Ventas : First Quarter 2026 Supplemental Report

Published: 2026-04-27 16:20:16 ET VTR

Published on 04/27/2026 at 04:20 pm EDT

‌Supplemental Information

Provided April 27, 2026

‌Forward-Looking Statements & Non-GAAP Presentation

Financial Highlights

Financial Statements & FFO and Operating FAD Reconciliation

07 Guidance Information

09 Senior Housing Operating Portfolio

09 Operating Results

11 Geographic Diversification & Performance Trends

12 Outpatient Medical and Research Portfolio

12 Operating Results

13 Same Store Cash NOI and Occupancy Trends

14 Outpatient Medical Additional Information

15 Triple-Net Leased Portfolio

Lease Segmentation by Cash Flow Coverage

Coverage & Occupancy Trends

Investment & Disposition Activity

Company Redevelopment

Consolidated Capital Expenditures

Liquidity, Capitalization & Credit Statistics

Debt Summary

Real Estate and Loan Investments Portfolio

Portfolio Diversification

Lease Rollover & Loan Repayment

26 Non-GAAP & Property Count Reconciliations and Definitions

26 Non-GAAP Financial Measures Reconciliation

31 Property Count Reconciliation

32 Definitions

Table of Contents

‌Forward Looking Statements & Non-GAAP Presentation‌

This Supplemental of Ventas, Inc. (the "Company," "we," "us," "our" and similar terms) 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, statements 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 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 terms 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 are made. We urge you to carefully review the disclosures we make concerning risks and uncertainties that may affect our business and future financial performance, including 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 Financial 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 complying 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 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, 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 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 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 operational limitations, including the loss or suspension of or moratoriums on accreditations, licenses or certificates of need, suspension 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, 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; (j) our dependency on a limited number of managers and tenants for a significant portion of our revenues and operating income; (k) our 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 competitiveness or financial viability 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 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 additional 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 inherently 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 merger, acquisition and investment activity in the healthcare industry or otherwise affecting our managers, tenants or borrowers; (s) risks 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 effect on our future occupancy rates; (t) 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; (u) 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; (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 uncertainties 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 confidential 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 attract and retain talented employees; (bb) our ability to maintain a positive reputation for quality and service with our key stakeholders; (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 our status as a REIT) that would result if we are not able to comply with such requirements; (dd) the ownership limits contained in 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; and (ee) the other factors set forth in our periodic filings with the Securities and Exchange Commission.

This Supplemental includes certain financial performance measures not defined by generally accepted accounting principles in the United States ("GAAP"), such as Nareit FFO, Normalized FFO, Operating FAD, Net Operating Income ("NOI"), Cash Operating Revenue, SHOP Operating Expenses, Cash NOI, Same-Store Cash NOI, Cash NOI Margin, Same-Store Cash NOI Margin 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 Supplemental. 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.

‌Portfolio Overview (As of March 31, 2026)1‌

First Quarter 2026 - Enterprise Results

At VTR Share

Gross Book Value

Annualized NOI

Properties

SHOP

787

$24,283

63%

$1,488

56%

OM&R

433

9,933

26%

681

26%

Triple-Net

200

3,946

10%

475

18%

Loans

N/A

162

Total

1,420

$38,323

100%

$2,661

100%

Per Share

1Q26

1Q25

$ Change

% Change

Net Income Attributable to Common Stockholders

$0.11

$0.10

$0.01

10%

Nareit FFO2

$0.90

$0.85

$0.05

Normalized FFO2,3

$0.94

$0.86

$0.08

Capitalization and Credit Statistics

First Quarter 2026 - Same-Store Cash NOI2

(As of March 31, 2026)

Common Stock and Redeemable OP Unitholder Interests Count, in thousands4

489,438

Share Price

$81.78

Equity / Market Cap

$40,026

Total Debt

$12,518

Enterprise Value5

$52,545

(For the Three Months Ended March 31, 2026)

Net Debt / Further Adjusted EBITDA Annualized2

5.0x

(As of March 31, 2026)

Total Indebtedness / Gross Asset Value

31%

Secured Debt / Gross Asset Value

Fixed Charge Coverage6

4.1x

Year-Over-Year Segment Results

Properties

1Q26

1Q25

% Growth

SHOP

563

$287

$249

15.4%

OM&R

400

141

138

2.4%

Triple-Net

199

115

113

1.6%

Total

1,162

$543

$500

8.7%

Financial Highlights

Dollars in millions USD, except per share amounts, totals may not sum

due to rounding, unaudited

1 Includes consolidated properties, loan investments, and assets owned by unconsolidated real estate entities.

Excludes sold assets, assets held for sale, loan repayments, development properties not yet operational, land parcels and other de minimis investments in real estate entities. Assets that have undergone business model transitions are reflected within the new reportable segment as of the transition date.

2 Some of the financial measures throughout this Supplemental are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, please see page 6 and/or appendix.

3 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.

4 Excludes 17.1 million shares issued under forward sales agreements that were unsettled as of March 31, 2026 with maturity dates through October 2027.

5 Total debt plus total equity.

6 Calculated using trailing twelve months.

‌For the Three Months Ended March 31,‌

2026

2025

Revenues

Rental income:

Triple-net leased properties

$ 123,071

$ 156,113

Outpatient medical and research portfolio

230,104

221,319

353,175

377,432

Resident fees and services

1,292,790

968,904

Third-party capital management revenues

4,411

4,336

Income from loans and investments

4,069

4,324

Interest and other income

2,499

3,078

Total revenues

1,656,944

1,358,074

Expenses

Interest

156,142

149,356

Depreciation and amortization

382,468

321,525

Property-level operating expenses:

Senior housing

918,332

704,400

Outpatient medical and research portfolio

80,301

75,957

Triple-net leased properties

2,901

3,527

1,001,534

783,884

Third-party capital management expenses

1,833

1,825

General, administrative and professional fees

62,746

53,149

Loss on extinguishment of debt, net

449

Transaction, transition and restructuring costs

6,659

5,982

Other expense

9,700

1,412

Total expenses

1,621,531

1,317,133

Income before unconsolidated entities, real estate dispositions, income taxes and noncontrolling interests

35,413

40,941

Loss from unconsolidated entities

(7,350)

(3,311)

Gain on real estate dispositions

15,046

169

Income tax benefit

15,937

10,557

Net income

59,046

48,356

Net income attributable to noncontrolling interests

3,134

1,488

Net income attributable to common stockholders

$ 55,912

$ 46,868

Earnings per common share

Basic:

Net income

$ 0.12

$ 0.11

Net income attributable to common stockholders

0.12

0.11

Diluted:

Net income

$ 0.12

$ 0.11

Net income attributable to common stockholders

0.11

0.10

Weighted average shares used in computing earnings per common share

Basic

476,185

439,931

Diluted

486,715

446,424

Consolidated Statements of Income

In thousands, except per share amounts, dollars in USD, unaudited

‌As of March 31, 2026

As of December 31, 2025

Assets

Real estate investments:

Land and improvements

$ 3,055,461

$ 2,962,738

Buildings and improvements

31,722,596

30,872,598

Construction in progress

361,384

358,811

Acquired lease intangibles

1,771,369

1,680,567

Operating lease assets

293,784

295,838

37,204,594

36,170,552

Accumulated depreciation and amortization

(12,346,970)

(12,043,619)

Net real estate property

24,857,624

24,126,933

Secured loans receivable and investments, net

137,374

143,913

Investments in unconsolidated real estate entities

611,285

617,571

Net real estate investments

25,606,283

24,888,417

Cash and cash equivalents

183,613

741,067

Escrow deposits and restricted cash

17,677

45,070

Goodwill

1,045,774

1,046,072

Assets held for sale

13,530

42,993

Deferred income tax assets, net

2,668

2,797

Other assets

817,000

825,529

Total assets

$ 27,686,545

$ 27,591,945

Liabilities and equity

Liabilities:

Senior notes payable and other debt

$ 12,518,493

$ 13,011,016

Accrued interest payable

113,612

143,104

Operating lease liabilities

207,656

208,602

Accounts payable and other liabilities

1,241,949

1,240,820

Liabilities related to assets held for sale

1,529

4,032

Deferred income tax liabilities

26,726

23,409

Total liabilities

14,109,965

14,630,983

Redeemable OP unitholder and noncontrolling interests

394,578

375,154

Commitments and contingencies

Equity:

Ventas stockholders' equity:

Preferred stock, $1.00 par value; 10,000 shares authorized, unissued

Common stock, $0.25 par value; 1,200,000 shares authorized, 486,097 and 474,926 shares outstanding at March 31, 2026 and December 31, 2025, respectively

121,524

118,732

Capital in excess of par value

20,768,548

19,976,183

Accumulated other comprehensive loss

(38,112)

(39,851)

Retained earnings (deficit)

(7,726,996)

(7,527,777)

Treasury stock, 0 shares issued

(34)

Total Ventas stockholders' equity

13,124,964

12,527,253

Noncontrolling interests

57,038

58,555

Total equity

13,182,002

12,585,808

Total liabilities and equity

$ 27,686,545

$ 27,591,945

Consolidated Balance Sheets

In thousands, except per share amounts, dollars in USD, unaudited

‌For the Three Months Ended March 31,

Q1 YoY Change

2026

2025

'26-'25

Net income attributable to common stockholders

$ 55,912

$ 46,868

19%

Net income attributable to common stockholders per share

$ 0.11

$ 0.10

10%

Adjustments:

Depreciation and amortization on real estate assets

380,811

320,198

Depreciation on real estate assets related to noncontrolling interests

(4,255)

(4,171)

Depreciation on real estate assets related to unconsolidated entities

22,099

15,995

Gain on real estate dispositions

(15,046)

(169)

