash NOI divided by incremental YoY SHOP Same-Store Cash Operating Revenue. 5. FY24, FY25 & 3Q26 TTM incremental margin flow-through and average occupancy calculated using average of quarterly supplementals. SHOP SAME -STORE CASH NOI ($M) SHOP SAME -STORE REVPOR GROWTH YOY 3 U.S. LED SAME -STORE OCCUPANCY GROWTH ▪ Higher YoY incremental margin flow-through4 achieved at higher occupancy levels Average Occupancy 86.2% 88.4% 90.9% 92.1% 48% 49% 52% 53% FY24 FY25 TTM 3Q26 3Q26 +290bp +320bp +300bp +340bp SHOP Same-Store Avg. Occupancy Growth U.S. Avg. Occupancy Growth U.S. AL Avg. Occupancy Growth U.S. IL Avg. Occupancy Growth 4.4% 4.7% 5.0% 3Q24 3Q25 3Q26 ▪ Higher SHOP Same-Store RevPOR growth at higher occupancy, with strong senior housing value proposition for residents FAVORABLE OPERATING LEVERAGE AT HIGHER OCCUPANCY LEVELS ▪ Led by U.S. SHOP YoY Cash Same-Store NOI growth of 17.1% 5 5 Average Occupancy 87.0% 89.0% 92.1% ▪ 2026 YoY SHOP Same-Store Cash NOI growth guidance2 reaffirmed at 15.0% - 17.0% o Average occupancy growth of ~300bp o RevPOR growth of ~5% o Revenue growth of ~8.75% o Operating Expense growth of ~5.5% ▪ +120bp sequential average occupancy growth (vs. 2Q26) in SHOP Same-Store 5
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OUTSIZED OCCUPANCY UPSIDE OPPORTUNITY IN U.S. SHOP PORTFOLIO ~85% U.S. Non-Same-Store ~90% U.S. Same-Store Canada UK ~89% 3Q26 U.S. Average Occupancy1 1. Represents total U.S. SHOP portfolio as of 3Q26. MULTIYEAR GROWTH LEVERS Occupancy Growth Rate Growth Operating Leverage NOI Growth 17 Positioned for Significant Multiyear SHOP Occupancy, Rate and NOI Growth
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Ventas OITM Unique Approach and Competitive Advantage 18 OPERATOR SELECTION KEY CRITERIA 1 Strong local market and quality of care focus 2 Product-type expertise and operational track record 3 Strong leadership talent with close connection to community operations 4 Collaborative culture and people management 5 Growth potential 6 Ventas portfolio prioritization WINNING TOGETHER Strategic expansion, collaborative approach Ventas engages and expands with the highest performing operators who have established local market clusters, product- specific expertise and a high concentration of leadership talent that is close to community operations Ventas OITM insights complement our operators’ experience to enhance the environments for residents and performance of our properties Our advantaged platform can support a significant number of operators, enabling us to find the best operational fit for each community in each market and capture growth opportunities Management agreements provide operator exclusivity in SHOP markets
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Combines Ventas’s leading in-house operating expertise with data analytics capabilities to deliver insights to maximize asset performance, in collaboration with our operators’ local market expertise Data Analytics Drive Active Asset Management 19 High Frequency, Impactful Engagement Ventas OITM Active Asset Management Grounded in Data Analytics Proprietary data analytics and experiential insights platform drives portfolio actions and optimizes the combination of RightMarkets, Right Assets, Right OperatorsTM Performance Optimization AI-Ready Tech Stack Support Diverse Operator Systems (i.e., Platform Agnostic) New Operator Onboarding NOI-Generating Capex Dynamic Pricing Insights Real-Time Sales Reporting Competitive Market Intelligence Adoption of AI-Enabled Tools Portfolio Benchmarking VTR SHOP Community
