Ventas (VTR) Investor presentation summary

Reaffirming 2026 guidance and QTD update

• 2026 Normalized FFO per share guidance is $3.78–$3.88, reflecting 8% YoY growth at the midpoint.

• Attributable net income per share is projected at $0.52–$0.62.

• Senior Housing Operating Portfolio (SHOP) expected to deliver 13–17% YoY same-store cash NOI growth.

• QTD update shows strong SHOP demand and occupancy, especially in independent living, with elevated expenses due to severe winter weather.

• 2026 investment guidance targets $2.5B, focused on senior housing.

Strategy and growth drivers

• Focused strategy centers on profitable organic growth in senior housing, value-creating external growth, and strong execution across the portfolio.

• SHOP NOI has grown to 53% of total NOI by 4Q25, up from 31% in 4Q21, driven by four years of double-digit organic growth.

• Multiyear growth levers include occupancy, rate growth, and operating leverage, with U.S. SHOP portfolio average occupancy at ~86%.

• U.S. 80+ population is expected to surge by 20M over the next five years, fueling senior housing demand.

• Supply growth remains at record lows, supporting a favorable demand/supply dynamic.

Senior housing performance and value proposition

• 4Q25 SHOP same-store cash NOI grew 15.4% YoY, led by U.S. growth of 18%.

• Average occupancy increased 300bp YoY, with independent living up 490bp.

• RevPOR grew 4.7% YoY, reflecting broad-based pricing strength.

• Senior housing offers residents safety, socialization, and professional care at a cost comparable or favorable to aging at home.

• Residents in SHOP markets can afford to stay 6.7x longer than the average length of stay.