Loss on real estate dispositions related to unconsolidated entities

Subtotal: Nareit FFO adjustments

383,643

331,891

Subtotal: Nareit FFO adjustments per share

$ 0.79

$ 0.74

Nareit FFO attributable to common stockholders

$ 439,555

$ 378,759

16%

Nareit FFO attributable to common stockholders per share

$ 0.90

$ 0.85

Adjustments:

Gain on derivatives, net

(114)

(8,384)

Non-cash impact of income tax benefit

(19,237)

(13,781)

Loss on extinguishment of debt, net

449

Transaction, transition and restructuring costs

6,659

5,982

Amortization of other intangibles

119

121

Non-cash stock-based compensation expense 1

24,842

18,827

Significant disruptive events, net

2,185

4,066

Normalizing items related to noncontrolling interests and unconsolidated entities, net

1,160

488

Subtotal: Normalized FFO adjustments

16,063

7,319

Subtotal: Normalized FFO adjustments per share

$ 0.03

$ 0.02

Normalized FFO attributable to common stockholders 1

$ 455,618

$ 386,078

18%

Normalized FFO attributable to common stockholders per share 1

$ 0.94

$ 0.86

Adjustments:

Deferred revenue and lease intangibles, net

(4,598)

(9,563)

Other non-cash amortization, including fair market value of debt

9,367

7,363

Straight-lining of rental income

(6,656)

(4,347)

FAD capital expenditures

(54,712)

(51,895)

Subtotal: Operating FAD adjustments

(56,599)

(58,442)

Operating FAD attributable to common stockholders

$ 399,019

$ 327,636

22%

Weighted average diluted shares

486,715

446,424

Non-GAAP

Financial Measures Reconciliation

FFO and Operating

FAD

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.

‌Net Income and FFO Attributable to Common Stockholders2 NOI2‌

FY 2026

FY 2026 - Per Share

Low

High

Low

High

Net income attributable to common stockholders

$282

$317

$0.56

$0.63

Depreciation and amortization

1,593

$3.16

Gain on real estate dispositions

(15)

($0.03)

Nareit FFO attributable to common stockholders

$1,860

$1,895

$3.69

$3.76

Other adjustments3

$0.13

Normalized FFO attributable to common stockholders

$1,924

$1,959

$3.82

$3.89

% Year-over-year growth

Weighted average diluted shares (in millions)

504

FY 2026

Low

High

NOI

$2,729

$2,785

SHOP

$1,584

$1,622

Outpatient Medical & Research

$600

$608

Triple-Net

$484

$492

Non-Segment

$62

$64

Select 2026 Guidance Assumptions

The Company's guidance includes the following investment and disposition assumptions:

Expect to close ~$3 billion of investments focused on senior housing

Disposition proceeds of ~$300 million

Additional guidance assumptions include:

Interest expense of ~$640 million at midpoint

Interest and other income of ~$8 million at midpoint

Full year weighted average diluted share count of 504 million

FAD capital expenditures of ~$400 million at midpoint

2026 Guidance1

Dollars in millions USD, except per share amounts, totals may not sum

due to rounding, unaudited

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.

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.

‌For the Three Months Ended March 31,

Location 1

2026

2025

Additional Commentary/Guidance 2

SHOP resident fees and services

I/S

$ 1,292,790

$ 968,904

SHOP property-level operating expenses

I/S

(918,332)

(704,400)

FY26 NOI guidance provided of $1,603M at the midpoint, which includes all

SHOP investments that have closed to date.

SHOP NOI

374,458

264,504

Outpatient medical and research portfolio rental income

I/S

230,104

221,319

Outpatient medical and research portfolio property-level operating expenses

I/S

(80,301)

(75,957)

Third party capital management revenues, net of expenses 3

I/S

800

680

FY26 NOI guidance provided of $604M at the midpoint.

Outpatient medical and research portfolio NOI

150,603

146,042

Triple-net leased rental income

I/S

123,071

156,113

Triple-net leased property-level operating expenses

I/S

(2,901)

(3,527)

FY26 NOI guidance provided of $488M at the midpoint, decrease year-over-

year driven by Triple-Net conversions to SHOP.

Triple-net leased NOI

120,170

152,586

Income from loans and investments

I/S

4,069

4,324

Third party capital management revenues 3

I/S

3,611

3,656

FY26 non-segment NOI guidance provided of $63M at the midpoint, which

includes NOI for investments and dispositions the Company expects to close in the balance of FY26.

Third party capital management expenses 3

I/S

(1,833)

(1,825)

Non-Segment NOI

5,847

6,155

NOI4

$ 651,078

$ 569,287

Interest and other income

I/S

2,499

3,078

FY26 guidance provided of $8M at the midpoint.

Interest expense

I/S

(156,142)

(149,356)

FY26 guidance provided of $640M at the midpoint.

General, administrative and professional fees

I/S

(62,746)

(53,149)

Non-cash stock-based compensation expense

FFO

24,842

18,827

Stock-based compensation expense excluded from Normalized FFO in both

periods.

G&A expense, net of non-cash stock-based compensation expense

(37,904)

(34,322)

Net income attributable to noncontrolling interests

I/S

(3,134)

(1,488)

Real estate depreciation, amortization and loss related to noncontrolling interests

FFO

(4,255)

(4,171)

Normalizing items related to noncontrolling interests

FFO

(18)

(20)

Items related to noncontrolling interests

(7,407)

(5,679)

Loss from unconsolidated entities

I/S

(7,350)

(3,311)

Real estate depreciation, amortization and gain related to unconsolidated entities

FFO

22,133

16,032

Normalizing items related to unconsolidated entities, net

FFO

1,179

507

Items related to unconsolidated entities

15,962

13,228

Other 5

N/A

(12,468)

(10,158)

Normalized FFO attributable to common stockholders

$ 455,618

$ 386,078

Weighted average diluted shares

486,715

446,424

FY26 guidance of 504M weighted average fully diluted shares.

Normalized FFO attributable to common stockholders per share

$ 0.94

$ 0.86

NOI to Normalized FFO Schedule

Dollars in thousands USD, totals may not sum due to rounding,

unaudited

1 "Location" refers to where the historical figures presented can be found, with "I/S" referring to the Company's Consolidated Statements of Income and "FFO" referring to the Company's FFO and Operating FAD Reconciliation.

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 May not tie to the income statement due to differences in presentation and rounding.

4 Some of the financial measures throughout this Supplemental are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, please see the appendix.

5 Represents other items such as corporate depreciation, insurance, cash taxes and building rent.

‌Year-Over-Year Comparison‌

1Q26

Total

1Q25

YoY Δ

Same-Store

1Q26

1Q25

YoY Δ

Number of properties:

778

646

132

563

Average number of units:2

87,041

72,451

14,590

63,883

63,908

(25)

Average unit occupancy:2

88.6%

86.2%

+ 240 bps

90.4%

87.3%

+ 310 bps

Average monthly REVPOR:3

$ 5,577

$ 5,163

8.0%

$ 5,512

$ 5,249

5.0%

Cash operating revenue:4

$1,290.1

$967.6

33.3%

$954.8

$878.1

8.7%

Labor:

511.8

388.9

31.6%

371.8

352.4

5.5%

Other:

335.5

260.0

29.0%

245.1

230.7

6.2%

Less SHOP operating expenses:4

847.3

648.9

30.6%

616.9

583.1

5.8%

Less management fees:

67.4

50.6

33.3%

51.0

46.4

9.9%

Cash NOI:4

$375.4

$268.1

40.0%

$286.9

$248.5

15.4%

Cash NOI margin: 5

29.1%

27.7%

+ 140 bps

30.0%

28.3%

+ 170 bps

Senior Housing Operating Portfolio First Quarter Year-Over-Year Comparison1

Dollars in millions USD at Constant Currency except for rate data, totals may not sum due to rounding,

unaudited

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 reportable segment as of the transition date.

2 Excludes units for closed buildings during the period of closure.

3 REVPOR means revenue per occupied room. REVPOR is calculated as monthly resident revenue (inclusive of resident fees and services) divided by the average occupied units for the period presented.

4 Some of the financial measures throughout this Supplemental are non-GAAP measures. For a reconciliation to the most directly comparable GAAP measure, please see the appendix.

5 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.

‌Trailing 5-Quarter Comparison

Same-Store

1Q25

2Q25

3Q25

4Q25

1Q26

YoY Δ

Seq Δ

Number of properties:

563

Average number of units:1

63,908

63,899

63,891

63,884

63,883

(25)

(0)

Average unit occupancy:1

87.3%

87.7%

89.3%

90.3%

90.4%

+ 310 bps

+ 10 bps

Average monthly REVPOR:2

$ 5,249

$ 5,275

$ 5,284

$ 5,292

$ 5,512

5.0%

4.1%

Cash operating revenue:

$878.1

$887.0

$904.4

$916.1

$954.8

8.7%

4.2%

Labor:

352.4

356.7

363.2

369.3

371.8

5.5%

0.7%

Other:

230.7

230.1

235.0

234.4

245.1

6.2%

4.6%

Less SHOP operating expenses:

583.1

586.8

598.2

603.7

616.9

5.8%

2.2%

Less management fees:

46.4

47.2

48.0

49.2

51.0

9.9%

3.7%

Cash NOI:

$248.5

$253.0

$258.2

$263.1

$286.9

15.4%

9.0%

Cash NOI margin: 3

28.3%

28.5%

28.7%

30.0%

+ 170 bps

+ 130 bps

Senior Housing Operating Portfolio Same-Store Trailing 5-Quarter Comparison

Dollars in millions USD at Constant

Currency except for rate data, totals may not sum due to rounding, unaudited

1 Excludes units for closed buildings during the period of closure.

2 REVPOR means revenue per occupied room. REVPOR is calculated as monthly resident revenue (inclusive of resident fees and services) divided by the average occupied units for the period presented.