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Proprietary operational and financial data points in Ventas OITM Optimized unit-level pricing guidance • Unified dashboards with flexibility to support multiple operator enterprise resource planning systems and operational data sources • Portfolio benchmarking • Digital lead growth • Analytics-led capex Continued Investment in Technology to Drive Outperformance Driving profitable organic growth Advancing value- creating external growth Delivering strong execution and cash flow generation Supporting AI-enabled tool adoption within the senior housing industry Data-driven market selection process informed by established criteria for high performance Right Market prediction driven by AI-enabled models • Faster, higher- quality underwriting Automate back-office activities to increase speed and productivity AI-based occupancy forecasting • Workflow automation • Reporting automation SHOP operators use AI- enabled tools to enhance resident experience and increase efficiency AI resident engagement • Tech- enabled safety monitoring, care, & compliance • AI CRM boosting sales execution 20
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Digitally-integrated operational insights platform creates a competitive moat Collaboration at Scale: Ventas OITM Enhances Operator Capabilities & Community Execution SEAMLESS INTEGRATION Ventas OITM is designed to enable operators to efficiently integrate into the platform using their existing technology systems Operator network effects that drive performance and widen Ventas’s competitive advantage SUPPORTING GROWTH READINESS Once on the Ventas platform, a multidisciplinary team partners with operators to strengthen the capabilities needed for future growth CUSTOM DIGITAL ENGAGEMENT Direct digital access to data insights, including performance benchmarking, best practices, sales execution opportunities and other tools that support performance actions and accountability ONGOING COLLABORATION Performance management teams maintain coordinated engagement and aligned communication with operators to drive performance of Ventas communities and enhance operator capabilities to support future growth 21
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22 Ventas OITM: A Competitive Moat 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 calculated on a comparable basis and refle ct 3Q26 same-store communities indexed to 1Q23. 49 VTR SHOP operators up from just 10 five years ago +580bp VTR cumulative occupancy outperformance vs. NIC Top 99 since 1Q231,2,3 Our relationship-oriented, win together approach has generated expanded investments and communities under management with 3/4 of our operators, focused on top performers Collaborative oversight combining our team operating expertise with proprietary data and best in class analytics Ventas OITM enables outperformance at scale, with the ability to support a multiplicity of operators in the highly fragmented senior housing industry ~500 commercial, multi-site senior housing operators in the U.S. market; Approximately 2/3 operate ≤10 communities Fuels VTR SHOP outperformance and growth opportunities The Ventas platform is difficult to replicate and essential to SHOP outperformance in the fragmented senior housing industry
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Capture Value-Creating External Growth Focused on Senior Housing 23
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External Growth Focused on U.S. Senior Housing Has Added >35% Additional SHOP Units since January 2024 >$10 Billion Investments Closed since January 20241 Focused on U.S. Senior Housing 1. Investment volume shown at 100% ownership from January 1, 2024 through October 26, 2026. 2. Based on analysis of submarket construction data, qualified 80+ population growth and current senior housing penetration rates with assumed pre - pandemic annual growth in penetration rate. 3. Reflects income and net worth relative to cost to the resident for an average length of stay. Senior housing investments continue to deliver outperformance 24 ▪ 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 ~1,300bp2 o In acquisition markets, residents have the financial resources to cover the cost for the expected stay 6x3 o Communities in markets with significant 80+ population growth ▪ Newer vintage, purpose-built communities offering an attractive mix of Independent Living, Assisted Living, and Memory Care services for residents o 41% IL units / 43% AL units / 16% MC units o Large-scale communities averaging 125 units o Investment basis of $333K/unit, significantly below replacement cost ▪ Targeting high quality, local-market focused operators with ability to scale operations through integration with Ventas OITM platform o Added 25 new operators to the Ventas OITM platform through acquisitions with new, aligned management contracts picture Right Markets Right Assets Right Operators
