Ventas (VTR) Nareit REITweek: 2025 Investor Conference summary

Strategic outlook and growth plans

• Raised 2025 FFO per share outlook to 7% growth at midpoint and SHOP Same-Store NOI growth to 12%-16%.

• Multi-year NOI growth driven by secular demand, limited supply, and platform advantages.

• SHOP expected to exceed 50% of NOI by year-end 2025, supported by $1.5B in external growth investments.

• Balance sheet improvement and focus on enterprise growth, multiple expansion, and TSR.

• Organic growth adds ~$100M NOI annually, with favorable supply-demand trends projected through 2027 and beyond.

Portfolio performance and operating trends

• SHOP portfolio occupancy at 86%, with sequential gains of 30-50 bps from March to May.

• Year-to-date, strong RevPAR and favorable labor costs drove guidance raise; April NOI up 15%.

• First quarter occupancy up 290 bps YoY; elevated deaths caused a temporary dip but demand remains robust.

• Move-ins in April were 102% of prior year despite macro disruptions, highlighting resilient demand.

• Margin expansion as occupancy rises: 50% incremental margin from 80-90% occupancy, 70% from 90-100%.

Portfolio composition and operator strategy

• Data analytics guide market, asset, and operator selection for optimal positioning.

• Operator pool expanded to 33, enabling broad market coverage and asset class diversity.

• Ongoing transitions from triple-net to SHOP structure, with 130 completed and 45 more planned.

• Canadian portfolio stable at 95% occupancy; U.S. conversions at 79%.

• Acquisition focus on high-performing, ~90% occupied communities in strong markets.