3 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.

‌First Quarter 2026‌

Year-Over-Year Same-Store

Average Unit Occupancy4 Average Monthly REVPOR 5 Cash NOI6

By Market /

Country2

Properties

Annual. NOI3

Properties

1Q26

1Q25

YoY ∆

1Q26

1Q25

YoY ∆

1Q26

1Q25

YoY ∆

Primary Markets

314

$ 712.0

47.4%

203

88.2%

84.1%

+410 bps

$ 7,296

$ 6,982

4.5%

$ 120.4

$ 101.2

19.0%

Secondary Markets

183

315.5

21.0%

139

89.2%

86.5%

+270 bps

5,768

5,467

5.5%

67.3

57.4

17.2%

Other US Markets

186

217.2

14.5%

141

87.6%

83.0%

+460 bps

5,138

4,982

3.1%

43.9

39.0

12.6%

United States

683

$ 1,244.6

82.9%

483

88.3%

84.6%

+370 bps

$ 6,297

$ 6,025

4.5%

$ 231.7

$ 197.6

17.2%

Canada

240.6

16.0%

97.2%

96.2%

+100 bps

3,139

2,979

5.3%

55.2

50.9

8.5%

United Kingdom

16.4

1.1%

Total

778

$ 1,501.6

100.0%

563

90.4%

87.3%

+310 bps

$ 5,512

$ 5,249

5.0%

$ 286.9

$ 248.5

15.4%

Senior Housing Operating Portfolio Geographic Diversification & Performance Trends1

Dollars in millions USD at constant currency except for rate data, totals may not sum due to rounding,

unaudited

2 Primary and Secondary Market classifications as defined by NIC.

3 Annualized NOI shown at 100% for consolidated joint ventures.

4 Excludes units for closed buildings during the period of closure.

5 REVPOR means revenue per occupied room. REVPOR is calculated as monthly resident revenue (inclusive of resident fees and services) divided by the average occupied units for the period presented.

6 The SHOP portfolio is comprised of investments in the United States, Canada and United Kingdom. Refer to the non-GAAP reconciliations at the end of this Supplemental for a reconciliation of Same-Store Cash NOI to Net Income.

‌Year-Over-Year Total Comparison‌

Outpatient

1Q26

Medical & Research

1Q25

Total

YoY Δ

Outpatient Medical

1Q26 1Q25

Total

YoY Δ

Research Total

1Q26

1Q25

YoY Δ

Number of properties:

407

406

379

Number of square feet:

25.4 M

25.1 M

0.3 M

20.7 M

0.0 M

4.7 M

4.4 M

0.3 M

Occupancy, end of period:

88.6%

90.6%

90.0%

+ 60bps

80.1%

81.9%

(180bps)

Annualized average rent per occupied square foot:2

$39

$37

3.8%

$37

$35

3.5%

$50

$48

4.1%

Cash operating revenue:3

$225.5

$215.4

4.7%

$176.3

$169.3

4.1%

$49.1

$46.1

6.6%

Less property-level operating expenses:

79.7

74.5

7.0%

59.1

55.5

6.4%

20.7

19.0

8.6%

Cash NOI:3

$145.7

$140.9

3.4%

$117.3

$113.8

3.0%

$28.5

$27.1

5.1%

Cash NOI margin: 4

64.6%

65.4%

(80bps)

66.5%

67.2%

(70bps)

57.9%

58.7%

(80bps)

Year-Over-Year Same-Store Comparison

Same-Store Outpatient Medical &

1Q26 1Q25

Research

YoY Δ

Same-Store Outpatient Medical

1Q26 1Q25 YoY Δ

Same-Store Research

1Q26

1Q25

YoY Δ

Number of properties:

400

378

Number of square feet:

24.2 M

0.0 M

20.6 M

0.0 M

3.6 M

0.0 M

Occupancy, end of period:

90.3%

89.7%

+ 60bps

90.8%

90.3%

+ 50bps

87.1%

86.4%

+ 70bps

Annualized average rent per occupied square foot:2

$38

$37

3.2%

$37

$35

3.5%

$49

$48

2.2%

Cash operating revenue:3

$215.9

$208.7

3.5%

$176.3

$169.2

4.2%

$39.7

$39.4

0.6%

Less property-level operating expenses:

74.6

70.6

5.6%

58.9

55.4

6.4%

15.7

15.2

2.9%

Cash NOI:

$141.4

$138.1

2.4%

$117.3

$113.8

3.1%

$24.0

$24.2

(0.8%)

Cash NOI margin: 4

65.5%

66.2%

(70bps)

66.6%

67.3%

(70bps)

60.5%

61.4%

(90bps)

Outpatient Medical and Research Portfolio

First Quarter Year-Over-Year Comparison1

Dollars in millions USD, except for rate data, totals may not sum due to

rounding, unaudited

2 The annualized average rent includes current period

Common Area Maintenance ("CAM") recoveries.

3 The Outpatient Medical and Research Portfolio is comprised of investments in Outpatient Medical and Research. Refer to the non-GAAP reconciliations at the end of this Supplemental for a reconciliation of Cash Operating Revenue to Total Revenues and of Cash NOI to Net Income.

4 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.

‌120.0‌

100.0

Outpatient Medical Portfolio

$113.8

$113.5

$115.6

$115.8

$117.3

90.3%

90.5%

90.7%

90.8%

100.0%

End of Period Occupancy (%)

90.0%

Cash NOI ($M)

80.0%

24.0

20.0

Research Portfolio

$24.2

$23.7

$24.3

$23.4

$24.0

86.4%

87.9%

88.1%

87.9%

87.1%

100.0%

End of Period Occupancy (%)

90.0%

80.0%

Cash NOI ($M)

80.0

70.0%

16.0

70.0%

60.0

60.0%

12.0

60.0%

40.0

50.0%

8.0

50.0%

20.0

40.0%

4.0

40.0%

0.0

1Q25 2Q25 3Q25 4Q25 1Q26

30.0%

0.0

1Q25 2Q25 3Q25 4Q25 1Q26

30.0%

378 Properties 22 Properties

Outpatient Medical and Research Portfolio Same-Store Cash NOI and Occupancy Trends

Dollars in millions USD, totals may not sum due to rounding, unaudited

‌Health System Affiliation‌

Outpatient Medical Portfolio Health System Affiliation Affiliated Health System Credit Rating On-Campus Off-Campus

Total Cons.

Total Outpatient Investment

Affiliated 2 % Affiliated % Affiliated % Unaffiliated % Medical Grade % Other %

Number of properties:

356

94%

217

57%

139

37%

379

268

75%

25%

Number of square feet:

19.7 M

95%

14.4 M

69%

5.4 M

26%

1.0 M

20.7 M

15.8 M

80%

3.9 M

20%

Occupancy, end of period:

90.6%

89.5%

93.7%

89.5%

90.6%

90.3%

91.8%

Annualized average rent per occupied square foot:3

$37

$38

$34

$36

$37

$39

$29

Cash operating revenue:

$168.6

96%

$124.8

71%

$43.7

25%

$7.8

$176.3

$142.4

84%

$26.1

16%

Less property-level operating expenses:

56.3

95%

43.4

73%

13.0

22%

2.7

59.1

49.5

88%

6.8

12%

Cash NOI:

$112.2

96%

$81.4

69%

$30.8

26%

$5.0

$117.3

$92.9

83%

$19.3

17%

Cash NOI Margin: 4

66.6%

65.2%

70.4%

64.9%

66.5%

65.2%

73.9%

Same-Store Leasing Activity (378 Properties)

Leased Sq. Ft. (000 s)

VTR Tenant Improvements

Leasing Costs PSF

Leasing Costs PSF / Year

Avg. Lease Term (Months)

PSF PSF / Year

Leased Sq. Ft. As Of Dec. 31 , 2025 18 ,743

Expirations5

(549)

Renewals, amendments, and extensions5

494

$8.62

$1.35

$3.18

$0.50

New Leases

$48.06

$5.18

$11.91

$1.28

111

Terminations6

(19)

Leased Sq. Ft. As Of Mar. 31 , 2026 18 ,746

TTM Retention 7

88%

Outpatient Medical Portfolio

Additional Information1

Dollars in millions USD, except for rate data, totals may not sum due to

rounding, unaudited

2 Affiliated properties defined as on-campus or off-campus assets with significant hospital sponsorship and/or healthcare companies.

3 The annualized average rent includes current period

Common Area Maintenance ("CAM") recoveries.

5 Excludes month-to-month tenants at end of period; only includes tenants who signed a term renewal or moved out in the period.

6 Represents leases that have been terminated prior to lease expiration.

7 Includes month-to-month tenants as having expired and renewed in the period.

‌Cash Flow‌

Coverage ("CFC") Contribution to Total VTR Annualized NOI at Each Cash Flow Coverage Stratification Leases 4

0.80 - 0.89x

100%

1 Year

0.6%

0.90 - 0.99x

Weighted Avg.

100%

2 Years

0.2%

Maturity

Guaranty and/ or Sec.