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$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 Care 45% IL | 40% AL | 15% MC Newer Vintage, Purpose Built Communities 121 units / community Average Acquisition Price of $346K / Unit Significant discount to replacement cost 26 High-Quality SHOP Operators Including 9 new relationships with proven, local-market focused operators Multiyear Occupancy Upside ~89% in-place occupancy Attractive Underwritten Returns Expected year-one NOI yield of 6.6%; double digit-to-mid-teens 10-year unlevered IRR expectations 1. Investment activity shown at 100% ownership year -to-date through October 26, 2026. 2. 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 rate. 25
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52% 39% 7% 2% Competitive Advantages Power Transactions with a Wide Variety of Senior Housing Sellers U.S. Senior Housing Investments Closed 2026 YTD1 Diversified Real Estate Funds & Senior Housing Specialists Finite-life vehicles returning capital to investors 52% Off-Market 1. Based on investment activity at 100% ownership year -to-date through October 26, 2026. Private Equity Primarily Merchant Builders Sell the completed community to repay construction loans and return investor capital 40% Off-Market Developers Operators Who Control Real Estate Communities are financed with third-party equity capital (friends & family, private equity, institutions) and Ventas has ability to simplify and consolidate capital structures. Ventas is a preferred owner, supporting repeat transactions 93% Repeat Operators Owner-Operators Pensions, Insurance Companies, Sovereigns Frequently recycling capital to rebalance portfolios and fund financial obligations 100% Repeat Sellers Institutional Investors 92% Relationship-Driven 26
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Relationship-Driven Pipeline Ventas OITM Platform & Capabilities Experienced Team & Track Record Financial Strength & Positioning Relationship-Based Senior Housing Investment Momentum Continues YTD COMPLETED INVESTMENT ACTIVITY FOCUSED ON SENIOR HOUSING1 VTR INVESTMENT COMPETITIVE ADVANTAGES EXPANDING 27 $0.8B $1.7B $3.4B $5.2B Feb 2026 April 2026 July 2026 Oct 2026 1. Investment activity shown at 100% ownership year-to-date through October 26, 2026. Currently advancing our robust pipeline of actionable SHOP investment opportunities across range of sellers, sizes and types
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Drive Strong Execution and Cash Flow Generation Throughout The Portfolio 28
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1. Available Liquidity includes availability under the Company’s unsecured credit facilities, cash and cash equivalents and unsettled equity forward sales agreements outstanding. 2. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. 3. Includes consolidated and unconsolidated activity at 100% of proceeds. 29 BALANCE SHEET STRENGTH AND FLEXIBILITY Balance Sheet Strength and Flexibility ▪ Balance sheet strength and strong access to capital provides liquidity and flexibility to fund external growth and refinance debt maturities 4.4x Net Debt to Further Adjusted EBITDA at 3Q26 $4.5B Available Liquidity1 at September 30, 2026 LEVERAGE RATIO CONTINUES TO IMPROVE ▪ Multiyear organic growth and equity funding of investments resulting in continued leverage improvement $0.8B Unsettled equity forward sales agreements outstanding as of September 2026 at $90.49 per share BBB+ / Baa1 S&P and Moody’s credit rating2 (Stable Outlook) PROVEN ACCESS TO MULTIPLE SOURCES OF CAPITALSTRONG LIQUIDITY POSITION ▪ Robust liquidity provides flexibility in funding external growth and managing risk Cash on Hand Net Debt to Further Adjusted EBITDA $3.5B $0.8B $0.2B Unsettled Forward Equity Available Under Credit Facilities 5.3x 5.2x 5.0x 4.7x 4.4x 3Q25 4Q25 1Q26 2Q26 3Q26 $4.5B of Available Liquidity as of 9/30 Equity $6.9B Credit Facilities $2.0B Senior Unsecured Notes $1.0B Secured Debt $1.2B ▪ Strong access to capital provides flexibility in funding external growth and maintaining a strong balance sheet $11B+ Capital Raised since Beginning of 20253
