Ventas (VTR) 47th Annual Raymond James Institutional Investor Conference summary

Strategic positioning and growth drivers

• Focused on longevity trends and serving the aging population, with senior housing as the primary growth engine.

• Benefiting from strong secular demand and limited supply, especially as baby boomers turn 80 starting in 2026.

• U.S. senior housing portfolio represents over half of the business, with 86% occupancy and room for further growth.

• Multi-year double-digit NOI growth expected to continue, supported by favorable supply-demand dynamics.

• $5 billion in senior housing investments over the past two years, with low-teens unlevered IRRs.

Operational excellence and platform development

• Built a data-driven platform leveraging analytics, AI, and technology to outperform at scale.

• Transitioned 150 communities from triple net to SHOP structure, targeting under-managed assets for turnaround.

• Expanded operator base from 10 to over 40, enhancing local expertise and operational flexibility.

• Operational Insights (OI) platform customizes data and resources for managers, driving superior occupancy and NOI.

• Four consecutive years of double-digit NOI growth in SHOP portfolio, with a fifth year planned.

Acquisition strategy and market positioning

• Reviewed $35 billion in senior housing investments last year, closing $4.6 billion from late 2024 to early 2026.

• 70% of deals from repeat operators and 40% from repeat sellers, reflecting strong industry relationships.

• External acquisitions are initially accretive, with attractive year-one yields and growth potential.

• Most new acquisitions fit the SHOP structure, with limited remaining internal triple net to SHOP conversion opportunities.

• Competitive advantages include financial strength, reputation, and a proven ability to deliver on underwriting.