Deposit5

1.00 - 1.09x

1.10 - 1.19x

1.20 - 1.29x

1.30 - 1.39x

1.40 - 1.49x

1.50 - 1.59x

1.60 - 1.69x

1.70 - 1.79x

1.80 - 1.89x

1.90 - 1.99x

Greater than 2.00x

0.0%

100%

4 Years

5.3%

0.3%

0.1%

0.0%

4.2%

0 n/a n/a

3 8 Years 100%

1 2 Years 100%

1 14 Years 100%

100%

4 Years

0.8%

100%

6 Years

0.0%

0 n/a n/a

96%

9 Years

7.2%

25 7 Years 98%

Total Contribution to VTR Ann. NOI

Senior Housing Post-Acute Health Systems and International Hospitals

By Coverage Segment

Triple-Net Leased Portfolio

Lease Segmentation by Cash Flow Coverage1,2,3

Unaudited

1 For Cash Flow Coverage, represents trailing 12-month results as of December 31, 2025. Analysis profiles leases with EBITDARM coverage in each listed range. Excludes sold assets, assets held for sale, unconsolidated entities, development properties not yet operational, assets where trailing 12-month EBITDARM is not available, land parcels and properties that are not stabilized, where properties that are not stabilized represent less than 1% of VTR Annualized NOI. Leases with multiple property types are categorized based on majority property count.

2 In September 2024, we entered into agreements with Kindred Healthcare, LLC and certain of its affiliates regarding long term acute care hospitals ("LTACs") whose lease term under our Master Lease with Kindred was scheduled to mature on April 30, 2025 (the "2024 Kindred Agreements"). The 2024 Kindred Agreements, among other things, extended the lease term for 20 of such LTACs and provided for revised cash rent for such LTACs commencing May 1, 2025. For purposes of this presentation, Cash Flow Coverage with respect to such LTACs was calculated to give effect to such lease extension and revision of cash rent as if they occurred on the first day of the 12-month period ending on December 31, 2025.

3 In December 2024, Ventas reached an agreement with Brookdale to extend the lease on 65 NNN senior housing properties for a 10-year term at a 38% cash rent increase over the then current rent (the "Leased Communities"). This presentation includes the 65 Leased Communities and excludes the remaining 56 Brookdale conversion and sale communities, which have been converted to our SHOP segment or sold. Cash Flow Coverage was calculated to give effect to the lease extension and cash rent increase for the Leased Communities as if they occurred on the first day of the 12-month period ending on December 31, 2025.

4 Leases with cross-default provisions are represented as one lease, as are leases with consolidation provisions upon repayment of third-party debt.

5 Represents percentage of Annualized NOI in each listed range attributable to leases with a supporting guaranty and/or security deposit.

‌2.5x‌

2.0x

Cash Flow Coverage (x)

1.5x

1.0x

Senior Housing Portfolio

80.3%

1.3x

80.4%

79.9%

1.3x

80.1%

80.8%

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

3.0x

2.5x

Average Occupancy (%)

Cash Flow Coverage (x)

2.0x

1.5x

1.0x

Post-Acute Portfolio

68.2%

66.1%

66.4%

1.7x

1.8x

1.9x

69.8%

65.4%

100.0%

90.0%

80.0%

Average Occupancy (%)

70.0%

60.0%

50.0%

40.0%

30.0%

0.5x

0.0x

4Q24 1Q25 2Q25 3Q25 4Q25

112 Properties

40.0%

30.0%

0.5x

0.0x

4Q24 1Q25 2Q25 3Q25 4Q25

51 Properties

20.0%

10.0%

0.0%

Triple-Net Leased Portfolio

TTM Same-Store Stabilized Cash Flow Coverage and Occupancy1,2,3

Unaudited

1 Coverage is calculated on a trailing 12-month basis for the periods presented. Occupancy is calculated on a trailing three-month basis for the periods presented.

2 In September 2024, we entered into agreements with Kindred Healthcare, LLC and certain of its affiliates regarding long term acute care hospitals ("LTACs") whose lease term under our Master Lease with Kindred was scheduled to mature on April 30, 2025 (the "2024 Kindred Agreements"). The 2024 Kindred Agreements, among other things, extended the lease term for 20 of such LTACs and provided for revised cash rent for such LTACs commencing May 1, 2025. For the periods presented beginning with 4Q24, Cash Flow Coverage with respect to such LTACs was calculated to give effect to such lease extension and revision of cash rent as if they occurred on the first day of the 12-month period on such periods.

3 In December 2024, Ventas reached an agreement with Brookdale to extend the lease on 65 NNN senior housing properties for a 10-year term at a 38% cash rent increase over the then current rent (the "Leased Communities"). This presentation includes the 65 Leased Communities and excludes the remaining 56 Brookdale conversion and sale communities, which have been converted to our SHOP segment or sold. For the periods presented beginning with 4Q24, Cash Flow Coverage with respect to the Leased Communities was calculated to give effect to such lease extension and cash rent increase as if they occurred on the first day of the 12-month period on such periods.

New Investments

Properties

Capacity

Ownership %3

Total4

VTR Share

Per Bed / Unit / SF

Cash

Senior Housing Investments

Acquisition - SHOP

3,175 units

95%

$1,046,175

$995,975

$330K

6.9%

Subtotal

3,175 units

95%

$1,046,175

$995,975

$330K

6.9%

Total 1Q26 Investments

95%

$1,046,175

$995,975

6.9%

Senior Housing Investments

Acquisition - SHOP

1,971 units

73%

$645,500

$473,300

$327K

5.8%

Subtotal

1,971 units

73%

$645,500

$473,300

$327K

5.8%

Total Subsequent Investments

73%

$645,500

$473,300

5.8%

2026 YTD Investments

87%

$1,691,675

$1,469,275

6.5%

‌Investment Activity for First Quarter 2026‌

Disposition Activity for First Quarter 2026

Investment Amount / Project Costs

Expected NOI Yield 1,2

Gross Proceeds

Cap Rate / Yield 2,5

Disposition and Loan Repayment Summary Properties Ownership %3 Total6 VTR Share Cash

Total 1Q26 Dispositions & Loan Repayments 14 62% $91,300 $56,905 N/ A

Investment & Disposition Activity

Dollars in thousands USD, except for rate data, totals may not sum

due to rounding, unaudited

1 For acquisitions and debt investments, represents expected year-one NOI yield. For current quarter and YTD totals, represents the weighted average expected yield based on the investment amount at VTR share.

2 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 Ventas percentage of total asset value (investment, project costs or gross disposition proceeds), inclusive of debt.

4 Reflects the total investment amount for new acquisitions and debt investments.

5 Reflects estimated lost operating NOI based on projected future performance and / or agreements divided by proceeds at VTR share. For current quarter and YTD totals, represents the weighted average cap rate / yield based on the proceeds at VTR share.

6 Total transaction proceeds, including termination and other fees received in conjunction with the transaction. Does not include any debt paydown / payoff, broker commissions, or other costs associated with the transactions.

‌Property Name MSA(s) Ownership %‌

Expected Total Project Costs1,2

Expected Total VTR Share1

Life-to-Date VTR Share3

Senior Housing Operating

Battery Park by Sunrise

New York, NY

100%

$30.3

$19.3

Atria West 86

New York, NY

100%

18.3

7.4

Atria Park of Lafayette

San Francisco, CA

100%

12.3

1.2

Atria Rye Brook

New York, NY

100%

8.0

3.5

McLoughlin Place

Portland, OR

100%

3.1

Senior Housing Operating

$72.1

$34.5

Outpatient Medical and Research

3711 Market St.

Philadelphia, PA

100%

$28.5

$9.8

3440 Market

Philadelphia, PA

100%

10.2

3.2

Appleton Medical Offices South

Appleton, WI

100%

7.3

800 West Baltimore

Baltimore, MD

100%

6.6

3440 South Dearborn

Chicago, IL

100%

6.4

1.1

Outpatient Medical and Research

$59.0

$14.1

Total Projects

$131.0

$48.7

Major Redevelopment Projects

Dollars in millions USD, totals may not sum due to rounding, unaudited

1 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.

2 Amount reflects 100% of total estimated project costs.

3 Funding as of March 31, 2026.

‌Consolidated Capital Expenditures First Quarter 20261‌

Total Portfolio Senior Housing Operating

Outpatient Medical and

Triple-Net Leased Total

Research

Recurring / Routine

$39,136

$4,489

$43,625

Tenant Improvements

7,988

Third Party Leasing Commissions

3,099

Total FAD Capital Expenditures

$39,136

$15,576

$54,712

Initial Capital Expenditures

17,086

1,167

18,253

Redevelopment

45,173

8,860

3,353

57,387

Development

(20)

15,073

15,053

Total Capital Expenditures

$101,375

$40,676

$3,353

$145,405

Consolidated Capital Expenditures

Dollars in thousands USD, totals may not sum due to rounding,

unaudited

1 Excludes unconsolidated entities.

‌ As of March 31, 2026 As of December 31, 2025 ‌

Liquidity

Revolving credit facility capacity

3,500,000

Revolving credit facility & commercial paper borrowings

(65,000)

Undrawn Delayed Draw Term Loan

550,000

Letters of credit outstanding

(19,389)

(19,449)

Cash and cash equivalents

183,613

741,067

Unsettled equity forward sales agreement under ATM Program1 1,398,380 1,039,319

Available Liquidity $ 5,547,603 $ 5,260,937

Debt

Revolving credit facility & commercial paper

51,426

(15,195)

Senior notes, exchangeable senior notes and term loans

9,869,170

10,394,730

Mortgage and other debt

2,597,897

2,631,481

Total debt

12,518,493

13,011,016

Cash and cash equivalents

(183,613)

(741,067)

Restricted cash pertaining to debt

(3,230)

(24,845)

Partners share of consolidated debt

(327,241)

(328,171)

Ventas share of unconsolidated debt

754,296

732,515

Net Debt3

12,758,705

12,649,448

Number of Shares Number of Shares

Equity

(in 000s) Closing Price (in 000s) Closing Price

Common Stock

486,097

474,926

Redeemable OP Unitholder Interests

3,341

3,370

489,438

81.78

478,295

77.38

Total Equity

40,026,258

37,010,501

Enterprise Value 4

52,544,750

50,021,517

Credit Statistics

Net Debt / Enterprise Value 24% 25%

Secured Debt / Enterprise Value 5% 5%

For the Three Months Ended March 31, 2026 For the Three Months Ended December 31, 2025