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90.5% 90.6% 3Q25 3Q26 4.58 4.60 4.64 2024 2025 2026 30 Leading National Outpatient Medical Platform Has Strong Performance Track Record and Significant Competitive Advantages Prime Locations With Strong Credit Tenants Consolidated A+ Health Systems Median Credit Rating +10bpYoY High Tenant Satisfaction Drives Continued YoY Occupancy Growth 1. American Hospital Association (AHA) data of outpatient visits per 1,000 population, including actual results from 2000 -2024 and an estimate for 2025. 2. As measured by the Grace Hill Kingsley Surveys, the most comprehensive performance benchmarking survey in the industry ranking tenant satisfaction across multiple key categories for Outpatient Medical buildings. 9 consecutive quarters of YoY occupancy growth 95% Affiliated with Health System or Hospital Positioned to Take Advantage of Shift to Outpatient Care 1 Indexed Outpatient Demand Growth 95th Percentile with an improving trend in tenant satisfaction2 84% Strong Credit Investment Grade 72% On-Campus
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25+ ~1,500 ~$60B $2.9B 19% 1. As of September 30, 2026. 2. 3Q26 annualized. 3. FactSet for the period beginning 1/1/2000 and ending 9/30/2026. 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. Years of operation Properties within the U.S., Canada & the UK, including ~1,000 senior housing communities Enterprise value1 Annualized net operating income2 Annualized total shareholder return since 20003 31 New picture
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Appendix 32
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Non-GAAP Financial Measures Reconciliation FFO and Operating FAD 33 In thousands, except per share amounts, dollars in USD, totals may not sum due to rounding, unaudited 1 Beginning with the first quarter 2026, the Company excludes non-cash stock-based compensation expense from the calculation of Normalized FFO. Results for prior periods have been updated to conform to this presentation. 2 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 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 $ 0.13 $ 0.14 (7%) $ 0.38 $ 0.40 (5%) Adjustments: Depreciation and amortization on real estate assets 444,220 355,453 1,231,068 1,021,865 Depreciation on real estate assets related to noncontrolling interests (6,343) (4,252) (16,836) (12,396) Depreciation on real estate assets related to unconsolidated entities 22,149 20,812 66,849 55,523 Gain on real estate dispositions (815) (1,283) (16,037) (35,268) Loss (gain) on real estate dispositions related to unconsolidated entities 3 (28,003) 66 (28,027) Subtotal: Nareit FFO adjustments 459,214 342,727 1,265,110 1,001,697 Subtotal: Nareit FFO adjustments per share $ 0.88 $ 0.74 $ 2.52 $ 2.19 Nareit FFO attributable to common stockholders $ 524,594 $ 408,774 28% $ 1,456,972 $ 1,182,876 23% Nareit FFO attributable to common stockholders per share $ 1.01 $ 0.88 15% $ 2.91 $ 2.59 12% Adjustments: Loss (gain) on derivatives, net 693 8,478 679 (980) Non-cash impact of income tax (benefit) expense (23,901) (8,970) (72,155) (22,002) Loss on extinguishment of debt, net 14 119 546 119 Transaction, transition and restructuring costs 7,872 5,472 28,009 16,081 Amortization of other intangibles 119 115 358 358 Non-cash stock-based compensation expense 1 5,926 5,905 36,080 32,415 Significant disruptive events, net (1,516) 1,161 (396) 6,185 Normalizing items related to noncontrolling interests and unconsolidated entities, net 426 8,111 3,470 9,060 Other normalizing items, net2 — (14,298) — (14,299) Subtotal: Normalized FFO adjustments (10,367) 6,093 (3,409) 26,937 Subtotal: Normalized FFO adjustments per share $ (0.02) $ 0.01 $ (0.01) $ 0.06 Normalized FFO attributable to common stockholders 1 $ 514,227 $ 414,867 24% $ 1,453,563 $ 1,209,813 20% Normalized FFO attributable to common stockholders per share $ 0.99 $ 0.90 10% $ 2.90 $ 2.65 9% Adjustments: Deferred revenue and lease intangibles, net (5,161) (12,923) (14,424) (32,287) Other non-cash amortization, including fair market value of debt 7,422 8,424 24,607 22,484 Straight-lining of rental income (11,285) (10,374) (25,399) (22,921) FAD capital expenditures (112,994) (81,132) (247,655) (196,069) Subtotal: Operating FAD adjustments (122,018) (96,005) (262,871) (228,793) Operating FAD attributable to common stockholders $ 392,209 $ 318,862 23% $ 1,190,692 $ 981,020 21% Weighted average diluted shares 518,937 463,415 501,284 456,392
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34 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 2026 Guidance1 Net Income and FFO Attributable to Common Stockholders2 NOI2 Select 2026 Guidance Assumptions FY 2026 FY 2026 - Per Share Low High Low High Net income attributable to common stockholders $324 $339 $0.64 $0.67 Depreciation and amortization 1,719 1,719 $3.38 $3.38 Gain on real estate dispositions (93) (93) ($0.18) ($0.18) Nareit FFO attributable to common stockholders $1,949 $1,965 $3.83 $3.86 Other adjustments3 21 21 $0.04 $0.04 Normalized FFO attributable to common stockholders $1,970 $1,986 $3.87 $3.90 % Year-over-year growth 9% 10% Weighted average diluted shares (in millions) 509 509 FY 2026 Low High NOI $2,781 $2,815 SHOP $1,656 $1,676 Outpatient Medical & Research $601 $607 Triple-Net $488 $494 Non-Segment $36 $38 • The Company’s guidance includes the following investment and disposition assumptions: o October YTD completed investments of $5.2 billion focused on senior housing, vs. previous guidance of ~$4.5 billion o Disposition and loan repayment proceeds of ~$700 million at ~7% blended yield, unchanged • Additional guidance assumptions include: o Interest expense of ~$648 million at midpoint, vs. previous ~$646 million o Interest and other income of ~$9 million at midpoint, vs. previous ~$8 million o Cash income tax expense of ~$14 million to ~$16 million o Full year weighted average diluted share count of 509 million, vs. previous 506 million o FAD capital expenditures of ~$400 million at midpoint, unchanged
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35 Dollars in thousands USD, totals may not sum due to rounding, unaudited Non-GAAP Financial Measures Reconciliation Adjusted EBITDA and Further Adjusted EBITDA For the Three Months Ended, September 30, 2026 June 30, 2026 Net income attributable to common stockholders $ 65,380 $ 70,570 Adjustments: Interest expense 161,388 160,034 Loss on extinguishment of debt, net 14 83 Taxes (including tax amounts in general, administrative and professional fees) (17,821) (24,433) Depreciation and amortization 446,013 407,711 Non-cash stock-based compensation expense 5,926 5,313 Transaction, transition and restructuring costs 7,872 13,478 Net income attributable to noncontrolling interests, adjusted for partners’ share of consolidated entity EBITDA (11,248) (10,956) Income from unconsolidated entities, adjusted for Ventas’s share of EBITDA from unconsolidated entities 41,888 42,319 Gain on real estate dispositions (815) (176) Unrealized foreign currency loss (gain) (30) 183 Significant disruptive events, net (1,517) (1,064) Adjusted EBITDA $ 697,050 $ 663,062 Adjustment for current period activity 14,406 20,651 Further Adjusted EBITDA $ 711,456 $ 683,713 Further Adjusted EBITDA annualized $ 2,845,824 $ 2,734,852 Total Debt $ 12,436,652 $ 12,687,789 Cash and cash equivalents (202,009) (198,956) Restricted cash pertaining to debt (2,500) (2,643) Partners’ share of consolidated debt (335,584) (335,866) Ventas’s share of unconsolidated debt 761,805 755,816 Net Debt $ 12,658,364 $ 12,906,140 Net Debt / Further Adjusted EBITDA 4.4 x 4.7 x