Further Adjusted EBITDA Annualized $ 2,557,952 $ 2,430,080

Net Debt / Further Adjusted EBITDA Annualized

5.0x

5.2x

Revolving Credit Facility & Term Loan Debt Covenants Required As of March 31, 2026 As of December 31, 2025

Supplemental are non-GAAP measures. For a

Total Indebtedness / Gross Asset Value

Not greater than 60%

31%

32%

reconciliation to the most directly comparable GAAP

Secured Debt / Gross Asset Value

Not greater than 40%

Unsecured Debt / Unencumb. Gross Asset Value

Not greater than 60%

30%

31%

4 Total debt plus total equity. Excludes 17.1 million shares

Fixed Charge Coverage5

Not less than 1.5x

4.1x

3.8x

issued under forward sales agreements that were unsettled

Senior Notes Debt Covenants

Required

Incurrence of Debt

Not greater than 60%

31%

33%

Incurrence of Secured Debt

Not greater than 50%

Maintenance of Unencumbered Assets

Not less than 150%

351%

332%

Consolidated EBITDA to Interest Expense5

Not less than 1.5x

4.7x

4.3x

Liquidity, Capitalization & Credit Statistics

Dollars in thousands USD, totals

may not sum due to rounding,

unaudited

1 As of March 31, 2026, estimated proceeds available under unsettled equity forward sales agreements, calculated using the forward price, net of fees.

2 Debt balances are net of discounts, deferred financing costs and fair market value adjustments.

3 Some of the financial measures throughout this

measure, please see the appendix.

as of March 31, 2026 with maturity dates through October 2027.

5 Calculated using trailing twelve months.

‌Debt Maturities and Scheduled Principal Amortization (as of March 31, 2026)‌

Revolving Credit Facility,

Commercial Paper

Senior Notes/Exchangeable

Partner Share of

Ventas Share of

and Term Loans Senior Notes Secured Debt and Other Consolidated Debt Consolidated Entity Debt Unconsolidated Entity Debt Total Enterprise Debt

Debt as a % of

2026

- %

Period Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Enterprise

Value

$ 1,306,099

3.6 %

$ 293,493

5.0 %

$ 1,599,592

3.8 %

$ (63,873)

5.6 %

$ 264,471

6.3 %

$ 1,800,190

4.1 %

3.4 %

2027

741,383

3.2

185,260

3.9

926,642

3.4

(28,458)

4.0

12,473

8.1

910,658

3.4

1.7

2028

1,081,220

4.6

472,793

4.5

1,554,014

4.6

(47,165)

5.1

49,307

4.9

1,556,155

4.5

3.0

2029

65,000 2

4.0

1,217,155

4.7

453,921

4.0

1,736,076

4.5

(72,466)

4.3

323,425

5.8

1,987,036

4.7

3.8

2030

1,150,000

3.8

255,649

3.8

1,405,649

3.8

(38,680)

3.8

74,129

2.7

1,441,098

3.7

2.7

2031

700,000

4.5

715,610

2.7

180,242

3.5

1,595,853

3.6

(27,106)

3.5

558

2.3

1,569,305

3.6

3.0

2032

500,000

5.1

213,458

3.7

713,458

4.7

(23,447)

3.9

2.8

690,062

4.7

1.3

2033

444,533

5.7

444,533

5.7

(7,468)

4.0

30,023

3.1

467,088

5.5

0.9

2034

500,000

5.6

43,889

5.9

543,889

5.6

(14,254)

6.0

529,635

5.6

1.0

2035

550,000

5.0

9,406

5.0

559,406

5.0

(3,000)

5.8

7,123

5.7

563,529

5.0

1.1

2036

500,000

5.0

19,704

5.4

519,704

5.0

519,704

5.0

1.0

2037 and thereafter

973,813

5.1

34,717

3.4

1,008,530

5.0

1,008,530

5.0

1.9

Subtotal

765,000

4.5 %

9,235,281

4.3 %

2,607,064

4.4 %

12,607,344

4.3 %

(325,916)

4.6 %

761,561

5.5 %

13,042,990

4.4 %

24.8 %

Deferred financing costs

(18,460)

(42,150)

(18,196)

(78,805)

(1,390)

(7,132)

(87,327)

Note discounts

(0)

(24,650)

8,037

(16,613)

Fair market value

5,576

991

6,567

(133)

6,500

Total debt

746,540

9,174,056

2,597,896

12,518,493

(327,241)

754,296

12,945,549

Weighted average

maturity in years 4.4 2 5.5 4.0 5.2 3.2 3.3 5.1

Consolidated

Total debt

12,518,493

12,945,548

Cash and cash equivalents

(183,613)

Restricted cash pertaining to debt

(3,230)

Net Debt

$ 12,331,650

$ 12,758,705

24.3 %

Net Debt

Total Enterprise

Net Debt

Net Debt as a % of Enterprise

Value

Debt Composition

Revolving Credit Facility, Commercial Paper

Senior Notes/Exchangeable

Partner Share of

Ventas Share of

and Term Loans Senior Notes Secured Debt and Other Consolidated Debt Consolidated Entity Debt Unconsolidated Entity Debt Total Enterprise Debt

Debt as a % of

Enterprise

Fixed

- % $ 9,235,

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Amount

Rate1

Value

the aggregate principal amount of the Exchangeable

Variable

765,000

4.5

Notes being exchanged.

Total

$ 765,000

4.5 %

281 3 4.3 %

$ 2,240,690

4.3 %

$ 11,475,971

4.3 %

$ (266,001)

4.2 %

$ 438,916

5.0 %

$ 11,648,886

4.3 %

22.2 %

- -

366,375

5.1

1,131,375

4.7

(59,915)

6.0

322,644

6.2

1,394,104

5.0

2.7

281 4.3 %

$ 2,607,064

4.4 %

$ 12,607,344

4.3 %

$ (325,916)

4.6 %

$ 761,561

5.5 %

$ 13,042,990

4.4 %

24.8 %

$ 9,235,

% of Total % of Total % of Total % of Total % of Total % of Total % of Total

Fixed

- %

100.0 %

85.9 %

91.0 %

81.6 %

57.6 %

89.3 %

Variable

100.0 %

- %

14.1 %

9.0 %

18.4 %

42.4 %

10.7 %

Debt Summary

Dollars in thousands USD, totals may not sum due to rounding,

unaudited

1 Rates are based on the cash interest paid on the outstanding debt and do not include amortization of discounts, fair market value or debt costs.

2 Our unsecured revolving credit facility matures in April 2028 but may be extended at the Company's option, subject to the satisfaction of certain conditions, for two additional six-month terms. Commercial paper borrowings are backstopped by the unsecured revolving credit facility. We calculate the weighted average remaining term of our commercial paper and unsecured revolving credit facility borrowings using the maturity date of the unsecured revolving credit facility after giving effect to both six-month extensions.

3 Includes $856.1 million aggregate principal amount of exchangeable senior notes due 2026 unless earlier exchanged, redeemed or repurchased. Upon exchange of the Exchangeable Notes, Ventas Realty will pay cash up to the aggregate principal amount of the Exchangeable Notes to be exchanged and elected to deliver shares of common stock in respect of the remainder, if any, of its exchange obligation in excess of

92%

Triple-Net

Subtotal - Outpatient Medical and Research

407

25.4 M Square Feet

36 $

8,585

Total Real Estate 1 ,420 $ 42 ,267 $ 38 ,161 $ 2 ,886 $ 2 ,645

141

3.8x

8,361

Total Real Estate & Loan Investments 1 ,420 $ 42 ,429 $ 38 ,323 $ 2 ,902 $ 2 ,661

Senior Housing

118

8,375 Units

21 $

1,609

1,550

1.3x

2,408

Skilled Nursing 25 2,358 Beds 7 228 228 2.3x 37% 30 30

132

Health Systems

1,958 Beds

1,379

100%

9 $

International Hospital

121 Beds

146

2.3x

100%

Ventas Life Science & Healthcare Real Estate Fund - OM&R

138

450

100%

111

168 Units

IRFs & LTACs 44 3,449 Beds 19 648 643 2.0x 78% 156 155

2.9 M Square Feet

0.3 M Square Feet

Assumes JVs

at 100 %

Pension Fund Joint Venture - SHOP

585

269

137

100%

Loan Investments

Properties

Atrium Health & Wake Forest Joint Venture

601

At VTR Share

141

Assumes JVs

at 100 %

At VTR Share

Research & Innovation Development Joint Venture 9 2.3 M Square Feet 4 1,937 984 100% 127 65

Ventas Life Science & Healthcare Real Estate Fund - SHOP 8 967 Units 7 465 94 100% 37 8

Unconsolidated Real Estate Assets

Subtotal - Triple-Net 200 16,261 Beds/Units 31 $ 4,010 $ 3,946 2.4x 86% $ 481 $ 475

Subtotal - Unconsolidated Real Estate Assets 35 14 $ 5,159 $ 1,684 100% $ 303 $ 105

Balance Sheet Line

87%

100%

‌Gross Book Value‌

TTM Results 2

Annualized NOI

States /

Assumes JVs

Cash Flow

Revenue

Assumes JVs

Real Estate Portfolio

Properties

Capacity3

Countries 4

at 100 %

At VTR Share

Coverage5,6

Quality Mix7

at 100 %

At VTR Share

Senior Housing Operating

Consolidated Senior Housing Operating

778

87,041 Units

$ 24,512

$ 24,171

98%

$ 1,502

$ 1,479

Subtotal - Senior Housing Operating

778

87,041 Units

$ 24,512

$ 24,171

98%

$ 1,502

$ 1,479

Outpatient Medical and Research

Outpatient Medical Consolidated

379

20.7 M Square Feet

$ 6,561

$ 6,486

100%

$ 479

$ 473

Research Consolidated

4.7 M Square Feet

2,024

1,875

100%

121

112

Real Estate Secured Loans8

n/a

Secured Loans Receivables and Investments

138

Other Loans

n/a

Other Assets

Subtotal - Loan Portfolio

162

Senior Housing Operating

204

Units

$ 28

n/a

92%

$ (4)

Subtotal - Assets Held for Sale

$ 28

$ (4)

Grand Total

1 ,425

$ 42 ,457

$ 38 ,351

96%

$ 2 ,899

$ 2 ,657

Assets Held for Sale Properties

Capacity3

States / Countries 4

Assumes JVs

at 100 % At VTR Share

Cash Flow Coverage5

Revenue Quality Mix7

Assumes JVs

at 100 % At VTR Share

Real Estate and Loan Investments Portfolio1

Dollars in millions USD, totals may not sum due to rounding, unaudited

1 Excludes sold assets, loan repayments, development properties not yet operational, land parcels and other de minimis investments in real estate entities. Assets that have undergone business model transitions are reflected within the new reportable segment as of the transition date.

2 Represents trailing 12-month results as of March 31, 2025 for Senior Housing Operating ("SHOP") and Outpatient Medical and Research Portfolios. For Triple-Net Portfolio, represents trailing 12-month results as of December 31,

2025 and excludes assets where trailing 12-month EBITDARM is not available and properties that are not stabilized, where properties that are not stabilized represent less than 1% of VTR Annualized NOI.

3 Excludes units for closed buildings during the period of closure.

4 Includes U.S. states, the District of Columbia, Canada and the United Kingdom.

5 In September 2024, we entered into agreements with Kindred Healthcare, LLC and certain of its affiliates regarding long term acute care hospitals ("LTACs") whose lease term under our Master Lease with Kindred was scheduled to mature on April 30, 2025 (the "2024 Kindred Agreements"). The 2024 Kindred Agreements, among other things, extended the lease term

for 20 of such LTACs and provided for revised cash rent for such LTACs commencing May 1, 2025. For purposes of this presentation, Cash Flow Coverage with respect to such LTACs was calculated to give effect to such lease extension and revision of cash rent as if they occurred on the first day of the 12-month period ending on December 31, 2025.

6 In December 2024, Ventas reached an agreement with Brookdale to extend the lease on 65 NNN senior housing properties for a 10-year term at a 38% cash rent increase over the then current rent (the "Leased Communities"). This presentation includes the 65 Leased Communities and excludes the remaining

56 Brookdale conversion and sale communities, which have been converted

to our SHOP segment or sold. Cash Flow Coverage was calculated to give effect to the lease extension and cash rent increase for the Leased Communities as if they occurred on the first day of the 12-month period ending on December 31, 2025.

7 Revenue Quality Mix defined as the percentage of trailing 12-month facility revenue from non-Medicaid sources, as reported by tenants/operators, where available.

8 Annualized interest for the Senior Secured Loan with ROFO is based on floor interest rate.

Properties

At VTR Share

Atria Senior Living

194

$ 7,094

19%

$ 487

18%

Dollars in millions USD, totals may

Gross Book Value

Annualized NOI

Lillibridge

237

3,514

253

10%

not sum due to rounding, unaudited

Properties

$ %

Wexford

3,030

188

Senior Housing

905

$ 25,832

67%

$ 1,621

61%

Sunrise Senior Living

3,372

183

Outpatient Medical

384

6,550

17%

477

18%

Ardent Health Services

1,626

156

Research

3,383

204

Kindred Healthcare

426

135

IRFs & LTACs

643

155

Le Groupe Maurice

1,889

123

Health Systems

1,379

141

PMB RES

1,390

103

Loans

n/a

162

Discovery Senior Living

2,091

Skilled Nursing

228

Grace Management

1,114

International Hospital

146

All Other

596

12,778

33%

843

32%

Total

1,420

$ 38,323

100%

$ 2,661

100%

Total

1,420

$ 38,323

100%

$ 2,661

100%

‌By Property / Investment Type By Operator / Manager‌

By MSA / Province / Country

Gross Book Value

At VTR Share

Annualized NOI

At VTR Share

SHOP Outpatient Medical Research Senior Housing - NNN IRFs & LTACs Health Systems Skilled Nursing Total2

Properties

Annual.

transitions are reflected within the new reportable segment

Remaining

555

849

57%

265

284

59%

101

50%

108

81%

54%

83%

1,000

1,472

56%

as of the transition date.

Total

787

$ 1,488

100%

384

$ 477

100%

$ 204

100%

118

$ 132

100%

$ 155

100%

$ 141

100%

$ 30

100%

1,420

$ 2,645

100%

2 Includes three International Hospitals (not shown) and

United States

692

1,254

84%

384

477

100%

204

100%

118

132

100%

155

100%

141

100%

1,322

2,394

91%

Canada

218

15%

218

United Kingdom

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI % Properties

Annual.

NOI %

New York, NY

$ 175

12%

$ 175

Quebec

124

Los Angeles, CA

11%

10%

108

Philadelphia, PA

29%

17%

101

Dallas, TX

Chicago, IL

Phoenix, AZ

Albuquerque, NM

32%

San Francisco, CA

Indianapolis, IN

Tulsa, OK

30%

Amarillo, TX

34%

Ontario

Charlotte, NC

Miami, FL

11%

1,420 $ 2,645 100%

30 100%

25 $

10 $ 141 100%

44 $ 155 100%

118 $ 132 100%

49 $ 204 100%

384 $ 477 100%

787 $ 1,488 100%

Total

Portfolio Diversification1

1 Includes consolidated properties, loan investments, and assets owned by unconsolidated real estate entities.

excludes loan investments.

Annualized Base Rent

Percent of Senior Housing - Triple-Net

128

9.0%

5.9%

12.4%

2.5%

70.2%

Research:

Annualized Base Rent

Percent of Research - OM&R

127

5.4%

13.3%

12.8%

9.5%

59.1%

IRFs & LTACs:

Annualized Base Rent

Percent of IRFs & LTACs - Triple-Net

144

1.0%

1.8%

19.5%

1.1%

110

76.6%

Health Systems:

Annualized Base Rent

Percent of Health Systems - Triple-Net

141

100.0%

Skilled Nursing:

Annualized Base Rent

Percent of Skilled Nursing - Triple-Net

2.4%

25.4%

72.3%

International Hospital:

Annualized Base Rent

Percent of International Hospital - Triple-Net

100.0%

Total:

Annualized Base Rent

1,094

102

119

721

Percent of Total Triple- Net and OM&R: 100% 6% 9% 11% 8% 66%

‌Triple-Net and Outpatient Medical and Research Portfolios1,2,3‌

Totals ( as of March 31, 2026)

Outpatient Medical:

Expiration Period

Remainder of 2026 2027 2028 2029 Thereafter

Annualized Base Rent

510

269

Percent of Outpatient Medical - OM&R

8.6%

14.6%

11.5%

12.6%

52.8%

Senior Housing:

Loan Portfolio4,5

Totals ( as of March 31, 2026)

Repayment Period

Remainder of 2026 2027 2028 2029 Thereafter

Scheduled Maturity:

Annualized Interest Income $

16 $

1 $ 14 $ - $

1 $ -

Gross Book Value

162

130

Earliest Repayment Date:

Annualized Interest Income

Gross Book Value

162

Lease Rollover & Loan Repayment

Dollars in millions USD, totals may not sum due to rounding, unaudited

2 Annualized Base Rent ("ABR") represents the annualized contractual cash base rent as of quarter end. ABR does not include future rent escalators, percentage rent, common area maintenance charges or non-cash items such as straight-line rental income, the amortization of above/below market lease intangibles or other items.

3 The expiration of ABR in "Thereafter" includes rent associated with 25 LTACs currently leased to Kindred and rent associated with 65 properties currently leased to Brookdale.

4 Some loans may be repaid by the borrower prior to the scheduled maturity date. These loans may or may not include prepayment penalties, yield maintenance, make-whole provisions or other fees / charges related to early repayment. The Annualized Interest Income in this table excludes such amounts.