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36 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, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net income attributable to common stockholders $ 66,047 $ 70,202 $ 55,912 $ 70,570 $ 65,380 Adjustments: Interest and other income (4,184) (7,877) (2,499) (1,778) (1,961) Interest expense 158,124 154,468 156,142 160,034 161,388 Depreciation and amortization 357,173 352,723 382,468 407,711 446,013 General, administrative and professional fees 40,387 41,008 62,746 46,986 47,698 Loss on extinguishment of debt, net 119 53 449 83 14 Transaction, transition and restructuring costs 5,472 (6,008) 6,659 13,478 7,872 Other expense 13,370 10,091 9,700 4,454 9,821 Net income attributable to noncontrolling interests 2,661 2,790 3,134 1,652 1,901 Loss (income) from unconsolidated entities (16,644) 7,727 7,350 7,812 5,464 Income tax benefit (6,345) (1,122) (15,937) (25,618) (19,301) Gain on real estate dispositions (1,283) (3,311) (15,046) (176) (815) NOI $ 614,897 $ 620,744 $ 651,078 $ 685,208 $ 723,474 SHOP $ 302,296 $ 330,852 $ 374,458 $ 403,499 $ 429,970 OM&R 147,745 149,896 150,603 151,532 153,433 Triple-Net 157,038 129,713 120,170 121,714 126,283 Non-Segment 7,818 10,283 5,847 8,463 13,788 NOI $ 614,897 $ 620,744 $ 651,078 $ 685,208 $ 723,474
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37 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, among other things, 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 reportable segment as of the transition date. 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) — Cash operating revenue 1,069,202 1,169,125 1,276,106 1,350,039 1,440,788 Adjustments: Cash operating revenue not included in Same-Store (110,563) (197,381) (264,365) (328,680) (402,324) Cash operating revenue impact from change in FX not in Same-Store 91 (17) 113 47 — Same-Store Cash Operating Revenue $ 958,730 $ 971,727 $ 1,011,854 $ 1,021,406 $ 1,038,464 Percentage increase YoY 8.3 % Percentage increase Seq 1.7 % 3Q25 4Q25 1Q26 2Q26 3Q26 Property-level operating expenses $ 786,250 $ 855,147 $ 918,332 $ 959,999 $ 1,020,832 Adjustments: Management fees (56,978) (62,463) (67,563) (72,986) (76,389) Property-level operating expenses not included in SHOP operating expenses 1 (17,460) (18,088) (14,382) (13,008) (11,767) Property-level operating expense impact from change in FX (1,217) (186) (1,545) (778) — SHOP operating expenses 710,595 774,410 834,842 873,227 932,676 Adjustments: SHOP operating expenses not included in Same-Store (78,198) (136,889) (183,174) (223,403) (268,718) SHOP operating expense impact from change in FX not in Same-Store 43 (18) 56 20 — Same-Store SHOP Operating Expenses $ 632,440 $ 637,503 $ 651,724 $ 649,844 $ 663,958 Percentage increase YoY 5.0 % Percentage increase Seq 2.2 % 3Q25 4Q25 1Q26 2Q26 3Q26 NOI $ 302,296 $ 330,852 $ 374,458 $ 403,499 $ 429,970 Adjustments: NOI not included in Cash NOI1 1,294 2,518 1,346 1,723 1,965 NOI impact from change in FX (911) (165) (1,198) (620) — Cash NOI 302,679 333,205 374,606 404,602 431,935 Adjustments: Cash NOI not included in Same-Store (27,037) (50,888) (68,184) (88,983) (113,606) NOI impact from change in FX not in Same-Store 42 1 48 23 — Same-Store Cash NOI $ 275,684 $ 282,318 $ 306,470 $ 315,642 $ 318,329 Percentage increase YoY 15.5 % Percentage increase Seq 0.9 % 3Q25 4Q25 1Q26 2Q26 3Q26 USD ($) to CAD (C$) 1.3771 1.3940 1.3716 1.3846 1.3993 GBP (£) to USD ($) 1.3486 1.3306 1.3483 1.3418 1.3448