5 For loan investments, Annualized Interest Income is equivalent to Annualized NOI.

‌Appendix Non-GAAP & Property Count Reconciliations and Definitions

‌For the Three Months Ended‌

March 31, 2026

December 31, 2025

Net income attributable to common stockholders

$ 55,912

$ 70,202

Adjustments:

Interest expense

156,142

154,468

Loss on extinguishment of debt, net

449

Taxes (including tax amounts in general, administrative and professional fees)

(14,800)

(105)

Depreciation and amortization

382,468

352,723

Non-cash stock-based compensation expense

24,842

6,319

Transaction, transition and restructuring costs

6,659

(6,008)

Net income attributable to noncontrolling interests, adjusted for partners' share of consolidated entity EBITDA

(8,034)

(8,383)

Income from unconsolidated entities, adjusted for Ventas's share of EBITDA from unconsolidated entities

40,991

42,820

Gain on real estate dispositions

(15,046)

(3,311)

Unrealized foreign currency (gain) loss

(204)

644

Significant disruptive events, net

2,185

(297)

Other normalizing items, net

Adjusted EBITDA

$ 631,564

$ 609,134

Adjustment for current period activity

7,924

(1,614)

Further Adjusted EBITDA

$ 639,488

$ 607,520

Further Adjusted EBITDA annualized

$ 2,557,952

$ 2,430,080

Total Debt

$ 12,518,493

$ 13,011,016

Cash and cash equivalents

(183,613)

(741,067)

Restricted cash pertaining to debt

(3,230)

(24,845)

Partners' share of consolidated debt

(327,241)

(328,171)

Ventas's share of unconsolidated debt

754,296

732,515

Net Debt

$ 12,758,705

$ 12,649,448

Net Debt / Further Adjusted EBITDA

5.0 x

5.2 x

Non-GAAP

Financial Measures Reconciliation Adjusted EBITDA and Further Adjusted EBITDA

Dollars in thousands USD, totals may not sum due to rounding,

unaudited

‌For the Three Months Ended

March 31, 2025

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Net income attributable to common stockholders

$ 46,868

$ 68,264

$ 66,047

$ 70,202

$ 55,912

Adjustments:

Interest and other income

(3,078)

(5,871)

(4,184)

(7,877)

(2,499)

Interest expense

149,356

150,298

158,124

154,468

156,142

Depreciation and amortization

321,525

347,719

357,173

352,723

382,468

General, administrative and professional fees

53,149

42,856

40,387

41,008

62,746

Loss on extinguishment of debt, net

119

449

Transaction, transition and restructuring costs

5,982

4,627

5,472

(6,008)

6,659

Other expense

1,412

5,839

13,370

10,091

9,700

Net income attributable to noncontrolling interests

1,488

3,198

2,661

2,790

3,134

Loss (income) from unconsolidated entities

3,311

1,138

(16,644)

7,727

7,350

Income tax (benefit) expense

(10,557)

3,874

(6,345)

(1,122)

(15,937)

Gain on real estate dispositions

(169)

(33,816)

(1,283)

(3,311)

(15,046)

NOI

$ 569,287

$ 588,126

$ 614,897

$ 620,744

$ 651,078

SHOP

$ 264,504

$ 286,412

$ 302,296

$ 330,852

$ 374,458

OM&R

146,042

146,486

147,745

149,896

150,603

Triple-Net

152,586

148,736

157,038

129,713

120,170

Non-Segment

6,155

6,492

7,818

10,283

5,847

NOI

$ 569,287

$ 588,126

$ 614,897

$ 620,744

$ 651,078

Net Income to NOI -Trailing 5 Quarters Reconciliation

Dollars in thousands USD, totals

may not sum due to rounding,

unaudited

‌Trailing 5-Quarter Comparison

1Q25

2Q25

3Q25

4Q25

1Q26

Total revenues

$ 968,904

$ 1,032,714

$ 1,088,546

$ 1,185,999

$ 1,292,790

Adjustments:

Revenues not included in cash operating revenues1

(7,360)

(6,468)

(6,414)

(5,696)

(2,646)

Revenue impact from change in FX

6,016

1,261

566

2,542

Cash operating revenue

967,560

1,027,507

1,082,698

1,182,845

1,290,144

Adjustments:

Cash operating revenue not included in Same-Store

(89,052)

(140,350)

(178,269)

(266,352)

(335,368)

Cash operating revenue impact from change in FX not in Same-Store

(404)

(168)

(39)

(401)

Same-Store Cash Operating Revenue

$ 878,104

$ 886,989

$ 904,390

$ 916,092

$ 954,776

Percentage increase YoY

8.7 %

Percentage increase Seq

4.2 %

1Q25

2Q25

3Q25

4Q25

1Q26

Property-level operating expenses

$ 704,400

$ 746,302

$ 786,250

$ 855,147

$ 918,332

Adjustments:

Management fees

(50,611)

(54,421)

(56,978)

(62,463)

(67,563)

Property-level operating expenses not included in SHOP operating expenses 1

(8,094)

(7,387)

(7,604)

(7,469)

(3,445)

Property-level operating expense impact from change in FX

3,242

721

274

1,373

SHOP operating expenses

648,937

685,215

721,942

786,588

847,324

Adjustments:

SHOP operating expenses not included in Same-Store

(65,589)

(98,305)

(123,717)

(182,590)

(230,427)

SHOP operating expense impact from change in FX not in Same-Store

(206)

(116)

(14)

(256)

Same-Store SHOP Operating Expenses

$ 583,142

$ 586,794

$ 598,211

$ 603,742

$ 616,897

Percentage increase YoY

5.8 %

Percentage increase Seq

2.2 %

1Q25

2Q25

3Q25

4Q25

1Q26

NOI

$ 264,504

$ 286,412

$ 302,296

$ 330,852

$ 374,458

Adjustments:

NOI not included in Cash NOI1

1,127

1,279

1,537

2,115

941

NOI impact from change in FX

2,423

465

259

1,013

Cash NOI

268,054

288,156

304,092

333,980

375,399

Adjustments:

Cash NOI not included in Same-Store

(19,348)

(35,124)

(45,868)

(70,711)

(88,531)

NOI impact from change in FX not in Same-Store

(173)

(43)

(22)

(123)

Same-Store Cash NOI

$ 248,533

$ 252,989

$ 258,202

$ 263,146

$ 286,868

Percentage increase YoY

15.4 %

Percentage increase Seq

9.0 %

1Q25

2Q25

3Q25

4Q25

1Q26

USD ($) to CAD (C$)

1.4350

1.3834

1.3771

1.3940

1.3716

GBP (£) to USD ($)

1.2598

1.3359

1.3486

1.3306

1.3483

Senior Housing Operating Portfolio Same-Store Cash Operating Revenue, Operating Expense and NOI Reconciliations

Dollars in thousands USD, totals may not sum due to rounding,

unaudited

‌Trailing 5-Quarter Comparison

1Q25

2Q25

3Q25

4Q25

1Q26

Total revenues

$ 221,999

$ 221,487

$ 226,881

$ 227,535

$ 230,904

Adjustments:

Straight-lining of rental income

(2,079)

(2,620)

(3,564)

(2,836)

(2,865)

Non-cash rental income

(1,822)

(1,994)

(2,594)

(2,853)

(2,979)

Cash payments, fees and other consideration

950

1,043

2,615

961

1,403

Third party management revenues

(680)

(673)

(681)

(779)

(800)

Revenues not included in cash operating revenues1

(2,941)

(2,649)

(1,025)

(872)

(198)

Cash operating revenue

215,427

214,594

221,632

221,156

225,465

Adjustments:

Cash operating revenue not included in Same-Store

(6,764)

(7,592)

(9,138)

(9,056)

(9,524)

Same-Store Cash Operating Revenue

$ 208,663

$ 207,002

$ 212,494

$ 212,100

$ 215,941

Percentage increase YoY

3.5 %

Percentage increase Seq

1.8 %

1Q25

2Q25

3Q25

4Q25

1Q26

NOI

$ 146,042

$ 146,486

$ 147,745

$ 149,896

$ 150,603

Adjustments:

Straight-lining of rental income

(2,079)

(2,620)

(3,564)

(2,836)

(2,865)

Non-cash rental income

(1,822)

(1,994)

(2,594)

(2,853)

(2,979)

Cash payments, fees and other consideration

950

1,043

2,615

961

1,403

NOI not included in Cash NOI2

(2,190)

(1,951)

(529)

(796)

(417)

Cash NOI

140,901

140,964

143,673

144,372

145,745

Adjustments:

Cash NOI not included in Same-Store

(2,845)

(3,826)

(4,620)

(4,347)

(4,394)

Same-Store Cash NOI

$ 138,056

$ 137,138

$ 139,053

$ 140,025

$ 141,351

Percentage increase YoY

2.4 %

Percentage increase Seq

0.9 %

Outpatient Medical and Research Portfolio

Same-Store Cash Operating Revenue and NOI Reconciliations

Dollars in thousands USD, unless otherwise noted, totals may not sum

due to rounding, unaudited

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.

‌For the Three Months Ended March 31, 2026

For the Three Months Ended March 31, 2025

SHOP

OM&R

Triple-Net

Non-Segment

Total

SHOP

OM&R

Triple-Net

Non-Segment

Total

NOI

$ 374,458

$ 150,603

$ 120,170

$ 5,847

$ 651,078

$ 264,504

$ 146,042

$ 152,586

$ 6,155

$ 569,287

Adjustments:

Straight-lining of rental income

(2,865)

(3,790)

(6,655)

(2,079)

(2,268)

(4,347)

Non-cash rental income

(2,979)

(1,500)

(4,479)

(1,822)

(7,656)

(9,478)

Cash payments, fees and other consideration

1,403

950

NOI not included in Cash NOI1

941

(417)

122

646

1,127

(2,190)

(29,478)

(30,541)

Non-segment NOI

(5,847)

(6,155)

NOI impact from change in FX

2,423

239

2,662

Cash NOI

375,399

145,745

115,002

636,146

268,054

140,901

113,423

522,378

Adjustments:

Cash NOI not included in Same-Store

(88,531)

(4,394)

(130)

(93,055)

(19,348)

(2,845)

(380)

(22,573)

NOI impact from change in FX not in Same-Store

(173)

(88,531)

(4,394)

(130)

(93,055)

(19,521)

(2,845)

(380)

(22,746)

Same-Store Cash NOI

$ 286,868

$ 141,351

$ 114,872

$ -

$ 543,091

$ 248,533

$ 138,056

$ 113,043

$ -

$ 499,632

Percentage increase

15.4%

2.4%

1.6%

8.7%

1Q26

1Q25

USD ($) to CAD (C$)

1.3716

1.4350

GBP (£) to USD ($)

1.3483

1.2598

Non-GAAP Financial Measures Reconciliation

First Quarter 2026 Same-Store Cash NOI by Segment

Dollars in thousands USD, unless otherwise noted, totals may not sum

due to rounding, unaudited

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 reportable segment as of the transition date.