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38 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 3Q25 4Q25 1Q26 2Q26 3Q26 Total revenues $ 226,881 $ 227,535 $ 230,904 $ 229,313 $ 233,962 Adjustments: 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) Cash payments, fees and other consideration 2,615 961 1,403 2,844 2,695 Third party management revenues (681) (779) (800) (708) (723) Revenues not included in cash operating revenues1 (4,061) (3,900) (2,925) (3,267) (3,063) Cash operating revenue 218,596 218,128 222,738 222,157 224,657 Adjustments: Cash operating revenue not included in Same-Store (6,569) (6,397) (6,660) (6,493) (6,421) Same-Store Cash Operating Revenue $ 212,027 $ 211,731 $ 216,078 $ 215,664 $ 218,236 Percentage increase YoY 2.9 % Percentage increase Seq 1.2 % 3Q25 4Q25 1Q26 2Q26 3Q26 NOI $ 147,745 $ 149,896 $ 150,603 $ 151,532 $ 153,433 Adjustments: 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) Cash payments, fees and other consideration 2,615 961 1,403 2,844 2,695 NOI not included in Cash NOI2 (3,441) (3,676) (3,014) (3,367) (3,488) Cash NOI 140,761 141,492 143,148 144,984 144,426 Adjustments: Cash NOI not included in Same-Store (2,622) (2,141) (2,328) (2,278) (2,807) Same-Store Cash NOI $ 138,139 $ 139,351 $ 140,820 $ 142,706 $ 141,619 Percentage increase YoY 2.5 % Percentage decrease Seq (0.8) %
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39 Dollars in thousands USD, unless otherwise noted, totals may not sum due to rounding, unaudited Non-GAAP Financial Measures Reconciliation Third Quarter 2026 Same-Store Cash NOI by Segment 1 Includes consolidated properties. Excludes, among other things, 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 reportable segment as of the transition date. For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 SHOP OM&R Triple-Net Non-Segment Total SHOP OM&R Triple-Net Non-Segment Total NOI $ 429,970 $ 153,433 $ 126,283 $ 13,788 $ 723,474 $ 302,296 $ 147,745 $ 157,038 $ 7,818 $ 614,897 Adjustments: Straight-lining of rental income — (4,078) (7,207) — (11,285) — (3,564) (22,673) — (26,237) Non-cash rental income — (4,136) (1,217) — (5,353) — (2,594) (8,963) — (11,557) Cash payments, fees and other consideration — 2,695 — — 2,695 — 2,615 — — 2,615 NOI not included in Cash NOI1 1,965 (3,488) (234) — (1,757) 1,294 (3,441) (16,908) — (19,055) Non-segment NOI — — — (13,788) (13,788) — — — (7,818) (7,818) NOI impact from change in FX — — — — — (911) — (10) — (921) Cash NOI 431,935 144,426 117,625 — 693,986 302,679 140,761 108,484 — 551,924 Adjustments: Cash NOI not included in Same-Store (113,606) (2,807) — — (116,413) (27,037) (2,622) — — (29,659) NOI impact from change in FX not in Same-Store — — — — — 42 — — — 42 (113,606) (2,807) — — (116,413) (26,995) (2,622) — — (29,617) Same-Store Cash NOI $ 318,329 $ 141,619 $ 117,625 $ — $ 577,573 $ 275,684 $ 138,139 $ 108,484 $ — $ 522,307 Percentage increase 15.5% 2.5% 8.4% 10.6% 3Q26 3Q25 USD ($) to CAD (C$) 1.3993 1.3771 GBP (£) to USD ($) 1.3448 1.3486
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40 Dollars in millions USD, except per share amounts, totals may not sum due to rounding, unaudited 2026 Guidance1 (As of July 29, 2026) 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. Net Income and FFO Attributable to Common Stockholders2 NOI2 Select 2026 Guidance Assumptions FY 2026 FY 2026 - Per Share Low High Low High Net income attributable to common stockholders $291 $317 $0.58 $0.63 Depreciation and amortization 1,626 1,626 $3.22 $3.22 Gain on real estate dispositions (15) (15) ($0.03) ($0.03) Nareit FFO attributable to common stockholders $1,902 $1,927 $3.76 $3.81 Other adjustments3 44 44 $0.09 $0.09 Normalized FFO attributable to common stockholders $1,947 $1,972 $3.85 $3.90 % Year-over-year growth 8% 10% Weighted average diluted shares (in millions) 506 506 FY 2026 Low High NOI $2,751 $2,803 SHOP $1,624 $1,658 Outpatient Medical & Research $600 $608 Triple-Net $484 $492 Non-Segment $43 $45 • The Company’s guidance includes the following investment and disposition assumptions: o Expect to close $4.5 billion of investments focused on senior housing, increased vs. previous $3 billion o Disposition and loan repayment proceeds of ~$700 million at ~7% blended yield, vs. previous ~$300 million • Additional guidance assumptions include: o Interest expense of ~$646 million at midpoint, vs. previous ~$640 million o Interest and other income of ~$8 million at midpoint, unchanged o Full year weighted average diluted share count of 506 million, vs. previous 504 million o FAD capital expenditures of ~$400 million at midpoint, unchanged