‌1Q26 Property Counts‌

Total Property Count Reconciliation

SHOP

OM& R

Triple-Net

Total

Prior Quarter Total Property Count

761

435

213

1,409

Acquisitions

Dispositions

(2)

(10)

(14)

Asset Transitions 3 - (3) -

New Developments

Other (Non Operational / Demolition, etc.) - - - -

Current Quarter Total Property Count

792

433

200

1,425

Assets Held for Sale

(5)

Unconsolidated Assets

(9)

(26)

(35)

Consolidated Property Count

778

407

200

1,385

Recent Acquisitions

(79)

Asset Transitions

(108)

Recently Opened Developments

(2)

(1)

(3)

Redevelopments

(16)

(6)

(22)

Other (Non Operational / Demolition, etc.)

(10)

(1)

(11)

Quarterly Same-Store Property Count (1Q26 YoY)

563

400

199

1,162

Sequential Same-Store Reconciliation

SHOP

OM& R

Triple-Net

Total

Quarterly Same-Store Property Count (4Q25 YoY)

518

402

200

1,120

Recent Acquisitions

Dispositions

(2)

Asset Transitions

Recently Opened Developments

Redevelopments

Other (Non Operational / Demolition, etc.)

(1)

Held for Sale

Current Quarterly Same-Store Property Count (1Q26 YoY)

563

400

199

1,162

Property Count Reconciliations

Unaudited

‌Definition of Terms‌

Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted

Adjusted EBITDA

The Company defines Adjusted EBITDA as consolidated earnings before interest, taxes, depreciation and amortization (including non-cash stock-based compensation expense, asset impairment and valuation allowances), excluding (a) gains or losses on extinguishment of debt; (b) transaction, transition and restructuring costs; (c) noncontrolling interests' share of adjusted EBITDA; (d) net gains or losses on real estate activity; (e) gains or losses on re-measurement of equity interest upon acquisition; (f) unrealized foreign currency gains or losses; (g) gains or losses on derivatives, net and changes in the fair value of financial instruments; (h) net expenses or recoveries related to significant disruptive events; and including (x) Ventas' share of adjusted EBITDA from unconsolidated entities and (y) the impact of other items set forth in the Adjusted EBITDA reconciliation included herein.

Further Adjusted EBITDA

Further Adjusted EBITDA is Adjusted EBITDA further adjusted for transactions and events that were completed during the period, as if the transaction or event had been consummated at the beginning of the relevant period and considers any other incremental items set forth in the Further Adjusted EBITDA reconciliation included herein.

Annualized NOI

Annualized NOI reflects the current quarter's NOI for real estate assets and loans presented multiplied by four.

Cash Flow Coverage

For Triple-Net stabilized properties, operator-reported Earnings Before Interest Taxes Depreciation Amortization Rent and Management fees (EBITDARM) divided by cash rent for a period. Operator reported EBITDARM and rent may be adjusted for certain one-time items. Because Triple-Net financials are delivered to Ventas following the reporting period, Cash Flow Coverage is reported in arrears.

For Cash Flow Coverage, Triple-Net properties will not be considered stabilized if they are ground up developments, under redevelopment plans which significantly disrupt their operation, upon transition date for properties that have undergone an operator or business model transition and upon event date for properties impacted by a major disruptive event or natural disaster. Such excluded properties will be considered stabilized upon the earlier of (i) the properties achieving requisite levels of occupancy or (ii) the passing of a predetermined amount of time from the event date.

Cash NOI

The Company defines Cash NOI as NOI for its reportable segments (i.e., SHOP, Outpatient Medical and Research Portfolio and Triple-Net), determined on a Constant Currency basis, excluding the impact of, without duplication (i) non-cash items such as straight-line rent and the amortization of lease intangibles, (ii) sold assets, assets held for sale, development properties not yet operational and land parcels and (iii) other items set forth in the Cash NOI reconciliation included herein. In certain cases, results may be adjusted to reflect the receipt of cash payments, fees and other consideration that is not fully recognized as NOI in the period.

Cash NOI Margin

Cash NOI Margin is Cash NOI divided by Cash Operating Revenue. Constant Currency

To eliminate the impact of exchange rate movements, all portfolio performance-based disclosures assume constant exchange rates across comparable periods, using the following methodology: the current period's results are shown in actual reported USD, while prior comparison period's results are adjusted and converted to USD based on the average monthly exchange rate for the current period.

FAD Capital Expenditures ("FAD Capex")

FAD Capex is (i) Ventas-invested capital expenditures, whether routine or non-routine, that extend the useful life of a property but are not expected to generate incremental income for the Company; (ii) Outpatient Medical and Research and Triple-Net Leased Properties' second-generation leasing commissions paid to third-party agents; and (iii) capital expenditures for second-generation tenant improvements. It excludes (i) costs for a first-generation lease (e.g., a development project) or related to properties that are undergoing redevelopment or have recently undergone redevelopment and (ii) Initial Capital Expenditures.

Initial Capital Expenditures

Capital expenditure required to bring a newly acquired or newly transitioned property up to standard. These expenditures typically commence within the first 12 months after acquisition or transition.

Nareit Funds From Operations Attributable to Common Stockholders ("Nareit FFO")

The Company uses the National Association of Real Estate Investment Trusts ("Nareit") definition of FFO. Nareit defines FFO as net income attributable to common stockholders (computed in accordance with GAAP) excluding gains (or losses) from sales of real estate property, including gain (or loss) on re-measurement of equity method investments and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated entities and noncontrolling interests. Adjustments for unconsolidated entities and noncontrolling interests will be calculated to reflect FFO on the same basis.

NOI

The Company defines NOI as total revenues, less interest and other income, property-level operating expenses and third party capital management expenses.

‌Definition of Terms

Definitions listed hereafter apply throughout the Supplemental unless otherwise specifically noted

Normalized FFO Attributable to Common Stockholders ("Normalized FFO")

We define Normalized FFO as Nareit FFO excluding the following income and expense items, without duplication: (a) gains and losses on derivatives, net and changes in the fair value of financial instruments; (b) the non-cash impact of income tax benefits or expenses; (c) gains and losses on extinguishment of debt, net including the write-off of unamortized deferred financing fees or additional costs, expenses, discounts, make-whole payments, penalties or premiums incurred as a result of early retirement or payment of our debt; (d) transaction, transition and restructuring costs; (e) amortization of other intangibles; (f) non-cash stock-based compensation expense; (g) net expenses or recoveries related to significant disruptive events; (h) the impact of expenses related to asset impairment and valuation allowances; (i) the financial impact of contingent consideration; (j) gains and losses on non-real estate dispositions and other normalizing items related to noncontrolling interests and unconsolidated entities; and (k) other items set forth in the Normalized FFO reconciliation included herein.

Occupancy

For senior housing and post-acute properties, generally reflects average operator-reported unit and bed occupancy, respectively, for the reporting period. For Outpatient Medical and Research properties, occupancy generally reflects occupied square footage divided by net rentable square footage as of the end of the reporting period. For Triple-Net properties, because financials for those properties are delivered to Ventas following the reporting period, occupancy is reported one quarter in arrears.

Operating FAD Attributable to Common Stockholders

Normalized FFO (i) excluding amortization of deferred revenue and lease intangibles, other non-cash amortization, including fair value of debt, amortization of straight-line rent adjustments, (ii) including the impact of FAD Capex and (iii) other items set forth in Operating FAD reconciliation included herein.

Same-Store

The Company defines same-store as properties owned, consolidated and operational for the full period in both comparison periods and that are not otherwise excluded; provided, however, that the Company may include selected properties that otherwise meet the same-store criteria if they are included in substantially all of, but not a full, period for one or both of the comparison periods, and in the Company's judgment such inclusion provides a more meaningful presentation of its segment performance. Newly acquired development properties and recently developed or redeveloped properties in the Company's SHOP reportable segment will be included in same-store once they are stabilized for the full period in both periods presented. These properties are considered stabilized upon the earlier of (a) the achievement of 80% sustained occupancy or

(b) 24 months from the date of acquisition or substantial completion of work. Recently developed or redeveloped properties in the outpatient medical and research portfolio and triple-net leased properties reportable segments will be included in same-store once substantial completion of work has occurred for the full period in both periods presented. SHOP and triple-net leased properties that have undergone operator or business model transitions will be included in same-store once operating under consistent operating structures for the full period in both periods presented.

Properties are excluded from same-store if they are: (i) sold, classified as held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) for SHOP, those properties that are currently undergoing a significant disruptive redevelopment; (iv) for the outpatient medical and research portfolio and triple-net leased properties reportable segments, those properties for which management has an intention to institute, or has instituted, a redevelopment plan because the properties may require major property-level expenditures to maximize value, increase NOI, or maintain a market-competitive position and/or achieve property stabilization, most commonly as the result of an expected or actual material change in occupancy or NOI; or (v) for SHOP and triple-net leased properties reportable segments, those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.

‌Ventas, Inc.

300 North LaSalle Street, Suite 1600

Chicago, Illinois 60654 (NYSE: VTR)

ventasreit.com

Ventas, Inc. (NYSE: VTR) is an S&P 500 company enabling exceptional environments that benefit a large and growing aging population. With more than 1,400 properties in North America and the United Kingdom, Ventas occupies an essential role in the longevity economy. The Company's growth is fueled by its approximately 900 senior housing communities, which provide valuable services to residents and enable them to thrive in supported environments. Ventas aims to deliver outsized performance by leveraging its operational expertise, data-driven insights from its Ventas OITM platform, extensive relationships and strong financial position. The Ventas portfolio also includes outpatient medical buildings, research centers and healthcare facilities. Ventas's seasoned team of talented professionals shares a commitment to excellence, integrity and a common purpose of helping people live longer, healthier, happier lives.

Disclaimer

Ventas Inc. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 20:18 UTC.